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Tables of Contents for Introduction to Microeconomics
Chapter/Section Title
Page #
Page Count
Preface
vii
Introduction to Micoreconomics
1
23
John Burgess
What is economics?
4
1
What is an economy?
5
1
A very brief history of economics
6
2
What do economists do?
8
1
Microeconomics and macroeconomics
9
1
What is a market?
10
3
Markets and the market system
13
1
When markets fail
14
1
Scarcity and opportunity cost
15
2
Economic growth
17
1
Law of increasing opportunity cost
18
2
Microeconomic policy and microeconomic reform
20
4
Consumers, Demand and Revenue
24
25
Paul Kniest
Introduction
27
1
Consumers, wants and demand
27
1
An individual's demand curve
28
1
Why demand curves are downward sloping
29
3
Movements along versus shifts in an individual's demand curve
32
2
Deriving a market demand curve
34
2
Demand Curves with differing slopes
36
1
Factors determining the slope of a demand curve
37
2
Demand and total revenue
39
1
Marginal revenue
40
3
Elasticity of demand
43
6
The Firm, Production and Costs
49
25
Paul Kniest
Doug Biddle
Introduction
52
1
The Firm in microeconomic analysis
52
2
The structure of firms in Australia
54
2
Time Frames used in the analysis of production and costs
56
1
Short run production and costs
57
4
The U-shaped short run average total cost curve
61
1
Marginal costs
61
2
An alternative look at the relationship between ATC and MC
63
1
Changes in short run costs
64
2
Long run production and costs
66
3
Static versus dynamic cost efficiency
69
2
The law of supply
71
3
Economic Profit
74
21
Paul Kniest
Introduction
77
1
Profits of Australian firms
77
2
Economic profit versus accounting profit
79
3
Economic profit and resource allocation
82
1
Economic profit and decisions of the firm
83
3
Another hook at profit maximisation
86
1
How much profit or loss will a firm make?
87
1
How does a firm determine its profit maximising level of output?
88
2
Non-profit maximising motives for firms
90
2
Can short run profits be sustained?
92
1
Price discrimination and profit maximisation
92
3
Market Structure and Barriers to Entry
95
19
Julie Lee
Introduction
98
1
Markets in action
98
1
Market structure, conduct and performance: An overview
99
1
Market structure: A closer look
100
2
Four types of market structure
102
1
Sources of market power
103
2
Barriers of entry
105
3
Market power and market performance: The case of monopoly
108
2
Market performance over time: The dynamic case of monopoly
110
1
Monoposony: A Case of seller beware
111
3
Perfect Competition
114
19
Julie Lee
Introduction
117
1
What a perfectly competitive firm would look like and why
117
2
Adjusting output and the firm's supply curve
119
1
The short run market supply curve
119
1
Factors that influence the short run market supply curve
120
1
The determination of market equilibrium price
121
1
Changing the equilibrium price and quantity
122
1
What profit will the firm make in the short run?
123
2
Profit in the long run: The dynamics of free entry and exit
125
3
Long run equilibrium and economic efficiency
128
1
Perfect competition and price fluctuations
129
4
Monopolistic Competition
133
18
Paul Kniest
Introduction
136
1
Characteristics of monopolistic competition
136
2
Short run adjustment: Entry of new competitors
138
1
Long run adjustment: Entry of new competitors
138
1
Adjustment to long run equilibrium: The restoration of normal economic profits
139
2
Long run equilibrium
141
1
Non-price competition
142
1
Product differentiation
142
4
Advertising
146
3
Monopolistic competition in action
149
2
Oligopoly
151
22
Paul Kniest
Introduction
154
1
The importance of oligopoly
154
1
Oligopoly and market concentration
155
2
The kinked demand curve model of oligopoly
157
2
Oligopoly and strategic behaviour
159
2
Cartels and collusion under oligopoly
161
2
Game theory and oligopoly
163
3
Why did Compass Airlines end up going south?
166
1
Contestability, limit prices and predatory pricing
167
6
Governments and Market Failure
173
30
John Burgess
Richard Denniss
Paul Kniest
Introduction
176
1
Market failure as a reason for government intervention in the Market economy
176
2
Information asymmetry and information shortages in the market place
178
1
Public goods
179
2
Taxes and resources allocation
181
4
Externalities
185
1
Natural Monopoly
186
2
Government business enterprises
188
4
Corporatisation
192
1
Privatisation
193
3
The provision of public goods
196
2
Other reasons for government intervention
198
2
Altruism and the third sector
200
3
Competition Policy
203
24
John Burgess
Introduction
206
1
The meaning of competition
206
1
The industrial organisation framework
207
2
Workable competition
209
2
Mergers, classification and policy
211
1
Competition policy in Australia
212
2
Market Contestability and the vertical disintegration of natural monopolies
214
2
Australian trade practices legislation
216
4
Consumer protection
220
2
Small business and competition policy
222
1
Competition policy in a global economy
223
4
Markets and The Environment
227
25
Richard Denniss
Paul Kniest
Introduction
230
1
Economics and the environment
230
1
Externalities
231
1
What should we do about externalities?
232
3
Taxes as a solution to pollution
235
1
Research and development and subsidies
236
2
The greenhouse gas problem
238
1
Moral suasion as a solution to the greenhouses gas problem
239
2
A carbon tax
241
3
Quotas and tradeable pollution permits
244
5
Pure energy as a Market-based solution to market failure
249
3
International and Foreign Exchange Markets
252
23
Bruce McFarling
Introduction
255
1
Exchange rates and foreign exchange markets
255
2
Components of demand and supply in foreign exchange markets
257
2
Imports, exports and equilibrium exchange rates
259
3
International capital and equilibrium exchange rates
262
3
Market speculation and exchange rate volatility
265
2
Exchange rate volatility and production for export
267
4
Industry protection policies
271
4
Glossary
275
7
Index
282