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In this new edition, the authors have included more applications and more mathematical material to reinforce students’ understanding of basic microeconomic principles. This knowledge of microeconomic theory will serve as an essential foundation for any business major or for those preparing for a future career as a business professional.
Chapter 1: An Introduction to Microeconomics.
1.1 The Scope of Microeconomic Theory.
1.2 The Nature and Role of Theory.
1.3 Positive Versus Normative Analysis.
1.4 Market Analysis and Real Versus Normal Prices.
1.5 Basic Assumptions about Market Participants.
1.6 Opportunity Cost.
1.7 Production Possibility Frontier.
Chapter 2: Supply and Demand.
2.1 Demand and Supply Curves.
2.2 Determination of Equilibrium Price and Quantity.
2.3 Adjustment to Changes in Demand or Supply.
2.4 Government Intervention in Markets: Price Controls.
2.6 The Mathematics Associated with Elasticities.
Chapter 3: The Theory of Consumer Choice.
3.1 Consumer Preferences.
3.2 The Budget Constraint.
3.3 The Consumer's Choice.
3.4 Changes in Income and Consumption Choices.
3.5 Are People Selfish?
3.6 The Utility Approach to Consumer Choice.
3.7 The Mathematics Behind Consumer Choice.
Chapter 4: Individual and Market Demand.
4.1 Price Changes and Consumption Choices.
4.2 Income Substitution Effects of a Price Change.
4.3 Income and Substitution Effects: Inferior Goods.
4.4 From Individual to Market Demand.
4.5 Consumer Surplus.
4.6 Price Elasticity and the Price-Consumption Curve.
4.7 Network Effects.
4.8 The Basics of Demand Estimation.
4.9 Deriving the Consumer’s Demand Curve Mathematically.
Chapter 5: Using Consumer Choice Theory.
5.1 Excise Subsidies, Health Care, and Consumer Welfare.
5.2 Public Schools and the Voucher Proposal.
5.3 Paying for Garbage.
5.4 The Consumer's Choice to Save or Borrow.
5.5 Investor Choice.
Chapter 6: Exchange, Efficiency, and Prices.
6.1 Two-Person Exchange.
6.2 Efficiency in the Distribution of Goods.
6.3 Competitive Equilibrium and Efficient Distribution.
6.4 Price and Nonprice Rationing and Efficiency.
6.5 Some of the Mathematics behind Efficiency in Exchange.
Chapter 7: Production.
7.1 Relating Output to Inputs.
7.2 Production When Only One Input is Variable: The Short Run.
7.3 Production When All Inputs are Variable: The Long Run.
7.4 Returns to Scale.
7.5 Functional Forms and Empirical Estimation of Production Functions.
7.6 The Mathematics behind Production Theory.
Chapter 8: The Cost of Production.
8.1 The Nature of Cost.
8.2 Short-Run Cost of Production.
8.3 Short-Run Cost Curves.
8.4 Long-Run Cost of Production.
8.5 Input Price Changes and Cost Curves.
8.6 Long-Run Cost Curves.
8.7 Learning by Doing.
8.8 Importance of Cost Curves to Market Structure.
8.9 Using Cost Curves: Controlling Pollution.
8.10 Economies of Scale.
8.11 Estimating Cost Functions.
8.12 The Mathematics behind Production Cost.
Chapter 9: Profit Maximization in Perfectly Competitive Markets.
9.1 The Assumptions of Perfect Competition.
9.2 Profit Maximization.
9.3 The Demand Curve Facing the Competitive Firm.
9.4 Short-Run Profit Maximization.
9.5 The Perfectly Competitive Firm's Short-Run Supply Curve.
9.6 The Short-Run Industry Supply Curve.
9.7 Long-Run Competitive Equilibrium.
9.8 The Long-Run Industry Supply Curve.
9.9 When Does the Competitive Model Apply?
9.10 The Mathematics Behind Perfect Competition.
Chapter 10: Using the Competitive Model.
10.1 The Evaluation of Gains and Losses.
10.2 Excise Taxation.
10.3 Airline Regulation and Deregulation.
10.4 City Taxicab Markets.
10.5 Consumer and Producer Surplus, and the Net Gains from Trade.
10.6 Government Intervention in Markets: Quality Controls.
Chapter 11: Monopoly.
11.1 The Monopolist's Demand and Marginal Revenue Curves.
11.2 Profit-Maximizing Output of a Monopoly.
11.3 Further Implications of Monopoly Analysis.
11.4 The Measurement and Sources of Monopoly Power.
11.5 The Efficiency Effects of Monopoly.
11.6 Public Policy Toward Monopoly.
11.7 The Mathematic's Behind Monopoly.
Chapter 12: Product Pricing with Monopoly Power.
12.1 Price Discrimination.
12.2 Three Necessary Conditions fro Price Discrimination.
12.3 Price and Output Determination with Price Discrimination.
12.4 Intertemporal Price Discrimination and Peak-Load Pricing.
12.5 Two-Part Tariffs.
12.6 The Mathematics Behind Price Discrimination.
Chapter 13: Monopolistic Competition and Oligopoly.
13.1 Price and Output under Monopolistic Competition.
13.2 Oligopoly and the Cournot Model.
13.3 Other Oligopoly Models.
13.4 Cartels and Collusion.
Chapter 14: Game Theory and the Economics of Information.
14.1 Game Theory.
14.2 The Prisoner's Dilemma Game.
14.3 Repeated Games.
14.4 Asymmetric Information.
14.5 Adverse Selection and Moral Hazard.
14.6 Limited Price Information.
Chapter 15: Using Noncompetitive Market Models.
15.1 The Size of the Deadweight Loss of Monopoly.
15.2 Do Monopolies Suppress Inventions?
15.3 Natural Monopoly.
15.4 More on Game Theory: Iterated Dominance and Commitment.
Chapter 16: Employment and Pricing of Inputs.
16.1 The Input Demand Curve of a Competitive Firm.
16.2 Industry and Market Demand Curves for an Input.
16.3 The Supply of Inputs.
16.4 Industry Determination of Price and Employment Inputs.
16.5 Input Price Determination in a Multi-Industry Market.
16.6 Input Demand and Employment by an Output Market Monopoly.
16.7 Monopsony in Input Markets.
16.8 The Calculus Behind Input Demand by Competitive and Monopoly Firms.
Chapter 17: Wages, Rent, Interest, and Profit.
17.1 The Income-Leisure Choice of the Worker.
17.2 The Supply of Hours of Work.
17.3 The General Level of Wage Rates.
17.4 Why Wages Differ.
17.5 Economic Rent.
17.6 Monopoly Power in Input Markets: The Case of Unions.
17.7 Borrowing, Lending, and the Interest Rate.
17.8 Investment and the Marginal Productivity of Capital.
17.9 Saving, Investment, and the Interest Rate.
17.10 Why Interest Rates Differ.
Chapter 18: Using Input Market Analysis.
18.1 The Minimum Wage.
18.2 Who Really Pays for Social Security?
18.3 The Hidden Cost of Social Security.
18.4 The NCAA Cartel.
18.5 Discrimination in Employment.
18.6 The Benefits and Costs of Immigration.
Chapter 19: General Equilibrium Analysis and Economic Efficiency.
19.1 Partial and General Equilibrium Analysis Compared.
19.2 Economic Efficiency.
19.3 Conditions for Economic Efficiency.
19.4 Efficiency in Production.
19.5 The Production Possibility Frontier and Efficiency in Output.
19.6 Competitive Markets and Economic Efficiency.
19.7 The Causes of Economic Inefficiency.
Chapter 20: Public Goods and Externalities.
20.1 What Are Public Goods?
20.2 Efficiency in the Provision of a Public Good.
20.4 Externalities and Property Rights.
20.5 Controlling Pollution, Revisited.
Answers to Selected Problems.