Microeconomics: Principles and Tools

by O'Sullivan, Arthur; Sheffrin, Steven M.

• ISBN13: 9780130358127
• ISBN10: 0130358126
• Edition: 3rd
• Format: Paperback
• Copyright: 2003-01-01
• Publisher: Pearson College Div

Summary

The book provides a clear, concise, and accessible presentation of key points. Its hallmark feature includes a focus on the 5 Key Principles of Economics 1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), 5) The Reality Principle (distinguishing real from nominal magnitudes). For financial professionals and analysts.

Table of Contents

Preface	xxi
PART 1: Introduction and Key Principles	1	(94)
Introduction: What Is Economics?	1	(22)
Key Principles of Economics	23	(18)
Markets and Government in the Global Economy	41	(22)
Supply, Demand, and Market Equilibrium	63	(32)
PART 2: A Closer Look at Supply and Demand	95	(68)
Elasticity: A Measure of Responsiveness	95	(24)
Market Efficiency and Government Intervention	119	(26)
Consumer Choice	145	(18)
PART 3: Market Structures and Pricing	163	(148)
Production and Cost	163	(24)
Perfect Competition: Short Run and Long Run	187	(26)
Monopoly	213	(22)
Entry and Monopolistic Competition	235	(16)
Oligopoly and Strategic Behavior	251	(26)
Using Market Power: Price Discrimination and Advertising	277	(16)
Controlling Market Power: Antitrust Policy and Deregulation	293	(18)
PART 4: Spillovers and Information	311	(60)
Imperfect Information and Disappearing Markets	311	(18)
Public Goods, Taxes, and Public Choice	329	(20)
Environmental Policy	349	(22)
PART 5: The Labor Market and Economic Challenges	371	(1)
The Labor Market	371	(28)
Economic Challenges: Poverty, Aging, and Health Care	399	(18)
International Trade and Public Policy	417
Glossary	1	(1)
Photo Credits	1	(1)
Answers to Odd-Numbered Problems and Discussion Questions	1	(1)
Index	1