Principles of economics 5th edition

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Principles of economics 5th edition

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PRINCIPLES OF Economics FIFTH EDITION N. GREGORY MANKIW HARVARD UNIVERSITY Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Principles of Economics, 5e N. Gregory Mankiw Vice President of Editorial, Business: Jack W. Calhoun Vice President/Editor-in-Chief: Alex von Rosenberg Executive Editor: Mike Worls Developmental Editor: Jane Tufts Contributing Editors: Jennifer E. Thomas and Katie Yanos Executive Marketing Manager: Brian Joyner Marketing Coordinator: Suellen Ruttkay Senior Content Project Manager: Colleen A. Farmer Marketing Communications Manager: Sarah Greber Manager of Technology, Editorial: Pam Wallace Media Editor: Deepak Kumar Senior Frontlist Buyer, Manufacturing: Sandee Milewski Production Service: Lachina Publishing Services Senior Art Director: Michelle Kunkler Internal and Cover Designer: Red Hangar Design, LLC Internal Paintings: © Michael Steirnagle/Munro Campagna Artistic Representatives Cover Painting: © Fine Art Photographic Library/CORBIS Photography Manager: Deanna Ettinger Photo Researcher: Charlotte Goldman © 2009, 2007 South-Western, a part of Cengage Learning ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to permissionrequest@cengage.com Exam View ® is a registered trademark of eInstruction Corp. Windows is a registered trademark of the Microsoft Corporation used herein under license. Macintosh and Power Macintosh are registered trademarks of Apple Computer, Inc. used herein under license. © 2008 Cengage Learning. All Rights Reserved. Cengage Learning WebTutor TM is a trademark of Cengage Learning. Library of Congress Control Number: 2008934555 ISBN-13: 978-0-324-58997-9 ISBN-10: 0-324-58997-2 Instructor’s Edition ISBN 13: 978-0-324-59133-0 Instructor’s Edition ISBN 10: 0-324-59133-0 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit academic.cengage.com Purchase any of our products at your local college store or at our preferred online store www.ichapters.com Printed in the United States of America 1 2 3 4 5 6 7 12 11 10 09 08 To Catherine, Nicholas, and Peter, my other contributions to the next generation About the Author N. Gregory Mankiw is professor of economics at Harvard University. As a student, he studied economics at Princeton University and MIT. As a teacher, he has taught macroeconomics, microeconomics, statistics, and principles of economics. He even spent one summer long ago as a sailing instructor on Long Beach Island. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His work has been published in scholarly journals, such as the American Economic Review, Journal of Political Economy, and Quarterly Journal of Economics, and in more popular forums, such as The New York Times and The Wall Street Journal. He is also author of the best-selling intermediate-level textbook Macroeconomics(Worth Publishers). In addition to his teaching, research, and writing, Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office, and a member of the ETS test development committee for the Advanced Placement exam in economics. From 2003 to 2005, he served as chairman of the President’s Council of Economic Advisers. Professor Mankiw lives in Wellesley, Massachusetts, with his wife, Deborah, three children, Catherine, Nicholas, and Peter, and their border terrier, Tobin. Brief Contents PART I INTRODUCTION CHAPTER1Ten Principles of Economics CHAPTER2Thinking Like an Economist CHAPTER3Interdependence and the Gains from Trade PART II HOW MARKETS WORK CHAPTER4The Market Forces of Supply and Demand CHAPTER5Elasticity and Its Application CHAPTER6Supply, Demand, and Government Policies PART III MARKETS AND WELFARE CHAPTER7Consumers, Producers, and the Efficiency of Markets CHAPTER8Application: The Costs of Taxation CHAPTER9Application: International Trade PART IV THE ECONOMICS OF THE PUBLIC SECTOR CHAPTER10Externalities CHAPTER11Public Goods and Common Resources CHAPTER12The Design of the Tax System PART V FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY CHAPTER13The Costs of Production CHAPTER14Firms in Competitive Markets CHAPTER15Monopoly CHAPTER16Monopolistic Competition CHAPTER17Oligopoly PART VI THE ECONOMICS OF LABOR MARKETS CHAPTER18The Markets for the Factors of Production CHAPTER19Earnings and Discrimination CHAPTER20Income Inequality and Poverty PART VII TOPICS FOR FURTHER STUDY CHAPTER21The Theory of Consumer Choice CHAPTER22Frontiers of Microeconomics PART VIII THE DATA OF MACROECONOMICS CHAPTER23Measuring a Nation’s Income CHAPTER24Measuring the Cost of Living PART IX THE REAL ECONOMY IN THE LONG RUN CHAPTER25Production and Growth CHAPTER26Saving, Investment, and the Financial System CHAPTER27The Basic Tools of Finance CHAPTER28Unemployment PART X MONEY AND PRICES IN THE LONG RUN CHAPTER29The Monetary System CHAPTER30Money Growth and Inflation PART XI THE MACROECONOMICS OF OPEN ECONOMIES CHAPTER31Open-Economy Macroeconomics: Basic Concepts CHAPTER32A Macroeconomic Theory of the Open Economy PART XII SHORT-RUN ECONOMIC FLUCTUATIONS CHAPTER33Aggregate Demand and Aggregate Supply CHAPTER34The Influence of Monetary and Fiscal Policy on Aggregate Demand CHAPTER35The Short-Run Trade-off between Inflation and Unemployment PART XIII FINAL THOUGHTS CHAPTER36Five Debates over Macroeconomic Policy [...]... study The four of us have much in common—not least of which is our love of ice cream (which becomes apparent in Chapter 4 ) Maybe sometime soon one of them will pick up my passion for economics as well N Gregory Mankiw September 2008 Table of Contents Preface: To the Student PART I INTRODUCTION CHAPTER 1 TEN PRINCIPLES OF ECONOMICS How People Make Decisions Principle 1: People Face Trade-offs Principle... Applications PART XI THE MACROECONOMICS OF OPEN ECONOMIES CHAPTER 31 OPEN-ECONOMY MACROECONOMICS: BASIC CONCEPTS The International Flows of Goods and Capital The Flow of Goods: Exports, Imports, and Net Exports CASE STUDYThe Increasing Openness of the U.S Economy IN THE NEWSBreaking Up the Chain of Production The Flow of Financial Resources: Net Capital Outflow The Equality of Net Exports and Net Capital... Competition A Monopoly’s Revenue Profit Maximization FYIWhy a Monopoly Does Not Have a Supply Curve A Monopoly’s Profit CASE STUDYMonopoly Drugs versus Generic Drugs The Welfare Cost of Monopolies The Deadweight Loss The Monopoly’s Profit: A Social Cost? Price Discrimination A Parable about Pricing The Moral of the Story The Analytics of Price Discrimination Examples of Price Discrimination IN THE NEWSTKTS... THE NEWSA Reversal of Policy CASE STUDYThe Microsoft Case Conclusion Summary Key Concepts Questions for Review Problems and Applications PART VI THE ECONOMICS OF LABOR MARKETS CHAPTER 18 THE MARKETS FOR THE FACTORS OF PRODUCTION The Demand for Labor The Competitive Profit-Maximizing Firm The Production Function and the Marginal Product of Labor The Value of the Marginal Product and the Demand for Labor... Praise of Misers Policy 3: Government Budget Deficits and Surpluses CASE STUDYThe History of U.S Government Debt Conclusion Summary Key Concepts Questions for Review Problems and Applications CHAPTER 27 THE BASIC TOOLS OF FINANCE Present Value: Measuring the Time Value of Money FYIThe Magic of Compounding and the Rule of 70 Managing Risk Risk Aversion The Markets for Insurance FYIThe Peculiarities of Health... Reform Conclusion: The Trade-off between Equity and Efficiency Summary Key Concepts Questions for Review Problems and Applications PART V FIRM BEHAVIOR AND THE ORGANIZATION OF INDUSTRY CHAPTER 13 THE COSTS OF PRODUCTION What Are Costs? Total Revenue, Total Cost, and Profit Costs as Opportunity Costs The Cost of Capital as an Opportunity Cost Economic Profit versus Accounting Profit Production and Costs... Campbell, University of Memphis Michael G Carew, Baruch College Sewin Chan, New York University Joyce J Chen, The Ohio State University Edward A Cohn, Del Mar College Chad D Cotti, University of South Carolina Erik D Craft, University of Richmond Eleanor D Craig, University of Delaware Abdelmagead Elbiali, Rio Hondo College Harold W Elder, University of Alabama Hadi Salehi Esfahani, University of Illinois,... Elasticity of Demand The Price Elasticity of Demand and Its Determinants Computing the Price Elasticity of Demand The Midpoint Method: A Better Way to Calculate Percentage Changes and Elasticities The Variety of Demand Curves Total Revenue and the Price Elasticity of Demand Elasticity and Total Revenue along a Linear Demand Curve Other Demand Elasticities IN THE NEWSEnergy Demand The Elasticity of Supply... FYIInput Demand and Output Supply: Two Sides of the Same Coin FYIThe Luddite Revolt The Supply of Labor The Trade-off between Work and Leisure What Causes the Labor-Supply Curve to Shift? Equilibrium in the Labor Market Shifts in Labor Supply IN THE NEWSThe Economics of Immigration Shifts in Labor Demand CASE STUDYProductivity and Wages The Other Factors of Production: Land and Capital FYIMonopsony... among the Factors of Production FYIWhat Is Capital Income? CASE STUDYThe Economics of the Black Death Conclusion Summary Key Concepts Questions for Review Problems and Applications CHAPTER 19 EARNINGS AND DISCRIMINATION Some Determinants of Equilibrium Wages Compensating Differentials Human Capital CASE STUDYThe Increasing Value of Skills Ability, Effort, and Chance IN THE NEWSThe Loss of Manufacturing . of Cengage Learning. Library of Congress Control Number: 2008934555 ISBN-13: 97 8-0 -3 2 4-5 899 7-9 ISBN-10: 0-3 2 4-5 899 7-2 Instructor’s Edition ISBN 13: 97 8-0 -3 2 4-5 913 3-0 Instructor’s Edition ISBN. 0-3 2 4-5 913 3-0 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning. Infant-Industry Argument The Unfair-Competition Argument The Protection-as-a-Bargaining-Chip Argument IN THE NEWSSecond Thoughts about Free Trade CASE STUDYTrade Agreements and the World Trade Organization Conclusion Summary Key

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