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Microeconomics

ISBN: 9780073281476 | 0073281476
Edition: 8th
Format: Paperback
Publisher: McGraw-Hill/Irwin
Pub. Date: 9/1/2006

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SummaryTable of Contents
Steve Slavin' s lively and comprehensive Microeconomics has a student-friendly, step-by-step approach; value pricing; and a built-in Workbook/Study Guide. Instructors and students like the author' s humorous anecdotes, direct language, and easy conversational style. The text encourages active rather than passive reading.
A Brief Economic History of the United States
1(22)
Introduction
1(1)
... MORE
The American Economy in the 19th Century
2(4)
Agricultural Development
2(2)
The National Railroad Network
4(1)
The Age of the Industrial Capitalist
5(1)
The American Economy in the 20th Century
6(11)
The Roaring Twenties
7(1)
The 1930s: The Great Depression
7(3)
The 1940s: World War II and Peacetime Prosperity
10(3)
The 1950s: The Eisenhower Years
13(1)
The Soaring Sixties: The Years of Kennedy and Johnson
13(1)
The Sagging Seventies: The Stagflation Decade
14(1)
The 1980s: The Age of Reagan
15(1)
The State of American Agriculture
15(1)
The ``New Economy'' of the Nineties
16(1)
Current Issue: America's Place in History
17(6)
Resource Utilization
23(24)
Economics Defined
23(1)
The Central Fact of Economics: Scarcity
24(2)
Scarcity and the Need to Economize
24(1)
The Economic Problem
24(1)
The Four Economic Resources
24(2)
Opportunity Cost
26(1)
Full Employment and Full Production
26(4)
The Production Possibilities Curve
30(5)
Productive Efficiency
35(1)
Economic Growth
35(2)
Current Issue: Will You Be Underemployed When You Graduate?
37(10)
Supply and Demand
47(24)
Demand
47(1)
Supply
48(2)
Equilibrium
50(1)
Surpluses and Shortages
50(1)
Shifts in Demand and Supply
51(4)
Price Ceilings and Price Floors
55(5)
Applications of Supply and Demand
60(2)
Interest Rate Determination
60(1)
College Parking
61(1)
The Rationing Function of the Price System
61(1)
Last Word
62(1)
Current Issue: High Gas Prices: Something Only an Economist Could Love
62(9)
The Mixed Economy
71(24)
The Three Questions of Economics
71(2)
What Shall We Produce?
71(1)
How Shall These Goods and Services Be Produced?
72(1)
For Whom Shall the Goods and Services Be Produced?
72(1)
To Sum Up
73(1)
The Invisible Hand, the Price Mechanism, and Perfect Competition
73(3)
The Invisible Hand
73(1)
The Price Mechanism
74(1)
Competition
74(1)
Trust
75(1)
Equity and Efficiency
75(1)
The Circular Flow Model
76(1)
The Economic Role of Government
77(1)
Market Failure
78(4)
Externalities
78(2)
Curbing Environmental Pollution
80(1)
Lack of Public Goods and Services
81(1)
Government Failure
82(2)
Capital
84(2)
The ``Isms'': Capitalism, Communism, Fascism, and Socialism
86(5)
The Decline and Fall of the Communist System
89(1)
Transformation in China
89(2)
Current Issue: The Bridge to Nowhere
91(4)
Demand, Supply, and Equilibrium
95(24)
Demand Defined
95(1)
Individual Demand and Market Demand
96(1)
Changes in Demand
97(6)
Increases in Demand
97(1)
Decreases in Demand
98(1)
Problems
98(3)
What Causes Changes in Demand?
101(2)
Supply Defined
103(1)
Individual Supply and Market Supply
103(1)
Changes in Supply
104(3)
What Causes Changes in Supply?
106(1)
Graphing the Demand and Supply Curves
107(3)
Graphing the Demand Curve
108(1)
Graphing the Supply Curve
109(1)
Equilibrium
110(2)
Finding Equilibrium Price and Quantity
112(1)
Current Issue: Why Can't I Sell My House?
113(6)
The Elasticities of Demand and Supply
119(26)
The Elasticity of Demand
119(12)
Measuring Elasticity
119(2)
The Meaning of Elasticity
121(5)
Determinants of the Degree of Elasticity of Demand
126(3)
Advertising
129(2)
Elasticity and Total Revenue
131(1)
Elastic Demand and Total Revenue
131(1)
Inelastic Demand and Total Revenue
131(1)
Elasticity of Supply
132(3)
Elasticity over Time
133(2)
Tax Incidence
135(3)
Last Word
138(1)
Current Issue: How Elastic Is Your Demand for Food?
139(6)
Theory of Consumer Behavior
145(16)
Utility
146(4)
What Is Utility?
146(1)
Marginal Utility
146(1)
Total Utility
147(1)
Maximizing Utility
147(2)
The Water--Diamond Paradox
149(1)
Some Limitations of Utility Applications
150(1)
Consumer Surplus
150(4)
Do Price Gougers Rip Us Off?
154(1)
Current Issue: All-You-Can-Eat Buffets
154(7)
Cost
161(30)
Costs
161(4)
Fixed Costs
162(1)
Variable Costs
162(1)
Total Cost
162(1)
Marginal Cost
162(3)
The Short Run and the Long Run
165(1)
The Short Run
165(1)
The Long Run
165(1)
Average Cost
165(19)
Average Fixed Cost
166(1)
Average Variable Cost
166(1)
Average Total Cost
167(1)
Graphing the AFC, AVC, ATC, and MC Curves
168(3)
Why Are the AVC and ATC Curves U-Shaped?
171(2)
The Production Function and the Law of Diminishing Returns
173(2)
Economies of Scale
175(1)
Diseconomies of Scale
176(1)
A Summing Up
177(1)
The Decision to Operate or Shut Down
178(2)
The Decision to Go Out of Business or Stay in Business
180(3)
Choosing Plant Size
183(1)
Current Issue: Wedding Hall or City Hall?
184(7)
Profit, Loss, and Perfect Competition
191(36)
Total Revenue and Marginal Revenue
191(2)
Graphing Demand and Marginal Revenue
192(1)
Economic and Accounting Profit
193(1)
Profit Maximization and Loss Minimization
193(7)
A Summing Up
196(4)
Efficiency
200(2)
Review of Efficiency and Profit Maximization
201(1)
Do You Really Need to Make a Profit?
202(1)
Definition of Perfect Competition
202(3)
The Perfect Competitor's Demand Curve
205(8)
The Short Run
206(2)
The Long Run
208(5)
Alternative Calculation of Profit and Loss
213(1)
The Perfect Competitor: A Price Taker, Not a Price Maker
214(1)
Efficiency, Price, and Profit
215(1)
Current Issue: The Internet Effect: A More Perfect Knowledge and Lower Prices
216(11)
Monopoly
227(24)
Monopoly Defined
227(12)
The Graph of the Monopolist
228(2)
Calculating the Monopolist's Profit
230(1)
Review of the Monopolist's Economic Analysis
231(3)
The Monopolist in the Short Run and in the Long Run
234(1)
Are All Monopolies Big Companies?
234(1)
Barriers to Entry
235(4)
Limits to Monopoly Power
239(1)
Economies of Scale and Natural Monopoly
239(3)
What Is Natural Monopoly?
239(2)
Two Policy Alternatives
241(1)
Is Bigness Good or Bad?
242(3)
When Is Bigness Bad?
242(2)
When Is Bigness Good?
244(1)
The Economic Case against Bigness
244(1)
Conclusion
244(1)
Current Issue: Would You Allow Wal-Mart to Open a Supercenter in Your Community?
245(6)
Monopolistic Competition
251(16)
Monopolistic Competition Defined
251(1)
The Monopolistic Competitor in the Short Run
251(2)
The Monopolistic Competitor in the Long Run
253(1)
Product Differentiation
254(2)
The Typical Monopolistic Competitor
256(2)
Price Discrimination
258(3)
Is the Monopolistic Competitor Inefficient?
261(1)
Current Issue: Selling Status
262(5)
Oligopoly
267(26)
Oligopoly Defined
267(1)
Two Measures of the Degree of Oligopolization
268(2)
Concentration Ratios
268(1)
The Herfindahl-Hirschman Index (HHI)
269(1)
The Competitive Spectrum
270(9)
Cartels
270(2)
Open Collusion
272(1)
Covert Collusion
272(1)
Price Leadership
273(2)
Cutthroat Competition
275(3)
Conclusion
278(1)
Current Issue: Cutthroat Competition in the College Textbook Market
279(8)
Appendix: The Four Types of Competition: A Review
287(1)
Perfect Competition
287(1)
Monopoly
288(1)
Monopolistic Competition
288(1)
Oligopoly
288(1)
Perfect Competition versus Imperfect Competition
288(1)
Summary Tables
289(4)
Corporate Mergers and Antitrust
293(18)
A Historical Perspective on Corporate Concentration
293(1)
Antitrust
294(3)
The Political Background
294(1)
The Sherman Antitrust Act
294(2)
The Clayton Antitrust Act
296(1)
The Federal Trade Commission Act (1914)
296(1)
Modern Antitrust
297(3)
Partial Breakdown of the Rule of Reason
297(1)
The 60 Percent Rule
298(1)
Two Landmark Cases
298(1)
European Antitrust
299(1)
Types of Mergers
300(1)
Horizontal Mergers
300(1)
Vertical Mergers
300(1)
Conglomerate Mergers
301(1)
Deregulation
301(1)
Corporate Misconduct
302(1)
How Effective Is Antitrust?
303(1)
The Trend toward Bigness
303(2)
Current Issue: The Enron Case
305(6)
Demand in the Factor Market
311(18)
Derived Demand
311(1)
Productivity
312(1)
Prices of Substitute Resources
312(1)
Marginal Revenue Product (MRP)
313(5)
The MRP of the Imperfect Competitor
317(1)
Changes in Resource Demand
318(4)
Changes in Resource Demand versus Changes in Quantity of Resource Demanded
318(1)
The Four Reasons for Changes in Resource Demand
319(2)
Optimum Resource Mix for the Firm
321(1)
Current Issue: Washing Machines and Women's Liberation
322(7)
Labor Unions
329(18)
A Short History of the American Labor Movement
329(6)
The Early Years
329(1)
Key Labor Legislation
330(1)
Craft Unions versus Industrial Unions
331(2)
Union Organizing since the 1950s
333(2)
The Formation of Change to Win
335(1)
Jobs: Exportable and Nonexportable
335(1)
The Economic Power of Labor Unions
336(1)
The Economic Power of Large Employers
336(2)
Collective Bargaining
338(4)
Strikes, Lockouts, and Givebacks
338(2)
The Collective Bargaining Agreement
340(1)
The Strike
340(1)
Averting Strikes: Mediation and Arbitration
341(1)
Current Issue: Will You Ever Be a Member of a Labor Union?
342(5)
Labor Markets and Wage Rates
347(26)
The Supply of Labor
347(4)
Noncompeting Groups
347(1)
The Theory of the Dual Labor Market
348(2)
The Backward-Bending Labor Supply Curve
350(1)
The Demand for Labor
351(2)
The Marginal Revenue Product Schedule
351(1)
Nonhomogeneous Jobs
352(1)
The Effects of Employment Discrimination on Wages
353(3)
Employment Discrimination against Women
353(2)
Employment Discrimination against African Americans
355(1)
Conclusion
356(1)
The Wage Rate: Supply and Demand
356(1)
High Wage Rates and Economic Rent
356(2)
Real Wages versus Money Wages
358(4)
The Minimum Wage and the Living Wage
362(3)
The Minimum Wage Rate: 1938 to the Present
362(1)
Should There Be a Minimum Wage Rate?
363(2)
The Living Wage
365(1)
Current Issue: The Education Gap
365(8)
Rent, Interest, and Profit
373(22)
Rent
373(5)
What Is Land?
373(2)
How Is Rent Determined?
375(1)
Economic Rent
376(1)
Are Prices High because Rents Are High, or Are Rents High because Prices Are High?
377(1)
Interest
378(6)
What Is Capital?
378(1)
How Is the Interest Rate Determined?
378(1)
Interest Rates and Consumer Loans
379(2)
The Present Value of Future Income
381(3)
Profits
384(3)
How Are Profits Determined?
384(1)
How Large Are Profits?
384(1)
Theories of Profit
384(3)
Conclusion
387(1)
Current Issue: Subprime, Fringe, and Payday Lending
387(8)
Income Distribution and Poverty
395(32)
Income Distribution in the United States
395(8)
The Poor, the Middle Class, and the Rich
395(5)
Distribution of Wealth in the United States
400(1)
Distribution of Income: Equity and Efficiency
400(2)
What Determines Income Distribution?
402(1)
Poverty in America
403(16)
Poverty Defined
403(2)
Who Are the Poor?
405(2)
Child Poverty
407(1)
The Main Government Transfer Programs
408(4)
Theories of the Causes of Poverty
412(2)
The Conservative View versus the Liberal View
414(2)
Solutions
416(3)
Current Issue: Will Social Security Be There for You?
419(8)
International Trade
427(28)
Part I: A Brief History of U.S. Trade
428(3)
U.S. Trade before 1975
428(1)
U.S. Trade since 1975
428(1)
U.S. Government Trade Policy
429(2)
Part II: The Theory of International Trade
431(11)
Specialization and Trade
431(1)
Comparative Advantage
431(4)
Absolute Advantage versus Comparative Advantage
435(1)
The Arguments for Protection
435(5)
Tariffs or Quotas
440(1)
Conclusion
441(1)
Part III: The Practice of International Trade
442(2)
What Are the Causes of Our Trade Imbalance?
442(2)
Part IV: Our Trade Deficit with Japan and China
444(4)
Japanese Trading Practices
444(2)
Our Trade Deficit with China
446(1)
Trading with China and Japan: More Differences than Similarities
447(1)
Final Word
448(1)
Free Trade in Word and Deed
448(1)
Reducing Our Trade Deficit
449(1)
Current Issue: Buy American?
449(6)
International Finance
455(24)
The Mechanics of International Finance
455(3)
Financing International Trade
455(1)
The Balance of Payments
456(2)
Exchange Rate Systems
458(8)
The Gold Standard
459(1)
The Gold Exchange Standard, 1934--73
460(1)
The Freely Floating Exchange Rate System, 1973 to the Present
461(2)
How Well Do Freely Floating (Flexible) Exchange Rates Work?
463(1)
The Euro
463(1)
The Yen and the Yuan
463(3)
Running Up a Tab in the Global Economy
466(6)
From Largest Creditor to Largest Debtor
466(5)
Living beyond Our Means
471(1)
A Codependent Relationship
471(1)
Why We Need to Worry about the Current Account Deficit
472(1)
Current Issue: Editorial: American Exceptionality
472(7)
Glossary479(9)
Index488

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