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Forcourses in the principles of microeconomics. Anevidence-based approach to economics Throughout Microeconomics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help you learn about the world around you. Taking a freshapproach, they use the themes of optimization, equilibrium, and empiricism tonot only illustrate the power of simple economic ideas, but also to explain andpredict what’s happening in today’s society.
Annað
- Höfundar: Daron Acemoglu, David Laibson, John List
- Útgáfa:3
- Útgáfudagur: 2021-06-23
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- Format:Page Fidelity
- ISBN 13: 9781292414898
- Print ISBN: 9781292414881
- ISBN 10: 1292414898
Efnisyfirlit
- Half Title
- Title Page
- Copyright
- Dedication
- About the Authors
- Brief Contents
- Contents
- Preface
- Acknowledgments
- Global Edition Acknowledgments
- Microeconomics: Flexibility Chart
- Part I: Introduction to Economics
- Chapter 1: The Principles and Practice of Economics
- 1.1 The Scope of Economics
- Economic Agents and Economic Resources
- Definition of Economics
- Positive Economics and Normative Economics
- Microeconomics and Macroeconomics
- 1.2 Three Principles of Economics
- 1.3 The First Principle of Economics: Optimization
- Trade-offs and Budget Constraints
- Opportunity Cost
- Cost-Benefit Analysis
- Evidence-Based Economics: Is Facebook free?
- 1.1 The Scope of Economics
- 1.4 The Second Principle of Economics: Equilibrium
- The Free-Rider Problem
- 1.5 The Third Principle of Economics: Empiricism
- 1.6 Is Economics Good for You?
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Chapter 1: The Principles and Practice of Economics
- Chapter 2: Economic Science: Using Data and Models to Understand the World
- 2.1 The Scientific Method
- Models and Data
- An Economic Model
- Evidence-Based Economics: How much more does a worker with a 4-year college degree earn compared to
- Means and Medians
- Argument by Anecdote
- 2.2 Causation and Correlation
- The Red Ad Blues
- Causation Versus Correlation
- Choice & Consequence: Spend Now and Pay Later?
- Experimental Economics and Natural Experiments
- Evidence-Based Economics: What is the return to education?
- 2.1 The Scientific Method
- 2.3 Economic Questions and Answers
- Summary
- Key Terms
- Questions
- Evidence-Based Economics Problems
- Problems
- Appendix: Constructing and Interpreting Charts and Graphs
- A Study about Incentives
- Experimental Design
- Describing Variables
- Cause and Effect
- Appendix Key Terms
- Appendix Problems
- 3.1 Optimization: Trying to Choose the Best Feasible Option
- Choice & Consequence: Do People Actually Choose the Best Feasible Option?
- 3.2 Optimization Application: Renting the Optimal Apartment
- Before and After Comparisons
- 3.3 Optimization Using Marginal Analysis
- Marginal Cost
- Evidence-Based Economics: How does location affect the rental cost of housing?
- Marginal Cost
- 4.1 Markets
- Competitive Markets
- 4.2 How Do Buyers Behave?
- Demand Curves
- Willingness to Pay
- From Individual Demand Curves to Aggregated Demand Curves
- Building the Market Demand Curve
- Shifting the Demand Curve
- Evidence-Based Economics: How much more gasoline would people buy if its price were lower?
- Supply Curves
- Willingness to Accept
- From the Individual Supply Curve to the Market Supply Curve
- Shifting the Supply Curve
- Curve Shifting in Competitive Equilibrium
- Letting The Data Speak: Technological Breakthroughs Drive Down the Equilibrium Price of Oil
- Letting The Data Speak: The Day Oil Became Garbage
- Choice & Consequence: The Unintended Consequences of Fixing Market Prices
- Chapter 5: Consumers and Incentives
- 5.1 The Buyer's Problem
- What You Like
- Prices of Goods and Services
- How Much Money You Have to Spend
- Choice & Consequence: Absolutes Versus Percentages
- 5.1 The Buyer's Problem
- 5.2 Putting It All Together
- Price Changes
- Letting The Data Speak: Does $6 + $1 Always = $7?
- Income Changes
- Price Changes
- 5.3 From the Buyer's Problem to the Demand Curve
- 5.4 Consumer Surplus
- An Empty Feeling: Loss in Consumer Surplus When Price Increases
- Evidence-Based Economics: Would a smoker quit the habit for $100 per month?
- An Empty Feeling: Loss in Consumer Surplus When Price Increases
- The Price Elasticity of Demand
- The Cross-Price Elasticity of Demand
- The Income Elasticity of Demand
- Letting The Data Speak: Should McDonald's Be Interested in Elasticities?
- Appendix Questions
- Appendix Key Terms
- 6.1 Sellers in a Perfectly Competitive Market
- 6.2 The Seller's Problem
- Making the Goods: How Inputs Are Turned into Outputs
- The Cost of Doing Business: Introducing Cost Curves
- The Rewards of Doing Business: Introducing Revenue Curves
- Putting It All Together: Using the Three Components to Do the Best You Can
- Choice & Consequence: Maximizing Total Profit, Not Per-Unit Profit
- Price Elasticity of Supply
- Shutdown
- Choice & Consequence: Marginal Decision Makers Ignore Sunk Costs
- Long-Run Supply Curve
- Choice & Consequence: Visiting a Car Manufacturing Plant
- Firm Entry
- Firm Exit
- Zero Profits in the Long Run
- Economic Profit Versus Accounting Profit
- Letting The Data Speak: The Effect of Uber Driver Entry in the Long Run
- Evidence-Based Economics: How would an ethanol subsidy affect ethanol producers?
- 7.1 Perfect Competition and Efficiency
- Social Surplus
- Pareto Efficiency
- 7.2 Extending the Reach of the Invisible Hand: From the Individual to the Firm
- 7.3 Extending the Reach of the Invisible Hand: Allocation of Resources Across Industries
- Letting The Data Speak: Adam Smith Visits the White House
- 7.4 Prices Guide the Invisible Hand
- Deadweight Loss
- Evidence-Based Economics: Do companies like Uber make use of the invisible hand?
- The Command Economy
- Choice & Consequence: FEMA and Walmart After Katrina
- The Central Planner
- Choice & Consequence: Command and Control at Kmart
- Deadweight Loss
- Evidence-Based Economics: Can markets composed of only self-interested people maximize the overall w
- 8.1 The Production Possibilities Curve
- Calculating Opportunity Cost
- 8.2 The Basis for Trade: Comparative Advantage
- Specialization
- Absolute Advantage
- Choice & Consequence: An Experiment on Comparative Advantage
- The Price of the Trade
- 8.3 Trade Between States
- Choice & Consequence: Should LeBron James Paint His Own House?
- Economy-Wide PPC
- Comparative Advantage and Specialization Among States
- 8.4 Trade Between Countries
- Determinants of Trade Between Countries
- Exporting Nations: Winners and Losers
- Letting The Data Speak: Fair Trade Products
- Importing Nations: Winners and Losers
- Where Do World Prices Come From?
- Determinants of a Country's Comparative Advantage
- 8.5 Arguments Against Free Trade
- National Security Concerns
- Fear of Globalization
- Environmental and Resource Concerns
- Infant Industry Arguments
- The Effects of Tariffs
- Choice & Consequence: Tariffs Affect Trade Between Firms
- Evidence-Based Economics: Will free trade cause you to lose your job?
- 9.1 Externalities
- A “Broken” Invisible Hand: Negative Externalities
- A “Broken” Invisible Hand: Positive Externalities
- Pecuniary Externalities
- Choice & Consequence: Coronavirus Vaccination: Positive Externalities in Spots You Never Imagined
- Private Solution: Bargaining
- The Coase Theorem
- Private Solution: Doing the Right Thing
- Government Regulation: Command-and-Control Policies
- Evidence-Based Economics: How did the government lower the number of earthquakes in Oklahoma?
- Government Regulation: Market-Based Approaches
- Corrective Taxes
- Corrective Subsidies
- Letting The Data Speak: How to Value Externalities
- Letting The Data Speak: Pay as You Throw: Consumers Create Negative Externalities Too!
- Government Provision of Public Goods
- Choice & Consequence: The Free-Rider's Dilemma
- Private Provision of Public Goods
- Choice & Consequence: Tragedy of the Commons
- Choice & Consequence: The Race to Fish
- Evidence-Based Economics: How can the Queen of England lower her commute time to Wembley Stadium?
- 10.1 Taxation and Government Spending in the United States
- Where Does the Money Come From?
- Why Does the Government Tax and Spend?
- Choice & Consequence: The Government Budget Constraint
- Letting The Data Speak: Understanding Federal Income Tax Brackets
- Letting The Data Speak: Reducing Inequality the Scandinavian Way
- Taxation: Tax Incidence and Deadweight Losses
- Choice & Consequence: The Deadweight Loss Depends on the Tax
- Direct Regulation
- The Direct Costs of Bureaucracies
- Corruption
- Underground Economy
- Choice & Consequence: Can Market Regulation Save Rhinos from Extinction?
- The Debate
- Evidence-Based Economics: What is the optimal size of government?
- Letting The Data Speak: The Efficiency of Government Versus Privately Run Expeditions
- Choice & Consequence: Taxation and Innovation
- 11.1 The Competitive Labor Market
- The Demand for Labor
- 11.2 The Supply of Labor: Your Labor- Leisure Trade-Off
- Labor Market Equilibrium: Supply Meets Demand
- Labor Demand Shifters
- Choice & Consequence: Producing Web Sites and Computer Programs
- Letting the Data Speak: “Get Your Hot Dogs Here!”
- Factors That Shift Labor Supply
- Letting The Data Speak: Do Wages Really Go Down If Labor Supply Increases?
- Differences in Human Capital
- Differences in Compensating Wage Differentials
- Choice & Consequence: Paying for Worker Training
- Discrimination in the Job Market
- Changes in Wage Inequality over Time
- Choice & Consequence: Compensating Wage Differentials
- Letting The Data Speak: Broadband and Inequality
- Letting The Data Speak: The Top 1 Percent Share and Capital Income
- Evidence-Based Economics: Is there discrimination in the labor market?
- Chapter 12: Monopoly
- 12.1 Introducing a New Market Structure
- 12.2 Sources of Market Power
- Legal Market Power
- Natural Market Power
- Control of Key Resources
- Choice & Consequence: Barriers to Entry Lurk Everywhere
- Economies of Scale
- 12.3 The Monopolist's Problem
- Revenue Curves
- Price, Marginal Revenue, and Total Revenue
- 12.4 Choosing the Optimal Quantity and Price
- Producing the Optimal Quantity
- Setting the Optimal Price
- How a Monopolist Calculates Profits
- Does a Monopoly Have a Supply Curve?
- 12.5 The “Broken” Invisible Hand: The Cost of Monopoly
- 12.6 Restoring Efficiency
- Three Degrees of Price Discrimination
- Letting The Data Speak: Third-Degree Price Discrimination in Action
- Three Degrees of Price Discrimination
- 12.7 Government Policy Toward Monopoly
- The Microsoft Case
- Price Regulation
- Evidence-Based Economics: Can a monopoly ever be good for society?
- 13.1 Simultaneous-Move Games
- Best Responses and the Prisoners' Dilemma
- Dominant Strategies and Dominant Strategy Equilibrium
- Games without Dominant Strategies
- 13.2 Nash Equilibrium
- Finding a Nash Equilibrium
- Choice & Consequence: Work or Surf?
- Finding a Nash Equilibrium
- Tragedy of the Commons Revisited
- Zero-Sum Games
- Game Theory in Penalty Kicks
- Evidence-Based Economics: Is there value in putting yourself in someone else's shoes?
- Backward Induction
- First-Mover Advantage, Commitment, and Vengeance
- Evidence-Based Economics: Is there value in putting yourself in someone else's shoes in extensive-fo
- Choice & Consequence: There Is More to Life Than Money
- 14.1 Two More Market Structures
- 14.2 Oligopoly
- The Oligopolist's Problem
- Oligopoly Model with Homogeneous Products
- Doing the Best You Can: How Should You Price to Maximize Profits?
- Oligopoly Model with Differentiated Products
- Letting The Data Speak: Airline Price Wars
- Collusion: Another Way to Keep Prices High
- Letting The Data Speak: Apple Versus Samsung
- Letting The Data Speak: To Cheat or Not to Cheat: That Is the Question
- Choice & Consequence: Collusion in Practice
- The Monopolistic Competitor's Problem
- Doing the Best You Can: How a Monopolistic Competitor Maximizes Profits
- Letting The Data Speak: Why Do Some Firms Advertise and Some Don't?
- How a Monopolistic Competitor Calculates Profits
- Long-Run Equilibrium in a Monopolistically Competitive Industry
- Regulating Market Power
- Letting the Podcast Speak: A Surprising Duopoly: Democrats and Republicans
- Evidence-Based Economics: How many firms are necessary to make a market competitive?
- Chapter 15: Trade-offs Involving Time and Risk
- 15.1 Modeling Time and Risk
- 15.2 The Time Value of Money
- Future Value and the Compounding of Interest
- Borrowing Versus Lending
- Present Value and Discounting
- 15.3 Time Preferences
- Time Discounting
- Preference Reversals
- Choice & Consequence: Failing to Anticipate Preference Reversals
- Evidence-Based Economics: Do people exhibit a preference for immediate gratification?
- 15.4 Probability and Risk
- Roulette Wheels and Probabilities
- Independence and the Gambler's Fallacy
- Letting The Data Speak: Roulette Wheels and Elections
- Expected Value
- Extended Warranties
- Choice & Consequence: Is Gambling Worthwhile?
- 16.1 Asymmetric Information
- Hidden Characteristics: Adverse Selection in the Used Car Market
- Hidden Characteristics: Adverse Selection in the Health Insurance Market
- Market Solutions to Adverse Selection: Signaling
- Choice & Consequence: Are You Earning a Signal Right Now?
- Evidence-Based Economics: Why do new cars lose considerable value the minute they are driven off the
- Choice & Consequence: A Tale of a Tail
- Letting The Data Speak: Moral Hazard on Your Bike
- Market Solutions to Moral Hazard in the Labor Market: Efficiency Wages
- Letting the Podcast Speak: Tackling Adverse Selection and Moral Hazard in the Workplace
- Market Solutions to Moral Hazard in the Insurance Market: "Putting Your Skin in the Game"
- Letting The Data Speak: Designing Incentives for Teachers
- Evidence-Based Economics: Why is private health insurance so expensive?
- Government Intervention and Moral Hazard
- The Equity-Efficiency Trade-off
- Crime and Punishment as a Principall–Agent Problem
- Letting The Data Speak: Moral Hazard Among Job Seekers
- 17.1 Auctions
- Types of Auctions
- Open Outcry: English Auctions
- Letting The Data Speak: To Snipe or Not to Snipe?
- Open Outcry: Dutch Auctions
- Sealed Bid: First-Price Auctions
- Sealed Bid: Second-Price Auctions
- The Revenue Equivalence Theorem
- Evidence-Based Economics: How should you bid in an eBay auction?
- What Determines Bargaining Outcomes?
- Bargaining in Action: The Ultimatum Game
- Bargaining and the Coase Theorem
- Evidence-Based Economics: Who determines how the household spends its money?
- Letting The Data Speak: Sex Ratios Change Bargaining Power Too
- 18.1 The Economics of Charity and Fairness
- The Economics of Charity
- Letting The Data Speak: Do People Donate Less When It's Costlier to Give?
- Letting The Data Speak: Why Do People Give to Charity?
- The Economics of Fairness
- Letting The Data Speak: Dictators in the Lab
- Evidence-Based Economics: Do people care about fairness?
- The Economics of Charity
- The Economics of Trust
- The Economics of Revenge
- Choice & Consequence: Does Revenge Have an Evolutionary Logic?
- Letting the Podcast Speak: Sorry! I Should Apologize, but How?
- Where Do Our Preferences Come From?
- The Economics of Peer Effects
- Letting The Data Speak: Is Economics Bad for You?
- Following the Crowd: Herding
- Letting The Data Speak: Your Peers Affect Your Waistline
- Choice & Consequence: Are You an Internet Explorer?
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- T
- U
- V
- W
- X–Y–Z
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- Gerð : 208
- Höfundur : 9608
- Útgáfuár : 2021
- Leyfi : 380