Principles of Microeconomics

Cover
About the Author
Preface: To the Instructor
Brief Contents
Contents
Preface: To the Student
Chapter 1: Ten Principles of Economics
	1-1 How People Make Decisions
	1-2 How People Interact
	1-3 How the Economy as a Whole Works
	1-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 2: Thinking Like an Economist
	2-1 The Economist as Scientist
	2-2 The Economist as Policy Adviser
	2-3 Why Economists Disagree
	2-4 Let's Get Going
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
	Appendix Graphing: A Brief Review
Chapter 3: Interdependence and the Gains from Trade
	3-1 A Parable for the Modern Economy
	3-2 Comparative Advantage: The Driving Force of Specialization
	3-3 Applications of Comparative Advantage
	3-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 4: The Market Forces of Supply and Demand
	4-1 Markets and Competition
	4-2 Demand
	4-3 Supply
	4-4 Supply and Demand Together
	4-5 Conclusion: How Prices Allocate Resources
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 5: Elasticity and Its Application
	5-1 The Elasticity of Demand
	5-2 The Elasticity of Supply
	5-3 Three Applications of Supply, Demand, and Elasticity
	5-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 6: Supply,Demand, and Government Policies
	6-1 Controls on Prices
	6-2 Taxes
	6-3 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 7: Consumers, Producers, and the Efficiency of Markets
	7-1 Consumer Surplus
	7-2 Producer Surplus
	7-3 Market Efficiency
	7-4 Conclusion: Market Efficiency and Market Failure
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 8: Application: The Costs of Taxation
	8-1 The Deadweight Loss of Taxation
	8-2 The Determinants of the Deadweight Loss
	8-3 Deadweight Loss and Tax Revenue as Taxes Vary
	8-4 Conclusion
	Chapter in a Nutshell
	Key Concept
	Questions for Review
	Problems and Applications
Chapter 9: Application: International Trade
	9-1 The Determinants of Trade
	9-2 The Winners and Losers from Trade
	9-3 The Arguments for Restricting Trade
	9-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 10: Externalities
	10-1 Externalities and Market Inefficiency
	10-2 Public Policies toward Externalities
	10-3 Private Solutions to Externalities
	10-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 11: Public Goods and Common Resources
	11-1 The Different Kinds of Goods
	11-2 Public Goods
	11-3 Common Resources
	11-4 Conclusion: The Importance of Property Rights
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 12: The Design of the Tax System
	12-1 An Overview of U.S. Taxation
	12-2 Taxes and Efficiency
	12-3 Taxes and Equity
	12-4 Conclusion: The Trade-Off between Equity and Efficiency
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 13: The Costs of Production
	13-1 What Are Costs?
	13-2 Production and Costs
	13-3 The Various Measures of Cost
	13-4 Costs in the Short Run and in the Long Run
	13-5 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 14: Firms in Competitive Markets
	14-1 What Is a Competitive Market?
	14-2 Profit Maximization and the Competitive Firm's Supply Curve
	14-3 The Supply Curve in a Competitive Market
	14-4 Conclusion: Behind the Supply Curve
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 15: Monopoly
	15-1 Why Monopolies Arise
	15-2 How Monopolies Make Production and Pricing Decisions
	15-3 The Welfare Cost of Monopolies
	15-4 Price Discrimination
	15-5 Public Policy toward Monopolies
	15-6 Conclusion: The Prevalence of Monopolies
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 16: Monopolistic Competition
	16-1 Between Monopoly and Perfect Competition
	16-2 Competition with Differentiated Products
	16-3 Advertising
	16-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 17: Oligopoly
	17-1 Markets with Only a Few Sellers
	17-2 The Economics of Cooperation
	17-3 Public Policy toward Oligopolies
	17-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 18: The Markets for the Factors of Production
	18-1 The Demand for Labor
	18-2 The Supply of Labor
	18-3 Equilibrium in the Labor Market
	18-4 The Other Factors of Production: Land and Capital
	18-5 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 19: Earnings and Discrimination
	19-1 Some Determinants of Equilibrium Wages
	19-2 The Economics of Discrimination
	19-3 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 20: Income Inequality and Poverty
	20-1 Measuring Inequality
	20-2 The Political Philosophy of Redistributing Income
	20-3 Policies to Reduce Poverty
	20-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 21: The Theory of Consumer Choice
	21-1 The Budget Constraint: What a Consumer Can Afford
	21-2 Preferences: What a Consumer Wants
	21-3 Optimization: What a Consumer Chooses
	21-4 Three Applications
	21-5 Conclusion: Do People Really Think This Way?
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Chapter 22: Frontiers of Microeconomics
	22-1 Asymmetric Information
	22-2 Political Economy
	22-3 Behavioral Economics
	22-4 Conclusion
	Chapter in a Nutshell
	Key Concepts
	Questions for Review
	Problems and Applications
Glossary
Index