Microeconomics / Edition 3

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Overview

The same unique voice that made Paul Krugman a widely read economist is evident on every page of Microeconomics. The product of the partnership of coauthors Krugman and Robin Wells, the book returns in a new edition.

The new edition is informed and informative, solidly grounded in economic fundamentals yet focused on the realities of today’s world and the lives of students. It maintains the signature Krugman/Wells story-driven approach while incorporating organizational changes, new content and features, and new media and supplements.

Watch a video interview of Paul Krugman here.

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Product Details

  • ISBN-13: 9781429283427
  • Publisher: Worth Publishers
  • Publication date: 4/20/2012
  • Edition description: Third Edition
  • Edition number: 3
  • Pages: 608
  • Sales rank: 197,216
  • Product dimensions: 8.40 (w) x 10.80 (h) x 0.90 (d)

Table of Contents

Introduction The Ordinary Business of Life
Any Given Sunday
The Invisible Hand
My Benefit, Your Cost
Good Times, Bad Times
Onward and Upward
An Engine for Discovery

Chapter 1 First Principles
Common Ground
Individual Choice: The Core of Economics
For Inquiring Minds: Got a Penny?
For Inquiring Minds: Pay for Grades?
Economics in Action: A Woman’s Work
Interaction: How Economies Work
For Inquiring Minds: Choosing Sides
Economics in Action: Restoring Equilibrium on the Freeways
Economy-Wide Interactions
Economics in Action: Adventures in Babysitting

Chapter 2 Economic Models: Trade-offs and Trade
Tunnel Vision
Models in Economics: Some Important Examples
For Inquiring Minds: Models for Money
Pitfalls: Misunderstanding Comparative Advantage
Global Comparison: Pajama Republics
Economics in Action: Rich Nation, Poor Nation
Using Models
For Inquiring Minds: When Economists Agree
Economics in Action: Economists in Government

Chapter 2 Appendix: Graphs in Economics
Getting the Picture
Graphs, Variables, and Economic Models
How Graphs Work
A Key Concept: The Slope of a Curve
Calculating the Area Below or Above a Curve
Graphs That Depict Numerical Information

Chapter 3 Supply and Demand
Wake Up and Don’t Smell the Coffee
Supply and Demand: A Model of a Competitive Market
The Demand Curve
Global Comparison: Pay More, Pump Less
Pitfalls: Demand versus Quantity Demanded
Economics in Action: Beating the Traffic
The Supply Curve
Economics in Action: Only Creatures Small and Pampered
Supply, Demand, and Equilibrium
Pitfalls: Bought and Sold?
Economics in Action: The Price of Admission
Changes in Supply and Demand
Pitfalls: Which Curve Is It, Anyway?
For Inquiring Minds: Tribulations on the Runway
Economics in Action: The Great Tortilla Crisis
Competitive Markets—And Others

Chapter 4 Consumer and Producer Surplus
Making Gains by the Book
Consumer Surplus and the Demand Curve
For Inquiring Minds: A Matter of Life and Death
Economics in Action: When Money Isn’t Enough
Producer Surplus and the Supply Curve
Economics in Action: When the Corn Is High
Consumer Surplus, Producer Surplus, and the Gains from Trade
Economics in Action: eBay and Efficiency
A Market Economy
Economics in Action: A Great Leap—Backward

Chapter 5 The Market Strikes Back
Big City, Not-So-Bright Ideas
Why Governments Control Prices
Price Ceilings
For Inquiring Minds: Winners, Losers, and Rent Control
For Inquiring Minds: Rent Control, Mumbai Style
Economics in Action: Hard Shopping in Caracas
Price Floors
For Inquiring Minds: Price Floors and School Lunches
Pitfalls: Ceilings, Floors, and Quantities
Global Comparison: Check Out Our Low, Low Wages!
Economics in Action: "Black Labor" in Southern Europe
Controlling Quantities
Economics in Action: The Clams of New Jersey

Chapter 6 Elasticity
More Precious Than a Flu Shot
Defining and Measuring Elasticity
Economics in Action: Estimating Elasticities
Interpreting the Price Elasticity of Demand
Economics in Action: Responding to Your Tuition Bill
Other Demand Elasticities
For Inquiring Minds: Where Have All the Farmers Gone?
Global Comparison: Food’s Bite In World Budgets
Economics in Action: Spending It
The Price Elasticity of Supply
Economics in Action: European Farm Surpluses An Elasticity Menagerie

Chapter 7 Taxes
A Tax Riot
The Economics of Taxes: A Preliminary View
Economics in Action: Who Pays the FICA?
The Benefits and Costs of Taxation
For Inquiring Minds: The Laffer Curve
Economics in Action: Taxing the Marlboro Man
Tax Fairness and Tax Efficiency
For Inquiring Minds: Killing the Lawyers
Economics in Action: Federal Tax Philosophy
Understanding the Tax System
Global Comparison: You Think You Pay High Taxes?
For Inquiring Minds: Taxing Income versus Taxing Consumption
Economics in Action: The Top Marginal Income Tax Rate

Chapter 8 International Trade
A Seafood Fight
Comparative Advantage and International Trade
Global Comparison: Productivity And Wages Around The World
For Inquiring Minds: Increasing Returns and International Trade
Economics in Action: Skill and Comparative Advantage
Supply, Demand, and International Trade
Economics in Action: Trade, Wages, and Land Prices in the Nineteenth Century The Effects of Trade Protection
Economics in Action: Trade Protection in the United States
The Political Economy of Trade Protection
For Inquiring Minds: Chinese Pants Explosion
Economics in Action: The Doha Deadlock

Chapter 9 Making Decisions
A Tale of Two Invasions
Opportunity Cost and Decisions
For Inquiring Minds: Famous College Dropouts
Economics in Action: Farming in the Shadow of Suburbia
Making "How Much" Decisions: The Role of Marginal Analysis
Pitfalls: Total Cost versus Marginal Cost
Global Comparison: Portion Sizes
Pitfalls: Muddled at the Margin
Economics in Action: The Cost of a Life
Sunk Costs
Economics in Action: A Billion Here, a Billion There . . .
The Concept of Present Value
Economics in Action: How Big Is That Jackpot, Anyway?

Chapter 10 The Rational Consumer
A Clam Too Far
Utility: Getting Satisfaction
For Inquiring Minds: Is Marginal Utility Really Diminishing?
Economics in Action: Oysters versus Chicken
Budgets and Optimal Consumption
For Inquiring Minds: Food for Thought on Budget Constraints
Economics in Action: The Consumption Possibilities of American Workers, 1895–2000
Spending the Marginal Dollar
Pitfalls: The Right Marginal Comparison
For Inquiring Minds: But Are Consumers Really Rational?
Economics in Action: Buying Your Way Out of Temptation
From Utility to the Demand Curve
For Inquiring Minds: Giffin Goods
Economics in Action: Mortgage Rates and Consumer Demand

Chapter 11 Consumer Preferences and Consumer Choice
A Tale of Two Cities
Mapping the Utility Function
For Inquiring Minds: Are Utils Useful?
Indifference Curves and Consumer Choice
Economics in Action: Rats and Rational Choice
Using Indifference Curves: Substitutes and Complements
Economics in Action: Publicity or Piracy?
Prices, Income, and Demand
Pitfalls: “Other Things Equal,” Revisited
Economics in Action: How Much Housing?

Chapter 12 Behind the Supply Curve: Inputs and Costs
The Farmer’s Margin
The Production Function
Global Comparison: Wheat Yields Around The World
Pitfalls: What’s a Unit?
For Inquiring Minds: Was Malthus Right?
Economics in Action: The Mythical Man-Month
Two Key Concepts: Marginal Cost and Average Cost
Economics in Action: Don’t Put Out the Welcome Mat
Short-Run versus Long-Run Costs
Economics in Action: There’s No Business Like Snow Business

Chapter 13 Perfect Competition and the Supply Curve
Doing What Comes Naturally
Perfect Competition
For Inquiring Minds: What’s a Standardized Product?
Economics in Action: The Pain of Competition
Production and Profits
Pitfalls: What If Marginal Revenue and Marginal Cost Aren’t Exactly Equal?
Pitfalls: Economic Profit, Again
Economics in Action: Prices Are Up . . . but So Are Costs
The Industry Supply Curve
Economics in Action: A Crushing Reversal

Chapter 14 Monopoly
Everybody Must Get Stones
Types of Market Structure
The Meaning of Monopoly
Global Comparison: The Price We Pay
Economics in Action: Low Supply and Soaring Demand: A Diamond Producer’s Best Friend
How a Monopolist Maximizes Profit
Pitfalls: Finding the Monopoly Price
Pitfalls: Is There a Monopoly Supply Curve?
For Inquiring Minds: Monopoly Behavior and the Price Elasticity of Demand
Economics in Action: California Power Play
Monopoly and Public Policy
Economics in Action: Cable Dilemmas
Price Discrimination
Economics in Action: Sales, Factory Outlets, and Ghost Cities

Chapter 15 Oligopoly
Caught in the Act
The Prevalence of Oligopoly
Economics in Action: Is it an Oligopoly or Not?
Understanding Oligopoly
Global Comparison: Europe Levels The Playing Field for Coke and Pepsi
Economics in Action: The Great Vitamin Conspiracy
Games Oligopolists Play
Pitfalls: Playing Fair in the Prisoners’ Dilemma
For Inquiring Minds: Prisoners of the Arms Race
Economics in Action: The Rise and Fall and Rise of OPEC
Oligopoly in Practice
For Inquiring Minds: The Art of Conspiracy
Economics in Action: The Price Wars of Christmas
How Important Is Oligopoly?

Chapter 16 Monopolistic Competition and Product Differentiation
Fast-Food Differentiation
The Meaning of Monopolistic Competition
Product Differentiation
For Inquiring Minds: Can’t Buy Love
Economics in Action: Any Color, So Long as It’s Black
Understanding Monopolistic Competition
For Inquiring Minds: Hits and Flops
Economics in Action: The Last Stand of the 6-Percenters?
Monopolistic Competition versus Perfect Competition
Controversies about Product Differentiation
Economics in Action: Absolut Irrationality

Chapter 17 Externalities
Who’ll Stop the Rain?
The Economics of Pollution
Pitfalls: So How Do You Measure the Marginal Social Cost of Pollution?
Pitfalls: So How Do You Measure the Marginal Social Benefit of Pollution?
For Inquiring Minds: Talking and Driving
Economics in Action: Thank You for Not Smoking
Policies Toward Pollution
Global Comparison: Economic Growth and Greenhouse Gases in Five Countries
Economics in Action: Cap and Trade
Production, Consumption, and Externalities
Economics in Action: The Impeccable Economic Logic of Early Childhood
Intervention Programs
Network Externalities
Economics in Action: The Microsoft Case

Chapter 18 Public Goods and Common Resources
The Great Stink
Private Goods—and Others
Pitfalls: Marginal Cost Of What Exactly?
Economics in Action: A Policeman’s Lot
Public Goods
Global Comparison: Voting as a Public Good: The Global Perspective
For Inquiring Minds: Voting as a Public Good Here at Home
Economics in Action: Old Man River
Common Resources
For Inquiring Minds: A Water Fight in Maine
Economics in Action: A Tale of Two Fisheries
Artificially Scarce Goods
Economics in Action: Blacked-Out Games

Chapter 19 The Economics of the Welfare State
Insuring Children’s Health
Poverty, Inequality, and Public Policy
For Inquiring Minds: Justice and the Welfare State
Global Comparison: Poor People In Rich Countries
Economics in Action: Long-Term Trends in Income Inequality
The U.S. Welfare State
Economics in Action: Britain’s War on Poverty
The Economics of Health Care
For Inquiring Minds: California Death Spiral
Economics in Action: The Trouble with Medical Progress
The Debate Over the Welfare State
Economics in Action: French Family Values

Chapter 20 Factor Markets and the Distribution of Income
The Value of a Degree
The Economy’s Factors of Production
Pitfalls: What Is a Factor, Anyway?
For Inquiring Minds: The Factor Distribution of Income and Social Change in the Industrial Revolution
Economics in Action: The Factor Distribution of Income in the United States
Marginal Productivity and Factor Demand
Pitfalls: Getting Marginal Productivity Right
Economics in Action: Help Wanted!
Is the Marginal Productivity Theory of Income Distribution Really True?
Economics in Action: The Economics of Apartheid
The Supply of Labor
For Inquiring Minds: Why You Can’t Find a Cab When It’s Raining
Global Comparison: The Overworked American?
Economics in Action: The Decline of the Summer Job
20 Appendix: Indifference Curve Analysis of Labor Supply
The Time Allocation Budget Line
The Effect of a Higher Wage Rate
Indifference Curve Analysis

Chapter 21 Uncertainty, Risk, and Private Information
The Year of the Hurricane
The Economics of Risk AversionFor Inquiring Minds: The Paradox of Gambling
Pitfalls: Before the Fact versus After the Fact
Economics in Action: Warranties
Buying, Selling, and Reducing Risk
For Inquiring Minds: Those Pesky Emotions
Economics in Action: When Lloyd’s Almost Llost It
Private Information: What You Don’t Know Can Hurt You
Economics in Action: Franchise Owners Try Harder


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