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  • ISBN-10 ‏ : ‎ 1337794996
  • ISBN-13 ‏ : ‎ 978-1337794992
  • Author: William J. Baumol, Alan S. Blinder, John L. Solow

Master today’s principles of microeconomics and gain an understanding of current economic issues with the solid introduction and policy-based examples and applications found in Baumol/Blinder/Solow’s MICROECONOMICS: PRINCIPLES AND POLICY, 14E. Written by several of today’s most respected economists, this book is one of the most up-to-date microeconomics texts on the market — incorporating data and issues as recent as 2018. The authors combine the right level of rigor and detail to clarify even the most complicated microeconomic concepts. An entirely new chapter closes the book by delving into some of the most important issues confronting the U.S. economy today. Throughout this edition, well-developed examples, intriguing puzzles and meaningful microeconomic issues provide an excellent balance of theory to application while keeping you engaged and intrigued.

 

Table of Content:

  1. Part 1: Getting Acquainted with Economics
  2. Chapter 1: What Is Economics?
  3. 1-1 Ideas for beyond the Final Exam
  4. 1-2 Inside the Economist’s Tool Kit
  5. Summary
  6. Key Terms
  7. Discussion Questions
  8. Appendix: Using Graphs: A Review
  9. Chapter 2: The Economy: Myth and Reality
  10. 2-1 The American Economy: A Thumbnail Sketch
  11. 2-2 The Inputs: Labor and Capital
  12. 2-3 The Outputs: What Does America Produce?
  13. 2-4 The Central Role of Business Firms
  14. 2-5 What’s Missing from the Picture? Government
  15. 2-6 Conclusion: It’s a Mixed Economy
  16. Summary
  17. Key Terms
  18. Discussion Questions
  19. Chapter 3: The Fundamental Economic Problem: Scarcity and Choice
  20. 3-1 Scarcity, Choice, and Opportunity Cost
  21. 3-2 Scarcity and Choice for a Single Firm
  22. 3-3 Scarcity and Choice for the Entire Society
  23. 3-4 The Three Coordination Tasks of Any Economy
  24. 3-5 The Concept of Efficiency
  25. 3-6 Task 1. How the Market Fosters Efficient Resource Allocation
  26. 3-7 Task 2. Market Exchange and Deciding How Much of Each Good to Produce
  27. 3-8 Task 3. How to Distribute the Economy’s Outputs among Consumers
  28. 3-9 Looking Ahead
  29. Summary
  30. Key Terms
  31. Test Yourself
  32. Discussion Questions
  33. Chapter 4: Supply and Demand: An Initial Look
  34. 4-1 The Invisible Hand
  35. 4-2 Demand and Quantity Demanded
  36. 4-3 Supply and Quantity Supplied
  37. 4-4 Supply and Demand Equilibrium
  38. 4-5 Effects of Demand Shifts on Supply-Demand Equilibrium
  39. 4-6 Supply Shifts and Supply-Demand Equilibrium
  40. 4-7 Battling the Invisible Hand: The Market Fights Back
  41. 4-8 A Simple But Powerful Lesson
  42. Summary
  43. Key Terms
  44. Test Yourself
  45. Discussion Questions
  46. Part 2: The Building Blocks of Demand and Supply
  47. Chapter 5: Consumer Choice: Individual and Market Demand
  48. 5-1 Scarcity and Demand
  49. 5-2 Utility: A Tool to Analyze Purchase Decisions
  50. 5-3 Behavioral Economics: Are Economic Decisions Really Made “Rationally”?
  51. 5-4 Consumer Choice as a Trade-Off: Opportunity Cost
  52. 5-5 From Individual Demand Curves to Market Demand Curves
  53. Summary
  54. Key Terms
  55. Test Yourself
  56. Discussion Questions
  57. Appendix: Analyzing Consumer Choice Graphically: Indifference Curve Analysis
  58. Chapter 6: Demand and Elasticity
  59. 6-1 Elasticity: The Measure of Responsiveness
  60. 6-2 What Determines Price Elasticities of Demand?
  61. 6-3 Price Elasticity of Demand: Its Effect on Total Revenue and Total Expenditure
  62. 6-4 Elasticity as a General Concept
  63. 6-5 The Time Period of the Demand Curve and Economic Decision Making
  64. 6-6 Real-World Application: AOL’s Flat Rate Internet Pricing
  65. 6-7 In Conclusion
  66. Summary
  67. Key Terms
  68. Test Yourself
  69. Discussion Questions
  70. Appendix: How Can We Find a True Demand Curve from Historical Statistics?
  71. Chapter 7: Production, Inputs, and Cost: Building Blocks for Supply Analysis
  72. 7-1 The Economic Short Run versus the Economic Long Run
  73. 7-2 Production, Input Choice, and Cost with One Variable Input
  74. 7-3 Multiple Input Decisions: The Choice of Optimal Input Combinations
  75. 7-4 Cost and Its Dependence on Output
  76. 7-5 Economies of Scale
  77. Summary
  78. Key Terms
  79. Test Yourself
  80. Discussion Question
  81. Appendix: Production Indifference Curves
  82. Chapter 8: Output, Price, and Profit: The Importance of Marginal Analysis
  83. 8-1 Price and Quantity: One Decision, Not Two
  84. 8-2 Total Profit: Keep Your Eye on the Goal
  85. 8-3 Economic Profit and Optimal Decision Making
  86. 8-4 Marginal Analysis and Maximization of Total Profit
  87. 8-5 Generalization: The Logic of Marginal Analysis and Maximization
  88. 8-6 Conclusion: The Fundamental Role of Marginal Analysis
  89. 8-7 The Theory and Reality: A Word of Caution
  90. Summary
  91. Key Terms
  92. Test Yourself
  93. Discussion Question
  94. Appendix: The Relationships among Total, Average, and Marginal Data
  95. Chapter 9: The Financial Markets and the Economy: The Tail That Wags the Dog?
  96. 9-1 Corporations and Their Unique Characteristics
  97. 9-2 Stock Exchanges and Their Functions
  98. 9-3 Betting on Securities: Risks to the Entire Economy
  99. Summary
  100. Key Terms
  101. Test Yourself
  102. Discussion Questions
  103. Appendix: Buying Stocks and Bonds
  104. Part 3: The Virtues of the Free Market
  105. Chapter 10: The Firm and the Industry under Perfect Competition
  106. 10-1 Perfect Competition Defined
  107. 10-2 The Perfectly Competitive Firm
  108. 10-3 The Perfectly Competitive Industry
  109. 10-4 Perfect Competition and Productive Efficiency
  110. Summary
  111. Key Terms
  112. Test Yourself
  113. Discussion Questions
  114. Chapter 11: The Case for Free Markets: The Price System
  115. 11-1 Efficient Resource Allocation and Pricing
  116. 11-2 Scarcity and the Need to Coordinate Economic Decisions
  117. 11-3 How Perfect Competition Achieves Efficiency: A Graphic Analysis
  118. 11-4 How Perfect Competition Achieves Efficient Output: Marginal Analysis
  119. 11-5 Toward Assessment of the Price Mechanism
  120. Summary
  121. Key Terms
  122. Test Yourself
  123. Discussion Questions
  124. Part 4: The Limitations of Free Markets
  125. Chapter 12: Monopoly
  126. 12-1 Monopoly Defined
  127. 12-2 The Monopolist’s Supply Decision
  128. 12-3 Can Anything Good Be Said about Monopoly?
  129. 12-4 Price Discrimination under Monopoly
  130. 12-5 Monopsony: The Case of a Single Buyer
  131. Summary
  132. Key Terms
  133. Test Yourself
  134. Discussion Questions
  135. Chapter 13: Between Competition and Monopoly
  136. 13-1 Monopolistic Competition
  137. 13-2 Oligopoly
  138. 13-3 The Game Theory Approach
  139. 13-4 Contestable Markets
  140. 13-5 A Glance Backward: Comparing the Four Market Structures
  141. 13-6 Monopolistic Competition, Oligopoly, and Public Welfare
  142. Summary
  143. Key Terms
  144. Test Yourself
  145. Discussion Questions
  146. Chapter 14: Limiting Market Power: Antitrust and Regulation
  147. 14-1 The Public Interest Issue: Monopoly Power versus Mere Size
  148. 14-2 Antitrust Laws and Policies
  149. 14-3 Anticompetitive Behavior and Antitrust
  150. 14-4 Concentration
  151. 14-5 What Is Price Regulation?
  152. 14-6 The Logic behind Price Regulation
  153. 14-7 Difficulties with Price Regulation
  154. 14-8 The Deregulation Experience
  155. Summary
  156. Key Terms
  157. Discussion Questions
  158. Chapter 15: The Shortcomings of Free Markets
  159. 15-1 What Does the Market Do Poorly?
  160. 15-2 Efficient Resource Allocation: A Review
  161. 15-3 Externalities: Getting the Prices Wrong
  162. 15-4 Provision of Public Goods
  163. 15-5 Allocation of Resources between Present and Future
  164. 15-6 Imperfect Information
  165. 15-7 Market Failure and Government Failure
  166. 15-8 The Cost Disease of Personal Services
  167. 15-9 The Market System on Balance
  168. 15-10 Epilogue: The Unforgiving Market, Its Gift of Abundance, and Its Dangerous Friends
  169. Summary
  170. Key Terms
  171. Test Yourself
  172. Discussion Questions
  173. Chapter 16: Externalities, the Environment, and Natural Resources
  174. 16-1 The Economics of Environmental Protection
  175. 16-2 Review-Externalities: A Critical Shortcoming of the Market Mechanism
  176. 16-3 Basic Approaches to Environmental Policy
  177. 16-4 Two Cheers for the Market
  178. 16-5 The Economics of Natural Resources
  179. 16-6 The Free Market and Pricing of Natural Resources
  180. 16-7 Exhaustible Resources, Scarcity, and Rising Prices
  181. 16-8 The Bioeconomics of Renewable Resources
  182. Summary
  183. Key Terms
  184. Test Yourself
  185. Discussion Questions
  186. Chapter 17: Taxation and Resource Allocation
  187. 17-1 Basic Tax Concepts
  188. 17-2 The Federal Tax System
  189. 17-3 The State and Local Tax System
  190. 17-4 The Concept of Equity in Taxation
  191. 17-5 The Concept of Efficiency in Taxation
  192. 17-6 Shifting the Tax Burden: Tax Incidence
  193. 17-7 When Taxation Can Improve Efficiency
  194. 17-8 Equity, Efficiency, and the Optimal Tax
  195. Summary
  196. Key Terms
  197. Test Yourself
  198. Discussion Questions
  199. Appendix: A Graphical Analysis of Excess Burden
  200. Part 5: The Distribution of Income
  201. Chapter 18: Pricing the Factors of Production
  202. 18-1 The Principle of Marginal Productivity
  203. 18-2 Inputs and Their Derived Demand Curves
  204. 18-3 Investment, Capital, and Interest
  205. 18-4 The Determination of Rent
  206. 18-5 Payments to Business Owners: Are Profits Too High or Too Low?
  207. 18-6 Criticisms of Marginal Productivity Theory
  208. Summary
  209. Key Terms
  210. Test Yourself
  211. Discussion Questions
  212. Appendix: Discounting and Present Value
  213. Chapter 19: Labor and Entrepreneurship: The Human Inputs
  214. 19-1 The Markets for Labor
  215. 19-2 Wage Determination in Competitive Markets
  216. 19-3 The Supply of Labor
  217. 19-4 Why Do Wages Differ?
  218. 19-5 Unions and Collective Bargaining
  219. 19-6 The Entrepreneur: The Other Human Input
  220. 19-7 The Market Economy’s Incredible Growth Record
  221. 19-8 Sources of Free-Market Innovation: The Role of the Entrepreneur
  222. 19-9 Entrepreneurship and Growth
  223. 19-10 Institutions and the Supply of Innovative Entrepreneurship
  224. Summary
  225. Key Terms
  226. Test Yourself
  227. Discussion Questions
  228. Chapter 20: Poverty, Inequality, and Discrimination
  229. 20-1 The Facts: Poverty
  230. 20-2 The Facts: Inequality
  231. 20-3 Some Reasons for Unequal Incomes
  232. 20-4 The Facts: Discrimination
  233. 20-5 The Trade-Off between Equality and Efficiency
  234. 20-6 Policies to Combat Poverty
  235. 20-7 Other Policies to Combat Inequality
  236. 20-8 Policies to Combat Discrimination
  237. 20-9 A Look Back
  238. Summary
  239. Key Terms
  240. Test Yourself
  241. Discussion Questions
  242. Appendix: The Economic Theory of Discrimination
  243. Part 6: The United States in the World Economy
  244. Chapter 21: International Trade and Comparative Advantage
  245. 21-1 Why Trade?
  246. 21-2 International versus Intranational Trade
  247. 21-3 The Principle of Comparative Advantage
  248. 21-4 The Arithmetic of Comparative Advantage
  249. 21-5 Tariffs, Quotas, and Other Interferences with Trade
  250. 21-6 Why Inhibit Trade?
  251. 21-7 Can Cheap Imports Hurt a Country?
  252. Summary
  253. Key Terms
  254. Test Yourself
  255. Discussion Questions
  256. Appendix: Demand, and Pricing in World Trade
  257. Part 7: The Economy Today
  258. Chapter 22: Contemporary Issues in the U.S. Economy
  259. 22-1 Will Artificial Intelligence Leave No Work for Humans to Do?
  260. 22-2 Are Uber and AirBnB the Markets of the Future?
  261. 22-3 Is The “Gig” Economy the Future of Work?
  262. 22-4 Is The Student Debt “Crisis” Really a Crisis?
  263. 22-5 How Will We Pay for Health Insurance?
  264. Summary
  265. Key Terms
  266. Discussion Questions
  267. Appendix
  268. Glossary
  269. Index

 

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