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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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Also known as
  • Microeconomics
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Subjects
Genre
  • Problems and Exercises.
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