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Microeconomics Microeconomics

Microeconomics Brue, McConnell, Flynn • 20th Edition • 978-0077660819

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Ch. 1 - Limits, Alternatives, and Choices

Introduction to Economics Three Key Economic Ideas Productive and Allocative Efficiency; Equality Factors of Production Positive and Normative Statements Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency PPF - Outward Shifts

Ch. 2 - The Market System and the Circular Flow

Circular Flow Diagram Graphing Review Percentage and Decimal Review Fractions Review

Ch. 3 - Demand, Supply, and Market Equilibrium

Introduction to Supply and Demand The Basics of Demand Individual Demand and Market Demand Shifting Demand The Basics of Supply Individual Supply and Market Supply Shifting Supply Big Daddy Shift Summary Supply and Demand Together: Equilibrium, Shortage, and Surplus Supply and Demand Together: One-sided Shifts Supply and Demand Together: Both Shift Price Ceilings, Price Floors, and Black Markets

Ch. 4 - Elasticity

Percentage Change and Price Elasticity of Demand Elasticity and the Midpoint Method Price Elasticity of Demand on a Graph Determinants of Price Elasticity of Demand Total Revenue Test Total Revenue Along a Linear Demand Curve Income Elasticity of Demand Cross-Price Elasticity of Demand Price Elasticity of Supply Price Elasticity of Supply on a Graph Elasticity Summary

Ch. 5 - Market Failures: Public Goods and Externalities

Consumer Surplus and Willingness to Pay Producer Surplus and Willingness to Sell Economic Surplus and Efficiency Externalities: Social Benefits and Social Costs Public Solutions to Externalities Private Solutions to Externalities: The Coase Theorem Four Types of Goods and Two Characteristics The Free Rider Problem and the Tragedy of the Commons Public Goods: Demand Curve and Optimal Quantity

Ch. 6 - Consumer Behavior

Budget Constraint Indifference Curves Indifference Curves for Perfect Substitutes and Perfect Complements Consumer Optimum Consumption: Budget Constraint and Indifference Curves Consumer Optimum Consumption: Marginal Utility per Dollar Spent

Ch. 7 - Businesses and the Costs of Production

Revenue, Cost, and Profit The Production Function and Diminishing Returns Marginal Cost The Relationship Between Average Cost and Marginal Cost Graphing Costs Average Total Cost: Short Run and Long Run

Ch. 8 - Pure Competition in the Short Run

Introduction to the Four Market Models Characteristics of Perfect Competition Revenue in Perfect Competition Perfect Competition Profit on the Graph Short Run Shutdown Decision Individual Supply Curve in the Short Run and Long Run Market Supply Curve in the Short Run and Long Run

Ch. 9 - Pure Competition in the Long Run

Long Run Entry and Exit Decision Individual Supply Curve in the Short Run and Long Run Market Supply Curve in the Short Run and Long Run Long Run Equilibrium Perfect Competition and Efficiency Four Market Model Summary: Perfect Competition

Ch. 10 - Pure Monopoly

Characteristics of Monopoly Monopoly Revenue Monopoly Profit on the Graph Monopoly Efficiency and Deadweight Loss Antitrust Laws and Government Regulation of Monopolies Four Market Model Summary: Monopoly

Ch. 11 - Monopolistic Competition and Oligopoly

Characteristics of Monopolistic Competition Revenue in Monopolistic Competition Monopolistic Competition Profit on the Graph Monopolistic Competition in the Long Run Efficiency in Monopolistic Competition Advertising Four Market Model Summary: Monopolistic Competition Mergers and the Herfindahl-Hirschman Index (HHI) Four Firm Concentration Ratio Characteristics of Oligopoly One-Time Games and the Prisoner's Dilemma Game Theory and Oligopoly Profit Repeated Games Kinked-Demand Theory Four Market Model Summary: Oligopoly

Ch. 12 - The Demand for Resources

The Production Function and Marginal Revenue Product Demand for Labor in Perfect Competition Shifts in Labor Demand Supply of Labor in Perfect Competition Shifts in Labor Supply Other Factors of Production: Land and Capital

Ch. 13 - Wage Determination

Unions Monopsony Bilateral Monopoly Differences in Wages Discrimination

Ch. 16 - Public Finance: Expenditures and Taxes

Introducing Taxes and Tax Incidence Effects of Taxes on a Market Elasticity and Taxes Tax Efficiency Tax Equity

Ch. 17 - Asymmetric Information, Voting, and Public Choice

Asymmetric Information: Adverse Selection and Moral Hazard Solutions to Informational Problems Median Voter Theorem Condorcet Voting Paradox

Ch. 18 - Antitrust Policy and Regulation

Price Discrimination Antitrust Laws and Government Regulation of Monopolies Mergers and the Herfindahl-Hirschman Index (HHI)

Ch. 20 - Income Inequality and Poverty

Income Inequality in the USA and Worldwide Poverty Polices to Reduce Poverty Lorenz Curve and Gini Coefficient Income Equality and Efficiency

Ch. 23 - International Trade

PPF - Comparative Advantage and Absolute Advantage PPF - Comparative Advantage and Trade PPF - The Price of the Trade Exporting and Importing Sources of Comparative Advantage Tariffs on Imports Import Quotas and VERs Arguments Against International Trade

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