Microeconomics: Theory and Applications

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This text is well-known for using the Keynesian model in the teaching of economics. The text uses the aggregate supply/aggregate demand model as a fundamental tool for learning microeconomics. It achieves the right level of rigor and detail, presenting complicated concepts in a relatively straightforward manner and using timely economic data. Key Feature A new analysis of human capital's impact on economic growth, including a discussion on minimum wage and household protection has been added for more up to date coverage of these prevalent topics A more developed discussion of consumer choice has been added, including expanded coverage on budget limitations and constraints when discussing consumer theory Each chapter ends with questions and problems for review to help students complete homework and prepare for exams Table of Contents Part I: Getting Acquainted with Economics 1. What Is Economics? 2. The Economy: Myth and Reality 3. The Fundamental Economic Problem: Scarcity and Choice 4. Supply and Demand: An Initial Look Part II: The Building Blocks of Demand and Supply 5. Consumer Choice: Individual and Market Demand 6. Demand and Elasticity 7. Production, Inputs, and Cost: Building Blocks for Supply Analysis 8. Output, Price, and Profit: The Importance of Marginal Analysis 9. The Economics of the Stock Market Part III: Markets and the Price System 10. The Firm and the Industry under Perfect Competition 11. Monopoly. 12. Between Competition and Monopoly 13. Limiting Market Power: Regulation and Antitrust Part IV: The Virtues and Limitations of Markets 14. The Case for Free Markets I: The Price System 15. The Shortcomings of Free Markets 16. The Market's Prime Achievement: Innovation and Growth 17. Externalities, the Environment and Natural Resources 18. Taxation and Resource Allocation Part V: The Distribution of Income 19. Pricing the Factors of Production 20. Labor and Entrepreneurship: The Human Inputs 21. Poverty, Inequality, and Discrimination 22. International Trade and Comparative Advantage