Microeconomics

Cover
Brief Contents
Contents
About the Authors
Preface
Acknowledgements
Part 1: Introduction to Economics
	Chapter 1: What Is Economics?
		The Economy and Economic Systems
		How People Make Decisions
		How People Interact
		How the Economy as a Whole Works
		Summary
		Questions for Review
		Problems and Applications
	Chapter 2: Thinking Like an Economist
		Introduction
		Economic Methodology
		Schools of Thought
		The Economist as Policy Advisor
		Why Economists Disagree
		Summary
		Questions for Review
		Problems and Applications
Part 2: The Theory of Competitive Markets
	Chapter 3: The Market Forces of Supply and Demand
		The Assumptions of the Competitive Market Model
		Demand
		Shifts versus Movements along the Demand Curve
		Supply
		Supply and Demand Together
		Prices as Signals
		Analyzing Changes in Equilibrium
		Elasticity
		The Price Elasticity of Demand
		Other Demand Elasticities
		Price Elasticity of Supply
		Applications of Supply and Demand Elasticity
		Summary
		Questions for Review
		Problems and Applications
	Chapter 4: Background to Demand: Consumer Choices
		The Standard Economic Model
		The Budget Constraint: What the Consumer Can Afford
		Preferences: What the Consumer Wants
		Optimization: What the Consumer Chooses
		Conclusion: Do People Really Behave This Way?
		Behavioural Approaches to Consumer Behaviour
		Summary
		Questions for Review
		Problems and Applications
	Chapter 5: Background to Supply: Firms in Competitive Markets
		The Costs of Production
		Production and Costs
		The Various Measures of Cost
		Costs in the Short Run and in the Long Run
		Summary
		Returns to Scale
		What Is a Competitive Market?
		Profit Maximization and the Competitive Firm's Supply Curve
		The Supply Curve in a Competitive Market
		Conclusion: Behind the Supply Curve
		Summary
		Questions for Review
		Problems and Applications
	Chapter 6: Consumers, Producers and the Efficiency of Markets
		Consumer Surplus
		Producer Surplus
		Market Efficiency
		Summary
		Questions for Review
		Problems and Applications
Part 3: Interventions in Markets
	Chapter 7: Supply, Demand and Government Policies
		Controls on Prices
		Taxes
		Subsidies
		The Tax System
		The Deadweight Loss of Taxation
		Administrative Burden
		The Design of the Tax System
		Taxes and Equity
		Summary
		Questions for Review
		Problems and Applications
	Chapter 8: Public Goods, Common Resources and Merit Goods
		The Different Kinds of Goods
		Public Goods
		Common Resources
		Merit Goods
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
	Chapter 9: Market Failure and Externalities
		Market Failure
		Externalities
		Externalities and Market Inefficiency
		Private Solutions to Externalities
		Public Policies towards Externalities
		Public/Private Policies towards Externalities
		Government Failure
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
Part 4: Firm Behaviour and Market Structures
	Chapter 10: Firms' Production Decisions
		Isoquants and Isocosts
		The Least-Cost Input Combination
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
	Chapter 11: Market Structures I: Monopoly
		Imperfect Competition
		Why Monopolies Arise
		How Monopolies Make Production and Pricing Decisions
		The Welfare Cost of Monopoly
		Price Discrimination
		Public Policy towards Monopolies
		Conclusion: The Prevalence of Monopoly
		Summary
		Questions for Review
		Problems and Applications
	Chapter 12: Market Structures II: Monopolistic Competition
		Competition with Differentiated Products
		Advertising and Branding
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
	Chapter 13: Market Structures III: Oligopoly
		Characteristics of Oligopoly
		Game Theory and the Economics of Cooperation
		Entry Barriers in Oligopoly
		Public Policy towards Oligopolies
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
	Chapter 14: Market Structures IV: Contestable Markets
		The Nature of Contestable Markets
		The Limitations of Contestability
		Summary
		Summary
		Questions for Review
		Problems and Applications
Part 5: Factor Markets
	Chapter 15: The Economics of Factor Markets
		The Marginal Product Theory of Distribution
		The Demand for Labour
		The Supply of Labour
		Equilibrium in the Labour Market
		Other Theories of the Labour Market
		Marxist Labour Theory
		Feminist Economics and the Labour Market
		Monopsony
		Wage Differentials
		The Economics of Discrimination
		The Other Factors of Production: Land and Capital
		Economic Rent
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
Part 6: Inequality
	Chapter 16: Income Inequality and Poverty
		The Measurement of Inequality
		The Political Philosophy of Redistributing Income
		Policies to Reduce Poverty
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
Part 7: Trade
	Chapter 17: Interdependence and the Gains from Trade
		The Production Possibilities Frontier
		International Trade
		The Principle of Comparative Advantage
		The Determinants of Trade
		The Winners and Losers from Trade
		Restrictions on Trade
		Criticisms of Comparative Advantage Theory
		Other Theories of International Trade
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
Part 8: Heterodox Economics
	Chapter 18: Information and Behavioural Economics
		Principal and Agent
		Asymmetric Information
		Behavioural Economics
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
	Chapter 19: Heterodox Theories in Economics
		Introduction
		Institutional Economics
		Feminist Economics
		Complexity Economics
		Conclusion
		Summary
		Questions for Review
		Problems and Applications
Glossary
Index
Credits
List of Formulae