Microeconomics / / R. Glenn Hubbard, Anthony Patrick O'Brien

• Record Nr.: UNINA9910154779503321
• Autore: Hubbard R. Glenn
• Pubbl/distr/stampa: Boston : , : Pearson, , 2015
• ISBN: 1-292-07236-9
• Edizione: [Fifth edition, Global edition.]
• Descrizione fisica: 1 online resource (672 pages)
• Collana: Pearson series in economics
• Disciplina: 338.5
• Soggetti: Microeconomics
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Includes indexes.
• Nota di contenuto: Cover -- Title -- Copyright -- Detailed Contents -- Preface -- A Word of Thanks -- Part 1: Introduction -- Chapter 1: Economics: Foundations and Models -- Is the Private Doctor's Office Going to Disappear? -- 1.1 Three Key Economic Ideas -- People Are Rational -- People Respond to Economic Incentives -- Making the Connection: Does Health Insurance Give People an Incentive to Become Obese? -- Optimal Decisions Are Made at the Margin -- Solved Problem 1.1: A Doctor Makes a Decision at the Margin -- 1.2 The Economic Problem That Every Society Must Solve -- What Goods and Services Will Be Produced? -- How Will the Goods and Services Be Produced? -- Who Will Receive the Goods and Services Produced? -- Centrally Planned Economies versus Market Economies -- The Modern "Mixed" Economy -- Efficiency and Equity -- 1.3 Economic Models -- The Role of Assumptions in Economic Models -- Forming and Testing Hypotheses in Economic Models -- Positive and Normative Analysis -- Don't Let This Happen to You: Don't Confuse Positive Analysis with Normative Analysis -- Economics as a Social Science -- Making the Connection: Should Medical School Be Free? -- 1.4 Microeconomics and Macroeconomics -- 1.5 A Preview of Important Economic Terms -- Conclusion -- An Inside Look: Look Into Your Smartphone and Say "Ahh" -- *Chapter Summary and Problems -- Key Terms -- Summary -- Review Questions -- Problems and Applications -- Appendix: Using Graphs and Formulas -- Graphs of One Variable -- Graphs of Two Variables -- Slopes of Lines -- Taking into Account More Than Two Variables on a Graph -- Positive and Negative Relationships -- ; Determining Cause and Effect -- Are Graphs of Economic Relationships Always Straight Lines? -- Slopes of Nonlinear Curves -- Formulas -- Formula for a Percentage Change -- Formulas for the Areas of a Rectangle and a Triangle -- Summary of Using Formulas.; Chapter 2: Trade-offs, Comparative Advantage, and the Market System -- Managers at Tesla Motors Face Trade-Offs -- 2.1 Production Possibilities Frontiers and Opportunity Costs -- Graphing the Production Possibilities Frontier -- Solved Problem 2.1: Drawing a Production Possibilities Frontier for Tesla Motors -- Increasing Marginal Opportunity Costs -- Economic Growth -- 2.2 Comparative Advantage and Trade -- Specialization and Gains from Trade -- Absolute Advantage versus Comparative Advantage -- Comparative Advantage and the Gains from Trade -- Don't Let This Happen to You: Don't Confuse Absolute Advantage and Comparative Advantage -- Solved Problem 2.2: Comparative Advantage and the Gains from Trade -- Making the Connection: Comparative Advantage, Opportunity Cost, and Housework -- 2.3 The Market System -- The Circular Flow of Income -- The Gains from Free Markets -- The Market Mechanism -- Making the Connection: A Story of the Market System in Action: How Do You Make an iPad? -- The Role of the Entrepreneur -- The Legal Basis of a Successful Market System -- Making the Connection: Who Owns The Wizard of Oz? -- Conclusion -- An Inside Look: What's on the Horizon at Mercedes-Benz? -- Chapter 3: Where Prices Come From: The Interaction of Demand and Supply -- Smartphones: The Indispensible Product? -- 3.1 The Demand Side of the Market -- Demand Schedules and Demand Curves -- The Law of Demand -- What Explains the Law of Demand? -- Holding Everything Else Constant: The Ceteris paribus Condition -- Variables That Shift Market Demand -- Making the Connection: Are Tablet Computers Substitutes for E-Readers? -- Making the Connection: Coke and Pepsi Are Hit by U.S. Demographics -- A Change in Demand versus a Change in Quantity Demanded -- Making the Connection: Forecasting the Demand for iPhones -- 3.2 The Supply Side of the Market.; Supply Schedules and Supply Curves -- The Law of Supply -- Variables That Shift Market Supply -- A Change in Supply versus a Change in Quantity Supplied -- 3.3 Market Equilibrium: Putting Demand and Supply Together -- How Markets Eliminate Surpluses and Shortages -- Demand and Supply Both Count -- Solved Problem 3.3: Demand and Supply Both Count: A Tale of Two Letters -- 3.4 The Effect of Demand and Supply Shifts on Equilibrium -- The Effect of Shifts in Supply on Equilibrium -- Making the Connection: The Falling Price of Blu-ray Players -- The Effect of Shifts in Demand on Equilibrium -- The Effect of Shifts in Demand and Supply over Time -- Solved Problem 3.4: What Has Caused the Decline in Beef Consumption? -- Shifts in a Curve versus Movements along a Curve -- Don't Let This Happen to You: Remember: A Change in a Good's Price Does Not Cause the Demand or Supply Curve to Shift -- Conclusion -- An Inside Look: Google and Apple Face Supply and Demand Concerns in the Smartphone Market -- Chapter 4: Economic Efficiency, Government Price Setting, and Taxes -- The Sharing Economy, Phone Apps, and Rent Control -- 4.1 Consumer Surplus and Producer Surplus -- Consumer Surplus -- Making the Connection: The Consumer Surplus from Broadband Internet Service -- Producer Surplus -- What Consumer Surplus and Producer Surplus Measure -- 4.2 The Efficiency of Competitive Markets -- Marginal Benefit Equals Marginal Cost in Competitive Equilibrium -- Economic Surplus -- Deadweight Loss -- Economic Surplus and Economic Efficiency -- 4.3 Government Intervention in the Market: Price Floors and Price Ceilings -- Price Floors: Government Policy in Agricultural ; Markets -- Making the Connection: Price Floors in Labor Markets: The Debate over Minimum Wage Policy -- Price Ceilings: Government Rent Control Policy in Housing Markets.; Don't Let This Happen to You: Don't Confuse "Scarcity" with "Shortage" -- Black Markets and Peer-to-Peer Sites -- Solved Problem 4.3: What's the Economic Effect of a Black Market in Renting Apartments? -- The Results of Government Price Controls: Winners, Losers, and Inefficiency -- Positive and Normative Analysis of Price Ceilings and Price Floors -- 4.4 The Economic Impact of Taxes -- The Effect of Taxes on Economic Efficiency -- Tax Incidence: Who Actually Pays a Tax? -- Solved Problem 4.4: When Do Consumers Pay All of a Sales Tax Increase? -- Making the Connection: Is the Burden of the Social Security Tax Really Shared Equally between Workers and Firms? -- Conclusion -- An Inside Look At Policy: Does the Sharing Economy Increase Efficiency? -- Appendix: Quantitative Demand and Supply Analysis -- Demand and Supply Equations -- Calculating Consumer Surplus and Producer Surplus -- Part 2: Markets in Action: Policy and Applications -- Chapter 5: Externalities, Environmental Policy, and Public Goods -- Can Economic Policy Help Protect the Environment? -- 5.1 Externalities and Economic Efficiency -- The Effect of Externalities -- Externalities and Market Failure -- What Causes Externalities? -- 5.2 Private Solutions to Externalities: The Coase Theorem -- The Economically Efficient Level of Pollution Reduction -- Making the Connection: The Clean Air Act: How a Government Policy Reduced Infant Mortality -- The Basis for Private Solutions to Externalities -- Don't Let This Happen to You: Remember That It's the Net Benefit That Counts -- Making the Connection: The Fable of the Bees -- Do Property Rights Matter? -- The Problem of Transactions Costs -- The Coase Theorem -- 5.3 Government Policies to Deal with Externalities -- Making the Connection: Should the Government Tax Cigarettes and Soda?.; Solved Problem 5.3: Dealing with the Externalities of Car Driving -- Command-and-Control versus Market-Based Approaches -- The End of the Sulfur Dioxide Cap-and-Trade System -- Are Tradable Emission Allowances Licenses to Pollute? -- Making the Connection: Can a Carbon Tax Reduce Global Warming? -- 5.4 Four Categories of Goods -- The Demand for a Public Good -- The Optimal Quantity of a Public Good -- Solved Problem 5.4: Determining the Optimal Level of Public Goods -- Common Resources -- Conclusion -- Chapter 6: Elasticity: The Responsiveness of Demand and Supply -- Do People Respond to Changes in the Price of Gasoline? -- 6.1 The Price Elasticity of Demand and Its Measurement -- Measuring the Price Elasticity of Demand -- Elastic Demand and Inelastic Demand -- An Example of Computing Price Elasticities -- The Midpoint Formula -- Solved Problem 6.1: Calculating the Price Elasticity of Demand -- When Demand Curves Intersect, the Flatter Curve Is More Elastic -- Polar Cases of Perfectly Elastic and Perfectly Inelastic Demand -- Don't Let This Happen to You: Don't Confuse Inelastic with Perfectly Inelastic -- 6.2 The Determinants of the Price Elasticity of Demand -- Availability of Close Substitutes -- Passage of Time -- Luxuries versus Necessities -- Definition of the Market -- Share of a Good in a Consumer's Budget -- Some Estimated Price Elasticities of Demand -- Making the Connection: The Price Elasticity of Demand for Breakfast Cereal -- 6.3 The Relationship between Price Elasticity of Demand and Total Revenue -- Elasticity and Revenue with a Linear Demand Curve -- Solved Problem 6.3: Price and Revenue Don't Always Move in the Same Direction -- Estimating Price Elasticity of Demand -- 6.4 Other Demand Elasticities -- Cross-Price Elasticity of Demand -- Income Elasticity of Demand.; Making the Connection: Price Elasticity, Cross-Price Elasticity, and ; Income Elasticity in the Market for Alcoholic Beverages.
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