Principles of Microeconomics
ISBN: 9780618967650 | 0618967656
Edition: 6thFormat: Paperback
Publisher: Cengage Learning
Pub. Date: 12/26/2007
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Popular for its coverage of modern policy issues, this clearly written text was the first to discuss long-run (macro) fundamentals before exploring short-term economic fluctuations. The Sixth Edition maintains the text's modern approach with concise yet thorough coverage of current economic theories. New co-author Akila Weerapana brings attention to the needs of today's students by thoroughly refreshing examples, applications, and end-of-chapter problems throughout the text. Streamlined content and pedagogy and the simplification of advanced topics make the material more accessible. Chapter 3, for example, now focuses solely on supply, demand, and market equilibrium, and boxed features have been realigned to maximize accessibility. John B. Taylor's recent service as Undersecretary of the Treasury for International Affairs strengthens the text's focus on policy issues and the international sector. Proven pedagogy includes Taylor/Weerapana's trademark Conversation boxes, providing students with succinct, step-by-step guidance through particularly difficult concepts.
| Introductionto Economics | |
| The Central Idea | |
| Scarcity and Choice for Individuals Scarcity and Choice for the Economy as a Whole Market | |
| Economies and the Price System | |
| Economics in Action: Gains from Trade on the Internet | |
| Economics in Action: Teaching Jobs and Graduate School | |
| Applications--Two Sides of the Same Coin | |
| Economics in the News: Gains from Trade ... MORE | |
| Observing and Explaining the Economy | |
| What Do Economists Do? | |
| The Fluctuating Price of Gasoline Recommending | |
| Appropriate Policies Economics in Action: An Economic Experiment to Study Discrimination | |
| Economics in Action: Science or Persuasion? | |
| Economics in the News: Young Economists at Work | |
| Appendix to Chapter 2 | |
| Reading, Understanding, and Creating Graphs Visualizing | |
| tObservations with Graphs | |
| Visualizing Models with Graphs | |
| The Supply and Demand Model Demand | |
| Supply Market Equilibrium: Combining Supply and Demand Economics in the News | |
| Why Roses Cost More on Valentine's Day | |
| Economics in Action: Using the Supply and Demand Model to Analyze Real-World Issues | |
| Subtleties of the Supply and Demand | |
| Model: Price Floors, Price Ceilings, and Elasticity Interference with Market Prices | |
| Elasticity of Demand Working with Demand Elasticities | |
| Elasticity of Supply Economics in Action: How Policymakers | |
| Use Price Elasticity of Demand to Discourage | |
| Underage Drinking Economics in the News | |
| Increasing School Enrollment in Africa | |
| Economics in Action: Predicting the Size of a Price | |
| Increase Economics in Action: Will an Increase in the Minimum Wage | |
| Benefit Poor Workers? | |
| Principles of Microeconomics | |
| The Demand Curve and the Behavior of Consumers | |
| Utility and Consumer Preferences | |
| The Budget Constraint and Utility Maximization | |
| Willingness to Pay and the Demand Curve | |
| The Market Demand Curve | |
| Consumer Surplus Economics in Action: Peering Deeper into How Individuals Make Decisions | |
| Economics in the News: Creating Consumer Surplus for the Poor | |
| Economics in Action: Building Roads and Bridges with Consumer | |
| Surplus Appendix to Chapter 5 | |
| Consumer Theory with Indifference Curves | |
| The Budget Line | |
| The Indifference Curve | |
| The Supply Curve and the Behavior of Firms | |
| Definition of a Firm | |
| The Firm's Profits | |
| Profit Maximization and the Individual Firm's | |
| Supply Curve | |
| The Market Supply Curve | |
| Producer Surplus Economics in Action: Green Pricing and Incentives | |
| Economics in the News: Supply Shifts Caused by Natural Disaster | |
| The Interaction of People in Markets | |
| Individual Consumers and Firms in a Market | |
| Are Competitive Markets Efficient? | |
| Measuring Waste from Inefficiency | |
| The Deadweight Loss from Price Floors and Ceilings | |
| Shifts in Cost Curves | |
| The Deadweight Loss from Taxation | |
| Informational Efficiency | |
| Economics in the News: Coordination Failure in Responding to a Famine | |
| Economics in Action: Price Controls and Deadweight | |
| Loss in the Milk Industry | |
| The Economics of the Firm | |
| Costs and the Changes at Firms over Time | |
| Costs for an Individual Firm Cost Curves | |
| The Production Decision in the Short Run | |
| Costs and Production: The Long Run Economies of Scale | |
| Economics in the News: A Dormant Mine Starts Up Again | |
| Economics in Action: Expanding (and Shrinking) a Firm over Time Economics in Action: Economist Finds Economies of Scale at Pin Factory | |
| Appendix to Chapter 8 | |
| Producer Theory with Isoquants | |
| Combining Capital and Labor Minimizing Costs for a Given Quantity | |
| The Rise and Fall of Industries | |
| Markets and Industries | |
| The Long-Run Competitive Equilibrium Model of an Industry | |
| External Economies and Diseconomies of Scale | |
| Economics in the News: Entry and Exit in the DVD | |
| Rental Industry Economics in Action: The Rise of Digital Cameras and the Death of Silver Halide Film | |
| Economics in the News: Cycles in the Grape Industry | |
| Monopoly A Model of Monopoly | |
| The Generic Diagram of a Monopoly and Its Profits Competition, Monopoly, and Deadweight Loss | |
| Why Monopolies Exist Price Discrimination | |
| Economics in the News: The Decline of the Diamond | |
| Monopolist Economics in Action: How Best to Ensure | |
| Access to Clean Water in Developing Countries | |
| Product Differentiation, Monopolistic Competition, and Oligopoly Product | |
| Differentiation Monopolistic Competition | |
| Oligopoly Economics in Action: What's the Future of Product Differentiation? | |
| Economics in the News: The Deliciousness of Product | |
| Differentiation Economics in Action: A Duopoly Game | |
| Antitrust Policy and Regulation Antitrust | |
| Policy Regulating Natural Monopolies | |
| To Regulate or Not to Regulate | |
| Economics in Action: Are Mergers Good for the Economy? | |
| Economics in the News: Price Fixing in the Ivy League | |
| Markets, Income Distribution, and Public Goods | |
| Labor Markets | |
| The Measurement of Wages | |
| The Labor Market Labor Demand | |
| A Comparison of MRP = W with MC = P Labor Supply | |
| Explaining Wage | |
| Trends and Differences Labor Unions | |
| Economics in the News: Incentives to Work | |
| Economics in Action: Why It's Better Being an Economist | |
| Economics in Action: Does Productivity or Compensating | |
| Differentials Explain the Academic Wage Gap? | |
| Taxes, Transfers, and Income Distribution | |
| The Tax System Transfer Payments | |
| The Distribution of Income in the United States | |
| Economics in the News: The "Death Tax" Debate | |
| Economics in the News: Assessing the Success of the 1996 | |
| Welfare Reform a Decade Later | |
| Economics in Action: Should We Be Concerned | |
| About Income Inequality? | |
| Public Goods, Externalities, and Government Behavior | |
| Public Goods Externalities: From the Environment to Education | |
| Remedies for Externalities Models of Government Behavior | |
| Economics in Action: Excludability, Rivalry, and the Classification of Goods and Services | |
| Economics in the News: Realizing the Positive Externalities of a New Cancer Vaccine | |
| Economics in the News: Environmental Economics | |
| Economics in Action: Advising the Government to Auction Off the Spectrum | |
| Capital Markets | |
| The Distinction Between Physical Capital and Financial Capital | |
| Markets for Physical Capital | |
| Markets for Financial Capital | |
| The Tradeoff Between Risk and Return Corporate Governance Problems | |
| Economics in the News: Physical Capital Accumulation of Google Economics in Action: Understanding Stock and Bond Price | |
| Listings in Newspapers | |
| Economics in the News: Corporate Greed | |
| Appendix to Chapter 16 | |
| Present Discounted Value Discounting the Future Finding the Present Discounted Value | |
| Tradeand Global Markets | |
| The Gains from International Trade | |
| Recent Trends in International Trade | |
| Comparative Advantage Reasons for Comparative | |
| Advantage Gains from Expanded Markets | |
| Economics in the News: The Economic Impact of Outsourcing | |
| Economics in Action: Doing Politics and Economics | |
| International Trade Policy | |
| Tariffs and Quotas | |
| The History of Trade Restrictions | |
| Arguments for Trade Barriers | |
| How to Reduce Trade Barriers | |
| Economics in Action: From Steel to Shrimp: The Same Old Tariff Story Economics in the News: The End of the Multi-Fiber Agreement | |
| Economics in Action: Ending the Corn Laws | |
| Glossary | |
| Index | |
| Credits | |
| Table of Contents provided by Publisher. All Rights Reserved. |
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