Microeconomics / Michael Parkin.

Format:

Book

Author/Creator:

Parkin, Michael, 1939-

Series:

Addison-Wesley series in economics

The Addison-Wesley series in economics

Language:

English

Subjects (All):

Microeconomics.

Physical Description:

xxxix, 488, 8, 11, 1 page : illustrations (chiefly color) ; 26 cm.

Edition:

Eighth edition.

Place of Publication:

Boston, Mass. : Pearson, [2008]

Contents:

pt. 1. Introduction

1. What is economics? Understanding our changing world

Definition of economics

Two big economic questions

The economic way of thinking

Economics : a social science

Chapter 1 appendix. Graphs in economics

Graphing data

Graphs used in economic models

The slope of a relationship

Graphing relationships among more than two variables

Mathematical note : equations of straight lines

2. The economic problem : good, better, best!

Production possibilities and opportunity cost

Using resources efficiently

Economic growth

Gains from trade

Economic coordination

Reading between the lines : policy watch : the cost and benefit of education

Part 1 wrap-up

Understanding the scope of economics : your economic revolution

Probing the ideas : the sources of economic wealth

Talking with Robert J. Barro.

pt. 2 How markets work

3. Demand and supply : slide, rocket, and roller coaster

Markets and prices

Demand

Supply

Market equilibrium

Predicting changes in price and quantity

Reading between the lines : demand and supply : the price of gasoline

Mathematical note : demand, supply, and equilibrium

4. Elasticity : when prices tumble, does revenue grow?

Price elasticity of demand

More elasticities of demand

Elasticity of supply

Reading between the lines : the elasticities of demand for notebook and desktop computers

5. Efficiency and equity : self-interest and the social interest

Resource and allocation methods

Demand and marginal benefit

Supply and marginal cost

Is the competitive market efficient?

Is the competitive market fair?

Reading between the lines : policy watch : inefficiency in water use

6. Markets in action : turbulent times

Housing markets and rent ceilings

The labor market and the minimum wage

Taxes

Subsidies and quotas

Markets for illegal goods

Reading between the lines : policy watch : the market for illegal downloads

Part 2 wrap-up

Understanding how markets work : the amazing market

Probing the ideas : discovering the laws of demand and supply

Talking with Charles R. Holt.

pt. 3. Households' choices

7. Utility and demand : water, water, everywhere

The household's budget

Preferences and utility

Maximizing utility

Predictions of marginal utility theory

Efficient, price, and value

Reading between the lines : a paradox of value in the labor market

8. Possibilities, preferences, and choices : subterranean movements

Consumption possibilities

Preferences and indifference curves

Predicting consumer behavior

Work-leisure choices

Reading between the lines : the marginal rate of substitution between discs and downloads

Chapter 8 appendix. Marginal utility and indifference curves

Two ways of describing preferences

Utility exists!

Part 3 Wrap-up

Understanding households' choices : making the most of life

Probing the ideas : people as rational decision makers

Talking with Steven D. Levitt.

pt. 4. Firms and markets

9. Organizing production : spinning a web

The firm and its economic problem

Technological and economic efficiency

Information and organization

Markets and the competitive environment

Market and firms

Reading between the lines : battling for markets in Internet search

10. Outputs and costs : survival of the fittest

Decision time frames

Short-run technology constraint

Short-run cost

Long-run cost

Reading between the lines : mergers and costs

11. Perfect competition : the busy bee

What is perfect competition?

The firm's decisions in perfect competition

Output, price, and profit in perfect competition

Changing tastes and advancing technology

Competition and efficiency

Reading between the lines : competition in the orchard

12. Monopoly : dominating the Internet

Market power

A single-price monopoly's output and price decision

Single-price monopoly and competition compared

Price discrimination

Monopoly policy issues

Reading between the lines : policy watch : airline monopolies fade

13. Monopolistic competition and oligopoly : PC war games

What is monopolistic competition?

Price and output in monopolistic competition

Product development and marketing

What is oligopoly?

Two traditional oligopoly models

Oligopoly games

Repeated games and sequential games

Reading between the lines : Dell and HP in a market share game

Part 4 wrap-up

Understanding firms and markets : managing change

Probing the ideas : market power

Talking with Drew Fudenberg.

pt. 5. Market failure and government

14. Regulation and antitrust law : social interest or self-interest?

The economic theory of government

Monopoly and oligopoly regulation

Regulation and deregulation

Antitrust law

Reading between the lines : policy watch : market power of pharmaceutical companies

15. Externalities : greener and smarter

Externalities in our lives

Negative externalities : pollution

Positive externalities : knowledge

Reading between the lines : policy watch : fighting air pollution in California

16. Public goods and common resources : free riding and overusing the commons

Classifying goods and resources

Public goods and the free-rider problem

Common resources

Reading between the lines : policy watch : rain forests : a tragedy of the commons

Part 5 wrap-up

Understanding market failure and government : we, the people ...

Probing the ideas : externalities and property rights

Talking with Caroline M. Hoxby.

pt. 6. Factor markets, inequality, and uncertainty

17. Markets for factors of production : many happy returns

Factor prices and incomes

Labor markets

Labor market power

Capital markets

Natural resource markets

Economic rent, opportunity cost, and taxes

Reading between the lines : labor markets in action

Chapter 17 appendix. Present value and discounting

Comparing current and future dollars

Present value and investment decision

Present value and the interest rate

18. Economic inequality : rags and riches

Measuring economic inequality

The sources of economic inequality

Income redistribution

Reading between the lines : policy watch : trends in inequality

19. Uncertainty and information : lotteries and lemons

Uncertainty and risk

Insurance

Information

Private information

Managing risk in financial markets

Uncertainty, information, and the invisible hand

Reading between the lines : grades as signals

Part 6 wrap-up

Understanding market failure and government : for whom?

Probing the ideas : running out of resources

Talking with David Card

pt. 7. The global economy

20. Trading with the world : silk routes and sucking sounds

Patterns and trends in international trade

The gains from international trade

International trade restrictions

The case against protection

Why is international trade restricted?

Reading between the lines : policy watch : the gains from globalization

Part 7 wrap-up

Understanding the global economy : it's a small world

Probing the ideas : gains from international trade

Talking with Jagdish Bhagwati

Glossary

Index

Credits.

Notes:

Includes bibliographical references and index.

ISBN:

9780321416612

0321416619

9780321493644

0321493648

OCLC:

80181345