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• Preface
• Pedagogical Aids
• Teaching and Learning Resources
• Acknowledgments
• Applications
• CHAPTER 1: An Introduction to Microeconomics
• 1.1 The Scope of Microeconomic Theory
• 1.2 The Nature and Role of Theory
• 1.3 Positive versus Normative Analysis
• 1.4 Market Analysis and Real versus Nominal Prices
• 1.5 Basic Assumptions about Market Participants
• 1.6 Opportunity Cost
• 1.7 Production Possibility Frontier
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• CHAPTER 2: Supply and Demand
• 2.1 Demand and Supply Curves
• 2.2 Determination of Equilibrium Price and Quantity
• 2.3 Adjustment to Changes in Demand or Supply
• 2.4 Government Intervention in Markets: Price Controls
• 2.5 Elasticities
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 3: The Theory of Consumer Choice
• 3.1 Consumer Preferences
• 3.2 The Budget Constraint
• 3.3 The Consumer’s Choice
• 3.4 Changes in Income and Consumption Choices
• 3.5 Are People Selfish?
• 3.6 The Utility Approach to Consumer Choice
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 4: Individual and Market Demand
• 4.1 Price Changes and Consumption Choices
• 4.2 Income and Substitution Effects of a Price Change
• 4.3 Income and Substitution Effects: Inferior Goods
• 4.4 From Individual to Market Demand
• 4.5 Consumer Surplus
• 4.6 Price Elasticity and the Price–Consumption Curve
• 4.7 Network Effects
• 4.8 The Basics of Demand Curve Estimation
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 5: Using Consumer Choice Theory
• 5.1 Excise Subsidies, Health Care, and Consumer Welfare
• 5.2 Subsidizing Health Insurance: ObamaCare
• 5.3 Public Schools and the Voucher Proposal
• 5.4 Paying for Garbage
• 5.5 The Consumer’s Choice to Save or Borrow
• 5.6 Investor Choice
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 6: Exchange, Efficiency, and Prices
• 6.1 Two‐Person Exchange
• 6.2 Efficiency in the Distribution of Goods
• 6.3 Competitive Equilibrium and Efficient Distribution
• 6.4 Price and Nonprice Rationing and Efficiency
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 7: Production
• 7.1 Relating Output to Inputs
• 7.2 Production When Only One Input Is Variable: The Short Run
• 7.3 Production When All Inputs Are Variable: The Long Run
• 7.4 Returns to Scale
• 7.5 Functional Forms and Empirical Estimation of Production Functions
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 8: The Cost of Production
• 8.1 The Nature of Cost
• 8.2 Short‐Run Cost of Production
• 8.3 Short‐Run Cost Curves
• 8.4 Long‐Run Cost of Production
• 8.5 Input Price Changes and Cost Curves
• 8.6 Long‐Run Cost Curves
• 8.7 Learning by Doing
• 8.8 Importance of Cost Curves to Market Structure
• 8.9 Using Cost Curves: Controlling Pollution
• 8.10 Economies of Scope
• 8.11 Estimating Cost Functions
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 9: Profit Maximization in Perfectly Competitive Markets
• 9.1 The Assumptions of Perfect Competition
• 9.2 Profit Maximization
• 9.3 The Demand Curve for a Competitive Firm
• 9.4 Short‐Run Profit Maximization
• 9.5 The Perfectly Competitive Firm’s Short‐Run Supply Curve
• 9.6 The Short‐Run Industry Supply Curve
• 9.7 Long‐Run Competitive Equilibrium
• 9.8 The Long‐Run Industry Supply Curve
• 9.9 When Does the Competitive Model Apply?
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTE
• CHAPTER 10: Using the Competitive Model
• 10.1 The Evaluation of Gains and Losses
• 10.2 Excise Taxation
• 10.3 Airline Regulation and Deregulation
• 10.4 City Taxicab Markets
• 10.5 Consumer and Producer Surplus, and the Net Gains from Trade
• 10.6 Government Intervention in Markets: Quantity Controls
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 11: Monopoly
• 11.1 The Monopolist’s Demand and Marginal Revenue Curves
• 11.2 Profit‐Maximizing Output of a Monopoly
• 11.3 Further Implications of Monopoly Analysis
• 11.4 The Measurement and Sources of Monopoly Power
• 11.5 The Efficiency Effects of Monopoly
• 11.6 Public Policy toward Monopoly
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 12: Product Pricing with Monopoly Power
• 12.1 Price Discrimination
• 12.2 Three Necessary Conditions for Price Discrimination
• 12.3 Price and Output Determination with Price Discrimination
• 12.4 Intertemporal Price Discrimination and Peak‐Load Pricing
• 12.5 Two‐Part Tariffs
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 13: Monopolistic Competition and Oligopoly
• 13.1 Price and Output under Monopolistic Competition
• 13.2 Oligopoly and the Cournot Model
• 13.3 Other Oligopoly Models
• 13.4 Cartels and Collusion
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 14: Game Theory and the Economics of Information
• 14.1 Game Theory
• 14.2 The Prisoner’s Dilemma Game
• 14.3 Repeated Games
• 14.4 Asymmetric Information
• 14.5 Adverse Selection and Moral Hazard
• 14.6 Limited Price Information
• 14.7 Advertising
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 15: Using Noncompetitive Market Models
• 15.1 The Size of the Deadweight Loss of Monopoly
• 15.2 Do Monopolies Suppress Inventions?
• 15.3 Natural Monopoly
• 15.4 More on Game Theory: Iterated Dominance and Commitment
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 16: Employment and Pricing of Inputs
• 16.1 The Input Demand Curve of a Competitive Firm
• 16.2 Industry and Market Demand Curves for an Input
• 16.3 The Supply of Inputs
• 16.4 Industry Determination of Price and Employment of Inputs
• 16.5 Input Price Determination in a Multi‐Industry Market
• 16.6 Input Demand and Employment by an Output Market Monopoly
• 16.7 Monopsony in Input Markets
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 17: Wages, Rent, Interest, and Profit
• 17.1 The Income–Leisure Choice of the Worker
• 17.2 The Supply of Hours of Work
• 17.3 The General Level of Wage Rates
• 17.4 Why Wages Differ
• 17.5 Economic Rent
• 17.6 Monopoly Power in Input Markets: The Case of Unions
• 17.7 Borrowing, Lending, and the Interest Rate
• 17.8 Investment and the Marginal Productivity of Capital
• 17.9 Saving, Investment, and the Interest Rate
• 17.10 Why Interest Rates Differ
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 18: Using Input Market Analysis
• 18.1 The Minimum Wage
• 18.2 Who Really Pays for Social Security?
• 18.3 The Hidden Cost of Social Security
• 18.4 The NCAA Cartel
• 18.5 Discrimination in Employment
• 18.6 The Benefits and Costs of Immigration
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 19: General Equilibrium Analysis and Economic Efficiency
• 19.1 Partial and General Equilibrium Analysis Compared
• 19.2 Economic Efficiency
• 19.3 Conditions for Economic Efficiency
• 19.4 Efficiency in Production
• 19.5 The Production Possibility Frontier and Efficiency in Output
• 19.6 Competitive Markets and Economic Efficiency
• 19.7 The Causes of Economic Inefficiency
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• CHAPTER 20: Public Goods and Externalities
• 20.1 What Are Public Goods?
• 20.2 Efficiency in the Provision of a Public Good
• 20.3 Externalities
• 20.4 Externalities and Property Rights
• 20.5 Controlling Pollution, Revisited
• SUMMARY
• REVIEW QUESTIONS AND PROBLEMS
• NOTES
• Answers to Selected Problems
• Glossary
• Index
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