Principles of Microeconomics, Global Edition, 13th Edition
- Length: 528 pages
- Edition: 13
- Language: English
- Publisher: Pearson
- Publication Date: 2019-08-28
- ISBN-10: 1292303395
- ISBN-13: 9781292303390
- Sales Rank: #1403216 (See Top 100 Books)
This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content which is especially relevant to students outside the United States.
For one-semester courses in the principles of microeconomics
An introduction to the functioning of the economy and the power and breadth of economics
Reviewers tell us that Case/Fair/Oster is one of the all-time bestselling principles of economics texts because they trust it to be clear, thorough, and complete. Readers of Principles of Microeconomics, 13th Edition, Global Edition come away with a basic understanding of how market economies function, an appreciation for the things they do well, and a sense of things they do poorly. With the latest research and added exercises, students begin to learn the art and science of economic thinking and start to look at some policy, and even personal decisions, in a different way.
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Front Cover Title Page Copyright Page About the Authors Brief Contents Contents Preface Part I Introduction to Economics 1 The Scope and Method of Economics Why Study Economics? To Learn a Way of Thinking Economics in Practice Rainfall and Schooling in India Economics in Practice Majoring in Economics Makes You Less Vulnerable to a Recession! To Understand Society To Be an Informed Citizen The Scope of Economics Microeconomics and Macroeconomics Economics in Practice How Italian Is a Ferrari? The Diverse Fields of Economics The Method of Economics Theories and Models Economics in Practice Does Your Part-Time Job Affect Your Academic Performance? Economic Policy An Invitation Economic Skills and Economics as a Career Summary Review Terms and Concepts Problems Appendix: How to Read and Understand Graphs 2 The Economic Problem: Scarcity and Choice Scarcity, Choice, and Opportunity Cost Scarcity and Choice in a One-person Economy Scarcity and Choice in an Economy of Two or More Economics in Practice Frozen Foods and Opportunity Costs The Production Possibility Frontier The Economic Problem Economics in Practice Changing Consumption Patterns in China Economic Systems and the Role of Government Command Economies Laissez-Faire Economies: The Free Market Mixed Systems, Markets, and Governments Looking Ahead Summary Review Terms and Concepts Problems 3 Demand, Supply, and Market Equilibrium Firms and Households: the Basic Decision-making Units Input Markets and Output Markets: the Circular Flow Demand in Product/output Markets Changes in Quantity Demanded Versus Changes in Demand Price and Quantity Demanded: the Law of Demand Other Determinants of Household Demand Economics in Practice Have You Bought This Textbook? Economics in Practice People Drink Tea on Rainy Days Shift of Demand Versus Movement Along a Demand Curve From Household Demand to Market Demand Supply in Product/output Markets Price and Quantity Supplied: the Law of Supply Other Determinants of Supply Shift of Supply Versus Movement Along a Supply Curve From Individual Supply to Market Supply Market Equilibrium Excess Demand Excess Supply Market Equilibrium with Equations Changes in Equilibrium Economics in Practice Quinoa Demand and Supply in Product Markets: A Review Economics in Practice “Shrinkflation” During Festive Seasons Looking Ahead: Markets and the Allocationof Resources Summary Review Terms and Concepts Problems 4 Demand and Supply Applications The Price System: Rationing and Allocating Resources Price Rationing Constraints on the Market and Alternative Rationing Mechanisms Economics in Practice Why Do I Have to Pay More for My Food? the Truth Behind the Flood Crises Prices and the Allocation of Resources Price Floor Supply and Demand Analysis: Tariffs (tax) Economics in Practice The Price Mechanism at Work for Shakespeare Supply and Demand and Market Efficiency Consumer Surplus Producer Surplus Competitive Markets Maximize the Sum of Producer and Consumer Surplus Potential Causes of Deadweight Loss from Underand Overproduction Looking Ahead Summary Review Terms and Concepts Problems 5 Elasticity Price Elasticity of Demand Slope and Elasticity Types of Elasticity Calculating Elasticities Calculating Percentage Changes Elasticity Is a Ratio of Percentages The Midpoint Formula Elasticity Changes Along a Straight-line Demand Curve Elasticity and Total Revenue The Determinants of Demand Elasticity Availability of Substitutes The Importance of Being Unimportant Luxuries Versus Necessities Economics in Practice Elasticities at a Delicatessen in the Short Run and Long Run The Time Dimension Other Important Elasticities Income Elasticity of Demand Cross-price Elasticity of Demand Elasticity of Supply Economics in Practice Brexit and EU Student Enrolment in the United Kingdom What Happens When We Raise Taxes: Using Elasticity Looking Ahead Summary Review Terms and Concepts Problems Part II The Market System 6 Household Behavior and Consumer Choice Household Choice in Output Markets The Determinants of Household Demand The Budget Constraint The Equation of the Budget Constraint The Basis of Choice: Utility Diminishing Marginal Utility Allocating Income to Maximize Utility The Utility-maximizing Rule Economics in Practice Sugar Tax in Chile Diminishing Marginal Utility and Downward-sloping Demand Income and Substitution Effects The Income Effect The Substitution Effect Household Choice in Input Markets The Labor Supply Decision Economics in Practice Substitution and Market Baskets The Price of Leisure Income and Substitution Effects of a Wage Change Economics in Practice Part-time Employment for Students Saving and Borrowing: Present Versus Future Consumption A Review: Households in Output and Input Markets Summary Review Terms and Concepts Problems Appendix: Indifference Curves 7 The Production Process: The Behavior of Profit-Maximizing Firms The Behavior of Profit-maximizing Firms Profits and Economic Costs Short-run Versus Long-run Decisions The Bases of Decisions: Market Price of Outputs, Available Technology, and Input Prices The Production Process Production Functions: Total Product, Marginal Product, and Average Product Production Functions with Two Variable Factors of Production Economics in Practice Gains from Modern Management Choice of Technology Economics in Practice How Soon Should Preventive Maintenance Be Employed? Looking Ahead: Cost and Supply Summary Review Terms and Concepts Problems Appendix: Isoquants and Isocosts 8 Short-Run Costs and Output Decisions Costs in the Short Run Fixed Costs Variable Costs Economics in Practice How Much Do Phantom Tickets Cost Their Producers? Total Costs Short-run Costs: a Review Output Decisions: Revenues, Costs, and Profit Maximization Perfect Competition Total Revenue and Marginal Revenue Comparing Costs and Revenues to Maximize Profit The Short-run Supply Curve Looking Ahead Summary Review Terms and Concepts Problems 9 Long-Run Costs and Output Decisions Short-run Conditions and Long-run Directions Maximizing Profits Minimizing Losses The Short-run Industry Supply Curve Long-run Directions: a Review Long-run Costs: Economies and Diseconomies of Scale Increasing Returns to Scale Economics in Practice Economies of Scale in Mobile Services Constant Returns to Scale Diseconomies of Scale Economics in Practice Diseconomies of Scale in Secondary School Education U-shaped Long-run Average Costs Economics in Practice The Long-run Average Cost Curve: Flat or U-shaped? Long-run Adjustments to Short-run Conditions Short-run Profits: Moves in and Out of Equilibrium The Long-run Adjustment Mechanism: Investment Flows Toward Profit Opportunities Output Markets: a Final Word Economics in Practice Why Is Food So Expensive at an Airport? Summary Review Terms and Concepts Problems Appendix: External Economies and Diseconomies 10 Input Demand: The Labor and Land Markets Input Markets: Basic Concepts Demand for Inputs: A Derived Demand Marginal Revenue Product Economics in Practice MBA or Not for the Greek Youth? Economics in Practice How Much Is Flexibility Worth? Labor Supply Labor Markets The Firm’s Labor Market Decision Economics in Practice What Does Your Favorite La Liga Player Make? Many Labor Markets Land Markets Rent and the Value of Output Produced on Land Economics in Practice Land Valuation Input Demand Curves Shifts in Factor Demand Curves Profit-maximizing Condition in Input Markets Looking Ahead Summary Review Terms and Concepts Problems 11 Input Demand: The Capital Market and the Investment Decision Capital and Investment Capital The Demand for New Capital and the Investment Decision Forming Expectations Comparing Costs and Expected Returns The Capital Market Economics in Practice Saudi Arabia’s Vision 2030 Capital Income: Interest and Profits Financial Markets in Action Economics in Practice The Stock Market Economics in Practice Do Children Learn or Inherit Investing Strategies from Their Parents? Capital Accumulation and Allocation A Final Word on Capital Summary Review Terms and Concepts Problems Appendix: Calculating Present Value 12 General Equilibrium and the Efficiency of Perfect Competition Market Adjustment to Changes in Demand Allocative Efficiency and Competitive Equilibrium Pareto Efficiency Economics in Practice Cutting Rice Cultivation and Water Rationing in Egypt The Efficiency of Perfect Competition Perfect Competition Versus Real Markets The Sources of Market Failure Imperfect Competition Public Goods Externalities Imperfect Information Evaluating the Market Mechanism Summary Review Terms and Concepts Problems Part III Market Imperfections and the Role of Government 13 Monopoly and Antitrust Policy Imperfect Competition and Market Power: Core Concepts Forms of Imperfect Competition and Market Boundaries Price and Output Decisions in Pure Monopoly Markets Demand in Monopoly Markets Economics in Practice Figuring Out the Right Price Perfect Competition and Monopoly Compared Monopoly in the Long Run: Barriers to Entry Economics in Practice Is Being a Monopolist Always Good? The Social Costs of Monopoly Inefficiency and Consumer Loss Rent-seeking Behavior Price Discrimination Examples of Price Discrimination Economics in Practice Price Discrimination at Work: the Uffizi Gallery Remedies for Monopoly: Antitrust Policy Major Antitrust Legislation Economics in Practice What Tesla Does with Near-monopoly Power Imperfect Markets: A Review and a Look Ahead Summary Review Terms and Concepts Problems 14 Oligopoly Market Structure in an Oligopoly Economics in Practice Patents in the Smartphone Industry Oligopoly Models The Collusion Model The Price-leadership Model Economics in Practice The Philippines’ Rice Cartel The Cournot Model Economics in Practice The Economics of Treating Cancer Game Theory Repeated Games Economics in Practice Confusing Prices A Game with Many Players: Collective Action Can Be Blocked by a Prisoner’s Dilemma Oligopoly and Economic Performance Industrial Concentration and Technological Change The Role of Government Regulation of Mergers Economics in Practice Brazil’s Pulp Giant A Proper Role for Government? Summar Review Terms and Concepts Problems 15 Monopolistic Competition Industry Characteristics Product Differentiation and Advertising How Many Varieties? How Do Firms Differentiate Products? Economics in Practice Rational Excess Variety or Diversification Bias? Economics in Practice Even Your Hair Needs Coaching Advertising Economics in Practice Oprah Winfrey’s Celebrity Endorsements Sell Books! Price and Output Determination in Monopolistic Competition Product Differentiation and Demand Elasticity Price/output Determination in the Short Run Price/output Determination in the Long Run Economic Efficiency and Resource Allocation Summary Review Terms and Concepts Problems 16 Externalities, Public Goods, and Common Resources Externalities and Environmental Economics Marginal Social Cost and Marginal Cost Pricing Economics in Practice Adjusting to the Environmental Effects of Globalization Costs and Benefits of Pollution Internalizing Externalities Economics in Practice The Cost of Emissions Economics in Practice Emissions and Electricity Prices Public (social) Goods The Characteristics of Public Goods Public Provision of Public Goods Optimal Provision of Public Goods Local Provision of Public Goods: Tiebout Hypothesis Common Resources Summary Review Terms and Concepts Problems 17 Uncertainty and Asymmetric Information Decision Making Under Uncertainty: the Tools Expected Value Expected Utility Attitudes Toward Risk Asymmetric Information Adverse Selection Economics in Practice Adverse Selection in the Healthcare Market Market Signaling Economics in Practice The Health Care Mandate Economics in Practice How to Read Advertisements Moral Hazard Incentives Economics in Practice Independent Reviews and Wanderlust Labor Market Incentives Summary Review Terms and Concepts Problems 18 Income Distribution and Poverty The Sources of Household Income Wages and Salaries Income from Property Income from the Government: Transfer Payments The Distribution of Market Income Income Inequality in the United States Causes of Inequality in Market Income Inequality in Wage Income Economics in Practice Inclusive Growth in South Africa Economics in Practice Social Identity and Tech Jobs Inequality in Property Income Economics in Practice The Egyptian Revolution of Dignity Arguments for and Against Reducing Market-income Inequality Arguments Against Redistribution Arguments in Favor of Redistribution Redistribution of Income Through Taxes and Transfers The Tax System The Transfer System Redistribution Effects of Taxes and Transfers in 2013 Change in U.s. Inequality over Time: 1979–2013 Poverty The Minimum Wage The Distribution of Wealth Income Inequality in Other Countries Government or the Market? A Review Summary Review Terms and Concepts Problems 19 Public Finance: the Economics of Taxation The Basics of Taxation Taxes: Basic Concepts Economics in Practice Residential Property Taxes in Singapore Tax Incidence: Who Pays? The Incidence of Payroll Taxes The Incidence of Corporate Profits Taxes Economics in Practice Economists Argue About the Incidence of the Corporate Profits Tax The Overall Incidence of Taxes in the United States: Empirical Evidence Excess Burdens and the Principle of Neutrality Measuring Excess Burdens Excess Burdens and the Degree of Distortion The Principle of Second Best Optimal Taxation Tax Equity What Is the “best” Tax Base? Social Choice The Voting Paradox Government Inefficiency: Theory of Public Choice Rent-seeking Revisited Summary Review Terms and Concepts Problems Part IV The World Economy 20 International Trade, Comparative Advantage, and Protectionism Trade Surpluses and Deficits The Economic Basis for Trade: Comparative Advantage Absolute Advantage Versus Comparative Advantage Terms of Trade Exchange Rates The Sources of Comparative Advantage The Heckscher-ohlin Theorem Other Explanations for Observed Trade Flows Trade Barriers: Tariffs, Export Subsidies, and Quotas Economics in Practice Globalization Improves Firm Productivity U.s. Trade Policies, Gatt, and the Wto Economics in Practice What Happens When We Lift a Quota? Free Trade or Protection? The Case for Free Trade The Case for Protection Economics in Practice Reshaping the Global Trade Order An Economic Consensus Summary Review Terms and Concepts Problems 21 Economic Growth in Developing Economies Life in the Developing Nations: Population and Poverty Economics in Practice What Can We Learn from the Height of Children? Economic Development: Sources and Strategies The Sources of Economic Development Economics in Practice Corruption Strategies for Economic Development Economics in Practice Who You Marry May Depend on the Rain Two Examples of Development: China and India Economics in Practice Boosting Agricultural Income Through Digital Finance Development Interventions Random and Natural Experiments: Some New Techniques in Economic Development Education Ideas Health Improvements Summary Review Terms and Concepts Problems Part V Methodology 22 Critical Thinking About Research Selection Bias Causality Correlation Versus Causation Random Experiments Regression Discontinuity Economics in Practice Moving to Opportunity Economics in Practice Control Groups and Experimental Economics Difference-in-differences Economics in Practice Using Difference-in-differences to Study the Efficacy of Medical Insurance in Japan Statistical Significance Regression Analysis Summary Review Terms and Concepts Problems Glossary Index Photo Credits
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