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Microeconomics Microeconomics

Microeconomics Parkin • 12th Edition • 978-0133872293

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Ch. 1 - What is Economics?

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

Ch. 2 - The Economic Problem

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 - 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 Supply and Demand: Quantitative Analysis

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 - Efficiency and Equity

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

Ch. 6 - Government Actions in Markets

Price Ceilings, Price Floors, and Black Markets Introducing Taxes and Tax Incidence Effects of Taxes on a Market Elasticity and Taxes Tax Equity

Ch. 7 - Global Markets in Action

Exporting and Importing Tariffs on Imports Import Quotas and VERs Arguments Against International Trade

Ch. 8 - Utility and Demand

Budget Constraint Consumer Optimum Consumption: Marginal Utility per Dollar Spent

Ch. 9 - Possibilities, Preferences, and Choices

Budget Constraint Indifference Curves Indifference Curves for Perfect Substitutes and Perfect Complements Consumer Optimum Consumption: Budget Constraint and Indifference Curves

Ch. 10 - Organizing Production

Revenue, Cost, and Profit Cost-Minimizing Combination of Labor and Capital Mergers and the Herfindahl-Hirschman Index (HHI) Four Firm Concentration Ratio

Ch. 11 - Output and Costs

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

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 - 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. 15 - Oligopoly

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

Ch. 16 - Public Choice and Public Goods

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. 17 - Externalities and the Environment

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

Ch. 18 - Markets for 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 Other Factors of Production: Land and Capital Unions Monopsony Bilateral Monopoly

Ch. 19 - Economic Inequality

Differences in Wages Discrimination Income Inequality in the USA and Worldwide Poverty Polices to Reduce Poverty Lorenz Curve and Gini Coefficient Tax Equity

Ch. 20 - Uncertainty and Information

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

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