Microeconomics Demystified A Self-Teaching Guide

by Depken, Craig

• ISBN13: 9780071459112
• ISBN10: 0071459111
• Edition: 1st
• Format: Paperback
• Copyright: 2005-12-14
• Publisher: McGraw Hill

Summary

There's no easier, faster, or more practical way to learn the really tough subjectsMicroeconomics Demystifiedfeatures a clear and easy-to-understand presentation of the concepts and principles of microeconomics, with generous applications and examples. This self-teaching guide comes complete with key points, background information, quizzes at the end of each chapter, and even a final exam. Simple enough for beginners but challenging enough for advanced students, this is a lively and entertaining brush-up, introductory text, or classroom supplement.

Author Biography

Craug A, Depken II, Ph.D. (Arlington, TX) is an associate professor of economics at the University of Texas at Arlington. An award-winning teacher and researcher, he has published dozens of articles in professional and academic journals.

Table of Contents

Acknowledgments	ix
Introduction	xi
The Language of Economics	1	(10)
Summary	7	(1)
Quiz	7	(4)
Math Review	11	(8)
Summary	16	(1)
Quiz	16	(3)
Production and Growth	19	(18)
Production	19	(1)
Production in a Robinson Crusoe Economy	20	(3)
Economic Growth	23	(1)
Gains from Trade	24	(9)
Summary	33	(1)
Quiz	33	(4)
Demand and Supply	37	(36)
Demand	38	(5)
Supply	43	(4)
Price as a Regulator in the Market	47	(3)
Changes in Demand	50	(1)
Changes in Supply	51	(1)
Changes in Supply and Demand	52	(3)
Government Interventions in the Market	55	(11)
Price Floors and Ceilings	56	(2)
Quantity Controls	58	(1)
Taxation in the Supply and Demand Model	59	(7)
Summary	66	(1)
Quiz	67	(6)
Elasticity	73	(20)
Price Elasticity of Demand	74	(4)
Income Elasticity of Demand	78	(1)
Cross Elasticity of Demand	79	(1)
Elasticity of Supply	79	(1)
Applications of Elasticity	80	(7)
Price Elasticity of Supply and Demand and the Burden of a Sales Tax	87	(2)
Summary	89	(1)
Quiz	90	(3)
Consumer and Producer Surplus	93	(18)
Consumer Surplus	93	(4)
Producer Surplus	97	(3)
Changes in Consumer and Producer Surplus and Changes in Supply and Demand	100	(2)
The Impact of a Sales Tax on Consumer and Producer Surplus	102	(3)
Summary	105	(1)
Quiz	105	(6)
Utility	111	(22)
The Utility Function and Indifference Curves	112	(2)
The Household's Income Constraint	114	(4)
The Household's Consumption Equilibrium	118	(2)
The Law of Demand and Utility Theory	120	(2)
Income and Substitution Effects	122	(7)
Substitution Effect	123	(2)
The Income Effect	125	(1)
Combining Substitution and Income Effects	126	(3)
Summary	129	(1)
Quiz	129	(4)
Theory of the Firm	133	(20)
Why the Firm?	134	(1)
The Firm's Production Function and Isoquants	135	(3)
Efficiency and the Firm	138	(2)
The Firm's Cost Constraint	140	(3)
A Firm's Cost Functions: Total Cost, Average Cost, and Marginal Cost	143	(4)
Summary	147	(1)
Quiz	148	(5)
Perfect Competition	153	(16)
Summary	164	(1)
Quiz	164	(5)
Theory of Monopoly	169	(28)
Static Monopoly	169	(9)
Efficiency Aspects of Static Monopoly	178	(3)
Price Discrimination	181	(7)
First Degree Price Discrimination	181	(1)
Third Degree Price Discrimination	182	(3)
Second Degree Price Discrimination	185	(3)
Cartel Theory	188	(2)
Contestable Market Theory	190	(1)
Summary	191	(1)
Quiz	192	(5)
Monopolistic Competition and Oligopoly	197	(16)
Monopolistic Competition	198	(2)
Oligopoly	200	(8)
The Kinked Demand Model	201	(1)
Oligopoly with a Dominant Firm	202	(2)
Strategic Interaction	204	(1)
Cournot Duopoly Game	205	(2)
Bertrand's Duopoly Game	207	(1)
Summary	208	(1)
Quiz	209	(4)
Factor Markets	213	(32)
Labor	215	(15)
Labor Demand	215	(2)
Labor Supply	217	(1)
Labor Market Equilibrium	218	(2)
Additional Topics in Labor Markets	220	(10)
Capital Markets	230	(8)
Demand for Capital	230	(1)
Supply of Capital	231	(1)
Capital Market Equilibrium	231	(7)
Land	238	(2)
Summary	240	(2)
Quiz	242	(3)
Market Failure and Government Intervention in Markets	245	(22)
Public Goods	246	(5)
Externalities	251	(11)
Summary	262	(1)
Quiz	263	(4)
APPENDIX A Quiz Answers	267	(12)
APPENDIX B Final Exam	279	(34)
Final Exam Answers	309	(4)
Index	313