Modern Principles: Microeconomics 2nd Edition

Description

Engaging authors, unbiased presentations of essential ideas, and a knack for revealing the 'invisible hand' of economics at work inform the thoroughly updated new edition of Modern Principles, drawing on a wealth of captivating applications to show readers how economics shed light on business, politics, world affairs, and everyday life Content: PART I: SUPPLY AND DEMAND The Big Ideas The Power of Trade and Comparative Advantage Supply and Demand Equilibrium: How Supply and Demand Determine Prices Elasticity and its Applications Appendix: Other Types of Elasticities Appendix: Elasticities with Excel Taxes and Subsidies PART II: THE PRICE SYSTEM The Price System: Signals, Speculation and Prediction Price Ceilings and Price Floors International Trade Externalities: When Prices Send the Wrong Signals PART III: FIRMS AND FACTOR MARKETS Costs and Profit Maximization Under Competition Appendix: Using Excel to Graph Cost Curves Competition and the Invisible Hand Monopoly Price Discrimination Appendix: Solving Price Discrimination Problems with Excel Cartels, Oligopolies, and Monopolistic Competition The Economics of Network Goods: Competing for Monopoly Labor Markets PART IV: GOVERNMENT Public Goods and the Tragedy of the Commons Appendix: The Tragedy of the Commons: How Fast? Political Economy and Public Choice Economics, Ethics and Public Policy PART V: DECISION MAKING FOR BUSINESSES, INVESTORS, AND CONSUMERS Managing Incentives Stock Markets and Personal Finance Consumer Choice Back-of-Book Appendices A: Reading Graphs in Economics B: Answers to Check Yourself