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Cấu trúc
Cover Page
Title Page
Copyright Page
About the Author
Dedication
Brief Contents
Preface
Contents
Chapter 1: Supply, Demand, and Equilibrium
1.1 Demand
Demand versus Quantity Demanded
Demand Curves
Changes in Demand
Market Demand
The Shape of the Demand Curve
The Wide Scope of Economics
1.2 Supply
Supply versus Quantity Supplied
1.3 Equilibrium
The Equilibrium Point
Changes in the Equilibrium Point
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 2: Prices, Costs, and the Gains from Trade
2.1 Prices
Absolute versus Relative Prices
Some Applications
2.2 Costs, Efficiency, and Gains from Trade
Costs and Efficiency
Specialization and the Gains from Trade
Why People Trade
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 3: The Behavior of Consumers
3.1 Tastes
Indifference Curves
Marginal Values
More on Indifference Curves
3.2 The Budget Line and the Consumer’s Choice
The Budget Line
The Consumer’s Choice
3.3 Applications of Indifference Curves
Standards of Living
The Least Bad Tax
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Appendix to Chapter 3
Cardinal Utility
The Consumer’s Optimum
Chapter 4: Consumers in the Marketplace
4.1 Changes in Income
Changes in Income and Changes in the Budget Line
Changes in Income and Changes in the Optimum Point
The Engel Curve
4.2 Changes in Price
Changes in Price and Changes in the Budget Line
Changes in Price and Changes in the Optimum Point
The Demand Curve
4.3 Income and Substitution Effects
Two Effects of a Price Increase
Why Demand Curves Slope Downward
The Compensated Demand Curve
4.4 Elasticities
Income Elasticity of Demand
Price Elasticity of Demand
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 5: The Behavior of Firms
5.1 Weighing Costs and Benefits
A Farmer’s Problem
The Equimarginal Principle
5.2 Firms in the Marketplace
Revenue
Costs
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 6: Production and Costs
6.1 Production and Costs in the Short Run
The Total, Marginal, and Average Products of Labor
Costs in the Short Run
6.2 Production and Costs in the Long Run
Isoquants
Choosing a Production Process
The Long-Run Cost Curves
Returns to Scale and the Shape of the Long-Run Cost Curves
6.3 Relations Between the Short Run and the Long Run
From Isoquants to Short-Run Total Cost
From Isoquants to Long-Run Total Cost
Short-Run Total Cost versus Long-Run Total Cost
A Multitude of Short Runs
Short-Run Average Cost versus Long-Run Average Cost
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 7: Competition
7.1 The Competitive Firm
Revenue
The Firm’s Supply Decision
Shutdowns
The Elasticity of Supply
7.2 The Competitive Industry in the Short Run
Defining the Short Run
The Competitive Industry’s Short-Run Supply Curve
Supply, Demand, and Equilibrium
Competitive Equilibrium
The Industry’s Costs
7.3 The Competitive Firm in the Long Run
Long-Run Marginal Cost and Supply
Profit and the Exit Decision
The Firm’s Long-Run Supply Curve
7.4 The Competitive Industry in the Long Run
The Long-Run Supply Curve
Equilibrium
Changes in Equilibrium
Application: The Government as a Supplier
Some Lessons Learned
7.5 Relaxing the Assumptions
The Break-Even Price
Constant-Cost Industries
Increasing-Cost Industries
Decreasing-Cost Industries
Equilibrium
7.6 Applications
Removing a Rent Control
A Tax on Motel Rooms
Tipping the Busboy
7.7 Using the Competitive Model
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 8: Welfare Economics and the Gains from Trade
8.1 Measuring the Gains from Trade
Consumers’ and Producers’ Surplus
8.2 The Efficiency Criterion
Consumers’ Surplus and the Efficiency Criterion
Understanding Deadweight Loss
Other Normative Criteria
8.3 Examples and Applications
Subsidies
Price Ceilings
Tariffs
Theories of Value
8.4 General Equilibrium and the Invisible Hand
The Fundamental Theorem of Welfare Economics
An Edgeworth Box Economy
General Equilibrium with Production
Summary
Author Commentary
Review Questions
Problem Set
Appendix to Chapter 8
Normative Criteria
Some Normative Criteria
Optimal Population
Author Commentary
Chapter 9: Knowledge and Information
9.1 The Informational Content of Prices
Prices and Information
The Costs of Misallocation
9.2 Asymmetric Information
Signaling: Should Colleges Be Outlawed?
Adverse Selection and the Market for Lemons
Moral Hazard
Principal–Agent Problems
A Theory of Unemployment
9.3 Financial Markets
Efficient Markets for Financial Securities
Stock Market Crashes
Summary
Author Commentary
Review Questions
Problem Set
Chapter 10: Monopoly
10.1 Price and Output under Monopoly
Monopoly Pricing
Elasticity and Marginal Revenue
Measuring Monopoly Power
Welfare
Monopoly and Public Policy
10.2 Sources of Monopoly Power
Natural Monopoly
Patents
The History of Photography: Patents in the Public Domain
Resource Monopolies
Economies of Scope
Legal Barriers to Entry
10.3 Price Discrimination
First-Degree Price Discrimination
Third-Degree Price Discrimination
Two-Part Tariffs
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 11: Market Power, Collusion, and Oligopoly
11.1 Acquiring Market Power
Mergers
Horizontal Integration
Vertical Integration
Predatory Pricing
Resale Price Maintenance
11.2 Collusion and the Prisoner’s Dilemma: An Introduction to Game Theory
Game Theory and the Prisoner’s Dilemma
The Prisoner’s Dilemma and the Breakdown of Cartels
11.3 Regulation
Examples of Regulation
What Can Regulators Regulate?
Creative Response and Unexpected Consequences
Positive Theories of Regulation
11.4 Oligopoly
Contestable Markets
Contestable Markets and Natural Monopoly
Oligopoly with a Fixed Number of Firms
11.5 Monopolistic Competition and Product Differentiation
Monopolistic Competition
The Economics of Location
Summary
Author Commentary
Review Questions
Numerical Exercises
Problem Set
Chapter 12: The Theory of Games
12.1 Game Matrices
Pigs in a Box
The Prisoner’s Dilemma Revisited
Pigs in a Box Revisited
The Copycat Game
Nash Equilibrium as a Solution Concept
Mixed Strategies
Pareto Optima
Pareto Optima versus Nash Equilibria
12.2 Sequential Games
An Oligopoly Problem
Summary
Author Commentary
Problem Set
Chapter 13: External Costs and Benefits
13.1 The Problem of Pollution
Private Costs, Social Costs, and Externalities
Government Policies
13.2 The Coase Theorem
The Doctor and the Confectioner
The Coase Theorem
The Coase Theorem in the Marketplace
External Benefits
Income Effects and the Coase Theorem
13.3 Transactions Costs
Trains, Sparks, and Crops
The Reciprocal Nature of the Problem
Sources of Transactions Costs
13.4 The Law and Economics
The Law of Torts
A Positive Theory of the Common Law
Normative Theories of the Common Law
Optimal Systems of Law
Summary
Author Commentary
Review Questions
Problem Set
Chapter 14: Common Property and Public Goods
14.1 The Tragedy of the Commons
The Springfield Aquarium
It Can Pay to Be Different
Common Property
14.2 Public Goods
Some Market Failures
The Provision of Public Goods
The Role of Government
Schemes for Eliciting Information
Reaching the Efficient Outcome
Summary
Review Questions
Numerical Exercises
Problem Set
Chapter 15: The Demand for Factors of Production
15.1 The Firm’s Demand for Factors in the Short Run
The Marginal Revenue Product of Labor
The Algebra of Profit Maximization
The Effect of Plant Size
15.2 The Firm’s Demand for Factors in the Long Run
Constructing the Long-Run Labor Demand Curve
Substitution and Scale Effects
Relationships between the Short Run and the Long Run
15.3 The Industry’s Demand Curve for Factors of Production
Monopsony
15.4 The Distribution of Income
Factor Shares and Rents
Producers’ Surplus
Summary
Review Questions
Numerical Exercises
Problem Set
Chapter 16: The Market for Labor
16.1 Individual Labor Supply
Consumption versus Leisure
Changes in the Budget Line
The Worker’s Supply of Labor
16.2 Labor Market Equilibrium
Changes in Nonlabor Income
Changes in Productivity
16.3 Differences in Wages
Human Capital
Compensating Differentials
Access to Capital
16.4 Discrimination
Theories of Discrimination
Wage Differences Due to Worker Preferences
Human Capital Inheritance
Summary
Review Questions
Problem Set
Chapter 17: Allocating Goods Over Time
17.1 Bonds and Interest Rates
Relative Prices, Interest Rates, and Present Values
Bonds Denominated in Dollars
Default Risk
17.2 Applications
Valuing a Productive Asset
Valuing Durable Commodities: Is Art a Good Investment?
Should You Pay with Cash or Credit?
Government Debt
Planned Obsolescence
Artists’ Royalties
Old Taxes Are Fair Taxes
The Pricing of Exhaustible Resources
17.3 The Market for Current Consumption
The Consumer’s Choice
The Demand for Current Consumption
Equilibrium and the Representative Agent
Changes in Equilibrium
17.4 Production and Investment
The Demand for Capital
The Supply of Current Consumption
Equilibrium
Summary
Author Commentary
Review Questions
Problem Set
Chapter 18: Risk and Uncertainty
18.1 Attitudes Toward Risk
Characterizing Baskets
Opportunities
Preferences and the Consumer’s Optimum
Gambling at Favorable Odds
Risk and Society
18.2 The Market for Insurance
Imperfect Information
Uninsurable Risks
18.3 Futures Markets
Speculation
18.4 Markets for Risky Assets
Portfolios
The Geometry of Portfolios
The Investor’s Choice
Constructing a Market Portfolio
18.5 Rational Expectations
A Market with Uncertain Demand
Why Economists Make Wrong Predictions
Summary
Author Commentary
Review Questions
Problem Set
Chapter 19: What Is Economics?
19.1 The Nature of Economic Analysis
Stages of Economic Analysis
The Value of Economic Analysis
19.2 The Rationality Assumption
The Role of Assumptions in Science
All We Really Need: No Unexploited Profit Opportunities
19.3 What Is an Economic Explanation?
Celebrity Endorsements
The Size of Shopping Carts
Why Is There Mandatory Retirement?
Why Rock Concerts Sell Out
99¢ Pricing
Rationality Revisited
19.4 The Scope of Economic Analysis
Laboratory Animals as Rational Agents
Author Commentary
Problem Set
Appendix A: Calculus Supplement
Appendix B: Answers to All the Exercises
Appendix C: Answers to Problem Sets
Glossary
Index
Nội dung
[...]... referred to as your demand for coffee Notice the difference between demand and quantity demanded Quantity demanded is a number, and it changes when the price does Demand is a whole family of numbers, listing the quantities you would demand in a variety of hypothetical situations (More precisely, demand is a function that converts prices to quantities.) The demand table asserts that if the price of coffee... coffee were 30¢ per cup, you would be demanding 4 cups per day; and so on The sequence of “if statements” is what describes your demand for coffee A change in price leads to a change in quantity demanded A change in price does not lead to a change in demand Demand Curves Demand curve A graph illustrating demand, with prices on the vertical axis and quantities demanded on the horizontal axis Dangerous... demanded The amount of a good that a given individual or group of individuals will choose to consume at a given price Demand A family of numbers that lists the quantity demanded corresponding to each possible price We say that when the price is 20¢ per cup, your quantity demanded is 5 cups per day When the price is 30¢ per cup, your quantity demanded is 4 cups per day, and so on Notice that the price. .. this: Price 20¢/cup 30¢ 40¢ 50¢ Fall in demand A decision by demanders to buy a smaller quantity at each given price Quantity 3 cups/day 2 1 0 Now your rule for deciding how many cups of coffee to purchase at different prices has changed and this rule is just what we have called demand We can also use demand curves to illustrate the difference between a change in quantity demanded and a change in demand... coffee at any given price, the new demand curve lies to the left of (and consequently below) the old demand curve We describe this situation as a fall in demand Shifting the Demand Curve EXHIBIT 1.2 TABLE A Your Original Demand for Coffee Price per cup (¢) Price Quantity 50 20¢/cup 5 cups/day 40 30¢ 4 40¢ 2 50¢ 1 TABLE B Your New Demand for Coffee after Medical Advice to Cut Back Price Quantity 20¢/cup... choose to buy at any given price would go down This is an example of a fall in demand On the other hand, if your aunt gives you a snazzy new coffee maker for your birthday, your demand for coffee might rise 5 Rise in demand A decision by demanders to buy a larger quantity at each given price A change in anything other than price can lead to a change in demand Exercise 1.1 If the price of donuts were to... Lisa demand curve This example is meant to illustrate that points on the demand curve have nothing to do with the actual price of the Mona Lisa or the quantity of Mona Lisas that are actually available My demand curve shows how many Mona Lisas I would want at various prices, not how many I could get Changes in Demand If a change in price does not lead to a change in demand, does this mean demand can... consequences for the world around you To learn what pricetheory is, dig in and begin reading 1.1 Demand When the price of a good goes up, people generally consume less (or at least not more) of it This statement, called the law of demand, is usually summarized as When the price goes up, the quantity demanded goes down Economists believe that the law of demand is always (or nearly always) true We believe... called your demand curve for coffee It fills in the additional information corresponding to prices that do not appear in the table If we were to fill in enough rows of the table (and only space prevents us from doing so), then the demand table and the demand curve in Exhibit 1.1 would convey exactly the same information The demand curve is a picture of your demand for coffee Because demand is a function... intermediate prices like 22¢ or 33½¢ per cup If the table were enlarged to include enough intermediate prices, then the table and the graph would convey exactly the same information When the price goes up, the quantity demanded goes down and Demand curves slope downward But it is even more important to recognize that these two statements are just two different ways of saying the same thing and to understand . xiii CHAPTER 1 Supply, Demand, and Equilibrium 1 1.1 Demand 1 Demand versus Quantity Demanded 1 Demand Curves 2 Changes in Demand 3 Market Demand 7 The Shape of the Demand Curve 7 The Wide. 26 CHAPTER 2 Prices, Costs, and the Gains from Trade 31 2.1 Prices 31 Absolute versus Relative Prices 32 Some Applications 34 2.2 Costs, Efficiency, and Gains from Trade 35 Costs and Efficiency. Budget Line 85 Changes in Price and Changes in the Optimum Point 86 The Demand Curve 88 4.3 Income and Substitution Effects 90 Two Effects of a Price Increase 90 Why Demand Curves Slope Downward