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Microeconomics + Code Card for DiscoverEcon Online + Solman DVD

ISBN: 9780072881554 | 0072881550
Edition: 15th
Format: Paperback
Publisher: MCG (Manual)
Pub. Date: 1/21/2003

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SummaryTable of Contents
McConnell-Brue's Principles of Microeconomics, 15 is the best-selling textbook and has been teaching students in a clear, unbiased way for 40 years. The 14th edition grew market share because of its clear and careful treatment of principles of microeconomics concepts, its balanced coverage, and its patient explanations. More students have learned their principles of Microeconomics from McConnell-Brue than any other text-12 million of them. The 15th edition is a substantial revision that delivers a tighter, modern, Internet-savvy book.
... MORE
Prefaceix
Contributorsxv
List of Key Graphs
vii
PART ONE An Introduction to Economics and the Economy
To the Student
2(1)
The Nature and Method of Economics
3(19)
The Economic Perspective
3(2)
Scarcity and Choice
Rational Behavior
Marginalism: Benefits and Costs
Why Study Economics?
5(1)
Economics for Citizenship
Professional and Personal Applications
Economic Methodology
6(3)
Theoretical Economics
Policy Economics
Macroeconomics and Microeconomics
9(1)
Macroeconomics
Microeconomics
Positive and Normative Economics
Pitfalls to Objective Thinking
10(2)
Biases
Loaded Terminology
Definitions
Fallacy of Composition
Causation Fallacies
A Look Ahead
12(1)
Last Word: Fast-Food Lines: An Economic Perspective
12(3)
Appendix Chapter 1: Graphs and Their Meaning
15(7)
Construction of a Graph
Direct and Inverse Relationships
Dependent and Independent Variables
Other Things Equal
Slope of a Line
Vertical Intercept
Equation of a Linear Relationship
Slope of a Nonlinear Curve
The Economizing Problem
22(18)
The Foundation of Economics
22(2)
Unlimited Wants
Scarce Resources
Economics: Employment and Efficiency
24(5)
Full Employment: Using Available Resources
Full Production: Using Resources Efficiently
Production Possibilities Table
Production Possibilities Curve
Law of Increasing Opportunity Cost
Allocative Efficiency Revisited
Unemployment, Growth, and the Future
29(4)
Unemployment and Productive Inefficiency
A Growing Economy
A Qualification: International Trade
Examples and Applications
Economic Systems
33(1)
The Market System
The Command System
The Circular Flow Model
34(2)
Last Word: Women and Expanded Production Possibilities
36(4)
Individual Markets: Demand and Supply
40(19)
Markets
40(1)
Demand
41(5)
Law of Demand
The Demand Curve
Market Demand
Change in Demand
Changes in Quantity Demanded
Supply
46(3)
Law of Supply
The Supply Curve
Determinants of Supply
Changes in Supply
Changes in Quantity Supplied
Supply and Demand: Market Equilibrium
49(6)
Surpluses
Shortages
Equilibrium Price and Quantity
Rationing Function of Prices
Changes in Supply, Demand, and Equilibrium
A Reminder: ``Other Things Equal''/Application: Pink Salmon
Last Word: Ticket Scalping: A Bum Rap?
55(4)
The Market System
59(14)
Characteristics of the Market System
59(5)
Private Property
Freedom of Enterprise and Choice
Self-Interest
Competition
Markets and Prices
Reliance on Technology and Capital Goods
Specialization
Use of Money
Active, but Limited, Government
The Market System at Work
64(4)
What Will Be Produced?
How Will the Goods and Services Be Produced?
Who Will Get the Goods and Services?
How Will the System Accommodate Change?
Competition and the ``Invisible Hand''
68(1)
Last Word: Shuffling the Deck
69(4)
The U.S. Economy: Private and Public Sectors
73(20)
Households as Income Receivers
73(1)
The Functional Distribution of Income
The Personal Distribution of Income
Households as Spenders
74(2)
Personal Taxes
Personal Saving
Personal Consumption Expenditures
The Business Population
76(1)
Legal Forms of Businesses
76(3)
Advantages and Disadvantages
The Principal-Agent Problem
The Public Sector: Government's Role
79(4)
Providing the Legal Structure
Maintaining Competition
Redistributing Income
Reallocating Resources
Promoting Stability
The Circular Flow Revisited
83(1)
Government Finance
84(1)
Government Purchases and Transfers
Federal Finance
85(2)
Federal Expenditures
Federal Tax Revenues
State and Local Finance
87(2)
State Finances
Local Finances
Fiscal Federalism
Last Word: The Financing of Corporate Operations
89(4)
The United States in the Global Economy
93(23)
International Linkages
93(1)
The United States and World Trade
94(4)
Volume and Pattern
Rapid Trade Growth
Participants in International Trade
Specialization and Comparative Advantage
98(3)
Basic Principle
Comparative Costs
Terms of Trade
Gains from Specialization and Trade
The Foreign Exchange Market
101(3)
Dollar-Yen Market
Changing Rates: Depreciation and Appreciation
Government and Trade
104(12)
Trade Impediments and Subsidies
Why Government Trade Interventions?/Costs to Society
PART TWO Microeconomics of Product Markets
Supply and Demand: Elasticities and Government-Set Prices
116(20)
Price Elasticity of Demand
116(9)
The Price Elasticity Coefficient and Formula
Interpretations of Ed
Refinement: Midpoint Formula
Graphical Analysis
The Total-Revenue Test
Price Elasticity and the Total-Revenue Curve
Determinants of Price Elasticity of Demand
Applications of Price Elasticity of Demand
Price Elasticity of Supply
125(2)
Price Elasticity of Supply: The Market Period
Price Elasticity of Supply: The Short Run
Price Elasticity of Supply: The Long Run
Cross Elasticity and Income Elasticity of Demand
127(1)
Cross Elasticity of Demand
Income Elasticity of Demand
Government-Set Prices
128(4)
Price Ceilings and Shortages
Price Floors and Surpluses
Controversial Tradeoffs
Last Word: Luxury on $8 a Day
132(4)
Consumer Behavior and Utility Maximization
136(21)
A Closer Look at the Law of Demand
136(3)
Income and Substitution Effects
Law of Diminishing Marginal Utility
Theory of Consumer Behavior
139(3)
Consumer Choice and Budget Constraint
Utility-Maximizing Rule
Numerical Example
Algebraic Restatement
Utility Maximization and the Demand Curve
142(2)
Deriving the Demand Schedule and Curve
Income and Substitution Effects Revisited
Applications and Extensions
144(3)
The Compact Disc Takeover
The Diamond-Water Paradox
The Value of Time
Medical Care Purchases
Cash and Noncash Gifts
Last Word: Criminal Behavior
147(4)
Appendix to Chapter 8: Indifference Curve Analysis
151(6)
The Budget Line: What Is Attainable
Indifference Curves: What Is Preferred
The Indifference Map
Equilibrium at Tangency
The Measurement of Utility
The Derivation of the Demand Curve
The Costs of Production
157(22)
Economic Costs
157(3)
Explicit and Implicit Costs
Normal Profit as a Cost
Economic Profit (or Pure Profit)/Short Run and Long Run
Short-Run Production Relationships
160(3)
Law of Diminishing Returns
Short-Run Production Costs
163(5)
Fixed, Variable, and Total Cost
Per-Unit, or Average, Costs
Marginal Cost
Shifts of the Cost Curves
Long-Run Production Costs
168(7)
Firm Size and Costs
The Long-Run Cost Curve
Economies and Diseconomies of Scale
Applications and Illustrations
Minimum Efficient Scale and Industry Structure
Last Word: Irrelevancy of Sunk Costs
175(4)
Pure Competition
179(26)
Four Market Models
179(1)
Pure Competition: Characteristics and Occurrence
180(1)
Relevance of Pure Competition
Demand as Seen by a Purely Competitive Seller
181(1)
Perfectly Elastic Demand
Average, Total, and Marginal Revenue
Graphical Portrayal
Profit Maximization in the Short Run
182(7)
Total-Revenue--Total-Cost Approach: Profit-Maximization Case
Marginal-Revenue--Marginal-Cost Approach
Marginal Cost and Short-Run Supply
189(4)
Generalized Depiction
Diminishing Returns, Production Costs, and Product Supply
Changes in Supply
Firm and Industry: Equilibrium Price
Profit Maximization in the Long Run
193(4)
Assumptions
Goal of Our Analysis
Long-Run Equilibrium
Long-Run Supply for a Constant-Cost Industry
Long-Run Supply for an Increasing-Cost Industry
Long-Run Supply for a Decreasing-Cost Industry
Pure Competition and Efficiency
197(4)
Productive Efficiency: P = Minimum ATC
Allocative Efficiency: P = MC
Last Word: Pure Competition and Consumer Surplus
201(4)
Pure Monopoly
205(23)
An Introduction to Pure Monopoly
205(1)
Examples of Monopoly
Dual Objectives of the Study of Monopoly
Barriers to Entry
206(2)
Economies of Scale
Legal Barriers to Entry: Patents and Licenses
Ownership or Control of Essential Resources
Pricing and Other Strategic Barriers to Entry
Monopoly Demand
208(3)
Marginal Revenue Is Less Than Price
The Monopolist Is a Price Maker
The Monopolist Sets Prices in the Elastic Region of Demand
Output and Price Determination
211(3)
Cost Data
MR = MC Rule
No Monopoly Supply Curve
Misconceptions Concerning Monopoly Pricing
Possibility of Losses by Monopolist
Economic Effects of Monopoly
214(5)
Price, Output, and Efficiency
Income Transfer
Cost Complications
Assessment and Policy Options
Price Discrimination
219(2)
Conditions
Examples of Price Discrimination
Consequences of Price Discrimination
Regulated Monopoly
221(3)
Socially Optimal Price: P = MC
Fair-Return Price: P = ATC
Dilemma of Regulation
Last Word: De Beers' Diamonds: Are Monopolies Forever?
224(4)
Monopolistic Competition and Oligopoly
228(24)
Monopolistic Competition
228(2)
Relatively Large Number of Sellers
Differentiated Products
Easy Entry and Exit
Advertising
Monopolistically Competitive Industries
Price and Output in Monopolistic Competition
230(3)
The Firm's Demand Curve
The Short Run: Profit or Loss
The Long Run: Only a Normal Profit
Monopolistic Competition and Efficiency
233(1)
Neither Productive nor Allocative Efficiency
Excess Capacity
Product Variety
234(1)
Benefits of Product Variety
Further Complexity
Oligopoly
235(2)
A Few Large Producers
Homogeneous or Differentiated Products
Control over Price, but Mutual Interdependence
Entry Barriers
Mergers
Measures of Industry Concentration
Oligopoly Behavior: A Game-Theory Overview
237(2)
Mutual Interdependence Revisited
Collusive Tendencies
Incentive to Cheat
Three Oligopoly Models
239(6)
Kinked-Demand Theory: Noncollusive Oligopoly
Cartels and Other Collusion
Price Leadership Model
Oligopoly and Advertising
245(2)
Positive Effects of Advertising
Potential Negative Effects of Advertising
Oligopoly and Efficiency
247(1)
Productive and Allocative Efficiency
Qualifications
Last Word: Oligopoly in the Beer Industry
248(4)
Technology, R&D, and Efficiency
252(22)
Technological Advance: Invention, Innovation, and Diffusion
253(2)
Invention
Innovation
Diffusion
R&D Expenditures
Modern View of Technological Advance
Role of Entrepreneurs and Other Innovators
255(1)
Forming Start-Ups
Innovating within Existing Firms
Anticipating the Future
Exploiting University and Government Scientific Research
A Firm's Optimal Amount of R&D
256(3)
Interest-Rate Cost of Funds
Expected Rate of Return
Optimal R&D Expenditures
Increased Profit via Innovation
259(3)
Increased Revenue via Product Innovation
Reduced Cost via Process Innovation
Imitation and R&D Incentives
262(2)
Benefits of Being First
Role of Market Structure
264(2)
Market Structure and Technological Advance
Inverted-U Theory
Market Structure and Technological Advance: The Evidence
Technological Advance and Efficiency
266(2)
Productive Efficiency
Allocative Efficiency
Creative Destruction
Last Word: On the Path to the Personal Computer and Internet
268(6)
PART THREE Microeconomics of Resource Markets
The Demand for Resources
274(18)
Significance of Resource Pricing
274(1)
Marginal Productivity Theory of Resource Demand
275(4)
Resource Demand as a Derived Demand
Marginal Revenue Product
Rule for Employing Resources: MRP = MRC
MRP as Resource Demand Schedule
Resource Demand under Imperfect Product Market Competition
Market Demand for a Resource
Determinants of Resource Demand
279(4)
Changes in Product Demand
Changes in Productivity
Changes in the Prices of Other Resources
Occupational Employment Trends
Elasticity of Resource Demand
283(1)
Optimal Combination of Resources
284(3)
The Least-Cost Rule
The Profit-Maximizing Rule
Numerical Illustration
Marginal Productivity Theory of Income Distribution
287(1)
Last Word: Input Substitution: The Case of ATMs
288(4)
Wage Determination
292(22)
Labor, Wages, and Earnings
292(1)
General Level of Wages
293(1)
Role of Productivity
Real Wages and Productivity
Secular Growth of Real Wages
A Purely Competitive Labor Market
294(3)
Market Demand for Labor
Market Supply of Labor
Labor Market Equilibrium
Monopsony Model
297(2)
Upward-Sloping Labor Supply to Firm
MRC Higher than the Wage Rate
Equilibrium Wage and Employment
Examples of Monopsony Power
Three Union Models
299(4)
Demand-Enhancement Model
Exclusive or Craft Union Model
Inclusive or Industrial Union Model
Wage Increases and Unemployment
Bilateral Monopoly Model
303(1)
Indeterminate Outcome of Bilateral Monopoly
Desirability of Bilateral Monopoly
The Minimum-Wage Controversy
304(1)
Case against the Minimum Wage
Case for the Minimum Wage
Evidence and Conclusions
Wage Differentials
305(3)
Marginal Revenue Productivity
Noncompeting Groups
Compensating Differences
Market Imperfections
Pay for Performance
308(3)
The Principal-Agent Problem Revisited
Addenda: Negative Side Effects of Pay for Performance
Last Word: Of African-Style Hairbraiders and Stodgy Economists
311(3)
Rent, Interest, and Profit
314(15)
Economic Rent
314(3)
Perfectly Inelastic Supply
Changes in Demand
Land Rent: A Surplus Payment
Application: A Single Tax on Land
Productivity Differences and Rent Differences
Alternative Uses of Land
Interest
317(6)
Loanable Funds Theory of Interest
Extending the Model
Range of Interest Rates
Pure Rate of Interest
Role of the Interest Rate
Application: Usury Laws
Economic Profit
323(2)
Role of the Entrepreneur
Sources of Economic Profit
Functions of Profit
Income Shares
325(1)
Last Word: Determining the Price of Credit
326(3)
PART FOUR Microeconomics of Government
Government and Market Failure
329(24)
Public Goods
330(4)
Demand for Public Goods
Supply of Public Goods
Optimal Quantity of a Public Good
Cost-Benefit Analysis
Externalities Revisited
334(11)
Spillover Costs
Spillover Benefits
Individual Bargaining: Coase Theorem
Liability Rules and Lawsuits
Government Intervention
A Market-Based Approach to Spillover Costs
Society's Optimal Amount of Externality Reduction
Solid-Waste Disposal and Recycling
Global Warming
Information Failures
345(4)
Inadequate Information Involving Sellers
Inadequate Information Involving Buyers
Qualification
Last Word: Lojack: A Case of Positive Externalities
349(4)
Public Choice Theory and the Economics of Taxation
353(21)
Revealing Preferences through Majority Voting
353(4)
Inefficient Voting Outcomes
Paradox of Voting
Median-Voter Model
Government Failure
357(3)
Special Interests and Rent Seeking
Clear Benefits, Hidden Costs
Limited and Bundled Choice
Bureaucracy and Inefficiency
Imperfect Institutions
Apportioning the Tax Burden
360(2)
Benefits Received versus Ability to Pay
Progressive, Proportional, and Regressive Taxes
Tax Incidence and Efficiency Loss
362(6)
Elasticity and Tax Incidence
Efficiency Loss of a Tax
Probable Incidence of U.S. Taxes
The U.S. Tax Structure
The Issue of Freedom
368(1)
The Conservative Position
The Liberal Position
Last Word: ``Government Failure'' in the News
369(5)
PART FIVE Microeconomic Issues and Policies
Antitrust Policy and Regulation
374(17)
The Antitrust Laws
374(2)
Historical Background
Sherman Act of 1890
Clayton Act of 1914
Federal Trade Commission Act of 1914
Celler-Kefauver Act of 1950
Antitrust Policy: Issues and Impacts
376(5)
Issues of Interpretation
Issues of Enforcement: Tradeoffs among Goals
Effectiveness of Antitrust Laws
Industrial Regulation
381(2)
Natural Monopoly
Problems with Industrial Regulation
Legal Cartel Theory
Deregulation
383(1)
Controversy
Outcomes of Deregulation
Social Regulation
384(4)
Distinguishing Features
The Optimal Level of Social Regulation
Two Reminders
Last Word: The Microsoft Antitrust Case
388(3)
Agriculture: Economics and Policy
391(18)
Economics of Agriculture
392(5)
Short-Run Problem: Price and Income Instability
Long-Run Problem: A Declining Industry
Economics of Farm Policy
397(5)
Rationale for Farm Subsidies
Background: The Parity Concept
Economics of Price Supports
Reduction of Surpluses
Criticism, Politics, and Reform
402(4)
Criticisms
The Politics of Farm Policy
Recent Reform: Freedom to Farm
Last Word: The Sugar Program: A Sweet Deal
406(3)
Income Inequality and Poverty
409(20)
Facts about Income Inequality
409(3)
Distribution of Personal Income by Income Category
Distribution of Personal Income by Quintiles (Fifths)
The Lorenz Curve
Income Mobility: The Time Dimension
Effect of Government Redistribution
Causes of Income Inequality
412(2)
Ability
Education and Training
Discrimination
Preferences and Risks
Unequal Distribution of Wealth
Market Power
Luck, Connections, and Misfortune
Trends in Income Inequality
414(2)
Causes of Growing Inequality
Equality versus Efficiency
416(2)
The Case for Equality: Maximizing Total Utility
The Case for Inequality: Incentives and Efficiency
The Equality-Efficiency Tradeoff
The Economics of Poverty
418(2)
Definition of Poverty
Incidence of Poverty
Poverty Trends
The ``Invisible'' Poor
The Income-Maintenance System
420(2)
Social Insurance Programs
Public Assistance Programs
Welfare: Goals and Conflicts
422(1)
Common Features
Conflicts among Goals
Welfare Reform
423(2)
Temporary Assistance to Needy Families
Assessment of TANF
Last Word: Some Facts on U.S. Wealth and Its Distribution
425(4)
Labor Market Issues: Unionism, Discrimination, Immigration
429(23)
Unionism in America
429(2)
Business Unionism
Union Membership
The Decline of Unionism
Collective Bargaining
431(2)
The Work Agreement
The Bargaining Process
Economic Effects of Unions
433(3)
The Union Wage Advantage
Efficiency and Productivity
Labor Market Discrimination
436(2)
Types of Discrimination
Costs of Discrimination
Economic Analysis of Discrimination
438(4)
Taste-for-Discrimination Model
Statistical Discrimination
Occupational Segregation: The Crowding Model
Antidiscrimination Policies and Issues
442(2)
The Affirmative Action Controversy
Recent Developments
Immigration
444(4)
Number of Immigrants
Economics of Immigration
Complications and Modifications
Immigration: Two Views
Last Word: Orchestrating Impartiality
448(4)
The Economics of Health Care
452(20)
The Health Care Industry
452(1)
Twin Problems: Costs and Access
452(1)
High and Rising Health Care Costs
453(3)
Health Care Spending
Quality of Care: Are We Healthier?
Economic Implications of Rising Costs
The Basic Problem
Limited Access
456(1)
Why the Rapid Rise in Costs?
457(6)
Peculiarities of the Health Care Market
The Increasing Demand for Health Care
Role of Health Insurance
Supply Factors in Rising Health Care Prices
Relative Importance
Reform of the Health Care System
463(4)
Universal Access
Cost Containment: Altering Incentives
Recent Laws and Proposals
Last Word: A Market for Human Organs?
467(5)
PART SIX International Economics and the World Economy
International Trade
472(22)
Some Key Facts
472(1)
The Economic Basis for Trade
473(1)
Comparative Advantage: Graphical Analysis
474(5)
Two Isolated Nations
Specializing Based on Comparative Advantage
Terms of Trade
Gains from Trade
Trade with Increasing Costs
The Case for Free Trade
Supply and Demand Analysis of Exports and Imports
479(4)
Supply and Demand in the United States
Supply and Demand in Canada
Equilibrium World Price, Exports, and Imports
Trade Barriers
483(2)
Economic Impact of Tariffs
Economic Impact of Quotas
Net Costs of Tariffs and Quotas
Impact on Income Distribution
The Case for Protection: A Critical Review
485(4)
Military Self-Sufficiency Argument
Increased Domestic Employment Argument
Diversification-for-Stability Argument
Infant Industry Argument
Protection-against-Dumping Argument
Cheap Foreign Labor Argument
A Summing Up
The World Trade Organization
489(1)
Last Word: Petition of the Candlemakers, 1845
490(4)
Exchange Rates, the Balance of Payments, and Trade Deficits
494
Financing International Trade
494(1)
U.S. Export Transaction
U.S. Import Transaction
The Balance of Payments
495(3)
Current Account
Capital Account
Official Reserves Account
Payments Deficits and Surpluses
Flexible Exchange Rates
498(5)
Depreciation and Appreciation
Determinants of Exchange Rates
Flexible Rates and the Balance of Payments
Disadvantages of Flexible Exchange Rates
Fixed Exchange Rates
503(2)
Use of Reserves
Trade Policies
Exchange Controls and Rationing
Domestic Macroeconomic Adjustments
International Exchange-Rate Systems
505(4)
The Gold Standard: Fixed Exchange Rates
The Bretton Woods System
The Current System: The Managed Float
Recent U.S. Trade Deficits
509(2)
Causes of the Trade Deficits
Implications of U.S. Trade Deficits
Last Word: Speculation in Currency Markets
511
Glossary1(1)
Index1

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