Book , Print in English

Principles of microeconomics

N. Gregoy Mankiw.

Stamford, CT : Cengage Learning, [2015]
Copyright Notice: ©2015
Seventh edition.

xxiv, 495 pages : illustrations (chiefly color) ; 26 cm

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Microeconomics

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Author: Mankiw, N. Gregory,

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Problems and Exercises.

Summary

Contents

note: pt. I Introduction
ch. 1 Ten Principles of Economics
1-1. How People Make Decisions
1-1a Principle 1 People Face Trade-offs
1-1b Principle 2 Cost of Something Is What You Give Up to Get It
1-1c Principle 3 Rational People Think at the Margin
1-1c Principle 4 People Respond to Incentives
Case Study: The Incentive Effects of Gasoline Prices
1-2. How People Interact
1-2a Principle 5 Trade Can Make Everyone Better Off
1-2b Principle 6 Markets Are Usually a Good Way to Organize Economic Activity
1-2c Principle 7 Governments Can Sometimes Improve Market Outcomes
FYI: Adam Smith and the Invisible Hand
1-3. How the Economy as a Whole Works
1-3a Principle 8 Country's Standard of Living Depends on Its Ability to Produce Goods and Services
1-3b Principle 9 Prices Rise When the Government Prints Too Much Money
In The News: Why You Should Study Economics
1-3c Principle 10 Society Faces a Short-Run Trade-off between Inflation and Unemployment
1-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 2 Thinking Like an Economist
2-1. Economist as Scientist
2-1a. Scientific Method: Observation, Theory, and More Observation
2-1b. Role of Assumptions
2-1c. Economic Models
2-1d. Our First Model: The Circular-Flow Diagram
2-1e. Our Second Model: The Production Possibilities Frontier
2-1f. Microeconomics and Macroeconomics
2-2. Economist as Policy Adviser
2-2a. Positive versus Normative Analysis
2-2b. Economists in Washington
2-2c. Why Economists' Advice Is Not Always Followed
2-3. Why Economists Disagree
2-3a. Differences in Scientific Judgments
2-3b. Differences in Values
2-3c. Perception versus Reality
In The News: Actual Economists and Virtual Realities
2-4. Let's Get Going
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
APPENDIX Graphing: A Brief Review
Graphs of a Single Variable
Graphs of Two Variables: The Coordinate System
Curves in the Coordinate System
Slope
Cause and Effect
ch. 3 Interdependence and the Gains from Trade
3-1. Parable for the Modern Economy
3-1a. Production Possibilities
3-1b. Specialization and Trade
3-2. Comparative Advantage: The Driving Force of Specialization
3-2a. Absolute Advantage
3-2b. Opportunity Cost and Comparative Advantage
3-2c. Comparative Advantage and Trade
3-2d. Price of the Trade
FYI: The Legacy of Adam Smith and David Ricardo
3-3. Applications of Comparative Advantage
3-3a. Should Tom Brady Mow His Own Lawn?
In The News: Economics within a Marriage
3-3b. Should the United States Trade with Other Countries?
3-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
pt. II How Markets Work
ch. 4 Market Forces of Supply and Demand
4-1. Markets and Competition
4-1a. What Is a Market?
4-1b. What Is Competition?
4-2. Demand
4-2a. Demand Curve: The Relationship between Price and Quantity Demanded
4-2b. Market Demand versus Individual Demand
4-2c. Shifts in the Demand Curve
Case Study: Two Ways to Reduce the Quantity of Smoking Demanded
4-3. Supply
4-3a. Supply Curve: The Relationship between Price and Quantity Supplied
4-3b. Market Supply versus Individual Supply
4-3c. Shifts in the Supply Curve
4-4. Supply and Demand Together
4-4a. Equilibrium
4-4b. Three Steps to Analyzing Changes in Equilibrium
4-5. Conclusion: How Prices Allocate Resources
In The News: Price Increases after Disasters
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 5 Elasticity and Its Application
5-1. Elasticity of Demand
5-1a. Price Elasticity of Demand and Its Determinants
5-1b. Computing the Price Elasticity of Demand
5-1c. Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities
5-1d. Variety of Demand Curves
5-1e. Total Revenue and the Price Elasticity of Demand
FYI: A Few Elasticities from the Real World
5-1f. Elasticity and Total Revenue along a Linear Demand Curve
5-1g. Other Demand Elasticities
5-2. Elasticity of Supply
5-2a. Price Elasticity of Supply and Its Determinants
5-2b. Computing the Price Elasticity of Supply
5-2c. Variety of Supply Curves
5-3. Three Applications of Supply, Demand, and Elasticity
5-3a. Can Good News for Farming Be Bad News for Farmers?
5-3b. Why Did OPEC Fail to Keep the Price of Oil High?
5-3c. Does Drug Interdiction Increase or Decrease Drug-Related Crime?
5-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 6 Supply, Demand, and Government Policies
6-1. Controls on Prices
6-1a. How Price Ceilings Affect Market Outcomes
Case Study: Lines at the Gas Pump
Case Study: Rent Control in the Short Run and the Long Run
6-1b. How Price Floors Affect Market Outcomes
Case Study: The Minimum Wage
6-1c. Evaluating Price Controls
In The News: Venezuela versus the Market
6-2. Taxes
6-2a. How Taxes on Sellers Affect Market Outcomes
6-2b. How Taxes on Buyers Affect Market Outcomes
Case Study: Can Congress Distribute the Burden of a Payroll Tax?
6-2c. Elasticity and Tax Incidence
Case Study: Who Pays the Luxury Tax?
6-3. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
pt. III Markets and Welfare
ch. 7 Consumers, Producers, and the Efficiency of Markets
7-1. Consumer Surplus
7-1a. Willingness to Pay
7-1b. Using the Demand Curve to Measure Consumer Surplus
7-1c. How a Lower Price Raises Consumer Surplus
7-1d. What Does Consumer Surplus Measure?
7-2. Producer Surplus
7-2a. Cost and the Willingness to Sell
7-2b. Using the Supply Curve to Measure Producer Surplus
7-2c. How a Higher Price Raises Producer Surplus
7-3. Market Efficiency
7-3a. Benevolent Social Planner
7-3b. Evaluating the Market Equilibrium
In The News: The Invisible Hand Can Park Your Car
Case Study: Should There Be a Market in Organs?
7-4. Conclusion: Market Efficiency and Market Failure
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 8 Application: The Costs of Taxation
8-1. Deadweight Loss of Taxation
8-1a. How a Tax Affects Market Participants
8-1b. Deadweight Losses and the Gains from Trade
8-2. Determinants of the Deadweight Loss
Case Study: The Deadweight Loss Debate
8-3. Deadweight Loss and Tax Revenue as Taxes Vary
Case Study: The Laffer Curve and Supply-Side Economics
In The News: The Tax Debate
8-4. Conclusion
Summary
Key Concept
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 9 Application: International Trade
9-1. Determinants of Trade
9-1a. Equilibrium without Trade
9-1b. World Price and Comparative Advantage
9-2. Winners and Losers from Trade
9-2a. Gains and Losses of an Exporting Country
9-2b. Gains and Losses of an Importing Country
9-2c. Effects of a Tariff
FYI: Import Quotas: Another Way to Restrict Trade
9-2d. Lessons for Trade Policy
9-2e. Other Benefits of International Trade
In The News: Threats to Free Trade
9-3. Arguments for Restricting Trade
In The News: Should the Winners from Free Trade Compensate the Losers?
9-3a. Jobs Argument
9-3b. National-Security Argument
In The News: Second Thoughts about Free Trade
9-3c. Infant-Industry Argument
9-3d. Unfair-Competition Argument
9-3e. Protection-as-a-Bargaining-Chip Argument
Case Study: Trade Agreements and the World Trade Organization
9-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
pt. IV Economics of the Public Sector
ch. 10 Externalities
10-1. Externalities and Market Inefficiency
10-1a. Welfare Economics: A Recap
10-1b. Negative Externalities
10-1c. Positive Externalities
In The News: The Externalities of Country Living
Case Study: Technology Spillovers, Industrial Policy, and Patent Protection
10-2. Public Policies toward Externalities
10-2a. Command-and-Control Policies: Regulation
10-2b. Market-Based Policy 1: Corrective Taxes and Subsidies
Case Study: Why Is Gasoline Taxed So Heavily?
10-2c. Market-Based Policy 2: Tradable Pollution Permits
10-2d. Objections to the Economic Analysis of Pollution
In The News: What Should We Do about Climate Change?
10-3. Private Solutions to Externalities
10-3a. Types of Private Solutions
10-3b. Coase Theorem
10-3c. Why Private Solutions Do Not Always Work
10-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 11 Public Goods and Common Resources
11-1. Different Kinds of Goods
11-2. Public Goods
11-2a. Free-Rider Problem
11-2b. Some Important Public Goods
Case Study: Are Lighthouses Public Goods? --
Contents note continued: 11-2c. Difficult Job of Cost-Benefit Analysis
Case Study: How Much Is a Life Worth?
11-3. Common Resources
11-3a. Tragedy of the Commons
In The News: The Case for Toll Roads
11-3b. Some Important Common Resources
Case Study: Why the Cow Is Not Extinct
11-4. Conclusion: The Importance of Property Rights
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 12 Design of the Tax System
12-1. Financial Overview of the U.S. Government
12-1a. Federal Government
Case Study: The Fiscal Challenge Ahead
12-1b. State and Local Governments
12-2. Taxes and Efficiency
12-2a. Deadweight Losses
Case Study: Should Income or Consumption Be Taxed?
12-2b. Administrative Burden
12-2c. Marginal Tax Rates versus Average Tax Rates
12-2d. Lump-Sum Taxes
12-3. Taxes and Equity
12-3a. Benefits Principle
12-3b. Ability-to-Pay Principle
Case Study: How the Tax Burden Is Distributed
12-3c. Tax Incidence and Tax Equity
In The News: Tax Expenditures
Case Study: Who Pays the Corporate Income Tax?
11-4. Conclusion: The Trade-off between Equity and Efficiency
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
pt. V Firm Behavior and the Organization of Industry
ch. 13 Costs of Production
13-1. What Are Costs?
13-1a. Total Revenue, Total Cost, and Profit
13-1b. Costs as Opportunity Costs
13-1c. Cost of Capital as an Opportunity Cost
13-1d. Economic Profit versus Accounting Profit
13-2. Production and Costs
13-2a. Production Function
13-2b. From the Production Function to the Total-Cost Curve
13-3. Various Measures of Cost
13-3a. Fixed and Variable Costs
13-3b. Average and Marginal Cost
13-3c. Cost Curves and Their Shapes
13-3d. Typical Cost Curves
13-4. Costs in the Short Run and in the Long Run
13-4a. Relationship between Short-Run and Long-Run Average Total Cost
13-4b. Economies and Diseconomies of Scale
FYI: Lessons from a Pin Factory
13-5. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 14 Firms in Competitive Markets
14-1. What Is a Competitive Market?
14-1a. Meaning of Competition
14-1b. Revenue of a Competitive Firm
14-2. Profit Maximization and the Competitive Firm's Supply Curve
14-2a. Simple Example of Profit Maximization
14-2b. Marginal-Cost Curve and the Firm's Supply Decision
14-2c. Firm's Short-Run Decision to Shut Down
14-2d. Spilt Milk and Other Sunk Costs
Case Study: Near-Empty Restaurants and Off-Season Miniature Golf
14-2e. Firm's Long-Run Decision to Exit or Enter a Market
14-2f. Measuring Profit in Our Graph for the Competitive Firm
14-3. Supply Curve in a Competitive Market
14-3a. Short Run: Market Supply with a Fixed Number of Firms
14-3b. Long Run: Market Supply with Entry and Exit
14-3c. Why Do Competitive Firms Stay in Business If They Make Zero Profit?
14-3d. Shift in Demand in the Short Run and Long Run
14-3e. Why the Long-Run Supply Curve Might Slope Upward
14-4. Conclusion: Behind the Supply Curve
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 15 Monopoly
15-1. Why Monopolies Arise
15-1a. Monopoly Resources
15-1b. Government-Created Monopolies
15-1c. Natural Monopolies
15-2. How Monopolies Make Production and Pricing Decisions
15-2a. Monopoly versus Competition
15-2b. Monopoly's Revenue
15-2c. Profit Maximization
15-2d. Monopoly's Profit
FYI: Why a Monopoly Does Not Have a Supply Curve
Case Study: Monopoly Drugs versus Generic Drugs
15-3. Welfare Cost of Monopolies
15-3a. Deadweight Loss
15-3b. Monopoly's Profit: A Social Cost?
15-4. Price Discrimination
15-4a. Parable about Pricing
15-4b. Moral of the Story
15-4c. Analytics of Price Discrimination
15-4d. Examples of Price Discrimination
In The News: Price Discrimination in Higher Education
15-5. Public Policy toward Monopolies
15-5a. Increasing Competition with Antitrust Laws
15-5b. Regulation
15-5c. Public Ownership
15-5d. Doing Nothing
15-6. Conclusion: The Prevalence of Monopolies
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 16 Monopolistic Competition
16-1. Between Monopoly and Perfect Competition
16-2. Competition with Differentiated Products
16-2a. Monopolistically Competitive Firm in the Short Run
16-2b. Long-Run Equilibrium
16-2c. Monopolistic versus Perfect Competition
16-2d. Monopolistic Competition and the Welfare of Society
In The News: Insufficient Variety as a Market Failure
16-3. Advertising
16-3a. Debate over Advertising
Case Study: Advertising and the Price of Eyeglasses
16-3b. Advertising as a Signal of Quality
16-3c. Brand Names
16-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 17 Oligopoly
17-1. Markets with Only a Few Sellers
17-1a. Duopoly Example
17-1b. Competition, Monopolies, and Cartels
In The News: Public Price Fixing
17-1c. Equilibrium for an Oligopoly
17-1d. How the Size of an Oligopoly Affects the Market Outcome
17-2. Economics of Cooperation
17-2a. Prisoners' Dilemma
17-2b. Oligopolies as a Prisoners' Dilemma
Case Study: OPEC and the World Oil Market
17-2c. Other Examples of the Prisoners' Dilemma
17-2d. Prisoners' Dilemma and the Welfare of Society
17-2e. Why People Sometimes Cooperate
Case Study: The Prisoners' Dilemma Tournament
17-3. Public Policy toward Oligopolies
17-3a. Restraint of Trade and the Antitrust Laws
Case Study: An Ilegal Phone Call
17-3b. Controversies over Antitrust Policy
Case Study: The Microsoft Case
17-4. Conclusion
In The News: Should the N.C.A.A. Be Taken to Court?
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
pt. VI Economics of Labor Markets
ch. 18 Markets for the Factors of Production
18-1. Demand for Labor
18-1a. Competitive Profit-Maximizing Firm
18-1b. Production Function and the Marginal Product of Labor
18-1c. Value of the Marginal Product and the Demand for Labor
18-1d. What Causes the Labor-Demand Curve to Shift?
FYI: Input Demand and Output Supply: Two Sides of the Same Coin
18-2. Supply of Labor
18-2a. Trade-off between Work and Leisure
18-2b. What Causes the Labor-Supply Curve to Shift?
18-3. Equilibrium in the Labor Market
18-3a. Shifts in Labor Supply
18-3b. Shifts in Labor Demand
In The News: The Economics of Immigration
Case Study: Productivity and Wages
FYI: Monopsony
18-4. Other Factors of Production: Land and Capital
18-4a. Equilibrium in the Markets for Land and Capital
FYI: What Is Capital Income?
18-4b. Linkages among the Factors of Production
Case Study: The Economics of the Black Death
18-5. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 19 Earnings and Discrimination
19-1. Some Determinants of Equilibrium Wages
19-1a. Compensating Differentials
19-1b. Human Capital
Case Study: The Increasing Value of Skills
In The News: Higher Education as an Investment
19-1c. Ability, Effort, and Chance
Case Study: The Benefits of Beauty
19-1d. Alternative View of Education: Signaling
19-1e. Superstar Phenomenon
19-1f. Above-Equilibrium Wages: Minimum-Wage Laws, Unions, and Efficiency Wages
19-2. Economics of Discrimination
19-2a. Measuring Labor-Market Discrimination
Case Study: Is Emily More Employable than Lakisha?
19-2b. Discrimination by Employers
Case Study: Segregated Streetcars and the Profit Motive
19-2c. Discrimination by Customers and Governments
Case Study: Discrimination in Sports
In The News: Gender Differences
19-3. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 20 Income Inequality and Poverty
20-1. Measurement of Inequality
20-1a. U.S. Income Inequality
20-1b. Inequality around the World
20-1c. Poverty Rate
20-1d. Problems in Measuring Inequality
Case Study: Alternative Measures of Inequality
20-1e. Economic Mobility
20-2. Political Philosophy of Redistributing Income
20-2a. Utilitarianism
20-2b. Liberalism
20-2c. Libertarianism
20-3. Policies to Reduce Poverty
20-3a. Minimum-Wage Laws
20-3b. Welfare
20-3c. Negative Income Tax
20-3d. In-Kind Transfers
20-3e. Antipoverty Programs and Work Incentives
In The News: International Differences in Income Redistribution
20-4. Conclusion
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
pt. VII Topics for Further Study
ch. 21 Theory of Consumer Choice
21-1. Budget Constraint: What the Consumer Can Afford
21-2. Preferences: What the Consumer Wants --
Contents note continued: 21-2a. Representing Preferences with Indifference Curves
21-2b. Four Properties of Indifference Curves
21-2c. Two Extreme Examples of Indifference Curves
21-3. Optimization: What the Consumer Chooses
21-3a. Consumer's Optimal Choices
FYI: Utility: An Alternative Way to Describe Preferences and Optimization
21-3b. How Changes in Income Affect the Consumer's Choices
21-3c. How Changes in Prices Affect the Consumer's Choices
21-3d. Income and Substitution Effects
21-3e. Deriving the Demand Curve
21-4. Three Applications
21-4a. Do All Demand Curves Slope Downward?
Case Study: The Search for Giffen Goods
21-4b. How Do Wages Affect Labor Supply?
Case Study: Income Effects on Labor Supply: Historical Trends, Lottery Winners, and the Carnegie Conjecture
21-4c. How Do Interest Rates Affect Household Saving?
21-5. Conclusion: Do People Really Think This Way?
Summary
Key Concepts
Questions for Review
Quick Check Multiple Choice
Problems and Applications
ch. 22 Frontiers of Microeconomics
22-1. Asymmetric Information
22-1a. Hidden Actions: Principals, Agents, and Moral Hazard
FYI: Corporate Management
22-1b. Hidden Characteristics: Adverse Selection and the Lemons Problem
22-1c. Signaling to Convey Private Information
Case Study: Gifts as Signals
22-1d. Screening to Uncover Private Information
22-1e. Asymmetric Information and Public Policy
22-2. Political Economy
22-2a. Condorcet Voting Paradox
22-2b. Arrow's Impossibility Theorem
22-2c. Median Voter Is King
22-2d. Politicians Are People Too
22-3. Behavioral Economics
22-3a. People Aren't Always Rational
Case Study: Left-Digit Bias
22-3b. People Care about Fairness
22-3c. People Are Inconsistent over Time
In The News: Can Brain Science Improve Economics?
22-4. Conclusion.

Other information

Includes bibliographical references and index.

ISBN

9781285165905
128516590X
9781285776552
1285776550

Identifying numbers

OCLC: 873136568
OCLC: 873136568

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