Introduction
ABOUT THE AUTHORS
BRIEF CONTENTS
CONTENTS
PREFACE
TOOLS FOR LEARNING WALKTHROUGH
Resources for Students and Instructors
Introduction
The Invisible Hand
My Benefit, Your Cost
Good Times, Bad Times
Onward and Upward
An Engine for Discovery
KEY TERMS
Chapter Introduction
Principles That Underlie Individual Choice: The Core of Economics
Interaction: How Economies Work
Economy-Wide Interactions
Summary
Key Terms
Problems
Chapter Introduction
Models in Economics: Some Important Examples
Opportunity Cost
Using Models
Summary
Key Terms
Problems
Getting the Picture
Graphs, Variables, and Economic Models
How Graphs Work
A Key Concept: The Slope of a Curve
Calculating the Area Below or Above a Curve
Graphs That Depict Numerical Information
Problems
Chapter Introduction
Supply and Demand: A Model of a Competitive Market
The Demand Curve
The Supply Curve
Supply, Demand, and Equilibrium
Changes in Supply and Demand
Competitive Markets”And Others
Summary
Key Terms
Problems
Chapter Introduction
Consumer Surplus and the Demand Curve
Producer Surplus and the Supply Curve
Consumer Surplus, Producer Surplus, and the Gains from Trade
A Market Economy
Summary
Key Terms
Problems
Chapter Introduction
Why Governments Control Prices
Price Ceilings
Price Floors
Controlling Quantities
Summary
Key Terms
Problems
Chapter Introduction
Defining and Measuring Elasticity
Interpreting the Price Elasticity of Demand
Other Demand Elasticities
The Price Elasticity of Supply
An Elasticity Menagerie
Summary
Key Terms
Problems
Chapter Introduction
The Economics of Taxes: A Preliminary View
The Benefits and Costs of Taxation
Tax Fairness and Tax Efficiency
Understanding the Tax System
Summary
Key Terms
Problems
Chapter Introduction
Comparative Advantage and International Trade
Supply, Demand, and International Trade
The Effects of Trade Protection
The Political Economy of Trade Protection
Summary
Key Terms
Problems
Chapter Introduction
Costs, Benefits, and Profits
Making 'How Much' Decisions: The Role of Marginal Analysis
Sunk Costs
Behavioral Economics
Summary
Key Terms
Problems
Understanding Present Value
How to Calculate the Present Value of a One-Year Project
How to Calculate the Present Value of Multiyear Projects
How to Calculate the Present Value of Projects with Revenues and Costs
Key Terms
Problems
Chapter Introduction
Utility: Getting Satisfaction
Budgets and Optimal Consumption
Spending the Marginal Dollar
From Utility to the Demand Curve
Summary
Key Terms
Problems
Consumer Preferences and Consumer Choice
Mapping the Utility Function
Indifference Curves and Consumer Choice
Using Indifference Curves: Substitutes and Complements
Prices, Income, and Demand
Problems
Chapter Introduction
The Production Function
Two Key Concepts: Marginal Cost and Average Cost
Short-Run versus Long-Run Costs
Summary
Key Terms
Problems
Chapter Introduction
Perfect Competition
Production and Profits
The Industry Supply Curve
Summary
Key Terms
Problems
Chapter Introduction
Types of Market Structure
The Meaning of Monopoly
How a Monopolist Maximizes Profit
Monopoly and Public Policy
Price Discrimination
Summary
Key Terms
Problems
Chapter Introduction
The Prevalence of Oligopoly
Understanding Oligopoly
Games Oligopolists Play
Oligopoly in Practice
Summary
Key Terms
Problems
Chapter Introduction
The Meaning of Monopolistic Competition
Product Differentiation
Understanding Monopolistic Competition
Monopolistic Competition versus Perfect Competition
Controversies About Product Differentiation
Summary
Key Terms
Problems
Chapter Introduction
External Costs and Benefits
Policies Toward Pollution
Positive Externalities
Network Externalities
Summary
Key Terms
Problems
Chapter Introduction
Private Goods - and Others
Public Goods
Common Resources
Artificially Scarce Goods
Summary
Key Terms
Problems
Chapter Introduction
Poverty, Inequality, and Public Policy
The U.S. Welfare State
The Economics of Health Care
The Debate over the Welfare State
Summary
Key Terms
Problems
Chapter Introduction
The Economy#&39;s Factors of Production
Marginal Productivity and Factor Demand
Shifts of the Factor Demand Curve
Is the Marginal Productivity Theory of Income Distribution Really True?
The Supply of Labor
Summary
Key Terms
Problems
Indifference Curve Analysis of Labor Supply
The Time Allocation Budget Line
The Effect of a Higher Wage Rate
Indifference Curve Analysis
Problems
Chapter Introduction
The Economics of Risk Aversion
Buying, Selling, and Reducing Risk
Private Information: What You Donât Know Can Hurt You
Summary
Key Terms
Problems