| Preface |
|
xvi | |
|
Section 1 Basic Economic Concepts |
|
|
1 | (34) |
|
Thinking Like An Economist |
|
|
1 | (1) |
|
Module 1 The Study of Economics |
|
|
2 | (8) |
|
Individual Choice: The Core of Economics |
|
|
2 | (2) |
|
|
|
2 | (1) |
|
Opportunity Cost: The Real Cost of Something Is What You Must Give Up to Get It |
|
|
3 | (1) |
|
Economics in Action: Got a Penny? |
|
|
4 | (4) |
|
Microeconomics versus Macroeconomics |
|
|
5 | (1) |
|
Positive versus Normative Economics |
|
|
6 | (1) |
|
When and Why Economists Disagree |
|
|
7 | (1) |
|
Economics in Action: When Economists Agree |
|
|
8 | (1) |
|
|
|
8 | (2) |
|
Module 2 Models and the Circular Flow |
|
|
10 | (5) |
|
Models Take Flight in Economics |
|
|
10 | (1) |
|
Economics in Action: The Model That Ate the Economy |
|
|
11 | (1) |
|
The Circular-Flow Diagram |
|
|
12 | (2) |
|
One Person's Spending Is Another Person's Income |
|
|
13 | (1) |
|
|
|
14 | (1) |
|
Module 3 The Production Possibility Frontier Model |
|
|
15 | (7) |
|
Trade-offs: The Production Possibility Frontier |
|
|
15 | (5) |
|
|
|
17 | (1) |
|
|
|
18 | (1) |
|
|
|
19 | (1) |
|
|
|
20 | (2) |
|
Module 4 Comparative Advantage and Trade |
|
|
22 | (13) |
|
|
|
22 | (1) |
|
Comparative Advantage and Gains from Trade |
|
|
23 | (3) |
|
Economics in Action: Rich Nation, Poor Nation |
|
|
26 | (1) |
|
Comparative Advantage and International Trade, in Reality |
|
|
27 | (1) |
|
|
|
27 | (2) |
|
Business Case: Efficiency, Opportunity Cost, and the Logic of Lean Production at Boeing |
|
|
29 | (1) |
|
|
|
30 | (5) |
|
Section 2 Supply and Demand |
|
|
35 | (36) |
|
|
|
35 | (1) |
|
|
|
36 | (11) |
|
Supply and Demand: A Model of a Competitive Market |
|
|
36 | (1) |
|
|
|
37 | (8) |
|
The Demand Schedule and the Demand Curve |
|
|
37 | (1) |
|
Shifts of the Demand Curve |
|
|
38 | (2) |
|
Understanding Shifts of the Demand Curve |
|
|
40 | (5) |
|
Economics in Action: Beating the Traffic |
|
|
45 | (1) |
|
|
|
45 | (2) |
|
Module 6 Supply and Equilibrium |
|
|
47 | (13) |
|
|
|
47 | (7) |
|
The Supply Schedule and the Supply Curve |
|
|
47 | (1) |
|
Shifts of the Supply Curve |
|
|
48 | (2) |
|
Understanding Shifts of the Supply Curve |
|
|
50 | (4) |
|
Economics in Action: Only Creatures Small and Pampered |
|
|
54 | (1) |
|
Supply, Demand, and Equilibrium |
|
|
54 | (4) |
|
Finding the Equilibrium Price and Quantity |
|
|
55 | (1) |
|
Why Do All Sales and Purchases in a Market Take Place at the Same Price? |
|
|
56 | (1) |
|
Why Does the Market Price Fall if It Is Above the Equilibrium Price? |
|
|
56 | (1) |
|
Why Does the Market Price Rise if It Is Below the Equilibrium Price? |
|
|
56 | (2) |
|
Using Equilibrium to Describe Markets |
|
|
58 | (1) |
|
|
|
58 | (2) |
|
Module 7 Changes in Equilibrium |
|
|
60 | (11) |
|
Changes in Supply and Demand |
|
|
60 | (4) |
|
What Happens When the Demand Curve Shifts |
|
|
60 | (1) |
|
What Happens When the Supply Curve Shifts |
|
|
61 | (1) |
|
Simultaneous Shifts of Supply and Demand Curves |
|
|
62 | (2) |
|
Economics in Action: The Rice Run of 2008 |
|
|
64 | (1) |
|
|
|
64 | (2) |
|
Business Case: The Chicago Board of Trade |
|
|
66 | (1) |
|
|
|
67 | (4) |
|
Section 3 Elasticity and the Law of Demand |
|
|
71 | (30) |
|
More Precious than a Flu Shot |
|
|
71 | (1) |
|
Module 8 Income Effects, Substitution Effects, and Elasticity |
|
|
72 | (8) |
|
Explaining the Law of Demand |
|
|
72 | (2) |
|
|
|
72 | (1) |
|
|
|
73 | (1) |
|
Economics in Action: Giffen Goods |
|
|
74 | (1) |
|
Defining and Measuring Elasticity |
|
|
74 | (3) |
|
Calculating the Price Elasticity of Demand |
|
|
75 | (1) |
|
An Alternative Way to Calculate Elasticities: The Midpoint Method |
|
|
76 | (1) |
|
Economics in Action: Estimating Elasticities |
|
|
77 | (1) |
|
|
|
78 | (2) |
|
Module 9 Interpreting Price Elasticity of Demand |
|
|
80 | (9) |
|
A Closer Look at the Price Elasticity of Demand |
|
|
80 | (7) |
|
|
|
80 | (5) |
|
Price Elasticity Along the Demand Curve |
|
|
85 | (1) |
|
What Factors Determine the Price Elasticity of Demand? |
|
|
86 | (1) |
|
Economics in Action: Responding to Your Tuition Bill |
|
|
87 | (1) |
|
|
|
87 | (2) |
|
Module 10 Other Elasticities |
|
|
89 | (12) |
|
|
|
89 | (2) |
|
The Cross-Price Elasticity of Demand |
|
|
89 | (1) |
|
The Income Elasticity of Demand |
|
|
90 | (1) |
|
Economics in Action: Will China Save the U.S. Farming Sector? |
|
|
91 | (1) |
|
The Price Elasticity of Supply |
|
|
91 | (3) |
|
Measuring the Price Elasticity of Supply |
|
|
92 | (1) |
|
What Factors Determine the Price Elasticity of Supply? |
|
|
92 | (2) |
|
|
|
94 | (2) |
|
|
|
95 | (1) |
|
Business Case: The Airline Industry: Fly Less, Charge More |
|
|
96 | (1) |
|
|
|
97 | (4) |
|
Section 4 Market Efficiency |
|
|
101 | (26) |
|
|
|
101 | (1) |
|
Module 11 Consumer and Producer Surplus |
|
|
102 | (12) |
|
Consumer Surplus and the Demand Curve |
|
|
102 | (6) |
|
Willingness to Pay and the Demand Curve |
|
|
102 | (2) |
|
Willingness to Pay and the Consumer Surplus |
|
|
104 | (2) |
|
How Changing Prices Affect Consumer Surplus |
|
|
106 | (2) |
|
Economics in Action: A Matter of Life and Death |
|
|
108 | (1) |
|
Producer Surplus and the Supply Curve |
|
|
108 | (4) |
|
Cost and Producer Surplus |
|
|
108 | (3) |
|
How Changing Prices Affect Producer Surplus |
|
|
111 | (1) |
|
|
|
112 | (2) |
|
Module 12 Efficiency and Markets |
|
|
114 | (13) |
|
Consumer Surplus, Producer Surplus, and Efficiency |
|
|
114 | (5) |
|
|
|
114 | (1) |
|
The Efficiency of Markets |
|
|
115 | (3) |
|
|
|
118 | (1) |
|
|
|
119 | (2) |
|
Why Markets Typically Work So Well |
|
|
119 | (1) |
|
Why Markets Can Sometimes Get It Wrong |
|
|
120 | (1) |
|
|
|
121 | (1) |
|
Business Case: StubHub Shows Up the Boss |
|
|
122 | (1) |
|
|
|
123 | (4) |
|
Section 5 Government Policy and Taxes |
|
|
127 | (38) |
|
Big City, Not-So-Bright Ideas |
|
|
127 | (1) |
|
Module 13 Price Controls (Ceilings and Floors) |
|
|
128 | (12) |
|
Why Governments Control Prices |
|
|
128 | (1) |
|
|
|
129 | (4) |
|
|
|
129 | (2) |
|
How a Price Ceiling Causes Inefficiency |
|
|
131 | (2) |
|
So Why Are There Price Ceilings? |
|
|
133 | (1) |
|
Economics in Action: Hunger and Price Controls in Venezuela |
|
|
133 | (1) |
|
|
|
134 | (1) |
|
Economics in Action: Price Floors and School Lunches |
|
|
135 | (3) |
|
How a Price Floor Causes Inefficiency |
|
|
136 | (1) |
|
So Why Are There Price Floors? |
|
|
137 | (1) |
|
|
|
138 | (2) |
|
Module 14 Quantity Controls (Quotas) |
|
|
140 | (6) |
|
|
|
140 | (4) |
|
How Quantity Controls Work |
|
|
141 | (3) |
|
The Costs of Quantity Controls |
|
|
144 | (1) |
|
Economics in Action: The Clams of the Jersey Shore |
|
|
144 | (1) |
|
|
|
145 | (1) |
|
|
|
146 | (19) |
|
Equity, Efficiency, and Taxes |
|
|
146 | (1) |
|
The Effects of Taxes on Total Surplus |
|
|
147 | (5) |
|
The Effect of an Excise Tax on Quantities and Prices |
|
|
147 | (3) |
|
Price Elasticities and Tax Incidence |
|
|
150 | (2) |
|
Economics in Action: Who Pays the FICA? |
|
|
152 | (1) |
|
The Benefits and Costs of Taxation |
|
|
153 | (4) |
|
The Revenue from an Excise Tax |
|
|
153 | (1) |
|
|
|
154 | (3) |
|
|
|
157 | (2) |
|
Business Case: Medallion Financial: Cruising Right Along |
|
|
159 | (1) |
|
|
|
160 | (5) |
|
Section 6 International Trade |
|
|
165 | (26) |
|
Car Parts and Sucking Sounds |
|
|
165 | (1) |
|
Module 16 Gains from Trade |
|
|
166 | (9) |
|
Comparative Advantage and International Trade |
|
|
166 | (6) |
|
Production Possibilities and Comparative Advantage, Revisited |
|
|
167 | (2) |
|
The Gains from International Trade |
|
|
169 | (1) |
|
Comparative Advantage versus Absolute Advantage |
|
|
170 | (1) |
|
Sources of Comparative Advantage |
|
|
171 | (1) |
|
Economics in Action: Skill and Comparative Advantage |
|
|
172 | (1) |
|
|
|
173 | (2) |
|
Module 17 Supply, Demand, and International Trade |
|
|
175 | (16) |
|
Imports, Exports, and Wages |
|
|
175 | (5) |
|
|
|
175 | (2) |
|
|
|
177 | (1) |
|
International Trade and Wages |
|
|
178 | (2) |
|
The Effects of Trade Protection |
|
|
180 | (2) |
|
|
|
180 | (2) |
|
The Effects of an Import Quota |
|
|
182 | (1) |
|
Challenges to Globalization |
|
|
182 | (2) |
|
Globalization and Inequality |
|
|
183 | (1) |
|
|
|
183 | (1) |
|
Economics in Action: Beefing Up Exports |
|
|
184 | (1) |
|
|
|
185 | (1) |
|
Business Case: Li & Fung: From Guangzhou to You |
|
|
186 | (1) |
|
|
|
187 | (4) |
|
Section 7 Economics and Decision Making |
|
|
191 | (38) |
|
|
|
191 | (1) |
|
Module 18 Making Decisions |
|
|
192 | (12) |
|
Costs, Benefits, and Profits |
|
|
192 | (3) |
|
Explicit versus Implicit Costs |
|
|
192 | (1) |
|
Accounting Profit versus Economic Profit |
|
|
193 | (1) |
|
Making "Either-Or" Decisions |
|
|
194 | (1) |
|
Making "How Much" Decisions: The Role of Marginal Analysis |
|
|
195 | (6) |
|
|
|
196 | (1) |
|
|
|
197 | (1) |
|
|
|
198 | (3) |
|
Economics in Action: The Cost of a Life |
|
|
201 | (1) |
|
|
|
201 | (1) |
|
|
|
202 | (2) |
|
Module 19 Behavioral Economics |
|
|
204 | (6) |
|
How People Make Economic Choices |
|
|
204 | (4) |
|
|
|
205 | (1) |
|
Irrationality: An Economist's View |
|
|
205 | (2) |
|
Rational Models for Irrational People? |
|
|
207 | (1) |
|
Economics in Action: "The Jingle Mail Blues" |
|
|
208 | (1) |
|
|
|
208 | (2) |
|
Module 20 Maximizing Utility |
|
|
210 | (19) |
|
Utility: It's All About Getting Satisfaction |
|
|
210 | (2) |
|
|
|
210 | (2) |
|
The Principle of Diminishing Marginal Utility |
|
|
212 | (1) |
|
Budgets and Optimal Consumption |
|
|
212 | (4) |
|
Budget Constraints and Budget Lines |
|
|
212 | (2) |
|
The Optimal Consumption Bundle |
|
|
214 | (2) |
|
Spending the Marginal Dollar |
|
|
216 | (3) |
|
Marginal Utility per Dollar |
|
|
216 | (2) |
|
|
|
218 | (1) |
|
Economics in Action: Buying Your Way Out of Temptation |
|
|
219 | (1) |
|
|
|
220 | (2) |
|
Business Case: Citi Puts Card Holders "in Control" |
|
|
222 | (1) |
|
|
|
223 | (6) |
|
Section 8 Production and Costs |
|
|
229 | (30) |
|
|
|
229 | (1) |
|
Module 21 The Production Function |
|
|
230 | (7) |
|
|
|
230 | (4) |
|
|
|
230 | (4) |
|
Economics in Action: The Mythical Man-Month |
|
|
234 | (1) |
|
|
|
235 | (2) |
|
|
|
237 | (11) |
|
From the Production Function to Cost Curves |
|
|
237 | (2) |
|
Two Key Concepts: Marginal Cost and Average Cost |
|
|
239 | (6) |
|
|
|
239 | (2) |
|
|
|
241 | (3) |
|
Minimum Average Total Cost |
|
|
244 | (1) |
|
Economics in Action: Don't Put Out the Welcome Mat |
|
|
245 | (1) |
|
Does the Marginal Cost Curve Always Slope Upward? |
|
|
245 | (1) |
|
|
|
246 | (2) |
|
Module 23 Long-Run Costs and Economies of Scale |
|
|
248 | (11) |
|
Short-Run versus Long-Run Costs |
|
|
248 | (4) |
|
|
|
251 | (1) |
|
Economics in Action: There's No Business Like Snow Business |
|
|
252 | (1) |
|
Summing Up Costs: The Short and Long of It |
|
|
252 | (1) |
|
|
|
253 | (1) |
|
Business Case: Kiva Systems' Robots versus Humans: The Challenge of Holiday Order Fulfillment |
|
|
254 | (1) |
|
|
|
255 | (4) |
|
Section 9 Market Structure and Perfect Competition |
|
|
259 | (42) |
|
Doing What Comes Naturally |
|
|
259 | (1) |
|
Module 24 Introduction to Market Structure |
|
|
260 | (10) |
|
Types of Market Structure |
|
|
260 | (1) |
|
|
|
261 | (2) |
|
Defining Perfect Competition |
|
|
261 | (1) |
|
Two Necessary Conditions for Perfect Competition |
|
|
262 | (1) |
|
Economics in Action: What's a Standardized Product? |
|
|
263 | (1) |
|
|
|
263 | (1) |
|
|
|
263 | (3) |
|
|
|
264 | (1) |
|
|
|
264 | (2) |
|
|
|
266 | (1) |
|
Is It an Oligopoly or Not? |
|
|
266 | (1) |
|
|
|
267 | (2) |
|
Defining Monopolistic Competition |
|
|
268 | (1) |
|
|
|
269 | (1) |
|
Module 25 Perfect Competition |
|
|
270 | (7) |
|
|
|
270 | (5) |
|
Using Marginal Analysis to Choose the Profit-Maximizing Quantity of Output |
|
|
271 | (2) |
|
When Is Production Profitable? |
|
|
273 | (2) |
|
|
|
275 | (2) |
|
Module 26 Graphing Perfect Competition |
|
|
277 | (9) |
|
Interpreting Perfect Competition Graphs |
|
|
277 | (6) |
|
The Short-Run Production Decision |
|
|
279 | (1) |
|
|
|
280 | (2) |
|
|
|
282 | (1) |
|
Economics in Action: Prices Are Up but So Are Costs |
|
|
283 | (1) |
|
Summing Up: The Perfectly Competitive Firm's Profitability and Production Conditions |
|
|
283 | (1) |
|
|
|
284 | (2) |
|
Module 27 Long-Run Outcomes in Perfect Competition |
|
|
286 | (15) |
|
The Industry Supply Curve |
|
|
286 | (4) |
|
The Short-Run Industry Supply Curve |
|
|
286 | (1) |
|
The Long-Run Industry Supply Curve |
|
|
287 | (3) |
|
Economics in Action: Baling In, Bailing Out |
|
|
290 | (3) |
|
The Cost of Production and Efficiency in Long-Run Equilibrium |
|
|
292 | (1) |
|
|
|
293 | (2) |
|
Business Case: The Find Finds the Cheapest Price |
|
|
295 | (1) |
|
|
|
296 | (5) |
|
|
|
301 | (28) |
|
Everybody Must Get Stones |
|
|
301 | (1) |
|
Module 28 Monopoly in Practice |
|
|
302 | (9) |
|
The Monopolist's Demand Curve and Marginal Revenue |
|
|
302 | (4) |
|
The Monopolist's Profit-Maximizing Output and Price |
|
|
306 | (1) |
|
Monopoly versus Perfect Competition |
|
|
306 | (1) |
|
Monopoly: The General Picture |
|
|
307 | (1) |
|
Economics in Action: Shocked by the High Price of Electricity |
|
|
308 | (1) |
|
|
|
309 | (2) |
|
Module 29 Monopoly and Public Policy |
|
|
311 | (6) |
|
Welfare Effects of Monopoly |
|
|
311 | (1) |
|
|
|
312 | (1) |
|
Dealing with a Natural Monopoly |
|
|
313 | (2) |
|
|
|
313 | (1) |
|
|
|
313 | (2) |
|
Must Monopoly Be Controlled? |
|
|
315 | (1) |
|
Economics in Action: Chained by Your Cable |
|
|
315 | (1) |
|
|
|
316 | (1) |
|
Module 30 Price Discrimination |
|
|
317 | (12) |
|
Price Discrimination Defined |
|
|
317 | (1) |
|
The Logic of Price Discrimination |
|
|
318 | (1) |
|
Price Discrimination and Elasticity |
|
|
319 | (1) |
|
Perfect Price Discrimination |
|
|
320 | (2) |
|
Economics in Action: Sales, Factory Outlets, and Ghost Cities |
|
|
322 | (1) |
|
|
|
323 | (1) |
|
Business Case: Newly Emerging Markets: A Diamond Monopolist's Best Friend |
|
|
324 | (1) |
|
|
|
325 | (4) |
|
Section 11 Imperfect Competition |
|
|
329 | (42) |
|
Illegal and Legal Practices |
|
|
329 | (1) |
|
|
|
330 | (5) |
|
Interdependence and Oligopoly |
|
|
330 | (1) |
|
|
|
331 | (2) |
|
|
|
331 | (1) |
|
Collusion and Competition |
|
|
332 | (1) |
|
Economics in Action: Bitter Chocolate? |
|
|
333 | (1) |
|
|
|
334 | (1) |
|
|
|
335 | (8) |
|
|
|
335 | (3) |
|
|
|
335 | (3) |
|
Economics in Action: Prisoners of the Arms Race |
|
|
338 | (3) |
|
Overcoming the Prisoners' Dilemma: Repeated Interaction and Tacit Collusion |
|
|
339 | (2) |
|
|
|
341 | (2) |
|
Module 33 Oligopoly in Practice |
|
|
343 | (6) |
|
|
|
343 | (1) |
|
Tacit Collusion and Price Wars |
|
|
344 | (2) |
|
Economics in Action: The Price Wars of Christmas |
|
|
346 | (1) |
|
Product Differentiation and Price Leadership |
|
|
346 | (1) |
|
How Important Is Oligopoly? |
|
|
347 | (1) |
|
|
|
348 | (1) |
|
Module 34 Monopolistic Competition |
|
|
349 | (9) |
|
Understanding Monopolistic Competition |
|
|
349 | (4) |
|
Monopolistic Competition in the Short Run |
|
|
350 | (1) |
|
Monopolistic Competition in the Long Run |
|
|
351 | (2) |
|
Economics in Action: The Housing Bust and the Demise of the 6% Commission |
|
|
353 | (1) |
|
Monopolistic Competition versus Perfect Competition |
|
|
354 | (2) |
|
Price, Marginal Cost, and Average Total Cost |
|
|
354 | (1) |
|
Is Monopolistic Competition Inefficient? |
|
|
355 | (1) |
|
|
|
356 | (2) |
|
Module 35 Product Differentiation and Advertising |
|
|
358 | (13) |
|
How Firms Differentiate Their Products |
|
|
358 | (2) |
|
Differentiation by Style or Type |
|
|
359 | (1) |
|
Differentiation by Location |
|
|
359 | (1) |
|
Differentiation by Quality |
|
|
359 | (1) |
|
Economics in Action: Any Color, So Long As It's Black |
|
|
360 | (1) |
|
Controversies About Product Differentiation |
|
|
360 | (3) |
|
|
|
361 | (1) |
|
|
|
362 | (1) |
|
|
|
363 | (1) |
|
Business Case: Virgin Atlantic Blows the Whistle or Blows It? |
|
|
364 | (1) |
|
|
|
365 | (6) |
|
Section 12 Market Failure and the Role of Government |
|
|
371 | (52) |
|
|
|
371 | (1) |
|
|
|
372 | (7) |
|
Externalities: An Overview |
|
|
372 | (1) |
|
The Economics of Pollution |
|
|
372 | (3) |
|
Costs and Benefits of Pollution |
|
|
373 | (1) |
|
Pollution: An External Cost |
|
|
374 | (1) |
|
Economics in Action: Talking, Texting, and Driving |
|
|
375 | (1) |
|
The Inefficiency of Excess Pollution |
|
|
376 | (1) |
|
Private Solutions to Externalities |
|
|
376 | (1) |
|
|
|
377 | (2) |
|
Module 37 Externalities and Public Policy |
|
|
379 | (10) |
|
Policies Toward Pollution |
|
|
379 | (5) |
|
|
|
379 | (1) |
|
|
|
380 | (2) |
|
Tradable Emissions Permits |
|
|
382 | (2) |
|
Economics in Action: Cap and Trade |
|
|
384 | (1) |
|
|
|
384 | (2) |
|
Preserved Farmland: An External Benefit |
|
|
385 | (1) |
|
Positive Externalities in the Modern Economy |
|
|
386 | (1) |
|
|
|
386 | (1) |
|
|
|
387 | (2) |
|
Module 38 Public Goods and Common Resources |
|
|
389 | (11) |
|
Private Goods---and Others |
|
|
389 | (3) |
|
|
|
389 | (1) |
|
Why Markets Can Supply Only Private Goods Efficiently |
|
|
390 | (2) |
|
|
|
392 | (3) |
|
|
|
392 | (1) |
|
How Much of a Public Good Should Be Provided? |
|
|
393 | (2) |
|
Economics in Action: Voting as a Public Good |
|
|
395 | (1) |
|
|
|
395 | (2) |
|
|
|
395 | (1) |
|
The Efficient Use and Maintenance of a Common Resource |
|
|
396 | (1) |
|
Artificially Scarce Goods |
|
|
397 | (1) |
|
|
|
398 | (2) |
|
Module 39 The Economics of the Welfare State |
|
|
400 | (23) |
|
Poverty, Inequality, and Public Policy |
|
|
400 | (6) |
|
The Logic of the Welfare State |
|
|
400 | (1) |
|
|
|
401 | (3) |
|
|
|
404 | (2) |
|
|
|
406 | (1) |
|
Economics in Action: Long-Term Trends in Income Inequality in the United States |
|
|
406 | (2) |
|
|
|
408 | (2) |
|
|
|
408 | (1) |
|
Social Security and Unemployment Insurance |
|
|
409 | (1) |
|
The Effects of the Welfare State on Poverty and Inequality |
|
|
409 | (1) |
|
Health Care in the United States |
|
|
410 | (2) |
|
The Need for Health Insurance |
|
|
411 | (1) |
|
|
|
411 | (1) |
|
The Debate over the Welfare State |
|
|
412 | (1) |
|
Problems with the Welfare State |
|
|
412 | (1) |
|
The Politics of the Welfare State |
|
|
413 | (1) |
|
|
|
413 | (2) |
|
Business Case: A Tale of Two Research Clusters |
|
|
415 | (1) |
|
|
|
415 | (8) |
|
Section 13 Factor Markets and the Distribution of income |
|
|
423 | (30) |
|
|
|
423 | (1) |
|
|
|
424 | (8) |
|
The Economy's Factors of Production |
|
|
424 | (1) |
|
The Factors of Production |
|
|
424 | (1) |
|
Why Factor Prices Matter: The Allocation of Resources |
|
|
424 | (1) |
|
Factor Incomes and the Distribution of Income |
|
|
425 | (1) |
|
Economics in Action: The Factor Distribution of Income in the United States |
|
|
425 | (1) |
|
Marginal Productivity and Factor Demand |
|
|
426 | (5) |
|
Value of the Marginal Product |
|
|
426 | (1) |
|
Value of the Marginal Product and Factor Demand |
|
|
426 | (3) |
|
Shifts of the Factor Demand Curve |
|
|
429 | (2) |
|
|
|
431 | (1) |
|
Module 41 Marginal Productivity Theory |
|
|
432 | (8) |
|
The Marginal Productivity Theory of Income Distribution |
|
|
432 | (1) |
|
Economics in Action: Help Wanted! |
|
|
433 | (1) |
|
Is the Marginal Productivity Theory of Income Distribution Really True? |
|
|
434 | (4) |
|
Wage Disparities in Practice |
|
|
434 | (1) |
|
Marginal Productivity and Wage Inequality |
|
|
434 | (2) |
|
|
|
436 | (1) |
|
|
|
437 | (1) |
|
|
|
437 | (1) |
|
So Does Marginal Productivity Theory Work? |
|
|
438 | (1) |
|
|
|
438 | (2) |
|
Module 42 The Market for Labor |
|
|
440 | (13) |
|
|
|
440 | (3) |
|
|
|
440 | (1) |
|
|
|
441 | (2) |
|
Shifts of the Labor Supply Curve |
|
|
443 | (1) |
|
Economics in Action: The Overworked American? |
|
|
444 | (1) |
|
Equilibrium in the Labor Market |
|
|
444 | (3) |
|
When the Product Market Is Not Perfectly Competitive |
|
|
444 | (2) |
|
When the Labor Market Is Not Perfectly Competitive |
|
|
446 | (1) |
|
|
|
447 | (1) |
|
Business Case: Alta Gracia: Can Fair Trade Work? |
|
|
448 | (1) |
|
|
|
449 | (4) |
|
Section 14 Additional Topics in Microeconomics |
|
|
453 | (1) |
|
Module 43 The Cost-Minimizing Input Combination |
|
|
454 | (5) |
|
Alternative Input Combinations |
|
|
454 | (1) |
|
Substitutes and Complements in Factor Markets |
|
|
455 | (1) |
|
Determining the Optimal Input Mix |
|
|
455 | (2) |
|
|
|
455 | (1) |
|
The Cost-Minimization Rule |
|
|
456 | (1) |
|
|
|
457 | (2) |
|
Module 44 The Time Value of Money |
|
|
459 | (6) |
|
The Concept of Present Value |
|
|
459 | (3) |
|
Borrowing, Lending, and Interest |
|
|
459 | (1) |
|
|
|
460 | (2) |
|
|
|
462 | (1) |
|
Economics in Action: How Big Is That Jackpot, Anyway? |
|
|
463 | (1) |
|
|
|
464 | (1) |
|
Module 45 The Economics of Information |
|
|
465 | (1) |
|
Private Information: What You Don't Know Can Hurt You |
|
|
465 | (1) |
|
Adverse Selection: The Economics of Lemons |
|
|
466 | (1) |
|
|
|
467 | (2) |
|
|
|
469 | (1) |
|
|
|
470 | |
| Appendix A: Graphs in Economics |
|
1 | (1) |
| Glossary |
|
1 | (1) |
| Solutions to Module Review Questions |
|
1 | (1) |
| Index |
|
1 | |
