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Microeconomics / Michael Parkin

Author
Parkin, Michael, 1939-
Published
Boston : Addison-Wesley, [2010]
Copyright Date
©2010
Edition
9th ed.
Physical Description
xxxix, 486, 8, 10, 1 pages : color illustrations ; 26 cm

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Contents
Machine generated contents note: pt. ONE INTRODUCTION -- ch. 1 What is Economics? -- Definition of Economics -- Microeconomics -- Macroeconomics -- Two Big Economic Questions -- What, How, and For Whom? -- How Can the Pursuit of Self-Interest Promote the Social Interest? -- Self-Interest and the Social Interest -- The Economic Way of Thinking -- Choices and Tradeoffs -- What, How, and for Whom Tradeoffs -- Choices Bring Change -- Opportunity Cost -- Choosing at the Margin -- Responding to Incentives -- Human Nature, Incentives, and Institutions -- Economics as Social Science and Policy Tool -- Economics as Social Science -- Economics as Policy Tool -- Appendix Graphs in Economics -- Graphing Data -- Time-Series Graphs -- Cross-Section Graph -- Scatter Diagrams -- Graphs Used in Economic Models -- Variables That Move in the Same Direction -- Variables That Move in Opposite Directions -- Variables That Have a Maximum or a Minimum -- Variables That Are Unrelated -- The Slope of a Relationship -- The Slope of a Straight Line -- The Slope of a Curved Line -- Graphing Relationships Among More Than Two Variables -- Mathematical Note Equations of Straight Lines -- ch. 2 The Economic Problem -- Production Possibilities and Opportunity Cost -- Production Possibilities Frontier -- Production Efficiency -- Tradeoff Along the PPF -- Opportunity Cost -- Using Resources Efficiently -- The PPF and Marginal Cost -- Preferences and Marginal Benefit -- Allocative Efficiency -- Economic Growth -- The Cost of Economic Growth -- A Nation's Economic Growth -- Gains from Trade -- Comparative Advantage and Absolute Advantage -- Achieving the Gains from Trade -- Dynamic Comparative Advantage -- Economic Coordination -- Firms -- Markets -- Property Rights -- Money -- Circular Flows Through Markets -- Coordinating Decisions -- Reading Between the Lines The Rising Opportunity Cost of Food -- pt. One Wrap-Up -- Understanding the Scope of Economics Your Economic Revolution -- Talking / Jagdish Bhagwati -- pt. TWO HOW MARKETS WORK -- ch. 3 Demand and Supply -- Markets and Prices -- Demand -- The Law of Demand -- Demand Curve and Demand Schedule -- A Change in Demand -- A Change in the Quantity Demanded Versus a Change in Demand -- Supply -- The Law of Supply -- Supply Curve and Supply Schedule -- A Change in Supply -- A Change in the Quantity Supplied Versus a Change in Supply -- Market Equilibrium -- Price as a Regulator -- Price Adjustments -- Predicting Changes in Price and Quantity -- An Increase in Demand -- A Decrease in Demand -- An Increase in Supply -- A Decrease in Supply -- All the Possible Changes in Demand and Supply -- Reading Between the Lines Demand and Supply: The Price of Gasoline -- Mathematical Note Demand, Supply, and Equilibrium -- ch. 4 Elasticity -- Price Elasticity of Demand -- Calculating Price Elasticity of Demand -- Inelastic and Elastic Demand -- Elasticity Along a Straight-Line Demand Curve -- Total Revenue and Elasticity -- Your Expenditure and Your Elasticity -- The Factors That Influence the Elasticity of Demand -- More Elasticities of Demand -- Cross Elasticity of Demand -- Income Elasticity of Demand -- Elasticity of Supply -- Calculating the Elasticity of Supply -- The Factors That Influence the Elasticity of Supply -- Reading Between the Lines The Elasticities of Demand for Gasoline, SUVs, and Subcompacts -- ch. 5 Efficiency and Equity -- Resource Allocation Methods -- Market Price -- Command -- Majority Rule -- Contest -- First-Come, First-Served -- Lottery -- Personal Characteristics -- Force -- Demand and Marginal Benefit -- Demand, Willingness to Pay, and Value -- Individual Demand and Market Demand -- Consumer Surplus -- Supply and Marginal Cost -- Supply, Cost, and Minimum Supply-Price -- Individual Supply and Market Supply -- Producer Surplus -- Is the Competitive Market Efficient? -- Efficiency of Competitive Equilibrium -- Underproduction and Overproduction -- Obstacles to Efficiency -- Alternatives to the Market -- Is the Competitive Market Fair? -- It's Not Fair if the Result Isn't Fair -- It's Not Fair If the Rules Aren't Fair -- Case Study: A Water Shortage in a Natural Disaster -- Reading Between the Lines Is Water Use Efficient? -- ch. 6 Government Actions in Markets -- A Housing Market with a Rent Ceiling -- A Housing Shortage -- Increased Search Activity -- A Black Market -- Are Rent Ceilings Fair? -- A Labor Market with a Minimum Wage -- Minimum Wage Brings Unemployment -- Inefficiency of a Minimum Wage -- Is the Minimum Wage Fair? -- Taxes -- Tax Incidence -- A Tax on Sellers -- A Tax on Buyers -- Equivalence of Tax on Buyers and Sellers -- Tax Incidence and Elasticity of Demand -- Tax Incidence and Elasticity of Supply -- Taxes and Efficiency -- Taxes and Fairness -- Production Quotas and Subsidies -- Production Quotas -- Subsidies -- Markets for Illegal Goods -- A Free Market for a Drug -- A Market for an Illegal Drug -- Legalizing and Taxing Drugs -- Reading Between the Lines Government Actions in Gasoline Markets -- ch. 7 Global Markets in Action -- How Global Markets Work -- International Trade Today -- What Drives International Trade? -- Why the United States Imports T-Shirts -- Why the United States Exports Airplanes -- Winners, Losers, and the Net Gain from Trade -- Gains and Losses from Imports -- Gains and Losses from Exports -- International Trade Restrictions -- Tariffs -- Import Quotas -- Other Import Barriers -- Export Subsidies -- The Case Against Protection -- The Infant-Industry Argument -- The Dumping Argument -- Saves Jobs -- Allow Us to Compete with Cheap Foreign Labor -- Penalizes Lax Environmental Standards -- Prevents Rich Countries from Exploiting Developing Countries -- Offshore Outsourcing -- Avoiding Trade Wars -- Why is International Trade Restricted? -- Compensating Losers -- Reading Between the Lines A Worn-Out Tariff -- pt. Two Wrap-Up -- Understanding How Markets Work The Amazing Market -- Talking / Susan Athey -- pt. THREE HOUSEHOLDS' CHOICES -- ch. 8 Utility and Demand -- Maximizing Utility -- Total Utility -- Marginal Utility -- Graphing Lisa's Utility Schedules -- The Utility-Maximizing Choice -- Choosing at the Margin -- The Power of Marginal Analysis -- Predictions of Marginal Utility Theory -- A Fall in the Price of a Movie -- A Rise in the Price of Soda -- A Rise in Income -- The Paradox of Value -- Temperature: An Analogy -- New Ways of Explaining Consumer Choices -- Behavioral Economics -- Neuroeconomics -- Controversy -- Reading Between the Lines A Paradox of Value: Paramedics and Hockey Players -- ch. 9 Possibilities, Preferences, and Choices -- Consumption Possibilities -- Budget Equation -- Preferences and Indifference Curves -- Marginal Rate of Substitution -- Degree of Substitutability -- Predicting Consumer Choices -- Best Affordable Choice -- A Change in Price -- A Change in Income -- Substitution Effect and Income Effect -- Back to the Facts -- Work-Leisure Choices -- Labor Supply -- The Labor Supply Curve -- Reading Between the Lines Paper Books Versus e-Books -- pt. Three Wrap-Up -- Understanding Households' Choices Making the Most of Life -- Talking / Steven D. Levitt -- pt. FOUR FIRMS AND MARKETS -- ch. 10 Organizing Production -- The Firm and Its Economic Problem -- The Firm's Goal -- Accounting Profit -- Economic Accounting -- A Firm's Opportunity Cost of Production -- Economic Accounting: A Summary -- Decisions -- The Firm's Constraints -- Technological and Economic Efficiency -- Technological Efficiency -- Economic Efficiency -- Information and Organization -- Command Systems -- Incentive Systems -- Mixing the Systems -- The Principal-Agent Problem -- Coping with the Principal-Agent Problem -- Types of Business Organization -- Pros and Cons of Different Types of Firms -- Markets and the Competitive Environment -- Measures of Concentration -- Limitations of Concentration Measures -- Market and Firms -- Market Coordination -- Why Firms? -- Reading Between the Lines Battling for Markets in Internet Search -- ch. 11 Output and Costs -- Decision Time Frames -- The Short Run -- The Long Run -- Short-Run Technology Constraint -- Product Schedules -- Product Curves -- Total Product Curve -- Marginal Product Curve -- Average Product Curve -- Short-Run Cost -- Total Cost -- Marginal Cost -- Average Cost -- Marginal Cost and Average Cost -- Why the Average Total Cost Curve is U-Shaped -- Cost Curves and Product Curves -- Shifts in the Cost Curves -- Long-Run Cost -- The Production Function -- Short-Run Cost and Long-Run Cost -- The Long-Run Average Cost Curve -- Economies and Diseconomies of Scale -- Reading Between the Lines Cutting the Cost of Clean Electricity -- ch. 12 Perfect Competition -- What is Perfect Competition -- How Perfect Competition Arises -- Price Takers -- Economic Profit and Revenue -- The Firm's Decisions -- The Firm's Output Decision -- Marginal Analysis and the Supply Decision -- Temporary Shutdown Decision -- The Firm's Supply Curve -- Output, Price, and Profit in the Short Run -- Market Supply in the Short Run -- Short-Run Equilibrium -- A Change in Demand -- Profits and Losses in the Short Run -- Three Possible Short-Run Outcomes -- Output, Price, and Profit in the Long Run -- Entry and Exit -- A Closer Look at Entry -- A Closer Look at Exit -- Long-Run Equilibrium -- Changing Tastes and Advancing Technology -- A Permanent Change in Demand -- External Economies and Diseconomies -- Technological Change -- Competition and Efficiency -- Efficient Use of Resources -- Choices, Equilibrium, and Efficiency -- Reading Between the Lines Airlines Exit -- ch. 13 Monopoly -- Monopoly and How it Arises -- How Monopoly Arises -- Monopoly Price-Setting Strategies -- A Single-Price Monopoly's Output and Price Decision -- Price and Marginal Revenue -- Marginal Revenue and Elasticity -- Price and Output Decision -- Single-Price Monopoly and Competition Compared -- Comparing Price and Output -- Efficiency Comparison -- and Contents note continued: Redistribution of Surpluses -- Rent Seeking -- Rent-Seeking Equilibrium -- Price Discrimination -- Capturing Consumer Surplus -- Profiting by Price Discriminating -- Perfect Price Discrimination -- Efficiency and Rent Seeking with Price Discrimination -- Monopoly Regulation -- Efficient Regulation of a Natural Monopoly -- Second-Best Regulation of a Natural Monopoly -- Reading Between the Lines European View of Microsoft -- ch. 14 Monopolistic Competition -- What is Monopolistic Competition? -- Large Number of Firms -- Product Differentiation -- Competing on Quality, Price, and Marketing -- Entry and Exit -- Examples of Monopolistic Competition -- Price and Output in Monopolistic Competition -- The Firm's Short-Run Output and Price Decision -- Profit Maximizing Might Be Loss Maximizing -- Long-Run: Zero Economic Profit -- Monopolistic Competition and Perfect Competition -- Is Monopolistic Competition Efficient? -- Product Development and Marketing -- Innovation and Product Development -- Advertising -- Using Advertising to Signal Quality -- Brand Names -- Efficiency of Advertising and Brand Names -- Reading Between the Lines Product Differentiation in the 3G Cell Phone Market -- ch. 15 Oligopoly -- What is Oligopoly? -- Barriers to Entry -- Small Number of Firms -- Examples of Oligopoly -- Two Traditional Oligopoly Models -- The Kinked Demand Curve Model -- Dominant Firm Oligopoly -- Oligopoly Games -- What is a Game? -- The Prisoners' Dilemma -- An Oligopoly Price-Fixing Game -- Other Oligopoly Games -- The Disappearing Invisible Hand -- A Game of Chicken -- Repeated Games and Sequential Games -- A Repeated Duopoly Game -- A Sequential Entry Game in a Contestable Market -- Antitrust Law -- The Antitrust Laws -- Price Fixing Always Illegal -- Three Antitrust Policy Debates -- Mergers and Acquisitions -- Reading Between the Lines Dell and HP in a Market Share Game -- pt. Four Wrap-Up -- Understanding Firms and Markets Managing Change and Limiting Market Power -- Talking / Drew Fudenberg -- pt. FIVE MARKET FAILURE AND GOVERNMENT -- ch. 16 Externalities -- Externalities in Our Lives -- Negative Production Externalities -- Negative Consumption Externalities -- Positive Production Externalities -- Positive Consumption Externalities -- Negative Externalities: Pollution -- Private Costs and Social Costs -- Production and Pollution: How Much? -- Property Rights -- The Coase Theorem -- Government Actions in the Face of External Costs -- Positive Externalities: Knowledge -- Private Benefits and Social Benefits -- Government Actions in the Face of External Benefits -- Reading Between the Lines Fighting Carbon Emissions with a Carbon Tax and Solar Subsidy -- ch. 17 Public Goods and Common Resources -- Classifying Goods and Resources -- Excludable -- Rival -- A Fourfold Classification -- Public Goods -- The Free-Rider Problem -- Marginal Social Benefit of a Public Good -- Marginal Social Cost of a Public Good -- Efficient Quantity of a Public Good -- Inefficient Private Provision -- Efficient Public Provision -- Inefficient Public Overprovision -- Two Types of Political Equilibrium -- Why Government is Large and Growing -- Voters Strike Back -- Common Resources -- The Tragedy of the Commons -- Sustainable Production -- An Overfishing Equilibrium -- The Efficient Use of the Commons -- Achieving an Efficient Outcome -- Public Choice and the Political Equilibrium -- Reading Between the Lines Rainforests: A Tragedy of the Commons -- pt. Five Wrap-Up -- We, the People -- Talking / Caroline M. Hoxby -- pt. SIX FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY -- ch. 18 Markets for Factors of Production -- The Anatomy of Factor Markets -- Markets for Labor Services -- Markets for Capital Services -- Markets for Land Services and Natural Resources -- Entrepreneurship -- The Demand for a Factor of Production -- Value of Marginal Product -- A Firm's Demand for Labor -- A Firm's Demand for Labor Curve -- Changes in a Firm's Demand for Labor -- Labor Markets -- A Competitive Labor Market -- A Labor Market with a Union -- The Scale of the Union-Nonunion Wage Gap -- Trends and Differences in Wage Rates -- Capital and Natural Resource Markets -- Capital Rental Markets -- Land Rental Markets -- Nonrenewable Natural Resource Markets -- Reading Between the Lines The Oil Market in Action -- Mathematical Note Present Value and Discounting -- ch. 19 Economic Inequality -- Measuring Economic Inequality -- The Distribution of Income -- The Income Lorenz Curve -- The Distribution of Wealth -- Wealth or Income? -- Annual or Lifetime Income and Wealth? -- Trends in Inequality -- Poverty -- The Sources of Economic Inequality -- Human Capital -- Discrimination -- Unequal Wealth -- Income Redistribution -- Income Taxes -- Income Maintenance Programs -- Subsidized Services -- The Big Tradeoff -- Reading Between the Lines Trends in Inequality -- ch. 20 Uncertainty and Information -- Decisions in the Face of Uncertainty -- Expected Wealth -- Risk Aversion -- Utility of Wealth -- Expected Utility -- Making a Choice with Uncertainty -- Buying and Selling Risk -- Insurance Markets -- A Graphical Analysis of Insurance -- Risk That Can't Be Insured -- Private Information -- Asymmetric Information: Examples and Problems -- The Market for Used Cars -- The Market for Loans -- The Market for Insurance -- Uncertainty, Information, and the Invisible Hand -- Information as a Good -- Monopoly in Markets that Cope with Uncertainty -- Reading Between the Lines Grades as Signals -- pt. Six Wrap-Up -- Understanding Market Failure and Government For Whom? -- Talking / David Card.
Summary
From the global food shortage to the global financial climate, economic issues permeate your everyday life. By applying economic theory to today's events, news, and research, Michael Parkin trains you to think the way real economists do, so you can begin to explore challenging policy concerns and make more informed decisions in your own life. --
Optimize your study time with MyEconLab®, the online assessment and tutorial system. When you take a sample test online, MyEconLab gives targeted feedback and a personalized Study Plan to identify the topics you need to review. You also have access to Parkin's daily Economics in the News articles and study tools like PowerPoint® lectures, ABC News clips, flashcards, and an option to view the complete eBook. --Book Jacket.
Subject(s)
ISBN
9780321592873 (U.S. ed.)
0321592875 (U.S. ed.)
9780321600042 (pbk.)
0321600045 (pbk.)
0321449142 (student access kit)
9780321449146 (student access kit)
Note
Previous edition: Boston, Mass.: Pearson, 2008.
Includes index.
Bibliography Note
Includes bibliographical references and index.
View MARC record | catkey: 28341129