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Principles of Microeconomics,9780618967650
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Principles of Microeconomics

by
Edition:
6th
ISBN13:

9780618967650

ISBN10:
0618967656
Format:
Paperback
Pub. Date:
12/26/2007
Publisher(s):
South-Western College Pub

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Summary

Popular for its coverage of modern policy issues, this clearly written text was the first to discuss long-run (macro) fundamentals before exploring short-term economic fluctuations. The Sixth Edition maintains the text's modern approach with concise yet thorough coverage of current economic theories. New co-author Akila Weerapana brings attention to the needs of today's students by thoroughly refreshing examples, applications, and end-of-chapter problems throughout the text. Streamlined content and pedagogy and the simplification of advanced topics make the material more accessible. Chapter 3, for example, now focuses solely on supply, demand, and market equilibrium, and boxed features have been realigned to maximize accessibility. John B. Taylor's recent service as Undersecretary of the Treasury for International Affairs strengthens the text's focus on policy issues and the international sector. Proven pedagogy includes Taylor/Weerapana's trademark Conversation boxes, providing students with succinct, step-by-step guidance through particularly difficult concepts.

Table of Contents

Introductionto Economics
The Central Idea
Scarcity and Choice for Individuals Scarcity and Choice for the Economy as a Whole Market
Economies and the Price System
Economics in Action: Gains from Trade on the Internet
Economics in Action: Teaching Jobs and Graduate School
Applications--Two Sides of the Same Coin
Economics in the News: Gains from Trade on the Radio
Observing and Explaining the Economy
What Do Economists Do?
The Fluctuating Price of Gasoline Recommending
Appropriate Policies Economics in Action: An Economic Experiment to Study Discrimination
Economics in Action: Science or Persuasion?
Economics in the News: Young Economists at Work
Appendix to Chapter 2
Reading, Understanding, and Creating Graphs Visualizing
tObservations with Graphs
Visualizing Models with Graphs
The Supply and Demand Model Demand
Supply Market Equilibrium: Combining Supply and Demand Economics in the News
Why Roses Cost More on Valentine's Day
Economics in Action: Using the Supply and Demand Model to Analyze Real-World Issues
Subtleties of the Supply and Demand
Model: Price Floors, Price Ceilings, and Elasticity Interference with Market Prices
Elasticity of Demand Working with Demand Elasticities
Elasticity of Supply Economics in Action: How Policymakers
Use Price Elasticity of Demand to Discourage
Underage Drinking Economics in the News
Increasing School Enrollment in Africa
Economics in Action: Predicting the Size of a Price
Increase Economics in Action: Will an Increase in the Minimum Wage
Benefit Poor Workers?
Principles of Microeconomics
The Demand Curve and the Behavior of Consumers
Utility and Consumer Preferences
The Budget Constraint and Utility Maximization
Willingness to Pay and the Demand Curve
The Market Demand Curve
Consumer Surplus Economics in Action: Peering Deeper into How Individuals Make Decisions
Economics in the News: Creating Consumer Surplus for the Poor
Economics in Action: Building Roads and Bridges with Consumer
Surplus Appendix to Chapter 5
Consumer Theory with Indifference Curves
The Budget Line
The Indifference Curve
The Supply Curve and the Behavior of Firms
Definition of a Firm
The Firm's Profits
Profit Maximization and the Individual Firm's
Supply Curve
The Market Supply Curve
Producer Surplus Economics in Action: Green Pricing and Incentives
Economics in the News: Supply Shifts Caused by Natural Disaster
The Interaction of People in Markets
Individual Consumers and Firms in a Market
Are Competitive Markets Efficient?
Measuring Waste from Inefficiency
The Deadweight Loss from Price Floors and Ceilings
Shifts in Cost Curves
The Deadweight Loss from Taxation
Informational Efficiency
Economics in the News: Coordination Failure in Responding to a Famine
Economics in Action: Price Controls and Deadweight
Loss in the Milk Industry
The Economics of the Firm
Costs and the Changes at Firms over Time
Costs for an Individual Firm Cost Curves
The Production Decision in the Short Run
Costs and Production: The Long Run Economies of Scale
Economics in the News: A Dormant Mine Starts Up Again
Economics in Action: Expanding (and Shrinking) a Firm over Time Economics in Action: Economist Finds Economies of Scale at Pin Factory
Appendix to Chapter 8
Producer Theory with Isoquants
Combining Capital and Labor Minimizing Costs for a Given Quantity
The Rise and Fall of Industries
Markets and Industries
The Long-Run Competitive Equilibrium Model of an Industry
External Economies and Diseconomies of Scale
Economics in the News: Entry and Exit in the DVD
Rental Industry Economics in Action: The Rise of Digital Cameras and the Death of Silver Halide Film
Economics in the News: Cycles in the Grape Industry
Monopoly A Model of Monopoly
The Generic Diagram of a Monopoly and Its Profits Competition, Monopoly, and Deadweight Loss
Why Monopolies Exist Price Discrimination
Economics in the News: The Decline of the Diamond
Monopolist Economics in Action: How Best to Ensure
Access to Clean Water in Developing Countries
Product Differentiation, Monopolistic Competition, and Oligopoly Product
Differentiation Monopolistic Competition
Oligopoly Economics in Action: What's the Future of Product Differentiation?
Economics in the News: The Deliciousness of Product
Differentiation Economics in Action: A Duopoly Game
Antitrust Policy and Regulation Antitrust
Policy Regulating Natural Monopolies
To Regulate or Not to Regulate
Economics in Action: Are Mergers Good for the Economy?
Economics in the News: Price Fixing in the Ivy League
Markets, Income Distribution, and Public Goods
Labor Markets
The Measurement of Wages
The Labor Market Labor Demand
A Comparison of MRP = W with MC = P Labor Supply
Explaining Wage
Trends and Differences Labor Unions
Economics in the News: Incentives to Work
Economics in Action: Why It's Better Being an Economist
Economics in Action: Does Productivity or Compensating
Differentials Explain the Academic Wage Gap?
Taxes, Transfers, and Income Distribution
The Tax System Transfer Payments
The Distribution of Income in the United States
Economics in the News: The "Death Tax" Debate
Economics in the News: Assessing the Success of the 1996
Welfare Reform a Decade Later
Economics in Action: Should We Be Concerned
About Income Inequality?
Public Goods, Externalities, and Government Behavior
Public Goods Externalities: From the Environment to Education
Remedies for Externalities Models of Government Behavior
Economics in Action: Excludability, Rivalry, and the Classification of Goods and Services
Economics in the News: Realizing the Positive Externalities of a New Cancer Vaccine
Economics in the News: Environmental Economics
Economics in Action: Advising the Government to Auction Off the Spectrum
Capital Markets
The Distinction Between Physical Capital and Financial Capital
Markets for Physical Capital
Markets for Financial Capital
The Tradeoff Between Risk and Return Corporate Governance Problems
Economics in the News: Physical Capital Accumulation of Google Economics in Action: Understanding Stock and Bond Price
Listings in Newspapers
Economics in the News: Corporate Greed
Appendix to Chapter 16
Present Discounted Value Discounting the Future Finding the Present Discounted Value
Tradeand Global Markets
The Gains from International Trade
Recent Trends in International Trade
Comparative Advantage Reasons for Comparative
Advantage Gains from Expanded Markets
Economics in the News: The Economic Impact of Outsourcing
Economics in Action: Doing Politics and Economics
International Trade Policy
Tariffs and Quotas
The History of Trade Restrictions
Arguments for Trade Barriers
How to Reduce Trade Barriers
Economics in Action: From Steel to Shrimp: The Same Old Tariff Story Economics in the News: The End of the Multi-Fiber Agreement
Economics in Action: Ending the Corn Laws
Glossary
Index
Credits
Table of Contents provided by Publisher. All Rights Reserved.


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