Microeconomics

PART I INTRODUCTION: THINKING LIKE AN ECONOMIST 
1  Economics and Economic Reasoning 4
2  The Production Possibility Model, Trade, and Globalization 24
Appendix: Graphish: The Language of Graphs 42
3   Economic Institutions 51
Appendix: The History of Economic Systems 71
4   Supply and Demand 77
5   Using Supply and Demand 100
Appendix: Algebraic Representation of Supply, Demand, and Equilibrium 116

PART II MICROECONOMICS
I THE POWER OF TRADITIONAL ECONOMIC MODELS
6   Describing Supply and Demand: Elasticities 122
7   Taxation and Government Intervention 142
8   Market Failure versus Government Failure 162
8W   Politics and Economics: The Case of Agricultural Markets 183
II INTERNATIONAL ECONOMIC POLICY ISSUES
9   Comparative Advantage, Exchange Rates, and Globalization 184
10   International Trade Policy 203
III PRODUCTION AND COST ANALYSIS
11   Production and Cost Analysis I 224
12   Production and Cost Analysis II 243
Appendix: Isocost/Isoquant Analysis 260
IV MARKET STRUCTURE
13   Perfect Competition 265
14   Monopoly and Monopolistic Competition 285
Appendix: The Algebra of Competitive and Monopolistic Firms 310
15   Oligopoly and Antitrust Policy 312
16   Real-World Competition and Technology 331
V FACTOR MARKETS
17   Work and the Labor Market 351
Appendix: Derived Demand 375
17W   Nonwage and Asset Income: Rents, Profits, and Interest 381
18   Who Gets What? The Distribution of Income 382
VI CHOICE AND DECISION MAKING
19  The Logic of Individual Choice: The Foundation of Supply and Demand 407
Appendix: Indifference Curve Analysis 427
20     Game Theory, Strategic Decision Making, and Behavioral Economics 432
Appendix: Game Theory and Oligopoly 452
VII MODERN ECONOMIC THINKING
21  Thinking Like a Modern Economist 457
22  Behavioral Economics and Modern Economic Policy 483
23  Microeconomic Policy, Economic Reasoning, and Beyond 501

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