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Survey of Economics : Principles and Tools

by ;
Edition:
2nd
ISBN13:

9780131439696

ISBN10:
0131439693
Format:
Paperback
Pub. Date:
1/1/2005
Publisher(s):
Pearson College Div

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This is the 2nd edition with a publication date of 1/1/2005.
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Summary

Covering both Micro and Macroeconomics in one concise paperback volume, this book shows readers how to think and act like an economist by showing them how to use economic concepts in their everyday lives and careers.Organized around the Five Key Principles of EconomicsThe Principle of Opportunity Cost, The Marginal Principle, The Principle of Diminishing Returns, The Spillover Principle, and The Reality Principle.For economists and those making financial decisions and analyses.

Table of Contents

Preface xix
Principles of Economics
1(32)
What Is Economics?
2(4)
Resources---The Factors of Production
2(1)
Production Possibilities
3(2)
Markets and the Invisible Hand
5(1)
The Economic Way of Thinking
6(5)
Positive and Normative Economics
7(1)
Use Assumptions to Simplify
8(1)
Explore the Relationship Between Two Variables
9(1)
Think Marginal
9(1)
Mircoeconomics and Macroeconomics
10(1)
The Principle of Opportunity Cost
11(2)
Using the Principle: Warships, Security, and Collectibles
12(1)
Using the Principle: The Opportunity Cost of a College Degree
13(1)
The Marginal Principle
13(3)
Example: Pedaling for Television Time
14(1)
Using the Marginal Principle: Renting College Facilities
15(1)
The Principle of Diminishing Returns
16(2)
Diminishing Returns in the Short Run
17(1)
What About the Long Run?
18(1)
The Spillover Principle
18(2)
The Reality Principle
20(1)
Using the Reality Principle: Government Programs and Statistics
21(1)
Using the Tools
21(4)
Economic Experiment: Producing Foldits
21(1)
What's the Cost?
22(1)
How Much Ram?
22(3)
Appendix: Using Graphs and Formulas
25(8)
Supply, Demand, and Market Equilibrium
33(30)
The Demand Curve
34(3)
The Individual Demand Curve and the Law of Demand
35(1)
From Individual to Market Demand
36(1)
The Supply Curve
37(3)
The Marginal Principle and the Output Decision
38(1)
Individual Supply and the Law of Supply
39(1)
Individual Supply to Market Supply
39(1)
Market Equilibrium
40(2)
Excess Demand Causes the Price to Rise
40(1)
Excess Supply Causes the Price to Drop
41(1)
Market Effects of Changes in Demand
42(4)
Change in Quantity Demanded Versus Change in Demand
42(1)
Increase in Demand
43(1)
Market Effects of an Increase in Demand
44(1)
Decrease in Demand
44(1)
Market Effects of a Decrease in Demand
45(1)
Normal Versus Inferior Goods
46(1)
Market Effects of Changes in Supply
46(5)
Change in Quantity Supplied Versus Change in Supply
47(1)
Increase in Supply
47(1)
Market Effects of an Increase in Supply
48(1)
Decrease in Supply
48(1)
Market Effects of a Decrease in Supply
49(1)
Market Effects of Simultaneous Changes in Demand and Supply
50(1)
Applications
51(2)
Changes in Demand: Product Safety, Population Growth
52(1)
Changes in Supply: Weather, Technology
52(1)
The Economic Detective
53(3)
Market Equilibrium, the Invisible Hand, and Efficiency
56(1)
Using the Tools
57(6)
Economic Experiment: Market Equilibrium
57(1)
Using Data to Draw a Demand Curve
57(1)
Foreign Farm Workers and the Price of Berries
58(1)
Market Effects of an Import Ban on Shoes
58(1)
The Mystery of Free Used Newspapers
58(5)
Elasticity: A Measure of Responsiveness
63(18)
The Price Elasticity of Demand
64(4)
Elasticity and Substitutes
65(2)
Other Determinants of Elasticity
67(1)
Using the Price Elasticity of Demand
68(4)
Predicting Changes in Quantity Demanded
68(1)
Applications: College Education, Highway Deaths, Medical Care
69(1)
Predicting Changes in Total Revenue
69(2)
Applications: Transit Deficits, Property Crime
71(1)
Economic Detective: The Video Elasticity Mystery
72(1)
The Price Elasticity of Supply
72(2)
Predicting Price Changes Using Price Elasticities
74(2)
Using the Tools
76(4)
Projecting Transit Ridership
76(1)
Bumper Crops
76(1)
Washington, D.C., Gas Tax
77(1)
College Environment and Housing
77(3)
Appendix: Using the Midpoint Formula to Compute Price Elasticity
80(1)
Production and Cost
81(24)
Introduction
82(1)
Economic Profit Versus Accounting Profit
82(1)
Short-Run Versus Long-Run Decisions
83(1)
Production and Cost in the Short Run
83(7)
Production and Marginal Product
84(2)
Short-Run Total Cost and Short-Run Marginal Cost
86(2)
Short-Run Average Cost Curves
88(1)
The Relationship Between Marginal and Average Curves
89(1)
Economic Detective: The Cost of Pencils
90(1)
Production and Cost in the Long Run
91(4)
Expansion and Replication
91(2)
Decrease in Output and Indivisible Inputs
93(1)
Decrease in Output and Labor Specialization
94(1)
Economies of Scale
95(1)
Actual Long-Run Average Cost Curves
95(5)
Minimum Efficient Scale
97(1)
Diseconomies of Scale
98(1)
Application: Trucking Services
99(1)
Short-Run Versus Long-Run Cost
99(1)
Using the Tools
100(5)
Production Consultant
100(1)
Cost of Breaking Up an Aluminum Firm
100(1)
Cost of Hospital Services
100(5)
Perfect Competition: Short Run and Long Run
105(1)
The Short-Run Output Decision
106(1)
The Total Approach: Computing Total Revenue and Total Cost
107(1)
The Marginal Approach
107(2)
Economic Profit
109(1)
Economic Detective: The Turnaround Artist
110(1)
The Shut-Down Decision
110(1)
Total Revenue Versus Total Variable Cost
111(1)
Why Operate an Unprofitable Facility?
112(1)
Short-Run Supply Curves
113(1)
The Short-Run Supply Curve of the Firm
113(1)
The Market Supply Curve
114(1)
The Long-Run Supply Curve for an Increasing-Cost Industry
114(2)
Production Costs and the Size of the Industry in the Long Run
116(1)
Drawing the Long-Run Market Supply Curve
116(2)
Examples of Increasing-Cost Industries: Sugar, Rental Housing
118(1)
Market Equilibrium Revisited
119(1)
Increase in Demand and the Incentive to Enter
119(1)
The Long-Run Effects of an Increase in Demand
120


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