Test Bank for Microeconomics A Contemporary Introduction 11th Edition by William McEachern – Ebook PDF Instant Download/Delivery: 1305505530, 978-1305505537
Full download Microeconomics A Contemporary Introduction 11th edition after payment
Product details:
ISBN 10: 1305505530
ISBN 13: 978-1305505537
Author: William McEachern
Gain a strong understanding of microeconomic principles with hundreds of lively examples found in McEachern’s MICROECONOMICS: A CONTEMPORARY INTRODUCTION, 11E. This book draws on what you already have observed through your life experiences to help explain microeconomic concepts, choices, institutions, and events. Interesting printed and online case studies, the latest research findings, and focused examples offer genuine insight into how microeconomic principles work in today’s world. A friendly writing style is enhanced by learning features that make the material clear and more direct. Understandable graphs and exhibits include captions that summarize key points, color-coded curves, and helpful labels for clarification. More challenging graphs in the book are built one step at a time using new Progression Graphs software. Powerful learning tools, such as online Aplia and MindTap, further improve your understanding of microeconomics and its relevance to your success.
Microeconomics A Contemporary Introduction 11th Table of contents:
Acknowledgments
Part 1. Introduction to Economics
1. The Art and Science of Economic Analysis
1-1. The Economic Problem: Scarce Resources, Unlimited Wants
1-1a. Resources
1-1b. Goods and Services
1-1c. Economic Decision Makers and Markets
1-1d. A Simple Circular-Flow Model
1-2. The Art of Economic Analysis
1-2a. Rational Self-Interest
1-2b. Choice Requires Time and Information
1-2c. Economic Analysis is Marginal Analysis
1-2d. Microeconomics and Macroeconomics
1-3. The Science of Economic Analysis
1-3a. The Role of Theory
1-3b. The Scientific Method
1-3c. Normative versus Positive
1-3d. Economists Tell Stories
1-3e. Predicting Average Behavior
1-3f. Some Pitfalls of Faulty Economic Analysis
1-3g. If Economists are so Smart, Why aren’t they Rich?
1-4. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. Understanding Graphs
2. Economic Tools and Economic Systems
2-1. Choice and Opportunity Cost
2-1a. Opportunity Cost
2-1b. Opportunity Cost Is Subjective
2-1c. Sunk Cost and Choice
2-2. Comparative Advantage, Specialization, and Exchange
2-2a. The Law of Comparative Advantage
2-2b. Absolute Advantage Versus Comparative Advantage
2-2c. Specialization and Exchange
2-2d. Division of Labor and Gains From Specialization
2-3. The Economy’s Production Possibilities
2-3a. Efficiency and the Production Possibilities Frontier, or PPF
2-3b. Inefficient and Unattainable Production
2-3c. The Shape of the PPF
2-3d. What Can Shift the PPF?
2-3e. What We Learn From the PPF
2-4. Economic Systems
2-4a. Three Questions Every Economic System Must Answer
2-4b. Pure Capitalism
2-4c. Pure Command System
2-4d. Mixed and Transitional Economies
2-4e. Economies Based on Custom or Religion
2-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
3. Economic Decision Makers
3-1. The Household
3-1a. The Evolution of the Household
3-1b. Households Maximize Utility
3-1c. Households as Resource Suppliers
3-1d. Households as Demanders of Goods and Services
3-2. The Firm
3-2a. The Evolution of the Firm
3-2b. Types of Firms
3-2c. Cooperatives
3-2d. Not-for-Profit Organizations
3-2e. Why Does Household Production Still Exist?
3-3. The Government
3-3a. The Role of Government
3-3b. Government’s Structure and Objectives
3-3c. The Size and Growth of Government
3-3d. Sources of Government Revenue
3-3e. Tax Principles and Tax Incidence
3-4. The Rest of the World
3-4a. International Trade
3-4b. Exchange Rates
3-4c. Trade Restrictions
3-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
4. Demand, Supply, and Markets
4-1. Demand
4-1a. Law of Demand
4-1b. Demand Schedule and Demand Curve
4-2. What Shifts a Demand Curve?
4-2a. Consumer Income
4-2b. Prices of Other Goods
4-2c. Consumer Expectations
4-2d. Number or Composition of Consumers
4-2e. Consumer Tastes
4-3. Supply
4-3a. Supply Schedule and Supply Curve
4-4. What Shifts a Supply Curve?
4-4a. State of Technology and Know-How
4-4b. Resource Prices
4-4c. Prices of Other Goods
4-4d. Producer Expectations
4-4e. Number of Producers in the Market
4-5. Demand and Supply Create a Market
4-5a. Markets
4-5b. Market Equilibrium
4-6. Changes in Equilibrium Price and Quantity
4-6a. Shifts of the Demand Curve
4-6b. Shifts of the Supply Curve
4-6c. Simultaneous Shifts of Demand and Supply Curves
4-7. Disequilibrium
4-7a. Price Floors
4-7b. Price Ceilings
4-8. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Part 2. Introduction to the Market System
5. Elasticity of Demand and Supply
5-1. Price Elasticity of Demand
5-1a. Calculating Price Elasticity of Demand
5-1b. Categories of Price Elasticity of Demand
5-1c. Elasticity and Total Revenue
5-1d. Price Elasticity and the Linear Demand Curve
5-1e. Constant-Elasticity Demand Curves
5-2. Determinants of the Price Elasticity of Demand
5-2a. Availability of Substitutes
5-2b. Share of the Consumer’s Budget Spent on the Good
5-2c. Duration of Adjustment Period
5-2d. Elasticity Estimates
5-3. Price Elasticity of Supply
5-3a. Constant Elasticity Supply Curves
5-3b. Determinants of Supply Elasticity
5-4. Other Elasticity Measures
5-4a. Income Elasticity of Demand
5-4b. Cross-Price Elasticity of Demand
5-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. Price Elasticity and Tax Incidence
6. Consumer Choice and Demand
6-1. Utility Analysis
6-1a. Tastes and Preferences
6-1b. Law of Diminishing Marginal Utility
6-2. Measuring Utility
6-2a. Units of Utility
6-2b. Utility Maximization in a World Without Scarcity
6-2c. Utility Maximization in a World of Scarcity
6-2d. Utility-Maximizing Conditions
6-2e. Marginal Utility and the Law of Demand
6-3. Applications of Utility Analysis
6-3a. Your Consumer Surplus
6-3b. Market Demand and Consumer Surplus
6-3c. The Role of Time in Demand
6-4. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. Indifference Curves and Utility Maximization
7. Production and Cost in the Firm
7-1. Cost and Profit
7-1a. Explicit and Implicit Costs
7-1b. Alternative Measures of Profit
7-2. Production in the Short Run
7-2a. Fixed and Variable Resources
7-2b. Law of Diminishing Marginal Returns
7-2c. Total and Marginal Product Curves
7-3. Costs in the Short Run
7-3a. Total Cost and Marginal Cost in the Short Run
7-3b. Average Cost in the Short Run
7-3c. Relationship Between Marginal Cost and Average Cost
7-4. Costs in the Long Run
7-4a. Economies of Scale
7-4b. Diseconomies of Scale
7-4c. Long-Run Average Cost Curve
7-4d. Economies and Diseconomies of Scale at the Firm Level
7-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Appendix. A Closer Look at Production and Cost
Part 3. Market Structure and Pricing
8. Perfect Competition
8-1. An Introduction to Perfect Competition
8-1a. Perfectly Competitive Market Structure
8-1b. Demand Under Perfect Competition
8-2. Short-Run Profit Maximization
8-2a. Total Revenue Minus Total Cost
8-2b. Marginal Revenue Equals Marginal Cost
8-2c. Economic Profit in the Short Run
8-3. Short-Run Loss Minimization
8-3a. Fixed Cost and Minimizing Losses
8-3b. Marginal Revenue Equals Marginal Cost
8-3c. Shutting Down in the Short Run
8-4. Short-Run Supply Curves
8-4a. Short-Run Firm Supply Curve
8-4b. The Short-Run Industry Supply Curve
8-4c. Firm Supply and Market Equilibrium
8-5. Perfect Competition in the Long Run
8-5a. Zero Economic Profit in the Long Run
8-5b. Long-Run Adjustment to a Change of Demand
8-6. Long-Run Industry Supply Curve
8-6a. Constant-Cost Industries
8-6b. Increasing-Cost Industries
8-7. Perfect Competition and Efficiency
8-7a. Productive Efficiency: Making Stuff Right
8-7b. Allocative Efficiency: Making the Right Stuff
8-7c. What’s so Perfect About Perfect Competition?
8-8. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
9. Monopoly
9-1. Barriers to Entry
9-1a. Legal Restrictions
9-1b. Economies of Scale
9-1c. Control of Essential Resources
9-2. Revenue for a Monopolist
9-2a. Demand, Average Revenue, and Marginal Revenue
9-2b. The Gain and Loss From Selling One More Unit
9-2c. Revenue Schedules
9-2d. Revenue Curves
9-3. Profit Maximization and Loss Minimization for a Monopolist
9-3a. Profit Maximization
9-3b. Short-Run Losses and the Shutdown Decision
9-3c. Long-Run Profit Maximization
9-3d. “Available for a Limited Time Only”
9-4. Perfect Competition and Monopoly Compared
9-4a. Price and Output Under Perfect Competition
9-4b. Price and Output Under Monopoly
9-4c. Allocative and Distributive Effects
9-5. Problems With Deadweight Loss Estimates
9-5a. Why the Deadweight Loss Might Be Lower
9-5b. Why the Deadweight Loss Might Be Higher
9-6. Price Discrimination
9-6a. Conditions for Price Discrimination
9-6b. A Model of Price Discrimination
9-6c. Examples of Price Discrimination
9-6d. Perfect Price Discrimination
9-7. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
10. Monopolistic Competition and Oligopoly
10-1. Monopolistic Competition
10-1a. Product Differentiation
10-1b. Short-Run Profit Maximization or Loss Minimization
10-1c. Zero Economic Profit in the Long Run
10-1d. Monopolistic Competition and Perfect Competition Compared
10-2. Oligopoly
10-2a. Varieties of Oligopoly
10-2b. Economies of Scale
10-2c. The High Cost of Entry
10-2d. Crowding Out the Competition
10-3. Three Approaches to Oligopoly
10-3a. Collusion and Cartels
10-3b. Price Leadership
10-3c. Game Theory
10-4. Comparison of Oligopoly and Perfect Competition
10-4a. Oligopoly Price is Usually Higher
10-4b. Oligopoly Profit is Usually Higher
10-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Part 4. Resource Markets
11. Resource Markets
11-1. The Once-Over
11-1a. Resource Demand
11-1b. Resource Supply
11-2. Demand and Supply of Resources
11-2a. Market Demand for Resources
11-2b. Market Supply of Resources
11-3. Temporary and Permanent Resource Price Differences
11-3a. Temporary Differences
11-3b. Permanent Differences
11-4. Opportunity Cost and Economic Rent
11-4a. Market A: All Earnings are Economic Rent
11-4b. Market B: All Earnings are Opportunity Cost
11-4c. Market C: Earnings Include Both Economic Rent and Opportunity Cost
11-5. A Closer Look at Resource Demand
11-5a. Firm’s Demand for a Resource
11-5b. Marginal Revenue Product
11-5c. Marginal Resource Cost
11-5d. Maximizing Profit or Minimizing Loss
11-5e. Optimal Input and Optimal Output Decisions
11-5f. Changes in Resource Demand
11-5g. Optimal Use of More Than One Resource
11-6. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
12. Labor Markets and Labor Unions
12-1. Labor Supply
12-1a. Labor Supply and Utility Maximization
12-1b. Wages and Individual Labor Supply
12-1c. Nonwage Determinants of Labor Supply
12-1d. Market Supply of Labor
12-2. Why Wages Differ
12-2a. Differences in Training, Education, Age, and Experience
12-2b. Differences in Ability
12-2c. Differences in Risk
12-2d. Geographic Differences
12-2e. Discrimination
12-3. Unions and Collective Bargaining
12-3a. Types of Unions
12-3b. Collective Bargaining, Mediation, and Arbitration
12-3c. The Strike
12-4. Union Wages and Employment
12-4a. Inclusive, or Industrial, Unions: Negotiating a Higher Industry Wage
12-4b. Exclusive, or Craft, Unions: Reducing Labor Supply
12-4c. Increasing Demand for Union Labor
12-4d. Trends in Union Membership
12-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
13. Capital, Interest, Entrepreneurship, and Corporate Finance
13-1. The Role of Time in Production and Consumption
13-1a. Production, Saving, and Time
13-1b. Consumption, Saving, and Time
13-1c. Optimal Investment
13-2. The Market for Loanable Funds
13-2a. Demand for Loanable Funds
13-2b. Supply of Loanable Funds
13-2c. Market Interest Rate
13-3. Why Interest Rates Differ
13-3a. Risk
13-3b. Duration of the Loan
13-3c. Administration Costs
13-3d. Tax Treatment
13-4. Present Value and Discounting
13-4a. Present Value of Payment One Year Hence
13-4b. Present Value for Payments in Later Years
13-4c. Present Value of an Income Stream
13-4d. Present Value of an Annuity
13-5. Entrepreneurship
13-5a. Role of the Entrepreneur
13-5b. Entrepreneurs Drive the Economy Forward
13-5c. Who are not Entrepreneurs?
13-6. Corporate Finance
13-6a. Corporate Stock and Retained Earnings
13-6b. Corporate Bonds
13-6c. Securities Exchanges
13-7. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
14. Transaction Costs, Asymmetric Information, and Behavioral Economics
14-1. The Firm’s Rationale and Scope of Operation
14-1a. The Firm Reduces Transaction Costs
14-1b. The Boundaries of the Firm
14-1c. Economies of Scope
14-2. Market Behavior With Imperfect Information
14-2a. Optimal Search With Imperfect Information
14-2b. The Winner’s Curse
14-3. Asymmetric Information in Product Markets
14-3a. Hidden Characteristics: Adverse Selection
14-3b. Hidden Actions: The Principal-Agent Problem
14-3c. Asymmetric Information in Insurance Markets
14-3d. Coping With Asymmetric Information
14-4. Asymmetric Information in Labor Markets
14-4a. Adverse Selection in Labor Markets
14-4b. Signaling and Screening
14-5. Behavioral Economics
14-5a. Unbounded Rationality
14-5b. Unbounded Willpower
14-5c. Neuroeconomics
14-6. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
Part 5. Market Failure and Public Policy
15. Economic Regulation and Antitrust Policy
15-1. Types of Government Regulation
15-2. Regulating a Natural Monopoly
15-2a. Unregulated Profit Maximization
15-2b. Setting Price Equal to Marginal Cost
15-2c. Subsidizing the Natural Monopolist
15-2d. Setting Price Equal to Average Cost
15-2e. The Regulatory Dilemma
15-3. Alternative Theories of Economic Regulation
15-3a. Special Interests, Economic Regulation, and Deregulation
15-4. Antitrust Law and Enforcement
15-4a. Origins of Antitrust Policy
15-4b. Antitrust Enforcement
15-4c. Per Se Illegality and the Rule of Reason
15-4d. Mergers and Public Policy
15-4e. Four Merger Waves
15-5. Competitive Trends in the U.S. Economy
15-5a. Competition Over Time
15-5b. Recent Competitive Trends
15-5c. Problems With Antitrust Policy
15-6. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
16. Public Goods and Public Choices
16-1. Public Goods
16-1a. Private Goods, Public Goods, and In Between
16-1b. Optimal Provision of Public Goods
16-1c. Paying for Public Goods
16-2. Public Choices in Representative Democracy
16-2a. Median-Voter Model
16-2b. Special Interest and Rational Ignorance
16-2c. Distribution of Benefits and Costs
16-3. Exploiting Government Versus Avoiding Government
16-3a. Rent Seeking
16-3b. The Underground Economy
16-4. Bureaucracy and Representative Democracy
16-4a. Ownership and Funding of Bureaus
16-4b. Ownership and Organizational Behavior
16-4c. Bureaucratic Objectives
16-4d. Private Versus Public Production
16-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
17. Externalities and the Environment
17-1. Negative Externalities and the Common-Pool Problem
17-1a. Renewable Resources
17-1b. Resolving the Common-Pool Problem
17-2. Optimal Level of Pollution
17-2a. External Costs With Fixed Technology
17-2b. External Costs With Variable Technology
17-2c. The Coase Theorem
17-2d. Markets for Pollution Rights
17-2e. Pollution Rights and Public Choices
17-3. Environmental Protection
17-3a. Air Pollution
17-3b. Water Pollution
17-3c. Hazardous Waste and the Superfund
17-3d. Solid Waste: “Paper or Plastic?”
17-4. Positive Externalities
17-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
18. Poverty and Redistribution
18-1. The Distribution of Household Income
18-1a. Income Distribution by Quintiles
18-1b. The Lorenz Curve
18-1c. Why Incomes Differ
18-1d. A College Education Pays More
18-1e. Problems With Distribution Benchmarks
18-2. Redistribution Programs
18-2a. Official Poverty Level
18-2b. Programs to Help the Poor
18-3. Who Are the Poor?
18-3a. Poverty and Age
18-3b. Poverty and Public Choices
18-3c. The Feminization of Poverty
18-3d. Poverty and Discrimination
18-3e. Affirmative Action
18-4. Some Unintended Consequences of Income Assistance
18-5. Welfare Reforms
18-5a. 1996 Reforms
18-5b. Welfare Rolls Have Declined
18-6. Conclusion
Summary
Key Concepts
Questions for Review
Part 6. International Economics
19. International Trade
19-1. The Gains From Trade
19-1a. A Profile of Exports and Imports
19-1b. Production Possibilities without Trade
19-1c. Consumption Possibilities Based on Comparative Advantage
19-1d. Reasons for International Specialization
19-2. Trade Restrictions and Welfare Loss
19-2a. Consumer Surplus and Producer Surplus From Market Exchange
19-2b. Tariffs
19-2c. Import Quotas
19-2d. Quotas in Practice
19-2e. Tariffs and Quotas Compared
19-2f. Other Trade Restrictions
19-3. Efforts to Reduce Trade Barriers
19-3a. Freer Trade by Multilateral Agreement
19-3b. World Trade Organization
19-3c. Common Markets
19-4. Arguments for Trade Restrictions
19-4a. National Defense Argument
19-4b. Infant Industry Argument
19-4c. Antidumping Argument
19-4d. Jobs and Income Argument
19-4e. Declining Industries Argument
19-4f. Problems With Trade Protection
19-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
20. International Finance
20-1. Balance of Payments
20-1a. International Economic Transactions
20-1b. The Merchandise Trade Balance
20-1c. Balance on Goods and Services
20-1d. Net Investment Income
20-1e. Unilateral Transfers and the Current Account Balance
20-1f. The Financial Account
20-1g. Trade Deficits and Surpluses
20-2. Foreign Exchange Rates and Markets
20-2a. Foreign Exchange
20-2b. The Demand for Foreign Exchange
20-2c. The Supply of Foreign Exchange
20-2d. The Foreign Exchange Rate
20-3. Other Factors Influencing Foreign Exchange Markets
20-3a. Arbitrageurs and Speculators
20-3b. Purchasing Power Parity
20-3c. Flexible Exchange Rates
20-3d. Fixed Exchange Rates
20-4. International Monetary System
20-4a. The Bretton Woods Agreement
20-4b. Demise of the Bretton Woods System
20-4c. The Current System: Managed Float
20-5. Conclusion
Summary
Key Concepts
Questions for Review
Problems and Exercises
21. Economic Development
21-1. Worlds Apart
21-1a. Developing and Industrial Economies
21-1b. Health and Nutrition
21-1c. High Birth Rates
21-1d. Women in Developing Countries
21-2. Productivity: Key to Development
21-2a. Low Labor Productivity
21-2b. Technology and Education
21-2c. Inefficient Use of Labor
21-2d. Natural Resources
21-2e. Financial Institutions
21-2f. Capital Infrastructure
21-2g. Entrepreneurship
21-2h. Rules of the Game
21-2i. Income Distribution Within Countries
21-3. International Trade and Development
21-3a. Trade Problems for Developing Countries
21-3b. Migration and the Brain Drain
21-3c. Import Substitution Versus Export Promotion
21-3d. Trade Liberalization and Special Interests
21-4. Foreign Aid and Economic Development
21-4a. Foreign Aid
21-4b. Does Foreign Aid Promote Economic Development?
21-4c. Do Economies Converge?
21-5. Conclusion
People also search for Microeconomics A Contemporary Introduction 11th :
microeconomics a contemporary introduction 11th edition pdf
microeconomics a contemporary introduction pdf
microeconomics a contemporary introduction (9th edition)
contemporary microeconomics
what is contemporary economic issues