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Microeconomics Microeconomics

Microeconomics Hubbard & O'Brien • 7th Edition • 978-0134737508

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Ch. 1 - Economics: Foundations and Models

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

Ch. 2 - Trade-offs, Comparative Advantage, and the Market System

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

Ch. 3 - Where Prices Come From: The Interaction of Demand and Supply

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 - Economic Efficiency, Government Price Setting, and Taxes

Consumer Surplus and Willingness to Pay Producer Surplus and Willingness to Sell Economic Surplus and Efficiency Price Ceilings, Price Floors, and Black Markets Supply and Demand: Quantitative Analysis Quantitative Analysis of Consumer and Producer Surplus at Equilibrium Quantitative Analysis of Price Ceilings and Price Floors: Finding Points Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas Introducing Taxes and Tax Incidence Effects of Taxes on a Market

Ch. 5 - Externalities, Environmental Policy, and Public Goods

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 - Elasticity: The Responsiveness of Demand and Supply

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 - Firms, the Stock Market, and Corporate Governance

Revenue, Cost, and Profit

Ch. 8 - Comparative Advantage and the Gains from International Trade

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

Ch. 9 - Consumer Choice and Behavioral Economics

Budget Constraint Indifference Curves Consumer Optimum Consumption: Budget Constraint and Indifference Curves Consumer Optimum Consumption: Marginal Utility per Dollar Spent

Ch. 10 - Technology, Production, 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 Isoquant Lines Isocost Lines Cost-Minimizing Combination of Labor and Capital

Ch. 11 - Firms in Perfectly Competitive Markets

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. 12 - Monopolistic Competition: The Competitive Model in a More Realistic Setting

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. 13 - Oligopoly: Firms in Less Competitive Markets

Characteristics of Oligopoly One-Time Games and the Prisoner's Dilemma Game Theory and Oligopoly Profit Four Market Model Summary: Oligopoly

Ch. 14 - Monopoly and Antitrust Policy

Characteristics of Monopoly Monopoly Revenue Monopoly Profit on the Graph Monopoly Efficiency and Deadweight Loss Antitrust Laws and Government Regulation of Monopolies Mergers and the Herfindahl-Hirschman Index (HHI) Four Market Model Summary: Monopoly

Ch. 15 - Pricing Strategy

Price Discrimination

Ch. 16 - The Markets for Labor and Other 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 Monopsony

Ch. 18 - Public Choice, Taxes, and the Distribution of Income

Median Voter Theorem Condorcet Voting Paradox Tax Efficiency Tax Equity Elasticity and Taxes Income Inequality in the USA and Worldwide Poverty Polices to Reduce Poverty Lorenz Curve and Gini Coefficient

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