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9780131605824

Principles of Microeconomics with Companion Web Access Card Package

by ;
  • ISBN13:

    9780131605824

  • ISBN10:

    0131605828

  • Edition: 7th
  • Format: Package
  • Copyright: 2004-01-01
  • Publisher: Pearson College Div

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Supplemental Materials

What is included with this book?

Summary

For the 1-semester freshman/sophomore course in Principles of Microeconomics. These two highly-respected economists and educators have revised this best-selling book to include more current, modern topics and events while maintaining its hallmark features. Hallmark features include: the authors use three levels of explanation: " Stories, Graphs, and Equations" to make economic concepts accessible and relevant to students with various learning styles (verbal, visual, and numerical); unified and logical structure that carefully reveals the workings of the economy; unparalleled supplements package, the text supports both the instructor and the student through this first, often challenging, economics course. If you want to teach with a principles text that brings out economic applications through real-world examples and news analysis articles then be sure to review Case and Fair's Principles of Economics 7/e. If you would like to complete perfect competition before moving on to imperfect competition, take a look at Case and Fair's coverage in Chapters 5-10 and then 12-16. When covering Comparative Advantage, if you prefer a brief introduction early in the course with in-depth analysis later, peruse Chapter 2 and then Section V of Case and Fair with it extensive Global coverage, as well. If you have looked at or used Case/Fair in the past, but wished it had more modern coverage, be sure to check out the expanded game theory coverage in Chapter 13, a new Chapter (16) on Public Finance, and early coverage of Consumer and Producer Surplus in Chapter 4. If you like to deliver instruction on technical topics such as cost curves, isoquants, and/or indifference curves, be sure to examine Case and Fair's coverage of these topics in Chapters 7, 6, and the Appendix to Chapter 5, respectively.

Table of Contents

Preface xv
INTRODUCTION
PART I Introduction to Economics
1(100)
The Scope and Method of Economics
1(22)
Why Study Economics?
2(4)
To Learn a Way of Thinking
2(2)
To Understand Society
4(1)
To Understand Global Affairs
4(1)
To Be an Informed Voter
5(1)
The Scope of Economics
6(1)
Microeconomics and Macroeconomics
6(1)
The Diverse Fields of Economics
7(1)
The Method of Economics
7(1)
Further Exploration The Fields of Economics
8(6)
Theories and Models
9(3)
Economic Policy
12(2)
News Analysis An Economic Recovery for the United States in 2003?
14(1)
An Invitation
15(1)
Summary
15(1)
Review Terms and Concepts
15(1)
Problem Set
16(1)
Appendix: How to Read and Understand Graphs
16(7)
The Economic Problem: Scarcity and Choice
23(20)
Scarcity, Choice, and Opportunity Cost
24(12)
Scarcity and Choice in a One-Person Economy
24(1)
Scarcity and Choice in an Economy of Two or More
25(3)
The Production Possibility Frontier
28(5)
Comparative Advantage and the Gains from Trade
33(2)
The Economic Problem
35(1)
Economic Systems
36(2)
Command Economies
36(1)
Laissez-Faire Economies: The Free Market
36(2)
News Analysis Investing in Central and Eastern Europe
38(1)
Mixed Systems, Markets, and Governments
38(1)
Looking Ahead
39(1)
Summary
39(1)
Review Terms and Concepts
40(1)
Problem Set
40(3)
Demand, Supply, and Market Equilibrium
43(28)
Firms and Households: The Basic Decision-Making Units
43(1)
Input Markets and Output Markets: The Circular Flow
44(2)
Demand in Product/Output Markets
46(9)
Changes in Quantity Demanded versus Changes in Demand
46(1)
Price and Quantity Demanded: The Law of Demand
47(2)
Other Determinants of Household Demand
49(2)
Shift of Demand versus Movement Along a Demand Curve
51(3)
From Household Demand to Market Demand
54(1)
Supply in Product/Output Markets
55(5)
Price and Quantity Supplied: The Law of Supply
55(2)
Other Determinants of Supply
57(1)
Shift of Supply versus Movement Along a Supply Curve
57(2)
From Individual Supply to Market Supply
59(1)
Market Equilibrium
60(5)
Excess Demand
60(2)
Excess Supply
62(1)
Changes in Equilibrium
63(2)
Demand and Supply in Product Markets: A Review
65(1)
Looking Ahead: Markets and the Allocation of Resources
65(1)
News Analysis Supply and Demand in the News: 2003
66(1)
Summary
67(1)
Review Terms and Concepts
68(1)
Problem Set
68(3)
Demand and Supply Applications and Elasticity
71(30)
The Price System: Rationing and Allocating Resources
71(5)
Price Rationing
71(2)
Constraints on the Market and Alternative Rationing Mechanisms
73(3)
News Analysis Oil Prices in 2003 Hit $40
76(2)
Prices and the Allocation of Resources
77(1)
Price Floors
78(1)
Supply and Demand Analysis: An Oil Import Fee
78(2)
Supply and Demand and Market Efficiency
80(4)
Consumer Surplus
80(1)
Producer Surplus
81(1)
Competitive Markets Maximize the Sum of Producer and Consumer Surplus
82(1)
Potential Causes of Deadweight Loss from Under- and Overproduction
83(1)
Further Exploration The Drug Wars: A Matter of Supply and Demand
84(1)
Elasticity
84(11)
Price Elasticity of Demand
85(3)
Calculating Elasticities
88(5)
The Determinants of Demand Elasticity
93(1)
Other Important Elasticities
94(1)
Further Exploration London Newspapers and New York City Restaurants Learn about Elasticity
95(1)
Looking Ahead
96(1)
Summary
96(1)
Review Terms and Concepts
97(1)
Problem Set
97(2)
Appendix: Point Elasticity (Optional)
99(2)
MICROECONOMICS
PART II Foundations of Microeconomics: Consumers and Firms
101(152)
Household Behavior and Consumer Choice
101(28)
Household Choice in Output Markets
104(3)
The Determinants of Household Demand
104(1)
The Budget Constraint
104(3)
Further Exploration Opportunity Costs--Then and Now
107(1)
The Basis of Choice: Utility
108(4)
Diminishing Marginal Utility
109(1)
Allocating Income to Maximize Utility
109(2)
The Utility-Maximizing Rule
111(1)
Diminishing Marginal Utility and Downward-Sloping Demand
112(1)
Income and Substitution Effects
112(2)
The Income Effect
113(1)
The Substitution Effect
113(1)
Consumer Surplus
114(1)
Household Choice in Input Markets
115(3)
The Labor Supply Decision
116(1)
The Price of Leisure
117(1)
Income and Substitution Effects of a Wage Change
117(1)
Further Exploration Wages and Interest Rates in 2003
118(2)
Saving and Borrowing: Present versus Future Consumption
118(2)
A Review: Households in Output and Input Markets
120(1)
Summary
120(1)
Review Terms and Concepts
121(1)
Problem Set
121(2)
Appendix: Indifference Curves
123(6)
The Production Process: The Behavior of Profit-Maximizing Firms
129(22)
The Behavior of Profit-Maximizing Firms
132(4)
Profits and Economic Costs
132(2)
Short-Run versus Long-Run Decisions
134(1)
The Bases of Decisions: Market Price of Outputs, Available Technology, and Input Prices
135(1)
The Production Process
136(4)
Production Functions: Total Product, Marginal Product, and Average Product
136(4)
Production Functions with Two Variable Factors of Production
140(1)
Choice of Technology
140(1)
News Analysis Increasing Substitution of Capital for Labor Raises Labor Productivity
141(1)
Looking Ahead: Cost and Supply
142(1)
Summary
142(1)
Review Terms and Concepts
143(1)
Problem Set
143(2)
Appendix: Isoquants and Isocosts
145(6)
Short-Run Costs and Output Decisions
151(22)
Costs in the Short Run
151(11)
Fixed Costs
152(2)
Variable Costs
154(5)
Total Costs
159(2)
Short-Run Costs: A Review
161(1)
Output Decisions: Revenues, Costs, and Profit Maximization
162(4)
Total Revenue (TR) and Marginal Revenue (MR)
163(1)
Comparing Costs and Revenues to Maximize Profit
163(3)
Further Exploration Case Study in Marginal Analysis: An Ice Cream Parlor
166(2)
The Short-Run Supply Curve
167(1)
Looking Ahead
168(1)
Summary
168(1)
Review Terms and Concepts
169(1)
Problem Set
169(4)
Long-Run Costs and Output Decisions
173(24)
Short-Run Conditions and Long-Run Directions
174(6)
Maximizing Profits
174(2)
Minimizing Losses
176(2)
The Short-Run Industry Supply Curve
178(2)
Long-Run Directions: A Review
180(1)
Long-Run Costs: Economies and Diseconomies of Scale
180(2)
Increasing Returns to Scale
181(1)
Further Exploration Why Small Farmers Have Trouble Competing: Economies of Scale in Agriculture and Hog Raising
182(1)
News Analysis Taking Advantage of Economies of Scale in the Automobile Industry
183(2)
Constant Returns to Scale
184(1)
Decreasing Returns to Scale
184(1)
Long-Run Adjustments to Short-Run Conditions
185(4)
Short-Run Profits: Expansion to Equilibrium
186(1)
Short-Run Losses: Contraction to Equilibrium
187(1)
The Long-Run Adjustment Mechanism: Investment Flows toward Profit Opportunities
188(1)
Further Exploration The Long-Run Average Cost Curve: Flat or U-Shaped?
189(1)
Output Markets: A Final Word
189(1)
Summary
190(1)
Review Terms and Concepts
191(1)
Problem Set
191(1)
Appendix: External Economies and Diseconomies and the Long-Run Industry Supply Curve
192(5)
Input Demand: The Labor and Land Markets
197(18)
Input Markets: Basic Concepts
197(4)
Demand for Inputs: A Derived Demand
197(2)
Inputs: Complementary and Substitutable
199(1)
Diminishing Returns
199(1)
Marginal Revenue Product
199(2)
Labor Markets
201(2)
A Firm Using Only One Variable Factor of Production: Labor
201(2)
News Analysis Baseball Salaries and Marginal Revenue Product in 2003
203(4)
A Firm Employing Two Variable Factors of Production in the Short and Long Run
205(1)
Many Labor Markets
206(1)
Land Markets
207(2)
Rent and the Value of Output Produced on Land
208(1)
The Firm's Profit-Maximization Condition in Input Markets
209(1)
Input Demand Curves
210(1)
Shifts in Factor Demand Curves
210(1)
Resource Allocation and the Mix of Output in Competitive Markets
211(1)
The Distribution of Income
212(1)
Looking Ahead
212(1)
Summary
212(1)
Review Terms and Concepts
213(1)
Problem Set
213(2)
Input Demand: The Capital Market and the Investment Decision
215(18)
Capital, Investment, and Depreciation
215(3)
Capital
216(1)
Investment and Depreciation
217(1)
The Capital Market
218(4)
Capital Income: Interest and Profits
219(2)
Financial Markets in Action
221(1)
News Analysis Putting Their Money Where the Future Is
222(1)
Capital Accumulation and Allocation
223(1)
The Demand for New Capital and the Investment Decision
223(4)
Forming Expectations
223(1)
Comparing Costs and Expected Return
224(3)
A Final Word on Capital
227(1)
Summary
227(1)
Review Terms and Concepts
228(1)
Problem Set
228(1)
Appendix: Calculating Present Value
229(4)
General Equilibrium and the Efficiency of Perfect Competition
233(20)
General Equilibrium Analysis
235(1)
A Technological Advance: The Electronic Calculator
235(1)
News Analysis The Dot-Com Bust and the Labor Market: 2003
236(4)
A Shift in Consumer Preferences: The Wine Industry in the 1970s
238(2)
Formal Proof of a General Competitive Equilibrium
240(1)
Allocative Efficiency and Competitive Equilibrium
240(5)
Pareto Efficiency
241(1)
The Efficiency of Perfect Competition
242(2)
Perfect Competition versus Real Markets
244(1)
The Sources of Market Failure
245(3)
Imperfect Markets
245(1)
Public Goods
246(1)
Externalities
247(1)
Imperfect Information
248(1)
Evaluating the Market Mechanism
248(1)
Summary
249(1)
Review Terms and Concepts
250(1)
Problem Set
250(3)
PART III Market Imperfections and the Role of Government
253(122)
Monopoly and Antitrust Policy
253(28)
Imperfect Competition and Market Power: Core Concepts
253(4)
Defining Industry Boundaries
254(1)
Barriers to Entry
254(2)
Price: The Fourth Decision Variable
256(1)
News Analysis The Drug Wars in 2000
257(1)
Price and Output Decisions in Pure Monopoly Markets
257(8)
Demand in Monopoly Markets
258(5)
Perfect Competition and Monopoly Compared
263(2)
Collusion and Monopoly Compared
265(1)
The Social Costs of Monopoly
265(3)
Inefficiency and Consumer Loss
265(2)
Rent-Seeking Behavior
267(1)
Price Discrimination
268(1)
Examples of Price Discrimination
268(1)
Remedies for Monopoly: Antitrust Policy
269(4)
The Development of Antitrust Law: Historical Background
270(1)
Landmark Antitrust Legislation
270(3)
News Analysis The Politics and Personalities of Antitrust Enforcement
273(1)
The Enforcement of Antitrust Law
273(2)
Initiating Antitrust Actions
273(1)
Sanctions and Remedies
274(1)
Criminal Actions
275(1)
A Natural Monopoly
275(1)
Do Natural Monopolies Still Exist?
276(1)
Imperfect Markets: A Review and a Look Ahead
276(1)
Summary
277(1)
Review Terms and Concepts
278(1)
Problem Set
278(3)
Monopolistic Competition and Oligopoly
281(24)
Monopolistic Competition
282(8)
Product Differentiation, Advertising, and Social Welfare
283(3)
Price and Output Determination in Monopolistic Competition
286(3)
Economic Efficiency and Resource Allocation
289(1)
Oligopoly
290(2)
Oligopoly Models
290(2)
News Analysis Competition and Concentration in the Ice Cream Business
292(8)
Game Theory
294(2)
Repeated Games
296(2)
Oligopoly and Economic Performance
298(1)
Industrial Concentration and Technological Change
299(1)
The Role of Government
300(2)
Regulation of Mergers
300(1)
A Proper Role?
301(1)
Summary
302(1)
Review Terms and Concepts
302(1)
Problem Set
303(2)
Externalities, Public Goods, Imperfect Information, and Social Choice
305(26)
Externalities and Environmental Economics
306(6)
Marginal Social Cost and Marginal-Cost Pricing
306(2)
Private Choices and External Effects
308(2)
Internalizing Externalities
310(2)
News Analysis Externalities Are All Around Us
312(3)
Public (Social) Goods
315(6)
The Characteristics of Public Goods
316(1)
The Public Good Problem as a Prisoner's Dilemma
316(1)
Income Distribution as a Public Good?
317(1)
Public Provision of Public Goods
318(1)
Optimal Provision of Public Goods
318(3)
Local Provision of Public Goods: Tiebout Hypothesis
321(1)
Imperfect Information
321(3)
Adverse Selection: Asymmetric Information
322(1)
Moral Hazard
322(1)
Market Solutions
323(1)
Government Solutions
323(1)
Social Choice
324(3)
The Voting Paradox
324(2)
Government Inefficiency: Theory of Public Choice
326(1)
Rent-Seeking Revisited
326(1)
Government and the Market
327(1)
Summary
328(1)
Review Terms and Concepts
328(1)
Problem Set
329(2)
Income Distribution and Poverty
331(22)
The Utility Possibilities Frontier
331(1)
The Sources of Household Income
332(3)
Wages and Salaries
333(2)
Income from Property
335(1)
Income from the Government: Transfer Payments
335(1)
The Distribution of Income
335(6)
Income Inequality in the United States
336(2)
Poverty
338(2)
The Distribution of Wealth
340(1)
News Analysis Hunger in the United States in 2003
341(1)
The Redistribution Debate
341(3)
Arguments against Redistribution
342(1)
Arguments in Favor of Redistribution
342(2)
Redistribution Programs and Policies
344(4)
Financing Redistribution Programs: Taxes
344(1)
Expenditure Programs
345(3)
News Analysis Major Welfare Reform Takes Effect in 1997
348(1)
How Effective Are Antipoverty Programs?
348(1)
Government or the Market? A Review
349(1)
Summary
349(1)
Review Terms and Concepts
350(1)
Problem Set
350(3)
Public Finance: The Economics of Taxation
353(22)
The Economics of Taxation
353(7)
Taxes: Basic Concepts
353(3)
Tax Equity
356(1)
What Is the ``Best'' Tax Base?
357(3)
The Gift and Estate Tax
360(1)
Tax Incidence: Who Pays?
360(6)
The Incidence of Payroll Taxes
361(3)
The Incidence of Corporate Profits Taxes
364(1)
The Overall Incidence of Taxes in the United States: Empirical Evidence
365(1)
Excess Burdens ad the Principle of Neutrality
366(3)
How Do Excess Burdens Arise?
366(2)
The Principle of Second Best
368(1)
News Analysis The President's Tax Plan in 2003
369(1)
Measuring Excess Burdens
369(2)
Excess Burdens and the Degree of Distortion
370(1)
Summary
371(1)
Review Terms and Concepts
372(1)
Problem Set
372(3)
INTERNATIONAL ECONOMICS
PART IV The World Economy
375(1)
International Trade, Comparative Advantage, and Protectionism
375(22)
Trade Surpluses and Deficits
376(1)
The Economic Basis for Trade: Comparative Advantage
377(8)
Absolute Advantage versus Comparative Advantage
377(5)
Terms of Trade
382(1)
Exchange Rates
382(3)
The Sources of Comparative Advantage
385(1)
The Heckscher-Ohlin Theorem
385(1)
Other Explanations for Observed Trade Flows
386(1)
Trade Barriers: Tariffs, Export Subsidies, and Quotas
386(2)
News Analysis Trade Games
388(1)
Free Trade or Protection?
389(3)
The Case for Free Trade
389(1)
The Case for Protection
390(2)
Further Exploration A Petition
392(1)
An Economic Consensus
393(1)
Summary
394(1)
Review Terms and Concepts
395(1)
Problem Set
395(2)
Globalization
397(16)
The Global Circular Flow
397(2)
A Brief History of Economic Globalization
399(1)
The Benefits and Costs of Globalization
400(2)
The Free-Trade Debate Revisited
400(2)
News Analysis Farm Subsidies and Fair Trade in 2003
402(5)
Trade, Growth, and Poverty
403(1)
The Globalization of Labor Markets: The Economics of Immigration
403(3)
Capital Mobility
406(1)
Public Policy and Globalization
407(2)
Global Externalities and Public Goods
407(1)
Nongovernmental Organizations and International Economics: The Washington Consensus
408(1)
Globalization, Capitalism, and Democracy
409(1)
A Final Word
409(1)
Summary
410(1)
Review Terms and Concepts
410(1)
Problem Set
410(3)
Economic Growth in Developing and Transitional Economies
413(1)
Life in the Developing Nations: Population and Poverty
414(1)
Economic Development: Sources and Strategies
415(5)
The Sources of Economic Development
415(2)
Strategies for Economic Development
417(3)
News Analysis Trade and Development in Africa--2003
420(2)
Growth versus Development: The Policy Cycle
421(1)
Issues in Economic Development
422(3)
Population Growth
422(2)
Developing-Country Debt Burdens
424(1)
Economies in Transition
425(3)
Political Systems and Economic Systems: Socialism, Capitalism, and Communism
426(1)
Central Planning versus the Market
427(1)
The End of the Soviet Union
428(1)
The Transition to a Market Economy
428(1)
Six Basic Requirements for Successful Transition
428(1)
News Analysis Economic Conditions in Russia in 2003
429(3)
Summary
432(1)
Review Terms and Concepts
433(1)
Problem Set
433
Glossary 1(1)
Index 1(1)
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