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Principles of Microeconomics

by: Mankiw, N. Gregory

Principles of Microeconomics

by: Mankiw, N. Gregory

ISBN 13:
9780324319163
ISBN 10:
0324319169
Edition: 4th
Format: Paperback
Copyright: 01/27/2006
Publisher: South-Western College Pub
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Summary

Mankiw's Principles of Economics textbooks continue to be the most popular and widely used text in the economics classroom. PRINCIPLES OF MICROECONOMICS, 4th Edition features a strong revision of content in all 22 chapters while maintaining the clear and accessible writing style that is the hallmark of the highly respected author. The 4th edition also features an expanded instructor's resource package designed to assist instructors in course planning and classroom presentation and full integration of content with Aplia, the leading online Economics education program. In the 4th edition Greg Mankiw has created a full educational program for students and instructors -- Experience Mankiw 4th edition. "I have tried to put myself in the position of someone seeing economics for the first time. My goal is to emphasize the material that students should and do find interesting about the study of the economy." - N. Gregory Mankiw.

Preface: To the Instructor

vii

Preface: To the Student

xxi

PART 1 INTRODUCTION

(60)

Ten Principles of Economics

(16)

How People Make Decisions

(4)

Principle 1: People Face Trade-offs

(1)

Principle 2: The Cost of Something Is What You Give Up to Get It

(1)

Principle 3: Rational People Think at the Margin

(1)

Principle 4: People Respond to Incentives

(1)

How People Interact

(3)

Principle 5: Trade Can Make Everyone Better Off

(1)

Principle 6: Markets Are Usually a Good Way to Organize Economic Activity

(1)

Principle 7: Governments Can Sometimes Improve Market Outcomes

(1)

FYI: Adam Smith and the Invisible Hand

(1)

How the Economy as a Whole Works

(3)

Principle 8: A Country's Standard of Living Depends on Its Ability to Produce Goods and Services

(1)

Principle 9: Prices Rise When the Government Prints Too Much Money

(1)

Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment

(1)

FYI: How to Read This Book

(1)

Conclusion

(1)

Summary

(1)

Key Concepts

(1)

Questions for Review

(1)

Problems and Applications

(3)

Thinking Like an Economist

(28)

The Economist as Scientist

(8)

The Scientific Method: Observation, Theory, and More Observation

(1)

The Role of Assumptions

(1)

Economic Models

(1)

Our First Model: The Circular-Flow Diagram

(2)

Our Second Model: The Production Possibilities Frontier

(2)

Microeconomics and Macroeconomics

(1)

FYI: Who Studies Economics?

(1)

The Economist as Policy Adviser

(4)

Positive versus Normative Analysis

(1)

Economists in Washington

(1)

In the News: Super Bowl Economics

(1)

Case Study: Mr. Mankiw Goes to Washington

(1)

Why Economists Disagree

(2)

Differences in Scientific Judgments

(1)

Differences in Values

(1)

Perception versus Reality

(1)

Let's Get Going

(2)

In the News: Why You Should Study Economics

(1)

Summary

(1)

Key Concepts

(1)

Questions for Review

(1)

Problems and Applications

(2)

Appendix Graphing: A Brief Review

(9)

Graphs of a Single Variable

(1)

Graphs of Two Variables: The Coordinate System

(1)

Curves in the Coordinate System

(2)

Slope

(2)

Cause and Effect

(3)

Interdependence and the Gains From Trade

(14)

A Parable for the Modern Economy

(4)

Production Possibilities

(2)

Specialization and Trade

(2)

Comparative Advantage: The Driving Force of Specialization

(3)

Absolute Advantage

(1)

Opportunity Cost and Comparative Advantage

(2)

Comparative Advantage and Trade

(1)

FYI: The Legacy of Adam Smith and David Ricardo

(1)

Applications of Comparative Advantage

(3)

Should Tiger Woods Mow His Own Lawn?

(1)

In the News: Evolution and Economics

(1)

Should the United States Trade with Other Countries?

(2)

Conclusion

(1)

Summary

(1)

Key Concepts

(1)

Questions for Review

(1)

Problems and Applications

(2)

PART 2 HOW MARKETS WORK

(74)

The Market Forces of Supply and Demand

(26)

Markets and Competition

(1)

What Is a Market?

(1)

What Is Competition?

(1)

Demand

(6)

The Demand Curve: The Relationship between Price and Quantity Demanded

(1)

Market Demand versus Individual Demand

(1)

Shifts in the Demand Curve

(2)

Case Study: Two Ways to Reduce the Quantity of Smoking Demanded

(2)

Supply

(4)

The Supply Curve: The Relationship between Price and Quantity Supplied

(1)

Market Supply versus Individual Supply

(1)

Shifts in the Supply Curve

(3)

Supply and Demand Together

(7)

Equilibrium

(2)

Three Steps to Analyzing Changes in Equilibrium

(4)

In the News: Political Unrest Shifts the Supply Curve

(1)

Conclusion: How Prices Allocate Resources

(2)

Summary

(1)

Key Concepts

(1)

Questions for Review

(1)

Problems and Applications

(4)

Elasticity and Its Application

(24)

The Elasticity of Demand

(9)

The Price Elasticity of Demand and Its Determinants

(1)

Computing the Price Elasticity of Demand

(1)

The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities

(1)

The Variety of Demand Curves

(1)

Total Revenue and the Price Elasticity of Demand

(2)

Elasticity and Total Revenue along a Linear Demand Curve

(3)

In the News: On the Road with Elasticity

(1)

Other Demand Elasticities

(1)

The Elasticity of Supply

(4)

The Price Elasticity of Supply and Its Determinants

100

(1)

Computing the Price Elasticity of Supply

100

(1)

The Variety of Supply Curves

100

(3)

Three Applications of Supply, Demand, and Elasticity

103

(5)

Can Good News for Farming Be Bad News for Farmers?

103

(2)

Why Did OPEC Fail to Keep the Price of Oil High?

105

(2)

Does Drug Interdiction Increase or Decrease Drug-Related Crime?

107

(1)

Conclusion

108

(1)

Summary

109

(1)

Key Concepts

109

(1)

Questions for Review

109

(1)

Problems and Applications

110

(3)

Supply, Demand, And Government Policies

113

(22)

Controls on Prices

114

(10)

How Price Ceilings Affect Market Outcomes

114

(2)

Case Study: Lines at the Gas Pump

116

(1)

Case Study: Rent Control in the Short Run and Long Run

117

(1)

How Price Floors Affect Market Outcomes

118

(2)

In the News: Rent Control in New York

120

(1)

Case Study: The Minimum Wage

120

(3)

Evaluating Price Controls

123

(1)

Taxes

124

(7)

How Taxes on Buyers Affect Market Outcomes

124

(2)

How Taxes on Sellers Affect Market Outcomes

126

(2)

Case Study: Can Congress Distribute the Burden of a Payroll Tax?

128

(1)

Elasticity and Tax Incidence

129

(1)

Case Study: Who Pays the Luxury Tax?

129

(2)

Conclusion

131

(1)

Summary

131

(1)

Key Concepts

132

(1)

Questions for Review

132

(1)

Problems and Applications

132

(3)

PART 3 MARKETS AND WELFARE

135

(66)

Consumers, Producers, and the Efficiency of Markets

137

(22)

Consumer Surplus

138

(5)

Willingness to Pay

138

(1)

Using the Demand Curve to Measure Consumer Surplus

139

(1)

How a Lower Price Raises Consumer Surplus

140

(2)

What Does Consumer Surplus Measure?

142

(1)

Producer Surplus

143

(4)

Cost and the Willingness to Sell

143

(1)

Using the Supply Curve to Measure Producer Surplus

144

(2)

How a Higher Price Raises Producer Surplus

146

(1)

Market Efficiency

147

(7)

The Benevolent Social Planner

147

(1)

Evaluating the Market Equilibrium

148

(3)

In the News: Ticket Scalping

151

(1)

Case Study: Should There Be a Market in Organs?

152

(1)

In the News: The Miracle of the Market

153

(1)

Conclusion: Market Efficiency and Market Failure

154

(1)

Summary

155

(1)

Key Concepts

155

(1)

Questions for Review

155

(1)

Problems and Applications

156

(3)

Application: The Costs of Taxation

159

(18)

The Deadweight Loss of Taxation

160

(5)

How a Tax Affects Market Participants

161

(2)

Deadweight Losses and the Gains from Trade

163

(2)

The Determinants of the Deadweight Loss

165

(2)

Case Study: The Deadweight Loss Debate

165

(2)

Deadweight Loss and Tax Revenue as Taxes Vary

167

(5)

FYI: Henry George and the Land Tax

169

(1)

Case Study: The Laffer Curve and Supply-Side Economics

170

(1)

In the News: On the Way to France

171

(1)

Conclusion

172

(1)

Summary

173

(1)

Key Concept

173

(1)

Questions for Review

173

(1)

Problems and Applications

173

(4)

Application: International Trade

177

(24)

The Determinants of Trade

178

(1)

The Equilibrium without Trade

178

(1)

The World Price and Comparative Advantage

179

(1)

The Winners and Losers from Trade

179

(8)

The Gains and Losses of an Exporting Country

180

(1)

The Gains and Losses of an Importing Country

181

(2)

In the News: Cheap Clothes from China

183

(1)

The Effects of a Tariff

184

(2)

FYI: Import Quotas: Another Way to Restrict Trade

186

(1)

The Lessons for Trade Policy

186

(1)

The Arguments for Restricting Trade

187

(7)

FYI: Other Benefits of International Trade

188

(1)

The Jobs Argument

188

(1)

In the News: Offshore Outsourcing

189

(1)

The National-Security Argument

190

(1)

The Infant-Industry Argument

190

(1)

The Unfair-Competition Argument

191

(1)

The Protection-as-a-Bargaining-Chip Argument

191

(1)

Case Study: Trade Agreements and the World Trade Organization

192

(1)

In the News: Globalization

193

(1)

Conclusion

194

(1)

Summary

195

(1)

Key Concepts

195

(1)

Questions for Review

196

(1)

Problems and Applications

196

(5)

PART 4 THE ECONOMICS OF THE PUBLIC SECTOR

201

(64)

Externalities

203

(20)

Externalities and Market Inefficiency

204

(5)

Welfare Economics: A Recap

205

(1)

Negative Externalities

206

(1)

Positive Externalities

207

(1)

Case Study: Technology Spillovers, Industrial Policy, and Patent Protection

208

(1)

Private Solutions to Externalities

209

(3)

The Types of Private Solutions

209

(1)

The Coase Theorem

210

(1)

Why Private Solutions Do Not Always Work

211

(1)

Public Policies toward Externalities

212

(7)

Command-and-Control Policies: Regulation

212

(1)

Market-Based Policy 1: Corrective Taxes and Subsidies

213

(1)

In the News: Conserving Fuel

214

(1)

Case Study: Why Is Gasoline Taxed So Heavily?

215

(1)

Market-Based Policy 2: Tradable Pollution Permits

216

(2)

In The News: Controlling Carbon

218

(1)

Objections to the Economic Analysis of Pollution

219

(1)

Conclusion

219

(1)

Summary

220

(1)

Key Concepts

220

(1)

Questions for Review

220

(1)

Problems and Applications

221

(2)

Public Goods and Common Resources

223

(18)

The Different Kinds of Goods

224

(1)

Public Goods

225

(6)

The Free-Rider Problem

226

(1)

Some Important Public Goods

226

(2)

Case Study: Are Lighthouses Public Goods?

228

(1)

The Difficult Job of Cost-Benefit Analysis

229

(1)

Case Study: How Much Is a Life Worth?

230

(1)

Common Resources

231

(5)

The Tragedy of the Commons

231

(1)

Some Important Common Resources

232

(1)

In the News: A Solution to City Congestion

233

(1)

Case Study: Why the Cow Is Not Extinct

234

(1)

In the News: Should Yellowstone Charge as Much as Disney World?

235

(1)

Conclusion: The Importance of Property Rights

236

(1)

Summary

236

(1)

Key Concepts

237

(1)

Questions for Review

237

(1)

Problems and Applications

237

(4)

The Design of the Tax System

241

(24)

A Financial Overview of the U.S. Government

242

(7)

The Federal Government

242

(4)

Case Study: The Fiscal Challenge Ahead

246

(2)

State and Local Government

248

(1)

Taxes and Efficiency

249

(4)

Deadweight Losses

250

(1)

Case Study: Should Income or Consumption Be Taxed?

250

(1)

Administrative Burden

251

(1)

Marginal Tax Rates versus Average Tax Rates

252

(1)

Case Study: Iceland's Natural Experiment

252

(1)

Lump-Sum Taxes

253

(1)

Taxes and Equity

253

(7)

The Benefits Principle

254

(1)

The Ability-to-Pay Principle

254

(1)

Case Study: How the Tax Burden Is Distributed

255

(2)

In the News: Tax Reform around the World

257

(1)

Case Study: Horizontal Equity and the Marriage Tax

257

(2)

Tax Incidence and Tax Equity

259

(1)

Case Study: Who Pays the Corporate Income Tax?

259

(1)

Conclusion: The Trade-off between Equity and Efficiency

260

(1)

Summary

261

(1)

Key Concepts

261

(1)

Questions for Review

261

(1)

Problems and Applications

262

(3)

PART 5 FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY

265

(126)

The Costs of Production

267

(22)

What Are Costs?

268

(3)

Total Revenue, Total Cost, and Profit

268

(1)

Costs as Opportunity Costs

268

(1)

The Cost of Capital as an Opportunity Cost

269

(1)

Economic Profit versus Accounting Profit

270

(1)

Production and Costs

271

(3)

The Production Function

271

(2)

From the Production Function to the Total-Cost Curve

273

(1)

The Various Measures of Cost

274

(6)

Fixed and Variable Costs

275

(1)

Average and Marginal Cost

276

(1)

Cost Curves and Their Shapes

277

(1)

Typical Cost Curves

278

(2)

Costs in the Short Run and in the Long Run

280

(2)

The Relationship between Short-Run and Long-Run Average Total Cost

280

(1)

Economies and Diseconomies of Scale

281

(1)

FYI: Lessons from a Pin Factory

282

(1)

Conclusion

282

(1)

Summary

283

(1)

Key Concepts

284

(1)

Questions for Review

284

(1)

Problems and Applications

285

(4)

Firms in Competitive Markets

289

(22)

What Is a Competitive Market?

290

(2)

The Meaning of Competition

290

(1)

The Revenue of a Competitive Firm

290

(2)

Profit Maximization and the Competitive Firm's Supply Curve

292

(9)

A Simple Example of Profit Maximization

292

(1)

The Marginal-Cost Curve and the Firm's Supply Decision

293

(2)

The Firm's Short-Run Decision to Shut Down

295

(2)

Spilt Milk and Other Sunk Costs

297

(1)

Case Study: Near-Empty Restaurants and Off-Season Miniature Golf

298

(1)

The Firm's Long-Run Decision to Exit or Enter a Market

298

(1)

Measuring Profit in Our Graph for the Competitive Firm

299

(2)

The Supply Curve in a Competitive Market

301

(5)

The Short Run: Market Supply with a Fixed Number of Firms

301

(1)

The Long Run: Market Supply with Entry and Exit

302

(1)

Why Do Competitive Firms Stay in Business If They Make Zero Profit?

303

(1)

A Shift in Demand in the Short Run and Long Run

304

(1)

Why the Long-Run Supply Curve Might Slope Upward

304

(2)

Conclusion: Behind the Supply Curve

306

(1)

Summary

307

(1)

Key Concepts

307

(1)

Questions for Review

307

(1)

Problems and Applications

308

(3)

Monopoly

311

(34)

Why Monopolies Arise

312

(3)

Monopoly Resources

313

(1)

Case Study: The DeBeers Diamond Monopoly

313

(1)

Government-Created Monopolies

313

(1)

Natural Monopolies

314

(1)

How Monopolies Make Production and Pricing Decisions

315

(8)

Monopoly versus Competition

316

(1)

A Monopoly's Revenue

317

(1)

Profit Maximization

318

(2)

A Monopoly's Profit

320

(1)

FYI: Why a Monopoly Does Not Have a Supply Curve

321

(1)

Case Study: Monopoly Drugs versus Generic Drugs

322

(1)

The Welfare Cost of Monopoly

323

(3)

The Deadweight Loss

323

(2)

The Monopoly's Profit: A Social Cost?

325

(1)

Public Policy toward Monopolies

326

(3)

Increasing Competition with Antitrust Laws

326

(1)

Regulation

327

(1)

Public Ownership

328

(1)

Doing Nothing

329

(1)

Price Discrimination

329

(6)

In the News: Public Transport and Private Enterprise

330

(1)

A Parable about Pricing

330

(2)

The Moral of the Story

332

(1)

The Analytics of Price Discrimination

333

(1)

Examples of Price Discrimination

334

(1)

Conclusion: The Prevalence of Monopoly

335

(3)

In the News: TKTS and Other Schemes

336

(2)

Summary

338

(1)

Key Concepts

339

(1)

Questions for Review

339

(1)

Problems and Applications

340

(5)

Oligopoly

345

(28)

Between Monopoly and Perfect Competition

346

(1)

Markets with Only a Few Sellers

347

(6)

In the News: The Growth of Oligopoly

348

(1)

A Duopoly Example

348

(1)

Competition, Monopolies, and Cartels

349

(1)

The Equilibrium for an Oligopoly

350

(1)

In the News: The Global Fight against Cartels

351

(1)

How the Size of an Oligopoly Affects the Market Outcome

352

(1)

Game Theory and the Economics of Cooperation

353

(7)

The Prisoners' Dilemma

354

(1)

Oligopolies as a Prisoners' Dilemma

355

(1)

Case Study: OPEC and the World Oil Market

356

(1)

Other Examples of the Prisoners' Dilemma

357

(2)

The Prisoners' Dilemma and the Welfare of Society

359

(1)

Why People Sometimes Cooperate

359

(1)

Case Study: The Prisoners' Dilemma Tournament

360

(1)

Public Policy toward Oligopolies

360

(5)

Restraint of Trade and the Antitrust Laws

361

(1)

Case Study: An Illegal Phone Call

361

(1)

Controversies over Antitrust Policy

362

(2)

Case Study: The Microsoft Case

364

(1)

Conclusion

365

(2)

In the News: Antitrust in the New Economy

366

(1)

Summary

367

(1)

Key Concepts

367

(1)

Questions for Review

367

(1)

Problems and Applications

368

(5)

Monopolistic Competition

373

(18)

Competition with Differentiated Products

374

(6)

The Monopolistically Competitive Firm in the Short Run

374

(1)

The Long-Run Equilibrium

375

(2)

Monopolistic versus Perfect Competition

377

(2)

Monopolistic Competition and the Welfare of Society

379

(1)

FYI: Is Excess Capacity a Social Problem?

380

(1)

Advertising

380

(6)

The Debate over Advertising

381

(1)

Case Study: Advertising and the Price of Eyeglasses

382

(1)

Advertising as a Signal of Quality

382

(1)

FYI: Galbraith versus Hayek

383

(1)

Brand Names

384

(2)

Conclusion

386

(1)

Summary

387

(1)

Key Concept

387

(1)

Questions for Review

387

(1)

Problems and Applications

388

(3)

PART 6 THE ECONOMICS OF LABOR MARKETS

391

(62)

The Markets for the Factors of Production

393

(20)

The Demand for Labor

394

(7)

The Competitive Profit-Maximizing Firm

394

(1)

The Production Function and the Marginal Product of Labor

395

(2)

The Value of the Marginal Product and the Demand for Labor

397

(1)

What Causes the Labor-Demand Curve to Shift?

398

(1)

FYI: Input Demand and Output Supply: Two Sides of the Same Coin

399

(1)

FYI: The Luddite Revolt

400

(1)

The Supply of Labor

401

(1)

The Trade-off between Work and Leisure

401

(1)

What Causes the Labor-Supply Curve to Shift?

401

(1)

Equilibrium in the Labor Market

402

(4)

Shifts in Labor Supply

402

(2)

Shifts in Labor Demand

404

(1)

Case Study: Productivity and Wages

405

(1)

FYI: Monopsony

406

(1)

The Other Factors of Production: Land and Capital

406

(4)

Equilibrium in the Markets for Land and Capital

407

(1)

FYI: What Is Capital Income?

408

(1)

Linkages among the Factors of Production

408

(1)

Case Study: The Economics of the Black Death

409

(1)

Conclusion

410

(1)

Summary

410

(1)

Key Concepts

410

(1)

Questions for Review

411

(1)

Problems and Applications

411

(2)

Earnings and Discrimination

413

(18)

Some Determinants of Equilibrium Wages

414

(8)

Compensating Differentials

414

(1)

Human Capital

414

(1)

Case Study: The Increasing Value of Skills

415

(1)

Ability, Effort, and Chance

416

(1)

In the News: The Loss of Manufacturing Jobs

417

(1)

Case Study: The Benefits of Beauty

418

(1)

An Alternative View of Education: Signaling

419

(1)

The Superstar Phenomenon

419

(1)

In the News: Are Elite Colleges Worth the Cost?

420

(1)

Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages

421

(1)

The Economics of Discrimination

422

(5)

Measuring Labor-Market Discrimination

422

(2)

Case Study: Is Emily More Employable than Lakisha?

424

(1)

Discrimination by Employers

424

(1)

Case Study: Segregated Streetcars and the Profit Motive

425

(1)

Discrimination by Customers and Governments

426

(1)

Case Study: Discrimination in Sports

426

(1)

Conclusion

427

(1)

Summary

428

(1)

Key Concepts

428

(1)

Questions for Review

428

(1)

Problems and Applications

429

(2)

Income Inequality and Poverty

431

(22)

The Measurement of Inequality

432

(7)

U.S. Income Inequality

432

(1)

Inequality around the World

433

(1)

The Poverty Rate

434

(1)

In the News: The Global Distribution of Income

435

(2)

Problems in Measuring Inequality

437

(1)

Economic Mobility

438

(1)

The Political Philosophy of Redistributing Income

439

(3)

Utilitarianism

439

(1)

Liberalism

440

(1)

Libertarianism

441

(1)

Policies to Reduce Poverty

442

(7)

Minimum-Wage Laws

442

(1)

Welfare

443

(1)

In the News: Hurricane Katrina and Its Aftermath

444

(1)

Negative Income Tax

444

(1)

In-Kind Transfers

445

(1)

In the News: Child Labor

446

(1)

Antipoverty Programs and Work Incentives

447

(2)

Conclusion

449

(1)

Summary

450

(1)

Key Concepts

450

(1)

Questions for Review

450

(1)

Problems and Applications

451

(2)

PART 7 TOPICS FOR FURTHER STUDY

453

(52)

The Theory of Consumer Choice

455

(28)

The Budget Constraint: What the Consumer Can Afford

456

(1)

Preferences: What the Consumer Wants

457

(5)

Representing Preferences with Indifference Curves

458

(1)

Four Properties of Indifference Curves

459

(1)

Two Extreme Examples of Indifference Curves

460

(2)

Optimization: What the Consumer Chooses

462

(7)

The Consumer's Optimal Choices

462

(1)

FYI: Utility: An Alternative Way to Describe Preferences and Optimization

463

(1)

How Changes in Income Affect the Consumer's Choices

464

(1)

How Changes in Prices Affect the Consumer's Choices

465

(1)

Income and Substitution Effects

466

(2)

Deriving the Demand Curve

468

(1)

Three Applications

469

(8)

Do All Demand Curves Slope Downward?

469

(2)

How Do Wages Affect Labor Supply?

471

(1)

Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Conjecture

472

(2)

How Do Interest Rates Affect Household Saving?

474

(3)

Conclusion: Do People Really Think This Way?

477

(1)

Summary

478

(1)

Key Concepts

478

(1)

Questions for Review

478

(1)

Problems and Applications

479

(4)

Frontiers of Microeconomics

483

(22)

Asymmetric Information

484

(6)

Hidden Actions: Principals, Agents, and Moral Hazard

484

(1)

Case Study: Corporate Management

485

(1)

Hidden Characteristics: Adverse Selection and the Lemons Problem

486

(1)

In the News: The Fruits of Moral Hazard

487

(1)

Signaling to Convey Private Information

487

(1)

Case Study: Gifts as Signals

488

(1)

Screening to Induce Information Revelation

489

(1)

Asymmetric Information and Public Policy

489

(1)

Political Economy

490

(6)

The Condorcet Voting Paradox

490

(1)

Arrow's Impossibility Theorem

491

(1)

The Median Voter Is King

492

(2)

In the News: Farm Policy and Politics

494

(1)

Politicians Are People Too

494

(2)

Behavioral Economics

496

(3)

People Aren't Always Rational

496

(1)

People Care about Fairness

497

(1)

People Are Inconsistent over Time

498

(1)

Conclusion

499

(2)

In the News: The Psychology of Saving

500

(1)

Summary

501

(1)

Key Concepts

501

(1)

Questions for Review

501

(1)

Problems and Applications

501

(4)

Appendix: Quick Quiz Answers

505

(10)

Glossary

515

(4)

Index

519

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Principles of Microeconomics

Principles of Microeconomics

9780324319163

0324319169

Summary

Table of Contents

Supplemental Materials

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Amazon no longer offers textbook rentals. We do!

Principles of Microeconomics

Principles of Microeconomics

9780324319163

0324319169

Summary

Table of Contents

Supplemental Materials

Write a Review

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