MICROeCONOMICS Principles & Applications pot

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MICROeCONOMICS Principles & Applications pot

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[...]... help your students get the most from Microeconomics: Principles and Applications, fifth edition, and from your lectures Visit www.cengage.com/economics/econcentral and select Hall/Lieberman 5e to see the study options available! • Global Economic Watch A global economic crisis need not be a teaching crisis Students can now learn economic concepts through examples and applications using the most current... economists study and the different methods they use to analyze them MICROECONOMICS AND MACROECONOMICS The field of economics is divided into two major parts: microeconomics and macroeconomics Microeconomics comes from the Greek word mikros, meaning “small.” It takes a close-up view of the economy, as if looking through a microscope Microeconomics is concerned with the behavior of individual actors on... Markets (Chapter 13) This chapter focuses on the common theme of these subjects: the present value of future income Moreover, it provides simple, principles- level analyses of the stock and bond markets—something that students are hungry for but that many principles textbooks neglect Description versus Assessment (Chapters 9–11 and 14–15) In treating product market structures, most texts switch back... services, we would have to pull resources—land, labor, capital, FIGURE 1 Resources Resources and Production • Land (& natural resources) • Labor • Capital • Entrepreneurship Various Other Inputs • Raw Materials (such as cement, steel, plastic) • Transportation • Electricity • Etc Goods & Services • Food • Clothing • Health Care • Entertainment • Etc All goods and services come ultimately from the four... interesting applications (such as wage inequality) with less delay (Those who liked the prior approach to labor demand will find it in the appendix to that chapter.) Two other pedagogical changes we should note are the shift of the section on opportunity cost from Chapter 2 to Chapter 1 and an earlier introduction of international trade (within the discussion of comparative advantage in Chapter 2) NEW APPLICATIONS. .. on the principles of economic efficiency And doctors will need to understand how new technologies or changes in the structure of health insurance will affect their practices To Become an Economist Only a tiny minority of this book’s readers will decide to become economists This is welcome news to the authors, and after you have studied labor markets in your Chapter 1: What Is Economics? 11 microeconomics. .. the purpose for which the model is built In introductory economics, the purpose is entirely educational—to help you understand some simple, but powerful, principles about how the economy operates Keeping the models simple makes it easier to see these principles at work and remember them later ASSUMPTIONS AND CONCLUSIONS Simplifying assumption Any assumption that makes a model simpler without affecting... imply about efficient markets theory (Chapter 13), how information asymmetry affects the health insurance market (Chapter 15), and more Teaching and Learning Aids To help you present the most interesting principles courses possible, we have created an extensive set of supplementary items Many of them can be downloaded from the Hall/ Lieberman Web site www.cengage.com/economics/hall The list includes the... www.cengage.com/economics/hall features the essential resources for instructors, password-protected, in downloadable format: the Instructor’s Manual in Word, the test banks in Word, and PowerPoint lecture and exhibit slides • Microeconomics Test Bank The micro test bank is revised by Toni Weiss of Tulane University It contains more than 2,500 multiple-choice questions, arranged according to chapter headings and subheadings,... competition (horizontal demand curve, marginal revenue the same as price, etc.) This avoids confusion later on USING THE THEORY Monopolistic Competition and Oligopoly (Chapter 11) This text is full of applications that are woven throughout the narrative In addition, almost every chapter ends with an extended Two features of our treatment are worth noting First, we emphasize advertising, a key feature . Mexico • Singapore • Spain • United Kingdom • United States Microeconomics: Principles & Applications, 5th Edition Robert E. Hall Marc Lieberman Vice. 518 Glossary G-1 Index I-1 Preface ix PREFACE ix Microeconomics: Principles and Applications is about eco- nomic principles and how economists use them to understand

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  • Front Cover

  • Title Page

  • Copyright

  • Brief Contents

  • Contents

  • Part I: Preliminaries

    • Chapter 1: What Is Economics?

      • Scarcity and Individual Choice

      • Scarcity and Social Choice

      • The World of Economics

      • Why Study Economics?

      • The Methods of Economics

      • How to Study Economics

      • Summary

      • Problem Set

      • Appendix: Graphs and Other Useful Tools

    • Chapter 2: Scarcity, Choice, and Economic Systems

      • Society’s Production Choices

      • The Production Possibilities Frontier

      • The Search for a Free Lunch

      • Economic Systems

      • Using the Theory: Are We Saving Lives Efficiently?

      • Summary

      • Problem Set

  • Part II: Supply and Demand

    • Chapter 3: Supply and Demand

      • Markets

      • Demand

      • Supply

      • Putting Supply and Demand Together

      • What Happens When Things Change?

      • The Three-Step Process

      • Using the Theory: The Oil Price Spike of 2007–2008

      • Summary

      • Problem Set

      • Appendix: Solving for Equilibrium Algebraically

    • Chapter 4: Working with Supply and Demand

      • Government Intervention in Markets

      • Supply and Demand in Housing Markets

      • Using the Theory: The Housing Boom and Bust of 1997–2008

      • Summary

      • Problem Set

      • Appendix: Understanding Leverage

    • Chapter 5: Elasticity

      • Price Elasticity of Demand

      • Other Elasticities

      • Using the Theory: Applications of Elasticity

      • Summary

      • Problem Set

  • Part III: Microeconomic Decision Makers

    • Chapter 6: Consumer Choice

      • The Budget Constraint

      • Preferences

      • Consumer Decisions: The Marginal Utility Approach

      • Income and Substitution Effects

      • Consumers in Markets

      • Consumer Theory in Perspective

      • Using the Theory: Improving Education

      • Summary

      • Problem Set

      • Appendix: The Indifference Curve Approach

    • Chapter 7: Production and Cost

      • Production

      • Production in the Short Run

      • Thinking About Costs

      • Cost in the Short Run

      • Production and Cost in the Long Run

      • Cost: A Summary

      • Using the Theory: The Urge to Merge

      • Summary

      • Problem Set

      • Appendix: Isoquant Analysis: Finding the Least-Cost Input Mix

    • Chapter 8: How Firms Make Decisions: Profit Maximization

      • The Goal of Profit Maximization

      • Understanding Profit

      • The Firm’s Constraints

      • The Profit-Maximizing Output Level

      • Dealing with Losses

      • Using the Theory: Getting It Wrong and Getting It Right: Two Classic Examples

      • Summary

      • Problem Set

  • Part IV: Product Markets

    • Chapter 9: Perfect Competition

      • What Is Perfect Competition?

      • The Perfectly Competitive Firm

      • Competitive Markets in the Short Run

      • Competitive Markets in the Long Run

      • What Happens When Things Change?

      • Using the Theory: Short- and Long-Run Adjustment in the Solar Power Industry

      • Summary

      • Problem Set

    • Chapter 10: Monopoly

      • What Is a Monopoly?

      • How Monopolies Arise

      • Monopoly Behavior

      • Equilibrium in Monopoly Markets

      • What Happens When Things Change?

      • Price Discrimination

      • Using the Theory: Monopoly Pricing and Parallel Trade in Pharmaceuticals

      • Summary

      • Problem Set

    • Chapter 11: Monopolistic Competition and Oligopoly

      • The Concept of Imperfect Competition

      • Monopolistic Competition

      • Oligopoly

      • Using the Theory: Advertising in Monopolistic Competition and Oligopoly

      • Summary

      • Problem Set

  • Part V: Labor, Capital, and Financial Markets

    • Chapter 12: Labor Markets

      • Labor Markets in Perspective

      • Labor Demand

      • Labor Supply

      • Labor Market Equilibrium

      • Why Do Wages Differ?

      • The Minimum Wage Controversy

      • Using the Theory: The College Wage Premium

      • Summary

      • Problem Set

      • Appendix: The Profit-Maximizing Employment Level

    • Chapter 13: Capital and Financial Markets

      • Physical Capital and the Firm’s Investment Decision

      • Markets for Financial Assets

      • The Bond Market

      • The Stock Market

      • The Efficient Markets View

      • Using the Theory: The Present Value of a College Degree

      • Summary

      • Problem Set

  • Part VI: Efficiency, Government, and the Global Economy

    • Chapter 14: Economic Efficiency and the Competitive Ideal

      • The Meaning of Economic Efficiency

      • Competitive Markets and Economic Efficiency

      • Measuring Market Gains

      • Inefficiency and Deadweight Loss

      • Using the Theory: Taxes and Deadweight Losses

      • Summary

      • Problem Set

    • Chapter 15: Government’s Role in Economic Efficiency

      • The Legal and Regulatory Infrastructure

      • Monopoly

      • Externalities

      • Public Goods

      • Asymmetric Information

      • Efficiency and Government in Perspective

      • Using the Theory: Moral Hazard and the Financial Crisis of 2008

      • Summary

      • Problem Set

    • Chapter 16: Comparative Advantage and the Gains from International Trade

      • The Logic of Free Trade

      • International Comparative Advantage

      • The Sources of Comparative Advantage

      • Why Some People Object to Free Trade

      • How Free Trade Is Restricted

      • Protectionism

      • Using the Theory: The U.S. Sugar Quota[Sup(2)]

      • Summary

      • Problem Set

  • Glossary

  • Index

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