(Ebook) Microeconomics Principles and Applications 6th Edition by Robert E Hall, Marc Lieberman ISBN 1285119436 9781285119434

(Ebook) Microeconomics Principles and Applications 6th Edition by Robert E Hall, Marc Lieberman ISBN 1285119436 9781285119434

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ISBN 10: 1285119436 
ISBN 13: 9781285119434
Author: Robert E Hall, Marc Lieberman

Show students how today's microeconomic policy issues, decisions, and applications impact them every day with the practical, accessible presentation in MICROECONOMICS. Written by acclaimed economists Hall and Lieberman, this straightforward, contemporary text remains as current as the latest headlines. Fresh new cutting-edge examples throughout this edition as well as updated mini-cases clearly illustrate core microeconomic principles and applications in action. This edition's streamlined chapters focus on today's most important microeconomic theories and events as well as how they relate to practical situations. This easy-to-understand comprehensive text equips students with a solid foundation in microeconomics that students can build on for success no matter what their careers. New diagrams, interactive online exercises, graphing applications, and internet research resources give students hands-on experience in understanding current microeconomic challenges.

(Ebook) Microeconomics Principles and Applications 6th Table of contents:

Part I. Preliminaries
Chapter 1. What Is Economics?
Scarcity and Individual Choice
The Concept of Opportunity Cost
Scarcity and Social Choice
The Four Resources
Opportunity Cost and Society’s Trade-offs
The World of Economics
Microeconomics and Macroeconomics
Positive and Normative Economics
Why Study Economics?
To Understand the World Better
The Methods of Economics
The Art of Building Economic Models
Assumptions and Conclusions
Math, Jargon, and Other Concerns
How to Study Economics
Summary
Problem Set
Appendix. Graphs and Other Useful Tools
Chapter 2. Scarcity, Choice, and Economic Systems
Society’s Production Choices
The Production Possibilities Frontier
Increasing Opportunity Cost
The Search for a Free Lunch
Productive Inefficiency
Recessions
Economic Growth
Economic Systems
Specialization and Exchange
Comparative Advantage
International Comparative Advantage
Resource Allocation
Understanding the Market
The Importance of Prices
Markets, Ownership, and the Invisible Hand
The U.S. Market System in Perspective
Summary
Problem Set
Part II. Markets and Prices
Chapter 3. Supply and Demand
Markets
Characterizing a Market
Demand
The Law of Demand
The Demand Schedule and the Demand Curve
Shifts versus Movements Along the Demand Curve
Factors That Shift the Demand Curve
Demand: A Summary
Supply
The Law of Supply
The Supply Schedule and the Supply Curve
Shifts versus Movements Along the Supply Curve
Factors That Shift the Supply Curve
Supply—A Summary
Putting Supply and Demand Together
Finding the Equilibrium Price and Quantity
What Happens When Things Change?
Example: Income Rises, Causing an Increase in Demand
Example: Bad Weather, Supply Decreases
Example: Higher Income and Bad Weather Together
The Three-Step Process
Summary
Problem Set
Appendix. Solving for Equilibrium Algebraically
Chapter 4. Working with Supply and Demand
Government Intervention in Markets
Fighting the Market: Price Ceilings
Fighting the Market: Price Floors
Manipulating the Market: Taxes
Manipulating the Market: Subsidies
Supply and Demand In Housing Markets
What’s Different about Housing Markets
The Supply Curve for Housing
The Demand Curve for Housing
Housing Market Equilibrium
What Happens When Things Change
Summary
Problem Set
Appendix. Understanding Leverage
Chapter 5. Elasticity
Price Elasticity of Demand
Calculating Price Elasticity of Demand
Categorizing Demand
Elasticity and Straight-Line Demand Curves
Elasticity and Total Revenue
Determinants of Elasticity
An Example: Elasticity and Mass Transit
Price Elasticity of Supply
Determinants of Supply Elasticity
Calculating a Supply Elasticity
Other Elasticities
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Summary
Problem Set
Part II. Microeconomic Decision Makers
Chapter 6. Consumer Choice
The Budget Constraint
Changes in the Budget Line
Preferences
Rationality
More is Better
Consumer Decisions: The Marginal Utility Approach
Utility and Marginal Utility
Combining the Budget Constraint and Preferences
What Happens When Things Change?
The Consumer’s Demand Curve
Income and Substitution Effects
The Substitution Effect
The Income Effect
Combining Substitution and Income Effects
Consumers in Markets
Consumer Theory in Perspective
Extensions of the Model
Behavioral Economics
Summary
Problem Set
Appendix. The Indifference Curve Approach
Chapter 7. Production and Cost
Production
Technology and Production
Short-run Versus Long-run Decisions
Production in the Short Run
Marginal Returns to Labor
Thinking about Costs
The Irrelevance of Sunk Costs
Explicit Versus Implicit Costs
The Least-cost Rule
Cost in the Short Run
Measuring Short-run Costs
Explaining the Shape of the Marginal Cost Curve
The Relationship between Average and Marginal Costs
Production and Cost in the Long Run
The Relationship between Long-run and Short-run Costs
Explaining the Shape of the LRATC Curve
Cost: A Summary
Summary
Problem Set
Appendix. Isoquant Analysis: Finding the Least-cost Input Mix
Chapter 8. How Firms Make Decisions: Profit Maximization
The Goal of Profit Maximization
Understanding Profit
Two Definitions of Profit
Why are There Profits?
The Firm’s Constraints
The Demand Curve Facing the Firm
The Cost Constraint
The Profit-Maximizing Output Level
The Total Revenue and Total Cost Approach
The Marginal Revenue and Marginal Cost Approach
Profit Maximization Using Graphs
What about Average Costs?
The Marginal Approach to Profit
Dealing with Losses
The Short Run and the Shutdown Rule
The Long Run and the Exit Decision
Summary
Problem Set
Part IV. Product Markets
Chapter 9. Perfect Competition
What is Perfect Competition?
The Four Requirements of Perfect Competition
Is Perfect Competition Realistic?
The Perfectly Competitive Firm
The Competitive Firm’s Demand Curve
Cost and Revenue Data for a Competitive Firm
Finding the Profit-Maximizing Output Level
Measuring Total Profit
The Firm’s Short-Run Supply Curve
Competitive Markets in the Short Run
The Market Supply Curve
Short-Run Equilibrium
Competitive Markets in the Long Run
Profit and Loss and the Long Run
Long-Run Equilibrium
The Notion of Zero Profit in Perfect Competition
Perfect Competition and Plant Size
A Summary of the Competitive Firm in the Long Run
What Happens When Things Change?
A Change in Demand
Market Signals and the Economy
A Change in Technology
Summary
Problem Set

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