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Economic Theory

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ISBN-10: 0202309800

ISBN-13: 9780202309804

Edition: 2nd 2007

Authors: Gary S. Becker, Robert T. Michael, Gary S. Becker, Gary Becker

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Book details

Edition: 2nd
Copyright year: 2007
Publisher: Routledge
Publication date: 1/15/2007
Binding: Paperback
Pages: 242
Size: 5.86" wide x 8.84" long x 0.58" tall
Weight: 0.880
Language: English

Gary S. Becker (1930-2014) was University Professor at the University of Chicago with a joint appointment in both the economics and sociology departments. He was the author of many books, including Human Capital: A Theoretical and Empirical Analysis and The Economics of Discrimination. He collaborated with Richard Posner on the Becker-Posner Blog, which formed the basis for their book Uncommon Sense: Economic Insights, from Marriage to Terrorism. Becker was awarded the Nobel Prize in Economics in 1992 and the Presidential Medal of Freedom in 2007.

Introduction to the Transaction Edition
Preface
Introduction
What Is Economics?
The Role of Prices
Supply and Demand Analysis
Demand Analysis
The Scarcity Principle
Definition of Demand
Elasticity of Demand
The Opportunity Set
Income Effects
Substitution Effects
Indifference Curves
Rational Behavior
The Indifference System
Demand Curves
Engel Curves
Combined Demand Curves
Market Demand and Engel Curves
Differences in Tastes
Revised Approach to Consumer Choice
Environmental Variables
Appendix
Utility Analysis
Uncertainty
Uncertainty
Expected Utility Theory
Insurance and States of the World
Uncertainty and Search
Supply of Products
Fundamentals of Supply
The Firm and Profit Maximization
Firm and Market Supply Curves
Marginal and Average Cost
Economic Rent
Short and Long Run
External Effects
Competition and Monopoly
The Comparative Statics of Competitive Equilibrium
The Stability of Equilibrium
Monopoly
"Natural" Monopoly
Collusion
Price Discrimination
Non-price Rationing
Production and the Demand for Factors
Production by the Firm and Industry
Production Functions
The Cost-Minimizing Conditions
Appendix
Cost Curves
Increasing and Decreasing Costs
Technological Change
Appendix
Induced Technological Change
Demand for Factors
Derived Demand for Factors of Production
Fixed Quantities of Other Factors
Fixed Prices of Other Factors
Substitution Between Factors
Appendix
Substitution Between Industries: A Numerical Example
A Single Industry
Two Industries
Substitution Between Industries: A General Model
Appendix
Supply of Factors of Production
Human Capital
Land, Labor, and Capital
Population
Labor Force Participation
Nonmarket Activities
Occupational Choice
Appendix
Investment in Training
Differences in Abilities and Opportunities
The Distribution of Earnings
Appendix
Accumulation of Capital over Time
Consumption and Savings
The Rate of Growth in Consumption
Appendix
The Determination of Interest Rates
The Rate of Investment = Savings
Growth Paths
Appendix
General Problems
Bibliography-Reading List
Index