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Principles of Microeconomics,9780131994850
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Principles of Microeconomics

by ; ;
Edition:
9th
ISBN13:

9780131994850

ISBN10:
0131994859
Format:
Paperback
Pub. Date:
1/1/2009
Publisher(s):
Prentice Hall

Questions About This Book?

What version or edition is this?
This is the 9th edition with a publication date of 1/1/2009.
What is included with this book?
  • The Used copy of this book is not guaranteed to include any supplemental materials. Typically, only the book itself is included.

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Summary

Case and Fair is the trusted Microeconomics text that teaches students through stories, graphs, and equations...and now, a new emphasis on excellence in assessment. These two highly-respected economists and educators have revised this best-selling Microeconomics book to include more current topics and events while maintaining its hallmark feature of teaching economics through stories, graphs, and equations; relevant to students with various learning styles (verbal, visual, and numerical).

Table of Contents

Prefacep. xvii
Introduction to Economicsp. 1
The Scope and Method of Economicsp. 1
Why Study Economics?p. 2
To Learn a Way of Thinkingp. 2
To Understand Societyp. 4
News Analysis: Economics and Global Affairs in 2005p. 5
To Understand Global Affairsp. 6
To Be an Informed Voterp. 6
The Scope of Economicsp. 7
Microeconomics and Macroeconomicsp. 8
The Diverse Fields of Economicsp. 8
Further Exploration: The Fields of Economicsp. 9
The Method of Economicsp. 10
Theories and Modelsp. 11
Economic Policyp. 14
An Invitationp. 16
Summaryp. 16
Review Terms and Conceptsp. 16
Problem Setp. 17
How to Read and Understand Graphsp. 17
The Economic Problem: Scarcity and Choicep. 25
Scarcity, Choice, and Opportunity Costp. 26
Scarcity and Choice in a One-Person Economyp. 26
News Analysis: Opportunity Costs and Internshipsp. 27
Scarcity and Choice in an Economy of Two or Morep. 28
The Production Possibility Frontierp. 31
Comparative Advantage and the Gains from Tradep. 36
The Economic Problemp. 39
Economic Systemsp. 39
Command Economiesp. 39
Laissez-Faire Economies: The Free Marketp. 40
Mixed Systems, Markets, and Governmentsp. 41
Looking Aheadp. 42
Summaryp. 42
Review Terms and Conceptsp. 43
Problem Setp. 43
Demand, Supply, and Market Equilibriump. 47
Firms and Households: The Basic Decision-Making Unitsp. 48
Input Markets and Output Markets: The Circular Flowp. 48
Demand in Product/Output Marketsp. 50
Changes in Quantity Demanded Versus Changes in Demandp. 51
Price and Quantity Demanded: The Law of Demandp. 51
Other Determinants of Household Demandp. 54
Shift of Demand versus Movement Along a Demand Curvep. 56
From Household Demand to Market Demandp. 57
Supply in Product/Output Marketsp. 59
Price and Quantity Supplied: The Law of Supplyp. 60
Other Determinants of Supplyp. 61
Shift of Supply versus Movement along a Supply Curvep. 62
From Individual Supply to Market Supplyp. 63
Market Equilibriump. 64
Excess Demandp. 65
Excess Supplyp. 66
Changes in Equilibriump. 67
Demand and Supply in Product Markets: A Reviewp. 70
Looking Ahead: Markets and the Allocation of Resourcesp. 70
News Analysis: Mad Cow Disease Cuts Demand for Cattle in 2005p. 71
Summaryp. 72
Review Terms and Conceptsp. 73
Problem Setp. 73
Demand and Supply Applicationsp. 77
The Price System: Rationing and Allocating Resourcesp. 77
Price Rationingp. 77
Constraints on the Market and Alternative Rationing Mechanismsp. 79
News Analysis: Hurricane Katrina and Gasoline Prices in 2005p. 83
Prices and the Allocation of Resourcesp. 84
Price Floorsp. 84
Supply and Demand Analysis: An Oil Import Feep. 85
Supply and Demand and Market Efficiencyp. 86
Consumer Surplusp. 87
Producer Surplusp. 88
Competitive Markets Maximize the Sum of Producer and Consumer Surplusp. 89
Potential Causes of Deadweight Loss from Under- and Overproductionp. 89
Further Exploration: The Drug Wars: A Matter of Supply and Demandp. 90
Looking Aheadp. 91
Summaryp. 91
Review Terms and Conceptsp. 92
Problem Setp. 92
Elasticityp. 95
Price Elasticity of Demandp. 96
Slope and Elasticityp. 96
Types of Elasticityp. 97
News Analysis: Elasticity of Supply and House Pricesp. 99
Calculating Elasticitiesp. 100
Calculating Percentage Changesp. 100
Elasticity Is a Ratio of Percentagesp. 101
The Midpoint Formulap. 101
Elasticity Changes along a Straight-Line Demand Curvep. 102
Elasticity and Total Revenuep. 104
The Determinants of Demand Elasticityp. 105
Availability of Substitutesp. 105
The Importance of Being Unimportantp. 105
Further Exploration: London Newspapers and New York Restaurants Learn about Elasticityp. 106
The Time Dimensionp. 106
Other Important Elasticitiesp. 107
Income Elasticity of Demandp. 107
Cross-Price Elasticity of Demandp. 107
Elasticity of Supplyp. 107
Looking Aheadp. 108
Summaryp. 108
Review Terms and Conceptsp. 109
Problem Setp. 109
Point Elasticity (Optional)p. 110
Foundations of Microeconomics: Consumers and Firmsp. 113
Household Behavior and Consumer Choicep. 113
Household Choice in Output Marketsp. 116
The Determinants of Household Demandp. 116
The Budget Constraintp. 116
Further Exploration: Opportunity Costs-Then and Nowp. 119
The Equation of the Budget Constraintp. 120
The Basis of Choice: Utilityp. 122
Diminishing Marginal Utilityp. 122
Allocating Income to Maximize Utilityp. 123
The Utility-Maximizing Rulep. 125
Diminishing Marginal Utility and Downward-Sloping Demandp. 125
Income and Substitution Effectsp. 126
The Income Effectp. 126
News Analysis: Marginal Utility and the Capacity to Consumep. 127
The Substitution Effectp. 128
Consumer Surplusp. 128
Household Choice in Input Marketsp. 130
The Labor Supply Decisionp. 130
The Price of Leisurep. 131
Income and Substitution Effects of a Wage Changep. 131
Saving and Borrowing: Present Versus Future Consumptionp. 133
A Review: Households in Output and Input Marketsp. 134
Summaryp. 134
Review Terms and Conceptsp. 135
Problem Setp. 135
Indifference Curvesp. 137
The Production Process: The Behavior of Profit-Maximizing Firmsp. 143
The Behavior of Profit-Maximizing Firmsp. 146
Profits and Economic Costsp. 146
News Analysis: An Idea, a Firm, and Profits in 2005p. 148
Short-Run versus Long-Run Decisionsp. 149
The Bases of Decisions: Market Price of Outputs, Available Technology, and Input Pricesp. 150
The Production Processp. 151
Production Functions: Total Product, Marginal Product, and Average Productp. 151
Production Functions with Two Variable Factors of Productionp. 154
Choice of Technologyp. 155
News Analysis: Increasing Substitution of Capital for Labor Raises Labor Productivityp. 156
Looking Ahead: Cost and Supplyp. 157
Summaryp. 157
Review Terms and Conceptsp. 158
Problem Setp. 158
Isoquants and Iscostsp. 159
Short-Run Costs and Output Decisionsp. 165
Costs in the Short Runp. 165
Fixed Costsp. 166
Variable Costsp. 168
Total Costsp. 174
Short-Run Costs: A Reviewp. 176
Output Decisions: Revenues, Costs, and Profit Maximizationp. 176
Total Revenue (TR) and Marginal Revenue (MR)p. 177
Comparing Costs and Revenues to Maximize Profitp. 178
Further Exploration: Case Study in Marginal Analysis: An Ice Cream Parlorp. 180
The Short-Run Supply Curvep. 181
Looking Aheadp. 182
Summaryp. 183
Review Terms and Conceptsp. 183
Problem Setp. 184
Long-Run Costs and Output Decisionsp. 187
Short-Run Conditions and Long-Run Directionsp. 188
Maximizing Profitsp. 188
Minimizing Lossesp. 190
The Short-Run Industry Supply Curvep. 192
Long-Run Directions: A Reviewp. 194
Long-Run Costs: Economies and Diseconomies of Scalep. 194
Increasing Returns to Scalep. 195
Further Exploration: Why Small Farmers Have Trouble Competing: Economies of Scale in Agriculturep. 197
Constant Returns to Scalep. 197
News Analysis: Economies of Scale in Banking, 2005p. 198
Decreasing Returns to Scalep. 199
Long-Run Adjustments to Short-Run Conditionsp. 200
Short-Run Profits: Expansion to Equilibriump. 200
Short-Run Losses: Contraction to Equilibriump. 201
The Long-Run Adjustment Mechanism: Investment Flows Toward Profit Opportunitiesp. 202
Further Exploration The Long-Run Average Cost Curve: Flat or U-Shapedp. 203
Output Markets: A Final Wordp. 204
Summaryp. 204
Review Terms and Conceptsp. 205
Problem Setp. 205
External Economies and Diseconomies and the Long-Run Industry Supply Curvep. 207
Input Demand: The Labor and Land Marketsp. 211
Input Markets: Basic Conceptsp. 211
Demand for Inputs: A Derived Demandp. 211
Inputs: Complementary and Substitutablep. 213
Diminishing Returnsp. 213
Marginal Revenue Productp. 213
Labor Marketsp. 215
A Firm Using Only One Variable Factor of Production: Laborp. 215
News Analysis: Baseball Salaries and Marginal Revenue Product in 2005p. 217
A Firm Employing Two Variable Factors of Production in the Short and Long Runp. 219
Many Labor Marketsp. 221
Land Marketsp. 221
Rent and the Value of Output Produced on Landp. 222
The Firm's Profit-Maximization Condition in Input Marketsp. 223
Input Demand Curvesp. 224
Shifts in Factor Demand Curvesp. 224
Resource Allocation and the Mix of Output in Competitive Marketsp. 225
The Distribution of Incomep. 226
Looking Aheadp. 226
Summaryp. 226
Review Terms and Conceptsp. 227
Problem Setp. 227
Input Demand: The Capital Market and the Investment Decisionp. 231
Capital, Investment, and Depreciationp. 231
Capitalp. 232
Investment and Depreciationp. 233
The Capital Marketp. 234
Capital Income: Interest and Profitsp. 235
Financial Markets in Actionp. 237
Capital Accumulation and Allocationp. 238
News Analysis: Putting Their Money Where the Future Is in 2005p. 239
The Demand for New Capital and the Investment Decisionp. 240
Forming Expectationsp. 240
Comparing Costs and Expected Returnp. 241
A Final Word on Capitalp. 243
Summaryp. 244
Review Terms and Conceptsp. 245
Problem Setp. 245
Calculating Present Valuep. 246
General Equilibrium and the Efficiency of Perfect Competitionp. 251
General Equilibrium Analysisp. 253
An Early Technological Advance: The Electronic Calculatorp. 253
News Analysis: The Dot-Com Bust and the Labor Market: 2003p. 254
Market Adjustment to Changes in Demandp. 256
Formal Proof of a General Competitive Equilibriump. 258
Allocative Efficiency and Competitive Equilibriump. 258
Pareto Efficiencyp. 259
The Efficiency of Perfect Competitionp. 260
Perfect Competition versus Real Marketsp. 263
The Sources of Market Failurep. 263
Imperfect Marketsp. 263
Public Goodsp. 264
Externalitiesp. 265
Imperfect Informationp. 266
Evaluating the Market Mechanismp. 266
Summaryp. 267
Review Terms and Conceptsp. 268
Problem Setp. 268
Market Imperfections and the Role of Governmentp. 271
Monopoly and Antitrust Policyp. 271
Imperfect Competition and Market Power: Core Conceptsp. 271
Defining Industry Boundariesp. 272
Barriers to Entryp. 272
Price: The Fourth Decision Variablep. 274
News Analysis: The Drug Wars in 2005p. 275
Price and Output Decisions in Pure Monopoly Marketsp. 275
Demand in Monopoly Marketsp. 276
Perfect Competition and Monopoly Comparedp. 282
Collusion and Monopoly Comparedp. 284
The Social Costs of Monopolyp. 284
Inefficiency and Consumer Lossp. 284
Rent-Seeking Behaviorp. 286
Price Discriminationp. 287
Examples of Price Discriminationp. 287
Remedies for Monopoly: Antitrust Policyp. 288
The Development of Antitrust Law: Historical Backgroundp. 289
Landmark Antitrust Legislationp. 289
The Enforcement of Antitrust Lawp. 292
Initiating Antitrust Actionsp. 292
Sanctions and Remediesp. 292
News Analysis: Price-Fixing Cases in 2005p. 294
A Natural Monopolyp. 294
Do Natural Monopolies Still Exist?p. 295
News Analysis: From a Natural Monopoly to Near-Perfect Competitionp. 296
Imperfect Markets: A Review and A Look Aheadp. 296
Summaryp. 297
Review Terms and Conceptsp. 298
Problem Setp. 298
Monopolistic Competition and Oligopolyp. 301
Monopolistic Competitionp. 302
Product Differentiation, Advertising, and Social Welfarep. 303
Price and Output Determination in Monopolistic Competitionp. 306
Economic Efficiency and Resource Allocationp. 310
Oligopolyp. 310
Oligopoly Modelsp. 311
Further Exploration: Regulation of Mergers by the Department of Justice and the Federal Trade Commissionp. 313
Game Theoryp. 314
Repeated Gamesp. 317
A Game with Many Players: Collective Action Can Be Blocked by a Prisoners' Dilemmap. 318
Contestable Marketsp. 319
Oligopoly and Economic Performancep. 320
Industrial Concentration and Technological Changep. 321
The Role of Governmentp. 321
Regulation of Mergersp. 321
News Analysis: Footwear Giant Adidas Buys Reebok in 2005p. 323
A Proper Role?p. 323
Summaryp. 324
Review Terms and Conceptsp. 325
Problem Setp. 325
Externalities, Public Goods, Imperfect Information, and Social Choicep. 327
Externalities and Environmental Economicsp. 328
Marginal Social Cost and Marginal-Cost Pricingp. 328
Private Choices and External Effectsp. 330
Internalizing Externalitiesp. 332
News Analysis: Externalities Are All Around Usp. 334
Further Exploration: Global Warming: A Global Externality?p. 338
Public (Social) Goodsp. 338
The Characteristics of Public Goodsp. 338
Income Distribution As a Public Good?p. 339
Public Provision of Public Goodsp. 340
Optimal Provision of Public Goodsp. 340
Local Provision of Public Goods: Tiebout Hypothesisp. 343
Mixed Goodsp. 344
Imperfect Informationp. 344
Adverse Selection: Asymmetric Informationp. 345
Moral Hazardp. 345
Market Solutionsp. 346
Government Solutionsp. 346
Social Choicep. 347
The Voting Paradoxp. 347
Government Inefficiency: Theory of Public Choicep. 349
Rent-Seeking Revisitedp. 350
Government and the Marketp. 350
Summaryp. 351
Review Terms and Conceptsp. 352
Problem Setp. 352
Income Distribution and Povertyp. 355
The Utility Possibilities Frontierp. 355
The Sources of Household Incomep. 357
Wages and Salariesp. 357
Income from Propertyp. 359
Income from the Government: Transfer Paymentsp. 359
The Distribution of Incomep. 360
Income Inequality in the United Statesp. 360
Povertyp. 363
The Distribution of Wealthp. 364
News Analysis: Hunger in the United States in 2003p. 365
The Redistribution Debatep. 366
Arguments against Redistributionp. 366
Arguments in Favor of Redistributionp. 367
Redistribution Programs and Policiesp. 369
Financing Redistribution Programs: Taxesp. 369
Expenditure Programsp. 370
News Analysis: The Lack of Health Care Insurancep. 372
How Effective Are Antipoverty Programs?p. 373
Government or the Market? A Reviewp. 373
Summaryp. 374
Review Terms and Conceptsp. 375
Problem Setp. 375
Public Finance: The Economics of Taxationp. 377
The Economics of Taxationp. 377
Taxes: Basic Conceptsp. 377
Tax Equityp. 381
What is the "Best" Tax Base?p. 382
The Gift and Estate Taxp. 384
Tax Incidence: Who Pays?p. 385
The Incidence of Payroll Taxesp. 385
The Incidence of Corporate Profits Taxesp. 389
The Overall Incidence of Taxes in the United States: Empirical Evidencep. 390
Excess Burdens and the Principle of Neutralityp. 391
How Do Excess Burdens Arise?p. 391
The Principle of Second Bestp. 393
News Analysis: President Bush's Advisory Panel on Federal Tax Reformp. 394
Measuring Excess Burdensp. 395
Excess Burdens and the Degree of Distortionp. 395
Summaryp. 396
Review Terms and Conceptsp. 397
Problem Setp. 398
The World Economyp. 399
International Trade, Comparative Advantage, and Protectionismp. 399
Trade Surpluses and Deficitsp. 400
The Economic Basis for Trade: Comparative Advantagep. 400
Absolute Advantage versus Comparative Advantagep. 401
Terms of Tradep. 405
Exchange Ratesp. 406
The Sources of Comparative Advantagep. 408
The Heckscher-Ohlin Theoremp. 409
Other Explanations for Observed Trade Flowsp. 409
Trade Barriers: Tariffs, Export Subsidies, and Quotasp. 409
News Analysis: New Trade Agreement with Central America and the Dominican Republic-2005p. 412
Free Trade or Protection?p. 413
The Case for Free Tradep. 413
The Case for Protectionp. 414
Further Exploration: A Petitionp. 416
An Economic Consensusp. 417
Summaryp. 417
Review Terms and Conceptsp. 419
Problem Setp. 419
Globalizationp. 421
The Global Circular Flowp. 421
A Brief History of Economic Globalizationp. 423
The Benefits and Costs of Globalizationp. 424
The Free-Trade Debate Revisitedp. 424
Trade, Growth, and Povertyp. 426
The Globalization of Labor Markets: The Economics of Immigration and Outsourcingp. 427
Capital Mobilityp. 430
News Analysis: Outsourcing Is Not Just Customer Service Reps in Indiap. 431
Public Policy and Globalizationp. 432
Global Externalities and Public Goodsp. 432
Nongovernmental Organizations and International Economics: The Washington Consensusp. 433
Globalization, Capitalism, and Democracyp. 434
A Final Wordp. 435
Summaryp. 435
Review Terms and Conceptsp. 436
Problem Setp. 436
Economic Growth in Developing and Transitional Economiesp. 437
Life in the Developing Nations: Population and Povertyp. 438
Economic Development: Sources and Strategiesp. 439
The Sources of Economic Developmentp. 439
Strategies for Economic Developmentp. 441
News Analysis: Trade and Development in Africa-2003p. 444
Growth versus Development: The Policy Cyclep. 445
Issues in Economic Developmentp. 445
Population Growthp. 446
Developing-Country Debt Burdensp. 448
Economies in Transitionp. 449
Political Systems and Economic Systems: Socialism, Capitalism, and Communismp. 450
Central Planning versus The Marketp. 451
The End of the Soviet Unionp. 452
The Transition to a Market Economyp. 452
Six Basic Requirements for Successful Transitionp. 452
News Analysis: Russia's Economy in 2005p. 453
Summaryp. 457
Review Terms and Conceptsp. 458
Problem Setp. 458
Glossaryp. G-1
Solutions to Even-Numbered Problemsp. S-1
Indexp. I-2
Photo CreditsP-1
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