Principles of Microeconomics 8th Edition

Principles of Microeconomics 9th Edition:

Brief Contents
Contents
Preface: To the Student
Acknowledgments
Part I: Introduction
Chapter 1: Ten Principles of Economics
1-1 How People Make Decisions
1-1a Principle 1: People Face Trade-offs
1-1b Principle 2: The Cost of Something Is What You Give Up to Get It
1-1c Principle 3: Rational People Think at the Margin
1-1d Principle 4: People Respond to Incentives
1-2 How People Interact
1-2a Principle 5: Trade Can Make Everyone Better Off
1-2b Principle 6: Markets Are Usually a Good Way to Organize Economic Activity
FYI: Adam Smith and the Invisible Hand
Case Study: Adam Smith Would Have Loved Uber
1-2c Principle 7: Governments Can Sometimes Improve Market Outcomes
1-3 How the Economy as a Whole Works
1-3a Principle 8: A Country’s Standard of Living Depends on Its Ability to Produce Goods and Serv
1-3b Principle 9: Prices Rise When the Government Prints Too Much Money
1-3c Principle 10: Society Faces a Short-Run Trade-off between Inflation and Unemployment
1-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 2: Thinking Like an Economist
2-1 The Economist as Scientist
2-1a The Scientific Method: Observation, Theory, and More Observation
2-1b The Role of Assumptions
2-1c Economic Models
2-1d Our First Model: The Circular-Flow Diagram
2-1e Our Second Model: The Production Possibilities Frontier
2-1f Microeconomics and Macroeconomics
2-2 The Economist as Policy Adviser
2-2a Positive versus Normative Analysis
2-2b Economists in Washington
2-2c Why Economists’ Advice Is Not Always Followed
2-3 Why Economists Disagree
2-3a Differences in Scientific Judgments
2-3b Differences in Values
2-3c Perception versus Reality
Ask The Experts: Ticket Resale
2-4 Let’s Get Going
In The News: Why You Should Study Economics
Summary
Key Concepts
Questions for Review
Problems and Applications
Appendix Graphing: A Brief Review
Chapter 3: Interdependence and the Gains from Trade
3-1 A Parable for the Modern Economy
3-1a Production Possibilities
3-1b Specialization and Trade
3-2 Comparative Advantage: The Driving Force of Specialization
3-2a Absolute Advantage
3-2b Opportunity Cost and Comparative Advantage
3-2c Comparative Advantage and Trade
3-2d The Price of the Trade
FYI: The Legacy of Adam Smith and David Ricardo
3-3 Applications of Comparative Advantage
3-3a Should Serena Williams Mow Her Own Lawn
In The News: Economics within a Marriage
3-3b Should the United States Trade with Other Countries
Ask The Experts: Trade between China and the United States
3-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part II: How Markets Work
Chapter 4: The Market Forces of Supply and Demand
4-1 Markets and Competition
4-1a What Is a Market
4-1b What Is Competition
4-2 Demand
4-2a The Demand Curve: The Relationship between Price and Quantity Demanded
4-2b Market Demand versus Individual Demand
4-2c Shifts in the Demand Curve
Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
4-3 Supply
4-3a The Supply Curve: The Relationship between Price and Quantity Supplied
4-3b Market Supply versus Individual Supply
4-3c Shifts in the Supply Curve
4-4 Supply and Demand Together
4-4a Equilibrium
4-4b Three Steps to Analyzing Changes in Equilibrium
4-5 Conclusion: How Prices Allocate Resources
Ask The Experts: Price Gouging
In The News: Price Increases after Disasters
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 5: Elasticity and Its Application
5-1 The Elasticity of Demand
5-1a The Price Elasticity of Demand and Its Determinants
5-1b Computing the Price Elasticity of Demand
5-1c The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
5-1d The Variety of Demand Curves
FYI: A Few Elasticities from the Real World
5-1e Total Revenue and the Price Elasticity of Demand
5-1f Elasticity and Total Revenue along a Linear Demand Curve
5-1g Other Demand Elasticities
5-2 The Elasticity of Supply
5-2a The Price Elasticity of Supply and Its Determinants
5-2b Computing the Price Elasticity of Supply
5-2c The Variety of Supply Curves
5-3 Three Applications of Supply, Demand, and Elasticity
5-3a Can Good News for Farming Be Bad News for Farmers
5-3b Why Did OPEC Fail to Keep the Price of Oil High
5-3c Does Drug Interdiction Increase or Decrease Drug-Related Crime
5-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 6: Supply, Demand, and Government Policies
6-1 Controls on Prices
Case Study: Rent Control in the Short Run and the Long Run
6-1b How Price Floors Affect Market Outcomes
Ask The Experts: Rent Control
Case Study: The Minimum Wage
Ask The Experts: The Minimum Wage
6-1c Evaluating Price Controls
6-1a How Price Ceilings Affect Market Outcomes
Case Study: Lines at the Gas Pump
6-2 Taxes
6-2a How Taxes on Sellers Affect Market Outcomes
6-2b How Taxes on Buyers Affect Market Outcomes
Case Study: Can Congress Distribute the Burden of a Payroll Tax
6-2c Elasticity and Tax Incidence
Case Study: Who Pays the Luxury Tax
6-3 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part III: Markets and Welfare
Chapter 7: Consumers, Producers, and the Efficiency of Markets
7-1 Consumer Surplus
7-1a Willingness to Pay
7-1b Using the Demand Curve to Measure Consumer Surplus
7-1c How a Lower Price Raises Consumer Surplus
7-1d What Does Consumer Surplus Measure
7-2 Producer Surplus
7-2a Cost and the Willingness to Sell
7-2b Using the Supply Curve to Measure Producer Surplus
7-2c How a Higher Price Raises Producer Surplus
7-3 Market Efficiency
7-3a The Benevolent Social Planner
7-3b Evaluating the Market Equilibrium
In The News: The Invisible Hand Can Park Your Car
Case Study: Should There Be a Market for Organs
Ask The Experts: Supplying Kidneys
7-4 Conclusion: Market Efficiency and Market Failure
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 8: Application: The Costs of Taxation
8-1 The Deadweight Loss of Taxation
8-1a How a Tax Affects Market Participants
8-1b Deadweight Losses and the Gains from Trade
8-2 The Determinants of the Deadweight Loss
Case Study: The Deadweight Loss Debate
8-3 Deadweight Loss and Tax Revenue as Taxes Vary
Case Study: The Laffer Curve and Supply-Side Economics
Ask The Experts: The Laffer Curve
8-4 Conclusion
Summary
Key Concept
Questions for Review
Problems and Applications
Chapter 9: Application: International Trade
9-1 The Determinants of Trade
9-1a The Equilibrium without Trade
9-1b The World Price and Comparative Advantage
9-2 The Winners and Losers from Trade
9-2a The Gains and Losses of an Exporting Country
9-2b The Gains and Losses of an Importing Country
9-2c Effects of a Tariff
FYI: Import Quotas: Another Way to Restrict Trade
9-2d The Lessons for Trade Policy
9-2e Other Benefits of International Trade
In The News: Trade as a Tool for Economic Development
9-3 The Arguments for Restricting Trade
9-3a The Jobs Argument
In The News: Should the Winners from Free Trade Compensate the Losers
9-3b The National-Security Argument
9-3c The Infant-Industry Argument
9-3d The Unfair-Competition Argument
9-3e The Protection-as-a-Bargaining-Chip Argument
Case Study: Trade Agreements and the World Trade Organization
Ask The Experts: Trade Deals
9-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part IV: The Economics of the Public Sector
Chapter 10: Externalities
10-1 Externalities and Market Inefficiency
10-1a Welfare Economics: A Recap
10-1b Negative Externalities
10-1c Positive Externalities
Case Study: Technology Spillovers, Industrial Policy, and Patent Protection
10-2 Public Policies toward Externalities
10-2a Command-and-Control Policies: Regulation
10-2b Market-Based Policy 1: Corrective Taxes and Subsidies
Ask The Experts: Vaccines
Case Study: Why Is Gasoline Taxed So Heavily
In The News: What Should We Do about Climate Change
10-2c Market-Based Policy 2: Tradable Pollution Permits
Ask The Experts: Carbon Taxes
10-2d Objections to the Economic Analysis of Pollution
10-3 Private Solutions to Externalities
10-3a The Types of Private Solutions
10-3b The Coase Theorem
10-3c Why Private Solutions Do Not Always Work
In The News: The Coase Theorem in Action
10-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 11: Public Goods and Common Resources
11-1 The Different Kinds of Goods
11-2 Public Goods
11-2a The Free-Rider Problem
11-2b Some Important Public Goods
Case Study: Are Lighthouses Public Goods
11-2c The Difficult Job of Cost–Benefit Analysis
Case Study: How Much Is a Life Worth
11-3 Common Resources
11-3a The Tragedy of the Commons
11-3b Some Important Common Resources
Ask The Experts: Congesting Pricing
In The News: The Case for Toll Roads
Case Study: Why the Cow Is Not Extinct
11-4 Conclusion: The Importance of Property Rights
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 12: The Design of the Tax System
12-1 An Overview of U.S. Taxation
12-1a Taxes Collected by the Federal Government
12-1b Taxes Collected by State and Local Governments
12-2 Taxes and Efficiency
12-2a Deadweight Losses
Case Study: Should Income or Consumption Be Taxed
12-2b Administrative Burden
12-2c Marginal Tax Rates versus Average Tax Rates
12-2d Lump-Sum Taxes
12-3 Taxes and Equity
12-3a The Benefits Principle
12-3b The Ability-to-Pay Principle
Case Study: How the Tax Burden Is Distributed
12-3c Tax Incidence and Tax Equity
In The News: Tax Expenditures
Case Study: Who Pays the Corporate Income Tax
12-4 Conclusion: The Trade-off between Equity and Efficiency
Summary
Key Concepts
Questions for Review
Problems and Applications
Part V: Firm Behavior and the Organization of Industry
Chapter 13: The Costs of Production
13-1 What Are Costs
13-1a Total Revenue, Total Cost, and Profit
13-1b Costs as Opportunity Costs
13-1c The Cost of Capital as an Opportunity Cost
13-1d Economic Profit versus Accounting Profit
13-2 Production and Costs
13-2a The Production Function
13-2b From the Production Function to the Total-Cost Curve
13-3 The Various Measures of Cost
13-3a Fixed and Variable Costs
13-3b Average and Marginal Cost
13-3c Cost Curves and Their Shapes
13-3d Typical Cost Curves
13-4 Costs in the Short Run and in the Long Run
13-4a The Relationship between Short-Run and Long-Run Average Total Cost
13-4b Economies and Diseconomies of Scale
FYI: Lessons from a Pin Factory
13-5 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 14: Firms in Competitive Markets
14-1 What Is a Competitive Market
14-1a The Meaning of Competition
14-1b The Revenue of a Competitive Firm
14-2 Profit Maximization and the Competitive Firm’s Supply Curve
14-2a A Simple Example of Profit Maximization
14-2b The Marginal-Cost Curve and the Firm’s Supply Decision
14-2c The Firm’s Short-Run Decision to Shut Down
14-2d Spilt Milk and Other Sunk Costs
Case Study: Near-Empty Restaurants and Off-Season Miniature Golf
14-2e The Firm’s Long-Run Decision to Exit or Enter a Market
14-2f Measuring Profit in Our Graph for the Competitive Firm
14-3 The Supply Curve in a Competitive Market
14-3a The Short Run: Market Supply with a Fixed Number of Firms
14-3b The Long Run: Market Supply with Entry and Exit
14-3c Why Do Competitive Firms Stay in Business If They Make Zero Profit
14-3d A Shift in Demand in the Short Run and Long Run
14-3e Why the Long-Run Supply Curve Might Slope Upward
14-4 Conclusion: Behind the Supply Curve
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 15: Monopoly
15-1 Why Monopolies Arise
15-1a Monopoly Resources
15-1b Government-Created Monopolies
15-1c Natural Monopolies
15-2 How Monopolies Make Production and Pricing Decisions
15-2a Monopoly versus Competition
15-2b A Monopoly’s Revenue
15-2c Profit Maximization
15-2d A Monopoly’s Profit
FYI: Why a Monopoly Does Not Have a Supply Curve
Case Study: Monopoly Drugs versus Generic Drugs
15-3 The Welfare Cost of Monopolies
15-3a The Deadweight Loss
15-3b The Monopoly’s Profit: A Social Cost
15-4 Price Discrimination
15-4a A Parable about Pricing
15-4b The Moral of the Story
15-4c The Analytics of Price Discrimination
15-4d Examples of Price Discrimination
In The News: Price Discrimination in Higher Education
15-5 Public Policy toward Monopolies
15-5a Increasing Competition with Antitrust Laws
15-5b Regulation
Ask The Experts: Airline Mergers
15-5c Public Ownership
15-5d Doing Nothing
15-6 Conclusion: The Prevalence of Monopolies
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 16: Monopolistic Competition
16-1 Between Monopoly and Perfect Competition
16-2 Competition with Differentiated Products
16-2a The Monopolistically Competitive Firm in the Short Run
16-2b The Long-Run Equilibrium
16-2c Monopolistic versus Perfect Competition
16-2d Monopolistic Competition and the Welfare of Society
16-3 Advertising
16-3a The Debate over Advertising
Case Study: Advertising and the Price of Eyeglasses
16-3b Advertising as a Signal of Quality
16-3c Brand Names
16-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 17: Oligopoly
17-1 Markets with Only a Few Sellers
17-1a A Duopoly Example
17-1b Competition, Monopolies, and Cartels
17-1c The Equilibrium for an Oligopoly
17-1d How the Size of an Oligopoly Affects the Market Outcome
Ask The Experts: Nash Equilibrium
17-2 The Economics of Cooperation
17-2a The Prisoners’ Dilemma
17-2b Oligopolies as a Prisoners’ Dilemma
Case Study: OPEC and the World Oil Market
17-2c Other Examples of the Prisoners’ Dilemma
17-2d The Prisoners’ Dilemma and the Welfare of Society
17-2e Why People Sometimes Cooperate
Case Study: The Prisoners’ Dilemma Tournament
17-3 Public Policy toward Oligopolies
17-3a Restraint of Trade and the Antitrust Laws
Case Study: An Illegal Phone Call
17-3b Controversies over Antitrust Policy
Case Study: The Microsoft Case
In The News: Europe versus Google
17-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VI: The Economics of Labor Markets
Chapter 18: The Markets for the Factors of Production
18-1 The Demand for Labor
18-1a The Competitive Profit-Maximizing Firm
18-1b The Production Function and the Marginal Product of Labor
18-1c The Value of the Marginal Product and the Demand for Labor
18-1d What Causes the Labor-Demand Curve to Shift
FYI: Input Demand and Output Supply: Two Sides of the Same Coin
18-2 The Supply of Labor
18-2a The Trade-off between Work and Leisure
18-2b What Causes the Labor-Supply Curve to Shift
Ask The Experts: Immigration
18-3 Equilibrium in the Labor Market
18-3a Shifts in Labor Supply
18-3b Shifts in Labor Demand
In The News: The Economics of Immigration
Case Study: Productivity and Wages
FYI: Monopsony
18-4 The Other Factors of Production: Land and Capital
18-4a Equilibrium in the Markets for Land and Capital
FYI: What Is Capital Income
18-4b Linkages among the Factors of Production
Case Study: The Economics of the Black Death
18-5 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 19: Earnings and Discrimination
19-1 Some Determinants of Equilibrium Wages
19-1a Compensating Differentials
19-1b Human Capital
Case Study: The Increasing Value of Skills
Ask The Experts: Inequality and Skills
In The News: Schooling as a Public Investment
19-1c Ability, Effort, and Chance
Case Study: The Benefits of Beauty
19-1d An Alternative View of Education: Signaling
19-1e The Superstar Phenomenon
19-1f Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
19-2 The Economics of Discrimination
19-2a Measuring Labor-Market Discrimination
Case Study: Is Emily More Employable than Lakisha
19-2b Discrimination by Employers
Case Study: Segregated Streetcars and the Profit Motive
19-2c Discrimination by Customers and Governments
Case Study: Discrimination in Sports
19-3 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 20: Income Inequality and Poverty
20-1 The Measurement of Inequality
20-1a U.S. Income Inequality
20-1b Inequality around the World
In The News: A Worldwide View of the Income Distribution
20-1c The Poverty Rate
20-1d Problems in Measuring Inequality
Case Study: Alternative Measures of Inequality
20-1e Economic Mobility
20-2 The Political Philosophy of Redistributing Income
20-2a Utilitarianism
20-2b Liberalism
20-2c Libertarianism
20-3 Policies to Reduce Poverty
20-3a Minimum-Wage Laws
20-3b Welfare
20-3c Negative Income Tax
20-3d In-Kind Transfers
20-3e Antipoverty Programs and Work Incentives
In The News: International Differences in Income Redistribution
20-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Part VII: Topics for Further Study
Chapter 21: The Theory of Consumer Choice
21-1 The Budget Constraint: What the Consumer Can Afford
21-2 Preferences: What the Consumer Wants
21-2a Representing Preferences with Indifference Curves
21-2b Four Properties of Indifference Curves
21-2c Two Extreme Examples of Indifference Curves
21-3 Optimization: What the Consumer Chooses
21-3a The Consumer’s Optimal Choices
FYI: Utility: An Alternative Way to Describe Preferences and Optimization
21-3b How Changes in Income Affect the Consumer’s Choices
21-3c How Changes in Prices Affect the Consumer’s Choices
21-3d Income and Substitution Effects
21-3e Deriving the Demand Curve
21-4 Three Applications
21-4a Do All Demand Curves Slope Downward
Case Study: The Search for Giffen Goods
21-4b How Do Wages Affect Labor Supply
Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Co
21-4c How Do Interest Rates Affect Household Saving
21-5 Conclusion: Do People Really Think This Way
Summary
Key Concepts
Questions for Review
Problems and Applications
Chapter 22: Frontiers of Microeconomics
22-1 Asymmetric Information
22-1a Hidden Actions: Principals, Agents, and Moral Hazard
FYI: Corporate Management
22-1b Hidden Characteristics: Adverse Selection and the Lemons Problem
22-1c Signaling to Convey Private Information
Case Study: Gifts as Signals
22-1d Screening to Uncover Private Information
22-1e Asymmetric Information and Public Policy
22-2 Political Economy
22-2a The Condorcet Voting Paradox
22-2b Arrow’s Impossibility Theorem
22-2c The Median Voter Is King
22-2d Politicians Are People Too
22-3 Behavioral Economics
22-3a People Aren’t Always Rational
22-3b People Care about Fairness
In The News: Using Deviations from Rationality
22-3c People Are Inconsistent over Time
22-4 Conclusion
Summary
Key Concepts
Questions for Review
Problems and Applications
Glossary
Index

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