Preface | p. vii |
Supply, Demand, and Equilibrium | p. 1 |
Demand | p. 1 |
Supply | p. 11 |
Equilibrium | p. 14 |
Summary | p. 24 |
Author Commentary | p. 26 |
Review Questions | p. 26 |
Numerical Exercises | p. 27 |
Problem Set | p. 27 |
Internet Exercise | p. 31 |
Prices, Costs, and the Gains from Trade | p. 32 |
Prices | p. 33 |
Costs, Efficiency, and the Gains from Trade | p. 36 |
Summary | p. 43 |
Author Commentary | p. 44 |
Review Questions | p. 44 |
Numerical Exercises | p. 45 |
Problem Set | p. 45 |
Internet Exercise | p. 47 |
The Behavior of Consumers | p. 48 |
Tastes | p. 49 |
The Budget Line and the Consumer's Choice | p. 58 |
Applications of Indifference Curves | p. 64 |
Summary | p. 71 |
Author Commentary | p. 72 |
Review Questions | p. 72 |
Numerical Exercise | p. 72 |
Problem Set | p. 73 |
Internet Exercise | p. 79 |
Cardinal Utility | p. 80 |
Consumers in the Marketplace | p. 84 |
Changes in Income | p. 84 |
Changes in Price | p. 89 |
Income and Substitution Effects | p. 94 |
Elasticities | p. 103 |
Summary | p. 109 |
Author Commentary | p. 110 |
Review Questions | p. 110 |
Numerical Exercises | p. 111 |
Problem Set | p. 112 |
Internet Exercise | p. 118 |
The Behavior of Firms | p. 119 |
Weighing Costs and Benefits | p. 120 |
Firms in the Marketplace | p. 126 |
Summary | p. 137 |
Author Commentary | p. 138 |
Review Questions | p. 138 |
Numerical Exercises | p. 138 |
Problem Set | p. 139 |
Internet Exercise | p. 142 |
Production and Costs | p. 143 |
Production and Costs in the Short Run | p. 144 |
Production and Costs in the Long Run | p. 158 |
Relations Between the Short Run and the Long Run | p. 172 |
Summary | p. 177 |
Author Commentary | p. 179 |
Review Questions | p. 179 |
Numerical Exercises | p. 179 |
Problem Set | p. 180 |
Internet Exercise | p. 183 |
Competition | p. 184 |
The Competitive Firm in the Short Run | p. 184 |
The Competitive Industry in the Short Run | p. 196 |
The Competitive Firm in the Long Run | p. 203 |
An Introduction to the Competitive Industry in the Long Run | p. 205 |
Constant-Cost Industries | p. 211 |
Increasing- and Decreasing-Cost Industries | p. 218 |
Applications | p. 221 |
Using the Competitive Model | p. 227 |
Summary | p. 229 |
Author Commentary | p. 230 |
Review Questions | p. 231 |
Numerical Exercises | p. 231 |
Problem Set | p. 234 |
Internet Exercise | p. 236 |
Welfare Economics and the Gains from Trade | p. 237 |
Measuring the Gains from Trade | p. 238 |
The Efficiency Criterion | p. 249 |
Examples and Applications | p. 258 |
General Equilibrium and the Invisible Hand | p. 273 |
Summary | p. 285 |
Author Commentary | p. 286 |
Review Questions | p. 286 |
Problem Set | p. 287 |
Normative Criteria | p. 293 |
Internet Exercise | p. 300 |
Knowledge and Information | p. 302 |
The Informational Content of Prices | p. 302 |
Financial Markets | p. 316 |
Topics in the Economics of Information | p. 321 |
Summary | p. 333 |
Author Commentary | p. 333 |
Review Questions | p. 333 |
Problem Set | p. 334 |
Internet Exercise | p. 338 |
Monopoly | p. 339 |
Price and Output under Monopoly | p. 340 |
Sources of Monopoly Power | p. 349 |
Price Discrimination | p. 354 |
Summary | p. 370 |
Author Commentary | p. 371 |
Review Questions | p. 371 |
Numerical Exercises | p. 372 |
Problem Set | p. 372 |
Internet Exercise | p. 377 |
Market Power, Collusion, and Oligopoly | p. 378 |
Acquiring Market Power | p. 379 |
Collusion and the Prisoner's Dilemma: An Introduction to Game Theory | p. 394 |
Regulation | p. 403 |
Oligopoly | p. 413 |
Monopolistic Competition and Product Differentiation | p. 418 |
Summary | p. 421 |
Author Commentary | p. 422 |
Review Questions | p. 422 |
Numerical Exercises | p. 423 |
Problem Set | p. 424 |
Internet Exercise | p. 426 |
The Theory of Games | p. 427 |
Game Matrices | p. 428 |
Sequential Games | p. 439 |
Summary | p. 442 |
Author Commentary | p. 443 |
Problem Set | p. 443 |
Internet Exercise | p. 446 |
External Costs and Benefits | p. 447 |
Costs Imposed on Others | p. 447 |
The Coase Theorem | p. 452 |
Transactions Costs | p. 465 |
The Law and Economics | p. 473 |
Summary | p. 480 |
Author Commentary | p. 481 |
Review Questions | p. 481 |
Problem Set | p. 482 |
Internet Exercise | p. 489 |
Common Property and Public Goods | p. 490 |
The Tragedy of the Commons | p. 490 |
Public Goods | p. 499 |
Summary | p. 505 |
Review Questions | p. 506 |
Numerical Exercises | p. 506 |
Problem Set | p. 506 |
Internet Exercise | p. 510 |
The Demand for Factors of Production | p. 511 |
The Firm's Demand for Factors in the Short Run | p. 511 |
The Firm's Demand for Factors in the Long Run | p. 518 |
The Industry's Demand Curve for Factors of Production | p. 525 |
The Distribution of Income | p. 527 |
Summary | p. 532 |
Review Questions | p. 533 |
Numerical Exercises | p. 534 |
Problem Set | p. 535 |
Internet Exercise | p. 536 |
The Market for Labor | p. 537 |
Individual Labor Supply | p. 537 |
Labor Market Equilibrium | p. 546 |
Differences in Wages | p. 552 |
Discrimination | p. 556 |
Summary | p. 559 |
Review Questions | p. 560 |
Problem Set | p. 560 |
Internet Exercise | p. 562 |
Allocating Goods Over Time | p. 563 |
Bonds and Interest Rates | p. 563 |
Applications | p. 570 |
The Market for Current Consumption | p. 580 |
Production and Investment | p. 595 |
Summary | p. 598 |
Author Commentary | p. 599 |
Review Questions | p. 599 |
Problem Set | p. 600 |
Internet Exercise | p. 606 |
Risk and Uncertainty | p. 607 |
Attitudes Toward Risk | p. 607 |
The Market for Insurance | p. 621 |
Futures Markets | p. 624 |
Markets for Risky Assets | p. 627 |
Rational Expectations | p. 636 |
Summary | p. 642 |
Author Commentary | p. 644 |
Review Questions | p. 644 |
Problem Set | p. 645 |
Internet Exercise | p. 647 |
What is Economics? | p. 648 |
The Nature of Economic Analysis | p. 648 |
The Rationality Assumption | p. 653 |
What is an Economic Explanation? | p. 657 |
The Scope of Economic Analysis | p. 662 |
Author Commentary | p. 667 |
Problem Set | p. 667 |
Internet Exercise | p. 670 |
Calculus Supplement | p. 671 |
Answers to Exercises | p. 701 |
Answers to Problem Sets | p. 714 |
Glossary | p. 731 |
Index | p. 739 |
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