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Tables of Contents for Essential Microeconomics
Chapter/Section Title
Page #
Page Count
PREFACE
ix
PART ONE Market Demand and Firm Behavior
2
54
CHAPTER 1 Demand Theory
2
18
Essentials of Demand Theory
2
13
1. The Demand Side of a Market
2
2
2. The Price Elasticity of Demand
4
2
3. Determinants of the Price Elasticity of Demand
6
1
4. Price Elasticity and Total Money Expenditure
7
2
5. Income Elasticity of Demand and Cross Elasticity of Demand
9
1
6. A Model of Consumer Behavior
10
3
7. The Equilibrium Market Basket
13
2
Chapter Review
15
5
CHAPTER 2 Production Theory
20
20
Essentials of Production Theory
20
12
1. Motivation and Technology of the Firm
20
1
2. Fixed and Variable Inputs
21
2
3. The Law of Diminishing Marginal Returns
23
1
4. The Optimal Input Decision
24
2
5. Short-Run Total Costs
26
2
6. Average and Marginal Costs in the Short Run
28
2
7. The Long-Run Average Cost Function
30
2
Chapter Review
32
8
CHAPTER 3 Economics by the Glass, Can, or Keg
40
16
1. Introduction
40
1
2. Anheuser-Busch
41
1
3. Miller, Coors, and Stroh
42
1
4. How Beer Is Produced
43
1
5. Concentration in the Brewing Industry
43
1
6. Pricing
44
1
7. Advertising
45
1
8. Applying Economics: The Market for Beer
46
3
9. Applying Economics: Elasticities of Demand
49
2
10. Applying Economics: Economies of Scale and Advertising
51
2
11. Applying Economics: International Comparisons
53
1
12. Conclusion
53
3
PART TWO Perfect Competition and Monopoly
56
48
CHAPTER 4 Perfect Competition
56
18
Essentials of Perfect Competition
56
12
1. What is Perfect Competition?
56
1
2. The Output of the Firm
57
5
3. Deriving the Market Supply Curve
62
2
4. Price and Output: The Short Run
64
2
5. Price and Output: The Long Run
66
2
Chapter Review
68
6
CHAPTER 5 Monopoly
74
17
Essentials of Monopoly
74
11
1. Causes of Monopoly
74
2
2. Demand Curve and Marginal Revenue under Monopoly
76
2
3. Price and Output: The Short Run
78
4
4. Price and Output: The Long Run
82
1
5. Perfect Competition and Monopoly: A Comparison
82
3
Chapter Review
85
6
CHAPTER 6 No Electricity, No Modern Civilization
91
13
1. Introduction
91
1
2. Public Regulation
91
1
3. Regulation and the Electric Industry
92
1
4. Does Regulation Affect Prices?
93
1
5. Effects of Regulation on Efficiency
93
1
6. The Dawn of a New Competitive Era
94
1
7. Should Indian Point 3 Be Shut Down?
95
1
8. Applying Economics: Electricity Demand
95
1
9. Applying Economics: Costs of Electricity
96
1
10. Applying Economics: The Pricing of Electricity
97
2
11. Applying Economics: Differences among Electric Utilities in Prices Charged
99
2
12. Applying Economics: The Tennessee Valley Authority
101
1
13. Conclusion
102
2
PART THREE Oligopoly, Monopolistic Competition, and Antitrust Policy
104
48
CHAPTER 7 Oligopoly and Monopolistic Competition
104
19
Essentials of Oligopoly and Monopolistic Competition
104
14
1. Oligopoly
104
1
2. The Kinked Oligopoly Demand Curve
105
1
3. Price and Output of a Cartel
106
2
4. The Theory of Contestable Markets
108
1
5. The Theory of Games
109
3
6. Comparison of Oligopoly with Perfect Competition
112
2
7. Monopolistic Competition
114
3
8. Comparisons with Perfect Competition and Monopoly
117
1
Chapter Review
118
5
CHAPTER 8 Industrial Concentration and the Antitrust Laws
123
13
Essentials of Industrial Concentration and the Antitrust Laws
123
10
1. The Case against Monopoly
123
3
2. The Defense of Monopoly Power
126
1
3. Concentration of Economic Power
127
1
4. The Antitrust Laws
128
2
5. The Role of the Courts
130
1
6. The Role of the Justice Department
131
2
Chapter Review
133
3
CHAPTER 9 Henry Ford Wouldn't Recognize the Auto Industry Today
136
16
1. Introduction
136
1
2. General Motors and Alfred P. Sloan
136
1
3. Problems of Small Firms: The Case of Studebaker
137
1
4. The Energy Crisis and the Chrysler Bailout
137
2
5. The Japanese Repudiation of Henry Ford
139
1
6. Import Restrictions on Japanese Autos
140
1
7. Japanese Transplants and Changes in the Structure of the U.S. Auto Industry
141
1
8. Applying Economics: Auto Demand
142
2
9. Applying Economics: Auto Production
144
2
10. Applying Economics: Pricing and Rivalry
146
2
11. Applying Economics: Government Regulation
148
1
12. Conclusion
149
3
PART FOUR The Distribution of Income
152
42
CHAPTER 10 Wages
152
18
Essentials of Wages
152
12
1. The Firm's Demand Curve for Labor
152
2
2. Wages under Perfect Competition
154
4
3. Wage Differentials
158
1
4. Monopsony
159
1
5. Labor Unions
160
4
Chapter Review
164
6
CHAPTER 11 Interest, Rent, and Profits
170
13
Essentials of Interest, Rent, and Profits
170
9
1. The Demand and Supply of Loanable Funds
170
3
2. Functions of the Interest Rate
173
2
3. The Present Value of Future Income
175
1
4. Rent: Nature and Significance
176
1
5. Profits
177
2
Chapter Review
179
4
CHAPTER 12 A Woman's Work Is Never Done
183
11
1. The Growing Role of Women in the Labor Force
183
1
2. Sex Discrimination
183
1
3. Affirmative Action
184
1
4. Comparable Worth
185
1
5. Applying Economics: Female Participation in the Labor Force
186
1
6. Applying Economics: The Effect of Taxes and Subsidies on Female Labor Force Participation
187
1
7. Applying Economics: Poverty and Age-Earnings Profiles
188
2
8. Applying Economics: Affirmative Action and Comparable Worth
190
1
9. Conclusion
191
3
PART FIVE Resource Allocation and the Government
194
36
CHAPTER 13 (Optional) Optimal Resource Allocation
194
8
Essentials of Optimal Resource Allocation
194
6
1. Welfare Economics
194
1
2. Conditions for Optimal Resource Allocation
195
2
3. Optimal Resource Allocation: A Case Study
197
1
4. Perfect Competition and Welfare Maximization
198
2
Chapter Review
200
2
CHAPTER 14 The Economic Role of the Government
202
14
Essentials of the Economic Role of the Government
202
10
1. The United States: A Mixed Capitalist System
202
2
2. What Functions Should the Government Perform?
204
3
3. Providing Public Goods
207
1
4. Externalities
208
2
5. Size and Nature of Government Activities
210
1
6. What the Federal, State, and Local Governments Receive in Taxes
211
1
Chapter Review
212
4
CHAPTER 15 Will Pollution Make Caviar Extinct?
216
14
1. The Plight of the Beluga
216
1
2. Why Environmental Pollution?
216
1
3. Direct Regulation by Government
217
1
4. Effluent Fees
218
1
5. Transferable Emissions Permits
219
1
6. Tax Credits for Pollution-Control Equipment
219
1
7. How Clean Should the Environment Be?
220
1
8. A Goal of Zero Pollution?
221
1
9. The Ban on Ocean Dumping
221
1
10. Global Warming
222
1
11. Applying Economics: Global Warming
223
2
12. Applying Economics: Water Pollution
225
1
13. Applying Economics: Air Pollution
226
1
14. Applying Economics: Tax Relief, Economic Development, and the Environment
227
1
15. Conclusion
228
2
ANSWERS TO ODD-NUMBERED NUMERICAL PROBLEMS
230
8
GLOSSARY OF TERMS
238
6
INDEX
244