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• Cover
• Introduction
• About This Book
• Foolish Assumptions
• Icons Used in This book
• Beyond the Book
• Where to Go from Here
• Part I: Getting Started with Microeconomics
• Chapter 1: Discovering Why Microeconomics Is a Big Deal
• Peering into the Economics of Smaller Units
• Making Decisions, Decisions and More Decisions!
• Understanding the Problems of Competition and Co-operation
• Investigating Why Markets Can Fail
• Chapter 2: Considering Consumer Choice: Why Economists Find You Fascinating!
• Studying Utility: Why People Choose What They Choose
• Modelling Consumer Behaviour: Economic Agents
• Pursuing Preferences and Investigating Indifferences
• Chapter 3: Looking at Firm Behaviour: What They Are and What They Do
• Delving into Firms and What They Do
• Considering How Economists View Firms: The Black Box
• From Firm to Company: Why People Form Limited Liability Companies
• Part II: Doing the Best You Can: Consumer Theory
• Chapter 4: Living a Life without Limits
• Eating Until You’re Sick! Assuming that More Is Always Better
• Deciding How Low You’ll Go! Marginal Utility
• Chapter 5: Considering the Art of the Possible: The Budget Constraint
• Taking It to the Limit! Introducing the Budget Constraint
• Getting the Biggest Bang for Your Buck
• Putting the Utility Model to Work
• Chapter 6: Achieving the Optimum in Spite of Constraints
• Investigating the Equilibrium: Coping with Price and Income Changes
• Dealing with Price Changes for One Good
• Discerning a Consumer’s Revealed Preference
• Decomposing Income and Substitution Effects
• Part III: Uncovering the Alchemy of Firms’ Inputs and Outputs
• Chapter 7: Working with Different Costs and Cost Curves
• Understanding Why Accountants and Economists View Costs Differently
• Looking at a Firm’s Cost Structure
• Relating Cost Structure to Profits
• Chapter 8: Squeezing Out Every Last Drop of Profit
• Asking Whether Firms Really Maximise Profits
• Going Large! The Goal of Profit Maximisation
• Slimming Down! Minimising Costs
• Chapter 9: Supplying the Demanded Information on Supply and Demand
• Producing Stuff to Sell: The Supply Curve
• Giving the People What They Want: The Demand Curve
• Identifying Where Supply and Demand Meet
• Chapter 10: Dreaming of the Consumer’s Delight: Perfect Competition
• Viewing the ‘Perfect’ in Perfect Competition
• Putting the Conditions Together for the Perfectly Competitive Marketplace
• Examining Efficiency and Perfect Competition
• Part IV: Delving into Markets, Market Failure and Welfare Economics
• Chapter 11: Stepping into the Real World: Oligopoly and Imperfect Competition
• Outlining the Features of an Oligopoly
• Discussing Three Different Approaches to Oligopoly
• Making Your Firm Distinctive from the Competition
• Chapter 12: Appreciating the Fundamental Theorems of Welfare Economics
• Getting the Welfare Back into Welfare Economics
• Understanding Why Partial Equilibrium Isn’t Enough
• Trading Your Way to Efficiency with Two Fundamental Theorems
• Chapter 13: Controlling Markets with a Monopoly
• Entering the World of the Monopoly
• Counting the Costs of Monopolies
• Tackling Monopolies in the Real World
• ‘You Make Me Feel Like a Natural Monopoly’
• Chapter 14: Examining Market Failure: Pollution and Parks
• Coming to Grips with Externality: Too Much of a Bad Thing
• Making the Market Produce What It Won’t: Public Goods
• Chapter 15: Understanding the Dangers of Asymmetric Information
• Seeing the Effects of Asymmetric Information
• Changing Your Behaviour because of Asymmetric Information
• Part V: Thinking Strategically: Life Is Just a Game!
• Chapter 16: Playing Games with Economic Theory
• Setting the Game: Mechanism Design
• Locking Horns with the Prisoners’ Dilemma
• Looking at Collective Action: The Stag Hunt
• Annoying People with the Ultimatum Game
• Getting out of the Dilemma by Repeating a Game
• Chapter 17: Keeping Things Stable: The Nash Equilibrium
• Defining the Nash Equilibrium Informally
• Looking for Balance: Where a Nash Equilibrium Must Apply
• Applying the Nash Equilibrium in Economics
• Chapter 18: Knowing How to Win at Auctions
• Spotting Different Kinds of Auction
• Bidding for Beginners
• Suffering from the Winner’s Curse
• Chapter 19: Deciphering the Signals: Threats and Benefits
• Refining the Nash Equilibrium to Deal with Threats
• Responding to Positive Economic Signals
• Part VI: The Part of Tens
• Chapter 20: Meeting Ten Great Microeconomists
• Alfred Marshall (1842–1924)
• Joseph Alois Schumpeter (1883–1950)
• Gary S Becker (1930–2014)
• Ronald Coase (1910–2013)
• Elinor Ostrom (1933–2012)
• William Vickrey (1914–96)
• George Akerlof (born 1940)
• James Buchanan (1919–2013)
• William Baumol (born 1922)
• Arthur Cecil Pigou (1877–1959)
• Chapter 21: Ten Top Tips to Take Away
• Respecting Choice
• Pricing a Good: Difficult but not Impossible
• Competing on Price or Quality
• Seeking Real Markets’ Unique Features
• Beating the Market in the Long Run is Very Difficult
• Knowing a Tradeoff Always Exists Somewhere
• Arguing about the Next Best Thing
• Using Markets Isn’t Always Costless
• Believing that Competition is Good – Usually
• Getting Co-operation and Organisation in the World
• Glossary
• About the Authors
• Cheat Sheet
• Advertisement Page
• Connect with Dummies
• End User License Agreement