Principles of Microeconomics / Edition 5

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Taylor's clear exposition and engaging, well-chosen examples complemented by a unique graphical treatment help clarify abstract economic concepts and encourage students to develop an economic way of thinking. The numerous graphs, including Taylor's trademark Conversation Boxes, provide a visual, step-by-step demonstration of the economic models and theories under discussion.

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Editorial Reviews

From the Publisher
"I chose the Principles of Economics by Taylor/Weerapana because I liked the "Clarity of writing. It is a good, solid book with clear explanations."

"Some reasons I chose Principles of Economics by Taylor/Weerapana is "The organization, coverage, level of difficulty. Clarity of presentation, end of chapter exercises, pedagogy/approach, discussion of pertinent current economic issues, global coverage/scope."

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Product Details

  • ISBN-13: 9780618640874
  • Publisher: Cengage Learning
  • Publication date: 2/4/2006
  • Edition description: Older Edition
  • Edition number: 5
  • Pages: 576
  • Product dimensions: 8.50 (w) x 9.90 (h) x 0.90 (d)

Meet the Author

John B. Taylor, a highly regarded and widely honored figure, has earned numerous awards for both teaching and leadership in International Finance. Dr. Taylor is currently the Raymond Professor of Economics at Stanford University, where he has received the Hoagland Prize for excellence in undergraduate teaching and Rhodes Prize for teaching introductory economics. Dr. Taylor was founding Director of the innovative Stanford Introductory Economics Center and has served as Director of the Stanford Institute for Economic Policy Research. Since 1976, Dr. Taylor has worked in numerous government economic advisory roles. From 2001 to 2005, Dr. Taylor served as Undersecretary of Treasury for International Affairs, where he developed and implemented U.S. international financial policy, including currencies; trade in financial services; foreign investment, international debt; and reform of the International Monetary Fund, the World Bank, and other international financial institutions. Dr. Taylor was awarded the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. He was awarded the Treasury Distinguished Service Award for designing and implementing the financial reconstruction plan in Iraq and was awarded the Alexander Hamilton Award for his leadership in international finance. His accomplishments include helping to assemble an international coalition to freeze terrorist assets, expediting Afghanistan's economic reconstruction, creating a new currency and central bank in Iraq, forging an international agreement to reduce Iraq's debt by 80 percent, and creating a new economic engagement with Broader Middle East and North African countries. Taylor received his B.A. in Economics summa cum laude from Princeton University and Ph.D. in Economics from Stanford University.

Akila Weerapana is Associate Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to complete his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. Inspired by his professors at Oberlin, he attended graduate school at Stanford University. He received his Ph.D. in Economics from Stanford in 1999, writing his dissertation in monetary economics under the mentorship of Dr. John Taylor. Having taught several classes at Stanford while he was a graduate student, Dr. Weerapana was determined to pursue a career as a liberal arts college professor, combining his research interests with the opportunity to teach economics to gifted college students. Since 1999 Dr. Weerapana has taught more than 800 students at the Economics Department at Wellesley College. His teaching interests span all levels of the department's curriculum, including introductory and intermediate macroeconomics, international finance, monetary economics and mathematical economics. He was awarded Wellesley's Pinanski Prize for Excellence in Teaching in 2002. He has advised many students who have pursued graduate studies in economics or who have worked in economic research at the Federal Reserve. In addition to teaching, Dr. Weerapana's research interests focus on macroeconomics, specifically in the areas of monetary economics, international finance and political economy.

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Table of Contents

Note: Each chapter includes a Conclusion, Key Points, Key Terms, Questions for Review, and Problems. Each appendix includes Key Points, Key Terms and Definitions, Questions for Review, and Problems. I. Introduction to Economics 1. 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 on the Radio 2. 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 Observations with Graphs Visualizing Models with Graphs 3. 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 4. 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? II. Principles of Microeconomics 5. 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 6. 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 7. 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 III. The Economics of the Firm 8. 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 9. 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 10. 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 11. 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 12. 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 IV. Markets, Income Distribution, and Public Goods 13. 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? 14. 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? 15. 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 16. 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 V. Trade and Global Markets 17. 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 18. 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

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