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- Full title: Microeconomics: Principles & Policy, 14th Edition
- Edition: 14th
- Copyright year: 2020
- Publisher: Cengage Learning
- Author: William J. Baumol; Alan S. Blinder; John L. Solow
- ISBN: 9781337912693, 9781337912693
- Format: PDF
Description of Microeconomics: Principles & Policy, 14th Edition:
Master today’s principles of microeconomics and gain an understanding of current economic issues and their importance as Baumol/Blinder/Solow’s MICROECONOMICS: PRINCIPLES AND POLICY, 14E provides a solid introduction to microeconomics using policy-based examples and applications. Written by several of today’s most respected economists, this book is one of the most up-to-date microeconomics choices on the market — incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated microeconomics concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful microeconomics issues provide an excellent balance of theory to application while keeping you engaged and intrigued.Important Notice: Media content referenced within the product description or the product text may not be available in the ebook version.
Table of Contents of Microeconomics: Principles & Policy, 14th Edition PDF ebook:
Brief ContentsTable of ContentsAvailable VersionsPrefaceAbout the AuthorsPart 1: Getting Acquainted with EconomicsChapter 1: What Is Economics?1-1 Ideas for beyond the Final Exam1-2 Inside the Economist’s Tool KitSummaryKey TermsDiscussion QuestionsAppendix: Using Graphs: A ReviewChapter 2: The Economy: Myth and Reality2-1 The American Economy: A Thumbnail Sketch2-2 The Inputs: Labor and Capital2-3 The Outputs: What Does America Produce?2-4 The Central Role of Business Firms2-5 What’s Missing from the Picture? Government2-6 Conclusion: It’s a Mixed EconomySummaryKey TermsDiscussion QuestionsChapter 3: The Fundamental Economic Problem: Scarcity and Choice3-1 Scarcity, Choice, and Opportunity Cost3-2 Scarcity and Choice for a Single Firm3-3 Scarcity and Choice for the Entire Society3-4 The Three Coordination Tasks of Any Economy3-5 The Concept of Efficiency3-6 Task 1. How the Market Fosters Efficient Resource Allocation3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce3-8 Task 3. How to Distribute the Economy’s Outputs among Consumers3-9 Looking AheadSummaryKey TermsTest YourselfDiscussion QuestionsChapter 4: Supply and Demand: An Initial Look4-1 The Invisible Hand4-2 Demand and Quantity Demanded4-3 Supply and Quantity Supplied4-4 Supply and Demand Equilibrium4-5 Effects of Demand Shifts on Supply-Demand Equilibrium4-6 Supply Shifts and Supply-Demand Equilibrium4-7 Battling the Invisible Hand: The Market Fights Back4-8 A Simple But Powerful LessonSummaryKey TermsTest YourselfDiscussion QuestionsPart 2: The Building Blocks of Demand and SupplyChapter 5: Consumer Choice: Individual and Market Demand5-1 Scarcity and Demand5-2 Utility: A Tool to Analyze Purchase Decisions5-3 Behavioral Economics: Are Economic Decisions Really Made “Rationally”?5-4 Consumer Choice as a Trade-Off: Opportunity Cost5-5 From Individual Demand Curves to Market Demand CurvesSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Analyzing Consumer Choice Graphically: Indifference Curve AnalysisChapter 6: Demand and Elasticity6-1 Elasticity: The Measure of Responsiveness6-2 What Determines Price Elasticities of Demand?6-3 Price Elasticity of Demand: Its Effect on Total Revenue and Total Expenditure6-4 Elasticity as a General Concept6-5 The Time Period of the Demand Curve and Economic Decision Making6-6 Real-World Application: AOL’s Flat Rate Internet Pricing6-7 In ConclusionSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: How Can We Find a True Demand Curve from Historical Statistics?Chapter 7: Production, Inputs, and Cost: Building Blocks for Supply Analysis7-1 The Economic Short Run versus the Economic Long Run7-2 Production, Input Choice, and Cost with One Variable Input7-3 Multiple Input Decisions: The Choice of Optimal Input Combinations7-4 Cost and Its Dependence on Output7-5 Economies of ScaleSummaryKey TermsTest YourselfDiscussion QuestionAppendix: Production Indifference CurvesChapter 8: Output, Price, and Profit: The Importance of Marginal Analysis8-1 Price and Quantity: One Decision, Not Two8-2 Total Profit: Keep Your Eye on the Goal8-3 Economic Profit and Optimal Decision Making8-4 Marginal Analysis and Maximization of Total Profit8-5 Generalization: The Logic of Marginal Analysis and Maximization8-6 Conclusion: The Fundamental Role of Marginal Analysis8-7 The Theory and Reality: A Word of CautionSummaryKey TermsTest YourselfDiscussion QuestionAppendix: The Relationships among Total, Average, and Marginal DataChapter 9: The Financial Markets and the Economy: The Tail That Wags the Dog?9-1 Corporations and Their Unique Characteristics9-2 Stock Exchanges and Their Functions9-3 Betting on Securities: Risks to the Entire EconomySummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Buying Stocks and BondsPart 3: The Virtues of the Free MarketChapter 10: The Firm and the Industry under Perfect Competition10-1 Perfect Competition Defined10-2 The Perfectly Competitive Firm10-3 The Perfectly Competitive Industry10-4 Perfect Competition and Productive EfficiencySummaryKey TermsTest YourselfDiscussion QuestionsChapter 11: The Case for Free Markets: The Price System11-1 Efficient Resource Allocation and Pricing11-2 Scarcity and the Need to Coordinate Economic Decisions11-3 How Perfect Competition Achieves Efficiency: A Graphic Analysis11-4 How Perfect Competition Achieves Efficient Output: Marginal Analysis11-5 Toward Assessment of the Price MechanismSummaryKey TermsTest YourselfDiscussion QuestionsPart 4: The Limitations of Free MarketsChapter 12: Monopoly12-1 Monopoly Defined12-2 The Monopolist’s Supply Decision12-3 Can Anything Good Be Said about Monopoly?12-4 Price Discrimination under Monopoly12-5 Monopsony: The Case of a Single BuyerSummaryKey TermsTest YourselfDiscussion QuestionsChapter 13: Between Competition and Monopoly13-1 Monopolistic Competition13-2 Oligopoly13-3 The Game Theory Approach13-4 Contestable Markets13-5 A Glance Backward: Comparing the Four Market Structures13-6 Monopolistic Competition, Oligopoly, and Public WelfareSummaryKey TermsTest YourselfDiscussion QuestionsChapter 14: Limiting Market Power: Antitrust and Regulation14-1 The Public Interest Issue: Monopoly Power versus Mere Size14-2 Antitrust Laws and Policies14-3 Anticompetitive Behavior and Antitrust14-4 Concentration14-5 What Is Price Regulation?14-6 The Logic behind Price Regulation14-7 Difficulties with Price Regulation14-8 The Deregulation ExperienceSummaryKey TermsDiscussion QuestionsChapter 15: The Shortcomings of Free Markets15-1 What Does the Market Do Poorly?15-2 Efficient Resource Allocation: A Review15-3 Externalities: Getting the Prices Wrong15-4 Provision of Public Goods15-5 Allocation of Resources between Present and Future15-6 Imperfect Information15-7 Market Failure and Government Failure15-8 The Cost Disease of Personal Services15-9 The Market System on Balance15-10 Epilogue: The Unforgiving Market, Its Gift of Abundance, and Its Dangerous FriendsSummaryKey TermsTest YourselfDiscussion QuestionsChapter 16: Externalities, the Environment, and Natural Resources16-1 The Economics of Environmental Protection16-2 Review-Externalities: A Critical Shortcoming of the Market Mechanism16-3 Basic Approaches to Environmental Policy16-4 Two Cheers for the Market16-5 The Economics of Natural Resources16-6 The Free Market and Pricing of Natural Resources16-7 Exhaustible Resources, Scarcity, and Rising Prices16-8 The Bioeconomics of Renewable ResourcesSummaryKey TermsTest YourselfDiscussion QuestionsChapter 17: Taxation and Resource Allocation17-1 Basic Tax Concepts17-2 The Federal Tax System17-3 The State and Local Tax System17-4 The Concept of Equity in Taxation17-5 The Concept of Efficiency in Taxation17-6 Shifting the Tax Burden: Tax Incidence17-7 When Taxation Can Improve Efficiency17-8 Equity, Efficiency, and the Optimal TaxSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: A Graphical Analysis of Excess BurdenPart 5: The Distribution of IncomeChapter 18: Pricing the Factors of Production18-1 The Principle of Marginal Productivity18-2 Inputs and Their Derived Demand Curves18-3 Investment, Capital, and Interest18-4 The Determination of Rent18-5 Payments to Business Owners: Are Profits Too High or Too Low?18-6 Criticisms of Marginal Productivity TheorySummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Discounting and Present ValueChapter 19: Labor and Entrepreneurship: The Human Inputs19-1 The Markets for Labor19-2 Wage Determination in Competitive Markets19-3 The Supply of Labor19-4 Why Do Wages Differ?19-5 Unions and Collective Bargaining19-6 The Entrepreneur: The Other Human Input19-7 The Market Economy’s Incredible Growth Record19-8 Sources of Free-Market Innovation: The Role of the Entrepreneur19-9 Entrepreneurship and Growth19-10 Institutions and the Supply of Innovative EntrepreneurshipSummaryKey TermsTest YourselfDiscussion QuestionsChapter 20: Poverty, Inequality, and Discrimination20-1 The Facts: Poverty20-2 The Facts: Inequality20-3 Some Reasons for Unequal Incomes20-4 The Facts: Discrimination20-5 The Trade-Off between Equality and Efficiency20-6 Policies to Combat Poverty20-7 Other Policies to Combat Inequality20-8 Policies to Combat Discrimination20-9 A Look BackSummaryKey TermsTest YourselfDiscussion QuestionsAppendix: The Economic Theory of DiscriminationPart 6: The United States in the World EconomyChapter 21: International Trade and Comparative Advantage21-1 Why Trade?21-2 International versus Intranational Trade21-3 The Principle of Comparative Advantage21-4 The Arithmetic of Comparative Advantage21-5 Tariffs, Quotas, and Other Interferences with Trade21-6 Why Inhibit Trade?21-7 Can Cheap Imports Hurt a Country?SummaryKey TermsTest YourselfDiscussion QuestionsAppendix: Demand, and Pricing in World TradePart 7: The Economy TodayChapter 22: Contemporary Issues in the U.S. Economy22-1 Will Artificial Intelligence Leave No Work for Humans to Do?22-2 Are Uber and AirBnB the Markets of the Future?22-3 Is The “Gig” Economy the Future of Work?22-4 Is The Student Debt “Crisis” Really a Crisis?22-5 How Will We Pay for Health Insurance?SummaryKey TermsDiscussion QuestionsAppendixGlossaryIndex