Test Bank for Microeconomics Principles and Applications, 6th Edition : Hall

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Product details:

• ISBN-10 ‏ : ‎ 1111822565
• ISBN-13 ‏ : ‎ 978-1285119434
• Author: Dr. Robert E. Hall; Dr. Marc Lieberman

Table Of Contents:

Part 1 Introduction to Microeconomics

Chapter 1 Analyzing Economic Problems 1
Microeconomics and Climate Change

1.1 Why Study Microeconomics? 4

1.2 Three Key Analytical Tools 5

Constrained Optimization 6

Equilibrium Analysis 12

Comparative Statics 14

1.3 Positive and Normative Analysis 18

Learning-By-Doing-Exercises

1.1 Constrained Optimization: The Farmer’s Fence 7

1.2 Constrained Optimization: Consumer Choice 8

1.3 Comparative Statics with Market Equilibrium in the U.S. Market for Corn 16

1.4 Comparative Statics with Constrained Optimization 18

Chapter 2 Demand and Supply Analysis 26
What Gives with the Price of Corn?

2.1 Demand, Supply, and Market Equilibrium 30

Demand Curves 30

Supply Curves 32

Market Equilibrium 34

Shifts in Supply and Demand 35

2.2 Price Elasticity of Demand 44

Elasticities Along Specific Demand Curves 46

Price Elasticity of Demand and Total Revenue 49

Determinants of the Price Elasticity of Demand 49

Market-Level Versus Brand-Level Price Elasticities of Demand 51

2.3 Other Elasticities 53

Income Elasticity of Demand 53

Cross-Price Elasticity of Demand 54

Price Elasticity of Supply 56

2.4 Elasticity in the Long Run Versus the Short Run 56

Greater Elasticity in the Long Run than in the Short Run 56

Greater Elasticity In the Short Run than in the Long Run 57

2.5 Back-of-the-Envelope Calculations 59

Fitting Linear Demand Curves Using Quantity, Price, and Elasticity Information 60

Identifying Supply and Demand Curves on the Back of an Envelope 61

Identifying the Price Elasticity of Demand from Shifts in Supply 63

Appendix Price Elasticity of Demand along a Constant Elasticity Demand Curve 74

Learning-By-Doing-Exercises

2.1 Sketching a Demand Curve 31

2.2 Sketching a Supply Curve 33

2.3 Calculating Equilibrium Price and Quantity 34

2.4 Comparative Statics on the Market Equilibrium 37

2.5 Price Elasticity of Demand 47

2.6 Elasticities along Special Demand Curves 49

Part 2 Consumer Theory

Chapter 3 Consumer Preferences and the Concept of Utility 75
Why Do You Like What You Like?

3.1 Representations of Preferences 77

Assumptions About Consumer Preferences 77

Ordinal and Cardinal Ranking 80

3.2 Utility Functions 80

Preferences with a Single Good: The Concept of Marginal Utility 80

Preferences with Multiple Goods: Marginal Utility, Indifference Curves, and the Marginal Rate of Substitution 84

3.3 Special Preferences 95

Perfect Substitutes 95

Perfect Complements 96

The Cobb–Douglas Utility Function 97

Quasilinear Utility Functions 98

3.4 Behavioral Aspects of Choice 100

Learning-By-Doing-Exercises

3.1 Marginal Utility 86

3.2 Marginal Utility That is Not Diminishing 86

3.3 Indifference Curves with Diminishing MRS_x,Y 93

3.4 Indifference Curves with Increasing MRS_x,Y 94

Chapter 4 Consumer Choice 109
How Much of What You Like Should You Buy?

4.1 The Budget Constraint 111

How Does a Change in Income Affect the Budget Line? 113

How Does a Change in Price Affect the Budget Line? 113

4.2 Optimal Choice 116

Using the Tangency Condition to Understand When a Basket is Not Optimal 120

Finding an Optimal Consumption Basket 121

Two Ways of Thinking About Optimality 122

Corner Points 124

4.3 Consumer Choice with Composite Goods 127

Application: Coupons and Cash Subsidies 127

Application: Joining a Club 131

Application: Borrowing and Lending 132

Application: Quantity Discounts 137

4.4 Revealed Preference 138

Are Observed Choices Consistent with Utility Maximization? 139

4.5 Maximizing Utility Using Lagrange Multipliers 144

Appendix The Time Value of Money 157

Learning-By-Doing-Exercises

4.1 Good News/Bad News and the Budget Line 116

4.2 Finding an Interior Optimum 121

4.3 Finding a Corner Point Solution 125

4.4 Corner Point Solution with Perfect Substitutes 126

4.5 Consumer Choice That Fails to Maximize Utility 140

4.6 Other Uses of Revealed Preference 142

4.7 Finding an Interior Optimum Using the Method of Lagrange 148

4.8 Finding a Corner Point Solution Using the Method of Lagrange 149

Chapter 5 The Theory of Demand 163
Why Understanding the Demand for Cigarettes is Important for Public Policy

5.1 Optimal Choice and Demand 165

The Effects of a Change in Price 165

The Effects of a Change in Income 168

The Effects of a Change in Price or Income: An Algebraic Approach 173

5.2 Change in the Price of a Good: Substitution Effect and Income Effect 175

The Substitution Effect 176

The Income Effect 176

Income and Substitution Effects When Goods Are Not Normal 178

5.3 Change in the Price of a Good: The Concept of Consumer Surplus 186

Understanding Consumer Surplus from the Demand Curve 186

Understanding Consumer Surplus from the Optimal Choice Diagram: Compensating Variation and Equivalent Variation 188

5.4 Market Demand 195

Market Demand with Network Externalities 197

5.5 The Choice of Labor and Leisure 200

As Wages Rise, Leisure First Decreases, then Increases 200

The Backward-Bending Supply of Labor 202

5.6 Consumer Price Indices 206

Learning-By-Doing-Exercises

5.1 A Normal Good Has a Positive Income Elasticity of Demand 172

5.2 Finding a Demand Curve (No Corner Points) 173

5.3 Finding a Demand Curve (with a Corner Point Solution) 174

5.4 Finding Income and Substitution Effects Algebraically 181

5.5 Income and Substitution Effects with a Price Increase 183

5.6 Income and Substitution Effects with a Quasilinear Utility Function 184

5.7 Consumer Surplus: Looking at the Demand Curve 187

5.8 Compensating and Equivalent Variations with No Income Effect 191

5.9 Compensating and Equivalent Variations with an Income Effect 193

5.10 The Demand for Leisure and the Supply of Labor 204

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