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Microeconomics: Principles, Problems, and Policies/DiscoverEcon with Paul Solman Videos (DVD/CD-ROM) / Edition 16

Microeconomics: Principles, Problems, and Policies/DiscoverEcon with Paul Solman Videos (DVD/CD-ROM) / Edition 16

by Campbell R. McConnell

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ISBN-10: 0072875615

ISBN-13: 2900072875613

Pub. Date: 02/28/2004

Publisher: McGraw-Hill Companies, The

The proven and popular Microeconomics has been made even tighter and smoother for its 16th edition. A DVD features bestselling DiscoverEcon software and two videos with Paul Solman of PBS. New topics include the economics of the war on terrorism, China's rapidly emerging economy, recent accounting misconduct, and more. Two bonus chapters available on the Web


The proven and popular Microeconomics has been made even tighter and smoother for its 16th edition. A DVD features bestselling DiscoverEcon software and two videos with Paul Solman of PBS. New topics include the economics of the war on terrorism, China's rapidly emerging economy, recent accounting misconduct, and more. Two bonus chapters available on the Web provide additional, specialized information.

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McGraw-Hill Companies, The
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Table of Contents

List of Key Graphsvi
Part 1An Introduction to Economics and the Economy
To the Student2
1The Nature and Method of Economics3
The Economic Perspective3
Consider This: Free for All?4
Why Study Economics?5
Economic Methodology6
Macroeconomics and Microeconomics9
Pitfalls to Sound Reasoning10
A Look Ahead12
Last Word: Fast-Food Lines: An Economic Perspective12
Appendix Chapter 1Graphs and Their Meaning15
2The Economizing Problem22
The Foundation of Economics22
Economics: Employment and Efficiency24
Unemployment, Growth, and the Future28
Consider This: A Matter of Degrees: Is College Worth the Cost?32
Economic Systems33
The Circular Flow Model34
Last Word: September 11, 2001, and the War on Terrorism35
3Individual Markets: Demand and Supply39
Supply and Demand: Market Equilibrium48
Consider This: The Cutting Edge50
Application: Government-Set Prices52
Last Word: Ticket Scalping: A Bum Rap?55
3WebApplications and Extensions of Supply and Demand Analysis59
Changes in Supply and Demand1
Preset Prices4
Consider This: Taking Back a "Gift"5
Nonpriced Goods: The American Bison6
Consumer and Producer Surplus7
Last Word: Efficiency Gains from Generic Drugs11
4The Market System60
Characteristics of the Market System60
The Market System at Work64
Consider This: McHits and McMisses66
Competition and the "Invisible Hand"69
Last Word: Shuffling the Deck70
5The U.S. Economy: Private and Public Sectors73
Households as Income Receivers73
Households as Spenders74
The Business Population75
Legal Forms of Businesses76
The Public Sector: Government's Role79
Consider This: Street Entertainers82
The Circular Flow Revisited83
Government Finance84
Federal Finance85
State and Local Finance87
Last Word: The Financing of Corporations88
6The United States in the Global Economy91
International Linkages91
The United States and World Trade92
Specialization and Comparative Advantage96
The Foreign Exchange Market99
Consider This: A ticket to Ride100
Government and Trade101
Multilateral Trade Agreements and Free-Trade Zones103
Global Competition106
Last Word: Petition of the Candlemakers, 1845106
Part 2Microeconomics of Product Markets
7Elasticity of Demand and Supply112
Price Elasticity of Demand112
Consider This: A Bit of a Stretch114
Price Elasticity of Supply120
Cross Elasticity and Income Elasticity of Demand123
Last Word: Elasticity and Pricing Power: Why Different Consumers Pay Different Prices125
8Consumer Behavior and Utility Maximization128
A Closer Look at the Law of Demand128
Consider This: Vending Machines and Marginal Utility131
Theory of Consumer Behavior132
Utility Maximization and the Demand Curve134
Applications and Extensions135
Last Word: Criminal Behavior138
Appendix to Chapter 8: Indifference Curve Analysis142
9The Costs of Production148
Economic Costs148
Short-Run Production Relationships150
Consider This: Diminishing Returns from Study151
Short-Run Production Costs154
Long-Run Production Costs159
Applications and Illustrations164
Last Word: Irrelevancy of Sunk Costs165
10Pure Competition169
Four Market Models169
Pure Competition: Characteristics and Occurrence170
Demand as Seen by a Purely Competitive Seller171
Profit Maximization in the Short Run172
Consider This: The Still There Motel179
Marginal Cost and Short-Run Supply179
Profit Maximization in the Long Run183
Pure Competition and Efficiency187
Last Word: Pure Competition and Consumer Surplus190
11Pure Monopoly194
An Introduction to Pure Monopoly194
Barriers to Entry195
Monopoly Demand197
Output and Price Determination200
Economic Effects of Monopoly203
Price Discrimination207
Consider This: Price Discrimination at the Ballpark208
Regulated Monopoly209
Last Word: De Beers' Diamonds: Are Monopolies Forever?212
12Monopolistic Competition and Oligopoly216
Monopolistic Competition216
Price and Output in Monopolistic Competition218
Monopolistic Competition and Efficiency220
Product Variety222
Oligopoly Behavior: A Game-Theory Overview225
Consider This: Creative Strategic Behavior226
Three Oligopoly Models227
Oligopoly and Advertising233
Oligopoly and Efficiency235
Last Word: Oligopoly in the Beer Industry236
13Technology, R&D, and Efficiency240
Invention, Innovation, and Diffusion240
Role of Entrepreneurs and Other Innovators242
A Firm's Optimal Amount of R&D244
Increased Profit via Innovation246
Imitation and R&D Incentives249
Consider This: Trade Secrets250
Role of Market Structure251
Technological Advance and Efficiency253
Last Word: On the Path to the Personal Computer and Internet254
Part 3Microeconomics of Resource Markets
14The Demand for Resources260
Significance of Resource Pricing260
Marginal Productivity Theory of Resource Demand261
Consider This: She's The One265
Determinants of Resource Demand265
Elasticity of Resource Demand269
Optimal Combination of Resources270
Marginal Productivity Theory of Income Distribution272
Last Word: Input Substitution: The Case of ATMs273
15Wage Determination277
Labor, Wages, and Earnings277
General Level of Wages278
A Purely Competitive Labor Market280
Monopsony Model282
Three Union Models284
Bilateral Monopoly Model287
The Minimum-Wage Controversy288
Wage Differentials289
Consider This: My Entire Life292
Pay for Performance293
Last Word: Are Chief Executive Officers (CEOs) Overpaid?295
16Rent, Interest, and Profit298
Economic Rent298
Consider This: That Is Interest303
Economic Profit307
Last Word: Determining the Price of Credit309
Income Shares310
Part 4Microeconomics of Government
17Government and Market Failure314
Public Goods314
Information Failures328
Consider This: "Lemons"328
Last Word: Lojack: A Case of Positive Externalities332
18Public Choice Theory and the Economics of Taxation336
Revealing Preferences through Majority Voting336
Government Failure340
Apportioning the Tax Burden342
Tax Incidence and Efficiency Loss345
Last Word: "Government Failure" in the News350
Part 5Microeconomic Issues and Policies
19Antitrust Policy and Regulation354
The Antitrust Laws354
Antitrust Policy: Issues and Impacts356
Consider This: Of Catfish and Sneakers (and Other Things in Common)360
Industrial Regulation360
Social Regulation363
Last Word: The United States v. Microsoft366
20Agriculture: Economics and Policy370
Economics of Agriculture370
Economics of Farm Policy376
Criticisms and Politics380
Recent Reform382
Last Word: The Sugar Program: A Sweet Deal384
21Income Inequality and Poverty387
Facts about Income Inequality387
Causes of Income Inequality390
Trends in Income Inequality392
Equality versus Efficiency394
Consider This: Slicing the Pizza396
The Economics of Poverty396
The Income-Maintenance System398
Welfare: Goals and Conflicts400
Welfare Reform401
Last Word: U.S. Family Wealth and Its Distribution402
22Labor Market Institutions and Issues: Unionism, Discrimination, Immigration406
Unionism in America406
Collective Bargaining408
Economic Effects of Unions410
Labor Market Discrimination413
Economic Analysis of Discrimination415
Antidiscrimination Policies and Issues419
Last Word: Orchestrating Impartiality424
23The Economics of Health Care428
The Health Care Industry428
Twin Problems: Costs and Access428
High and Rising Health Care Costs429
Limited Access432
Why the Rapid Rise in Costs?432
Consider This: What's Cold and Clammy and Out of Date?438
Reform of the Health Care System438
Last Word: A Market for Human Organs?442
Part 6International Economics and the World Economy
24International Trade446
Some Key Facts446
The Economic Basis for Trade447
Comparative Advantage: Graphical Analysis448
Supply and Demand Analysis of Exports and Imports453
Trade Barriers456
The Case for Protection: A Critical Review459
Consider This: Shooting Yourself in the Foot460
Last Word: The WTO Protests462
The World Trade Organization463
25Exchange Rates, the Balance of Payments, and Trade Deficits467
Financing International Trade467
The Balance of Payments468
Flexible Exchange Rates471
Consider This: The Big Mac Index473
Fixed Exchange Rates476
International Exchange-Rate Systems478
Recent U.S. Trade Deficits482
Last Word: Speculation in Currency Markets484
26WebTransition Economies: Russia and China488
Ideology and Institutions1
State Ownership and Central Planning2
Problems and Central Planning3
Collapse of the Soviet Economy5
The Russian Transition to a Market System6
Market Reforms in China10
Outcomes and Prospects11
Last Word: Police Smash Down Smirnov's Doors14

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