Microeconomics An Intuitive Approach (with LiveGraphs Web Site Printed Access Card)

by Nechyba, Thomas

• ISBN13: 9780538453264
• ISBN10: 0538453265
• Edition: 1st
• Format: Hardcover
• Copyright: 2010-02-02
• Publisher: South-Western College Pub

Summary

Is it more efficient to rent a car or take taxis while on vacation? How do coupons change demand? MICROECONOMICS: AN INTUITIVE APPROACH explains the economic theory underlying everyday choices in a fun and conversational way. The book includes access to online LiveGraphs -- a suite of interactive, animated graphs that allows you to view dimensional graphs and functions illustrated in the book, as well as some additional graphs that are not in the printed text.

Table of Contents

Foundational Preliminaries: Using Graphs in Economics (web-based chapter)

Introduction

Utility-Maximizing Choice: Consumers, Workers, and Savers

A Consumer's Economic Circumstances

Economic Circumstances in Labor and Financial Markets

Tastes and Indifference Curves

Different Types of Tastes

Doing the "Best" We Can

Income and Substitution Effects in Consumer Goods Markets

Wealth and Substitution Effects in Labor and Capital Markets

Demand for Goods and Supply of Labor and Capital

Consumer Surplus and Deadweight Loss

Profit-Maximizing Choice: Producers (or "Firms")

One Input and One Output: a Short-Run Producer Model

Production with Multiple Inputs

Production Decisions in the Short and Long Run

Competitive Markets and the "Invisible Hand"

Competitive Market Equilibrium

The "Invisible Hand" and the First Welfare Theorem

General Equilibrium

Choice and Markets in the Presence of Risk

Distortions of the "Invisible Hand" in Competitive Markets

Elasticities, Price-Distorting Policies, and Non-Price Rationing

Distortionary Taxes and Subsidies

Prices and Distortions across Markets

Externalities in Competitive Markets

Asymmetric Information in Competitive Markets

Distortions of the "Invisible Hand" from Strategic Decisions

Monopoly

Strategic Thinking and Game Theory

Oligopoly

Product Differentiation and Innovation in Markets

Public Goods

Governments and Politics

Considering How to Make the World a Better Place

What Is Good? Challenges from Psychology and Philosophy

Balancing Government, Civil Society, and Markets

Table of Contents provided by Publisher. All Rights Reserved.