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by Jay Prag (Author)
About the Author
Jay Prag is Clinical Full Professor at Claremont Graduate University's Drucker School of Management. He is the coauthor (with Peter E. Kennedy) of Macroeconomic Essentials, fourth edition (MIT Press).
About this Book
A concise and nontechnical introduction to microeconomics, emphasizing concepts over mathematics, with real-world examples and applications.
This concise and nontechnical introduction to microeconomics emphasizes concepts over mathematics. Keeping in mind that sometimes the most accurate model is not very useful in the real world, Microeconomic Essentials balances economics as mathematics with economics as a social process. Microeconomics is part of daily life; gas prices, wage increases, the rising cost of health care, international trade: all are microeconomic topics. Therefore, like its predecessor, Macroeconomic Essentials, this textbook accompanies its explanations with examples and real-world applications.
The book covers the basic market model of supply and demand, showing how this “powerhouse” model can explain most price changes in the market. It discusses government intervention in the market; consumer theory and utility maximization, considering both concepts and real-world issues; the theory of the firm, “de-mathematizing” marginal revenue, marginal cost, and other topics; monopolies; perfect competition; and imperfect competition and oligopolies, as illustrated by OPEC, Coke, and Pepsi. It discusses game theory, reviewing the familiar models and concepts—while cautioning that game theory is best thought of as “a state of mind”; input markets; welfare and public economics, applying the tools presented in previous chapters; and international trade. Each chapter ends with examples and exercises. Appendixes supply answers to sample exam questions and solutions to even-numbered exercises.
Brief Contents
1 Introduction 1
1.1 Concepts versus Calculus 2
1.2 Weeds 2
1.3 Microeconomics, Macroeconomics, and Pragmatic Economics 3
1.4 Microeconomics in the Media 3
1.5 An Overview of the Book 4
2 The Market Model 9
2.1 Demand 10
2.2 Supply 12
2.3 The Market 13
2.4 The Market Model and News: Necessary Curve Shifting 15
2.5 The Market Model and Time 17
2.6 Measuring Flat and Steep: Elasticity 21
Examples 22
Exercises 25
3 Applications of (and Interference with) the Market 27
3.1 Regulated Prices 28
3.2 Price Ceilings 28
3.3 Rent Control 31
3.4 Price Floors 33
3.5 Minimum Wages 35
3.6 Subsidies and Quotas 38
3.7 Tax Incidence 42
Examples 45
Exercises 46
4 Behind the Demand Line: Consumer Theory 51
4.1 Utility, Utility Maximization, and How We Shop 52
4.2 A Few Problems with Utility Maximization 54
4.3 Cardinal versus Ordinal Utility 57
4.4 Behind the Demand Line: How Utility Maximization Explains the Demand Line 58
4.5 Substitutes and Complements 58
Examples 60
Exercises 62
5 Behind the Supply Line: Theory of the Firm 73
5.1 So Many Costs, So Little Time 74
5.2 Average and Marginal Cost 76
5.3 Average Variable Cost 78
5.4 Average Cost Redux 80
Examples 82
Exercises 84
6 Perfect Competition 93
6.1 The Perfectly Competitive Environment 94
6.2 Profits: Excess and Otherwise 96
6.3 Price Increases: Short Run versus Long Run 97
6.4 What Goes Up Could Go Down 99
6.5 What’s So Special about Perfect Competition? 101
Examples 103
Exercises 104
7 Monopoly 107
7.1 What Is a Monopoly? 108
7.2 Marginal Revenue 110
7.3 Production for a Monopoly 112
7.4 Regulating Monopolies 114
Examples 115
Exercises 116
8 Imperfect Competition and Oligopoly Models 121
8.1 What’s In Between? 122
8.2 Closer to Perfect Competition: Monopolistic Competition 123
8.3 Oligopoly: Cooperation 125
8.4 Oligopoly: Cournot Competition 126
8.5 Oligopoly: Bertrand Competition 128
8.6 Price Cooperation 132
Examples 134
Exercises 136
9 Game Theory 141
9.1 What Is Game Theory? 142
9.2 Setup 143
9.3 The Nash Equilibrium: Hot Dog Stands on the Beach 144
9.4 Prisoner’s Dilemma 145
9.5 Prisoner’s Dilemma Games and Price Cooperation 147
9.6 Coordination Games and First-Mover Advantages 148
9.7 Commitments, Promises, and Threats 150
Examples 152
Exercises 154
10 Input Markets 157
10.1 What Are Inputs? 158
10.2 Factor Compensation: Firm Level 158
10.3 Factor Compensation: The Market 160
10.4 Minimum Wage 162
10.5 Monopsony, Unions, and Minimum Wage Redux 164
10.6 Optimum Input Combination 166
10.7 Innovation 168
Examples 169
Exercises 170
11 Welfare and Public Economics 175
11.1 Market Failure 176
11.2 Public Goods 177
11.3 Externalities 179
11.4 A Caveat or Two 182
11.5 Income Redistribution 183
11.6 Paying for Government: Taxation 186
11.7 Tax Incidence Redux and Market Distortion 187
11.8 Debt Financing 189
11.9 Cost-Benefit Analysis 190
11.10 Cost-Benefit Analysis and Negative Externalities 192
Examples 193
Exercises 195
12 International Economics 197
12.1 Gains from Trade 198
12.2 More Potential Gains and the Downside: Production 199
12.3 Interference with Free Trade 203
12.4 Implications and Predictions of Trade 204
12.5 Multinationals, Sweatshops, and Trade’s Bad Reputation 205
Examples 206
Exercises 208
Appendix A: Answers to Sample Exam Questions 213
Appendix B: Answers to Even-Numbered
Exercises 217
Glossary 227
Index 231
Publisher : The MIT Press (October 6, 2020)
Language : English
Pages : 248
ISBN-10 : 0262539276
ISBN-13 : 978-0262539272
PDF version
MIT__Microeconomic.Essentials Understanding Economics in the News.pdf
(12.08 MB, 需要: 30 个论坛币)
EPUB version
MIT__Microeconomic.Essentials Understanding Economics in the News.epub
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