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Microeconomics Microeconomics

Microeconomics Krugman & Wells • 4th Edition • 978-1464143878

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Ch. 1 - First Principles

Introduction to Economics Three Key Economic Ideas Productive and Allocative Efficiency; Equality Graphing Review Percentage and Decimal Review Fractions Review

Ch. 2 -Economic Models: Trade-offs and Trade

Positive and Normative Statements Circular Flow Diagram Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency PPF - Outward Shifts PPF - Comparative Advantage and Absolute Advantage PPF - Comparative Advantage and Trade PPF - The Price of the Trade

Ch. 3 - Supply and Demand

Introduction to Supply and Demand The Basics of Demand Shifting Demand The Basics of 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

Ch. 4 - Consumer and Producer Surplus

Consumer Surplus and Willingness to Pay Producer Surplus and Willingness to Sell Economic Surplus and Efficiency

Ch. 5 - Price Controls and Quotas: Meddling with Markets

Price Ceilings, Price Floors, and Black Markets

Ch. 6 - 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. 7 - Taxes

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

Ch. 8 - International Trade

Exporting and Importing Sources of Comparative Advantage Tariffs on Imports Arguments Against International Trade

Ch. 9 - Decision Making by Individuals and Firms

Revenue, Cost, and Profit

Ch. 10 - The Rational Consumer

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. 11 - Behind the Supply Curve: Inputs and Costs

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. 12 - Perfect Competition and the Supply Curve

Introduction to the Four Market Models Characteristics of Perfect Competition Revenue in Perfect Competition Perfect Competition Profit on the Graph Short Run Shutdown Decision 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. 13 - Monopoly

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

Ch. 14 - Oligopoly

Characteristics of Oligopoly One-Time Games and the Prisoner's Dilemma Game Theory and Oligopoly Profit Repeated Games Mergers and the Herfindahl-Hirschman Index (HHI) Four Market Model Summary: Oligopoly

Ch. 15 - Monopolistic Competition

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

Ch. 16 - Externalities

Externalities: Social Benefits and Social Costs Public Solutions to Externalities Private Solutions to Externalities: The Coase Theorem

Ch. 17 - Public Goods and Common Resources

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. 18 - The Economics of the Welfare State

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

Ch. 19 - Factor Markets and the Distribution of Income

Factors of Production 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 Differences in Wages Discrimination Other Factors of Production: Land and Capital Unions Income Inequality in the USA and Worldwide

Ch. 20 - Uncertainty, Risk, and Private Information

Asymmetric Information: Adverse Selection and Moral Hazard Solutions to Informational Problems

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