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Microeconomics, Global Edition

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Efnisyfirlit

  • Title Page
  • Copyright Page
  • About the Author
  • Dedication
  • Brief Contents
  • Alternative Pathways Through the Chapters
  • Detailed Contents
  • Part One Introduction
    • Chapter 1 ? What is Economics?
      • Definition of Economics
      • Two Big Economic Questions
        • What, How, and For Whom?
        • Do Choices Made in the Pursuit of Self-Interest also Promote the Social Interest?
      • The Economic Way of Thinking
        • A Choice Is a Tradeoff
        • Making a Rational Choice
        • Benefit: What You Gain
        • Cost: What You Must Give Up
        • How Much? Choosing at the Margin
        • Choices Respond to Incentives
      • Economics as Social Science and Policy Tool
        • Economist as Social Scientist
        • Economist as Policy Adviser
      • Economists in the Economy
        • Jobs for an Economics Major
        • Will Jobs for Economics Majors Grow?
        • Earnings of Economics Majors
        • Skills Needed for Economics Jobs
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Appendix
      • Appendix Graphs in Economics
        • Graphing Data
          • Graphing Economic Data
          • Scatter Diagrams
        • Graphs Used in Economic Models
          • Variables That Move in the Same Direction
          • Variables That Move in Opposite Directions
          • Variables That Have a Maximum or a Minimum
          • Variables That Are Unrelated
        • The Slope of a Relationship
          • The Slope of a Straight Line
          • The Slope of a Curved Line
        • Graphing Relationships Among More Than Two Variables
          • Ceteris Paribus
          • When Other Things Change
        • Mathematical Note
          • At Issue,
          • Economics in the News, 6,
        • Summary
          • Key Points
          • Key Terms
        • Study Plan Problems and Applications
        • Additional Problems and Applications
        • Appendix
    • Chapter 2 ? The Economic Problem
      • Production Possibilities and Opportunity Cost
        • Production Possibilities Frontier
        • Production Efficiency
        • Tradeoff Along the PPF
        • Opportunity Cost
      • Using Resources Efficiently
        • The PPF and Marginal Cost
        • Preferences and Marginal Benefit
        • Allocative Efficiency
      • Gains from Trade
        • Comparative Advantage and Absolute Advantage
        • Achieving the Gains from Trade
        • The Liz–Joe Economy and its PPF
      • Economic Growth
        • The Cost of Economic Growth
        • A Nation’s Economic Growth
        • Changes in What We Produce
      • Economic Coordination
        • Firms
        • Markets
        • Property Rights
        • Money
        • Circular Flows Through Markets
        • Coordinating Decisions
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Part One Wrap-Up ?
        • Understanding the Scope of Economics Your Economic Revolution
        • Talking with Esther Duflo
  • Part Two How Markets Work
    • Chapter 3 ? Demand and Supply
      • Markets and Prices
      • Demand
        • The Law of Demand
        • Demand Curve and Demand Schedule
        • A Change in Demand
        • A Change in the Quantity Demanded Versus a Change in Demand
      • Supply
        • The Law of Supply
        • Supply Curve and Supply Schedule
        • A Change in Supply
        • A Change in the Quantity Supplied Versus a Change in Supply
      • Market Equilibrium
        • Price as a Regulator
        • Price Adjustments
      • Predicting Changes in Price and Quantity
        • An Increase in Demand
        • A Decrease in Demand
        • An Increase in Supply
        • A Decrease in Supply
        • Changes in Both Demand and Supply
      • Mathematical Note Demand, Supply, and Equilibrium
        • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 4 ? Elasticity
      • Price Elasticity of Demand
        • Calculating Price Elasticity of Demand
        • Inelastic and Elastic Demand
        • The Factors that Influence the Elasticity of Demand
        • Elasticity Along a Linear Demand Curve
        • Total Revenue and Elasticity
        • Your Expenditure and Your Elasticity
      • More Elasticities of Demand
        • Income Elasticity of Demand
        • Cross Elasticity of Demand
      • Elasticity of Supply
        • Calculating the Elasticity of Supply
        • The Factors That Influence the Elasticity of Supply
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 5 ? Efficiency And Equity
      • Resource Allocation Methods
        • Market Price
        • Command
        • Majority Rule
        • Contest
        • First-Come, First-Served
        • Lottery
        • Personal Characteristics
        • Force
      • Benefit, Cost, and Surplus
        • Demand, Willingness to Pay, and Value
        • Individual Demand and Market Demand
        • Consumer Surplus
        • Supply and Marginal Cost
        • Supply, Cost, and Minimum Supply-Price
        • Individual Supply and Market Supply
        • Producer Surplus
      • Is the Competitive Market Efficient?
        • Efficiency of Competitive Equilibrium
        • Market Failure
        • Sources of Market Failure
        • Alternatives to the Market
      • Is the Competitive Market Fair?
        • It’s Not Fair if the Result Isn’t Fair
        • It’s Not Fair if the Rules Aren’t Fair
        • Case Study: A Generator Shortage in a Natural Disaster
      • Economics in Action
      • At Issue
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 6 ? Government Actions in Markets
      • A Housing Market with a Rent Ceiling
        • A Housing Shortage
        • Increased Search Activity
        • A Black Market
        • Inefficiency of a Rent Ceiling
        • Are Rent Ceilings Fair?
      • A Labor Market with a Minimum Wage
        • Minimum Wage Brings Unemployment
        • Is the Minimum Wage Fair?
        • Inefficiency of a Minimum Wage
      • Taxes
        • Tax Incidence
        • Equivalence of a Tax on Buyers and Sellers
        • Taxes and Efficiency
        • Tax Influence of the Elasticity of Demand
        • Tax Influence of the Elasticity of Supply
        • Taxes and Fairness
        • The Big Tradeoff
      • Production Quotas and Subsidies
        • Production Quotas
        • Subsidies
      • Markets for Illegal Goods
        • A Free Market for a Drug
        • A Market for an Illegal Drug
        • Legalizing and Taxing Drugs
      • Economics in Action
      • At Issue
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 7 ? Global markets in action
      • How Global Markets Work
        • International Trade Today
        • What Drives International Trade?
        • Why the United States Imports T-Shirts
        • Why the United States Exports Airplanes
      • Winners, Losers, and the Net Gain from Trade
        • Gains and Losses from Imports
        • Gains and Losses from Exports
        • Gains for All
      • International Trade Restrictions
        • Tariffs
        • Import Quotas
        • Other Import Barriers
        • Export Subsidies
      • The Case Against Protection
        • Helps an Infant Industry Grow
        • Counteracts Dumping
        • Saves Domestic Jobs
        • Allows Us to Compete with Cheap Foreign Labor
        • Penalizes Lax Environmental Standards
        • Prevents Rich Countries from Exploiting Developing Countries
        • Reduces Offshore Outsourcing that Sends Good U.S. Jobs to Other Countries
        • Avoiding Trade Wars
        • Why Is International Trade Restricted?
        • Compensating Losers
      • Economics in Action
      • At Issue
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Part Two Wrap-Up ?
        • Understanding How Markets Work The Amazing Market
        • Talking with Susan Athey
  • Part Three Households’ Choices
    • Chapter 8 ? Utility and Demand
      • Consumption Choices
        • Consumption Possibilities
        • Preferences
      • Utility-Maximizing Choice
        • A Spreadsheet Solution
        • Choosing at the Margin
        • The Power of Marginal Analysis
        • Revealing Preferences
      • Predictions of Marginal Utility Theory
        • A Fall in the Price of a Movie
        • A Rise in the Price of Soda
        • A Rise in Income
        • The Paradox of Value
        • Temperature: An Analogy
      • New Ways of Explaining Consumer Choice
        • Behavioral Economics
        • Neuroeconomics
        • Controversy
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 9 ? Possibilities, Preferences, and Choices
      • Consumption Possibilities
        • Budget Line
        • Budget Equation
      • Preferences and Indifference Curves
        • Marginal Rate of Substitution
        • Degree of Substitutability
      • Predicting Consumer Choices
        • Best Affordable Choice
        • A Change in Price
        • A Change in Income
        • Substitution Effect and Income Effect
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Part Three Wrap-Up ?
        • Understanding Households’ Choices Making the Most of Life
        • Talking with Steven D. Levitt
  • Part Four Firms and Markets
    • Chapter 10 ? Organizing Production
      • The Firm and Its Economic Problem
        • The Firm’s Goal
        • Accounting Profit
        • Economic Accounting
        • A Firm’s Opportunity Cost of Production
        • Economic Accounting: A Summary
        • The Firm’s Decisions
        • The Firm’s Constraints
      • Technological and Economic Efficiency
        • Technological Efficiency
        • Economic Efficiency
      • Information and Organization
        • Command Systems
        • Incentive Systems
        • The Principal–Agent Problem
        • Coping with the Principal–Agent Problem
        • Types of Business Organization
        • Pros and Cons of Different Types of Firms
      • Markets and the Competitive Environment
        • Measures of Concentration
        • Limitations of a Concentration Measure
      • Produce or Outsource? Firms and Markets
        • Firm Coordination
        • Market Coordination
        • Why Firms?
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 11 ? Output and Costs
      • Decision Time Frames
        • The Short Run
        • The Long Run
      • Short-Run Technology Constraint
        • Product Schedules
        • Product Curves
        • Total Product Curve
        • Marginal Product Curve
        • Average Product Curve
      • Short-Run Cost
        • Total Cost
        • Marginal Cost
        • Average Cost
        • Marginal Cost and Average Cost
        • Why the Average Total Cost Curve Is U-Shaped
        • Cost Curves and Product Curves
        • Shifts in the Cost Curves
      • Long-Run Cost
        • The Production Function
        • Short-Run Cost and Long-Run Cost
        • The Long-Run Average Cost Curve
        • Economies and Diseconomies of Scale
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 12 ? Perfect Competition
      • What Is Perfect Competition?
        • How Perfect Competition Arises
        • Price Takers
        • Economic Profit and Revenue
        • The Firm’s Decisions
      • The Firm’s Output Decision
        • Marginal Analysis and the Supply Decision
        • Temporary Shutdown Decision
        • The Firm’s Supply Curve
      • Output, Price, and Profit in the Short Run
        • Market Supply in the Short Run
        • Short-Run Equilibrium
        • A Change in Demand
        • Profits and Losses in the Short Run
        • Three Possible Short-Run Outcomes
      • Output, Price, and Profit in the Long Run
        • Entry and Exit
        • A Closer Look at Entry
        • A Closer Look at Exit
        • Long-Run Equilibrium
      • Changes in Demand and Supply as Technology Advances
        • A Decrease in Demand
        • An Increase in Demand
        • Technological Advances Change Supply
      • Competition and Efficiency
        • Efficient Use of Resources
        • Choices, Equilibrium, and Efficiency
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 13 ? Monopoly
      • Monopoly and How It Arises
        • How Monopoly Arises
        • Monopoly Price-Setting Strategies
      • A Single-Price Monopoly’s Output and Price Decision
        • Price and Marginal Revenue
        • Marginal Revenue and Elasticity
        • Price and Output Decision
      • Single-Price Monopoly and Competition Compared
        • Comparing Price and Output
        • Efficiency Comparison
        • Redistribution of Surpluses
        • Rent Seeking
        • Rent-Seeking Equilibrium
      • Price Discrimination
        • Two Ways of Price Discriminating
        • Increasing Profit and Producer Surplus
        • A Price-Discriminating Airline
        • Efficiency and Rent Seeking with Price Discrimination
      • Monopoly Regulation
        • Efficient Regulation of a Natural Monopoly
        • Second-Best Regulation of a Natural Monopoly
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 14 ? Monopolistic Competition
      • What Is Monopolistic Competition?
        • Large Number of Firms
        • Product Differentiation
        • Competing on Quality, Price, and Marketing
        • Entry and Exit
        • Examples of Monopolistic Competition
      • Price and Output in Monopolistic Competition
        • The Firm’s Short-Run Output and Price Decision
        • Profit Maximizing Might Be Loss Minimizing
        • Long Run: Zero Economic Profit
        • Monopolistic Competition and Perfect Competition
        • Is Monopolistic Competition Efficient?
      • Product Development and Marketing
        • Product Development
        • Advertising
        • Using Advertising to Signal Quality
        • Brand Names
        • Efficiency of Advertising and Brand Names
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 15 ? Oligopoly
      • What Is Oligopoly?
        • Barriers to Entry
        • Small Number of Firms
        • Examples of Oligopoly
      • Oligopoly Games
        • What Is a Game?
        • The Prisoners’ Dilemma
        • An Oligopoly Price-Fixing Game
        • A Game of Chicken
      • Repeated Games and Sequential Games
        • A Repeated Duopoly Game
        • A Sequential Entry Game in a Contestable Market
      • Antitrust Law
        • The Antitrust Laws
        • Price Fixing Always Illegal
        • Three Antitrust Policy Debates
        • Mergers and Acquisitions
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Part Four Wrap-Up ?
        • Understanding Firms and Markets Managing Change and Limiting Market Power
        • Talking with Thomas Hubbard
  • Part Five Market Failure and Government
    • Chapter 16 ? Public Choices, Public Goods, and Healthcare
      • Public Choices
        • Why Governments?
        • Public Choice and the Political Marketplace
        • Political Equilibrium
        • What Is a Public Good?
        • A Fourfold Classification
        • The Things Our Governments Buy
      • Providing Public Goods
        • The Free-Rider Problem
        • Marginal Social Benefit from a Public Good
        • Marginal Social Cost of a Public Good
        • Efficient Quantity of a Public Good
        • Inefficient Private Provision
        • Efficient Public Provision
        • Inefficient Public Overprovision
      • The Economics of Healthcare
        • Healthcare Market Failure
        • Alternative Public Choice Solutions
        • Better Solutions?
      • Economics in Action
      • At Issue
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 17 ? Externalities
      • Externalities In Our Lives
        • Negative Production Externalities
        • Positive Production Externalities
        • Negative Consumption Externalities
        • Positive Consumption Externalities
      • Negative Externality: Pollution
        • Private, External, and Social Cost
        • Establish Property Rights
        • Mandate Clean Technology
        • Tax or Cap and Price Pollution
        • Coping with Global Externalities
      • Negative Externality: The Tragedy of the Commons
        • Unsustainable Use of a Common Resource
        • Inefficient Use of a Common Resource
        • Achieving an Efficient Outcome
      • Positive Externality: Knowledge
        • Private Benefits and Social Benefits
        • Government Actions in the Market with External Benefits
        • Illustrating an Efficient Outcome
        • Bureaucratic Inefficiency and Government Failure
      • Economics in Action
      • At Issue
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Part Five Wrap-Up ?
        • Understanding Market Failure and Government We, the People, ...
        • Talking with Caroline M. Hoxby
  • Part Six Factor Markets, Inequality, and Uncertainty
    • Chapter 18 ? Markets for Factors of Production
      • The Anatomy of Factor Markets
        • Markets for Labor Services
        • Markets for Capital Services
        • Markets for Land Services and Natural Resources
        • Entrepreneurship
      • The Demand for a Factor of Production
        • Value of Marginal Product
        • A Firm’s Demand for Labor
        • A Firm’s Demand for Labor Curve
        • Changes in a Firm’s Demand for Labor
      • Labor Markets
        • A Competitive Labor Market
        • Differences and Trends in Wage Rates
        • A Labor Market with a Union
      • Capital and Natural Resource Markets
        • Capital Rental Markets
        • Land Rental Markets
        • Nonrenewable Natural Resource Markets
      • Mathematical Note Present Value and Discounting
        • Economics in Action
        • At Issue
        • Economics In The News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 19 ? Economic Inequality
      • Economic Inequality in the United States
        • The Distribution of Income
        • The Income Lorenz Curve
        • The Distribution of Wealth
        • Wealth or Income?
        • Annual or Lifetime Income and Wealth?
        • Trends in Inequality
        • Poverty
      • Inequality in the World Economy
        • Income Distributions in Selected Countries
        • Global Inequality and Its Trends
      • The Sources of Economic Inequality
        • Human Capital
        • Discrimination
        • Contests Among Superstars
        • Unequal Wealth
      • Income Redistribution
        • Income Taxes
        • Income Maintenance Programs
        • Subsidized Services
        • The Big Tradeoff
      • Economics in Action
      • Economics In The News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
    • Chapter 20 ? Uncertainty and Information
      • Decisions in the Face of Uncertainty
        • Expected Wealth
        • Risk Aversion
        • Utility of Wealth
        • Expected Utility
        • Making a Choice with Uncertainty
      • Buying and Selling Risk
        • Insurance Markets
        • A Graphical Analysis of Insurance
        • Risk That Can’t Be Insured
      • Private Information
        • Asymmetric Information: Examples and Problems
        • The Market for Used Cars
        • The Market for Loans
        • The Market for Insurance
      • Uncertainty, Information, and the Invisible Hand
        • Information as a Good
        • Monopoly in Markets that Cope with Uncertainty
      • Economics in Action
      • Economics in the News
      • Worked Problem
      • Summary
        • Key Points
        • Key Terms
      • Study Plan Problems and Applications
      • Additional Problems and Applications
      • Part Six Wrap-Up ?
        • Understanding Factor Markets, Inequality, and Uncertainty For Whom?
        • Talking with Raj Chetty
  • Glossary
  • Index
  • Credits
  • Back Cover

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Vörumerki: Pearson
Tilboði lýkur 25.06.2019
Vörunúmer: 9781292263656
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Microeconomics, Global Edition

Vörumerki: Pearson
Tilboði lýkur 25.06.2019
Vörunúmer: 9781292263656
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