Introductory Microeconomics

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Front Cover; Introductory Microeconomics; Copyright Page; Table of Contents; Preface; Introduction; PART 1: THE ECONOMICS OF EXCHANGE; Chapter 1. Scarcity and Choice; The Problem of Scarcity; Changing Trade-Offs; Scarcity and Choice for the Individual; Scarcity and Choice for the Business Firm; Scarcity and Choice for Society; Economic Growth; Real World Economics: Jim Daniels Has a Hangover?; Summary; Discussion Questions; Test Yourself; Chapter 2. Specialization and Exchange; A Barter Economy; The Theory of Comparative Advantage; Mutually Advantageous Exchange; The Gains from Trade

Specialization in the Real WorldComparative Advantage in the Real World; The Role of Money; Limits to Exchange; Distribution of the Gain; Other Reasons for Exchange; Real World Economics:Bullish on Wall Street; Summary; Discussion Questions; Test Yourself; Chapter 3. Demand and Supply. The Micro Side; The Role of the Market; How the Market Works; The Concept of Demand; The Demand Curve; The Concept of Supply; The Supply Curve; Changes in Supply; The Market at Work; Changing Markets; Summary of Market Actions; The Market's Verdict; Real World Economics: Apartment House Rents; Summary

Discussion QuestionsTest Yourself; Chapter 4. Markets at work; Real World Economics: Falling Calculator Prices; Real World Economics: Coffee and Tea; Real World Economics: Cut-Rate Air Fares; Real World Economics: Cigarette Taxes; Real World Economics: Rent Controls; Real World Economics: Price Floors; Appendix: More about Elasticity; Summary; Discussion Questions; Test Yourself; PART 2: CONSUMER AND PRODUCER CHOICE; Chapter 5. Consumer Choice; How Much To Buy?; Consumer Benefits: Utility; Maximizing Utility; Opportunity Cost; Consumer Equilibrium; Changing Consumer Choice

Changing Prices: Demand CurvesSubstitutes, Complements, and Income Effects; Changing Preferences; Real World Economics:Gas Lines Grow Longer in Nation's Capital; Appendix: Indifference Curve Analysis; Summary; Discussion Questions; Test Yourself; Chapter 6. Production and Cost; Who Are the Producers?; Motives of the Firm; Production and Costs; Different Views of Production Costs; Costs in the Long Run; Real World Economics:Toys and Games; Appendix: Production Theory; Summary; Discussion Questions; Test Yourself; Chapter 7. Producer Choice: Monopoly; What Is a Monopoly?; Monopoly Revenues

The Monopoly Production DecisionMonopoly Pricing; Changing Costs; Technological Advances; Monopoly in the Real World; Real World Economics:A Money-Losing Monopoly; Summary; Discussion Questions; Test Yourself; Chapter 8. Producers in competitive Markets; Perfect Competition; Price Takers; Maximizing Profits; Supply Curves; Equilibrium for the Industry; Changing Costs for the Firm; Supply in the Long Run; Real World Economics:A Monopoly versus a Competitive Market; Summary; Discussion Questions; Test Yourself; Chapter 9. Imperfect Competition; Product Differentiation; Price Discrimination

Benefits of Price Discrimination

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