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| Preface | |
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| Acknowledgments | |
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| An Introduction to Microeconomics | |
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| The Scope of Microeconomic Theory | |
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| The Nature and Role of Theory | |
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| Positive versus Normative Analysis | |
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| Market Analysis and Real versus Nominal Prices | |
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| Basic Assumptions about Market Participants | |
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| Opportunity Cost | |
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| Production Possibility Frontier | |
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| Supply and Demand | |
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| Demand and Supply Curves | |
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| Determination of Equilibrium Price and Quantity | |
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| Adjustment to Changes in Demand or Supply | |
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| Government Intervention in Markets: Price Controls | |
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| Elasticities | |
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| The Mathematics Associated with Elasticities | |
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| The Theory of Consumer Choice | |
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| Consumer Preferences | |
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| The Budget Constraint | |
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| The Consumer�s Choice | |
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| Changes in Income and Consumption Choices | |
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| Are People Selfish? | |
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| The Utility Approach to Consumer Choice | |
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| Individual and Market Demand | |
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| Price Changes and Consumption Choices | |
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| Income and Substitution Effects of a Price Change | |
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| Income and Substitution Effects: Inferior Goods | |
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| From Individual to Market Demand | |
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| Consumer Surplus | |
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| Price Elasticity and the Price�Consumption Curve | |
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| Network Effects | |
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| The Basics of Demand Estimation | |
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| Deriving the Consumer�s Demand Curve Mathematically | |
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| Using Consumer Choice Theory | |
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| Excise Subsidies, Health Care, and Consumer Welfare | |
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| Subsidizing Health Insurance: ObamaCare | |
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| Public Schools and the Voucher Proposal | |
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| Paying for Garbage | |
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| The Consumer�s Choice to Save or Borrow | |
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| Exchange, Efficiency, and Prices | |
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| Production | |
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| The Cost of Production | |
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| Economies of Scope | |
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| Estimating Cost Functions | |
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| The Mathematics behind Production Cost | |
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| Profit Maximization in Perfectly Competitive Markets | |
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| Using the Competitive Model | |
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| Monopoly | |
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| Product Pricing with Monopoly Power | |
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| Monopolistic Competition and Oligopoly | |
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| Game Theory and the Economics of Information | |
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| Using Noncompetitive Market Models | |
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| Employment and Pricing of Inputs | |
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| Wages, Rent, Interest, and Profit | |