Book
,
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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
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- Microeconomics
- Subjects
- Genre
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- Problems and Exercises.
- Contents
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- 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
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- Includes bibliographical references and index.
- ISBN
-
- 9781285165905
- 128516590X
- 9781285776552
- 1285776550
- Identifying numbers
-
- OCLC: 873136568
- OCLC: 873136568