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MICROECONOMICS Markets, Methods & Models by Douglas Curtis and Ian Irvine download free
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MICROECONOMICS Markets, Methods & Models by Douglas Curtis and Ian Irvine download free

GupShup Study | 04-Jul-2016 |
The Building Blocks , Introduction to key ideas , Theories , Models and data , The classical marketplace – demand and supply , Responsiveness and the Value of Markets , Measures of response: elasticities , Welfare economics and externalities , Decision Making by Consumer and Producers , Individual choice , Firms , Investors and capital markets , Production and Cost , Market Structures , Perfect Competition , Monopoly , Imperfect competition , The Factors of Production , Labour and capital , Human capital and the income distribution , Government and Trade , International Trade ,

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MicroEconomics Content

Part One: The Building Blocks 3
1 Introduction to key ideas 5
1.1 What’s it all about? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
1.2 Understanding through the use of models . . . . . . . . . . . . . . . . . . . . . . 10
1.3 Opportunity cost and the market . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
1.4 A model of exchange and specialization . . . . . . . . . . . . . . . . . . . . . . . 12
1.5 Economy-wide production possibilities . . . . . . . . . . . . . . . . . . . . . . . 15
1.6 Aggregate output, growth and business cycles . . . . . . . . . . . . . . . . . . . . 18
2 Theories, models and data 27
2.1 Observations, theories and models . . . . . . . . . . . . . . . . . . . . . . . . . . 28
2.2 Variables, data and index numbers . . . . . . . . . . . . . . . . . . . . . . . . . . 29
2.3 Testing economic models & analysis . . . . . . . . . . . . . . . . . . . . . . . . . 39
2.4 Diagrams and economic analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
2.5 Ethics, efficiency and beliefs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
3 The classical marketplace – demand and supply 55
3.1 Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
3.2 The market’s building blocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
3.3 Demand and supply curves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
3.4 Other influences on demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
3.5 Other influences on supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
3.6 Simultaneous supply and demand impacts . . . . . . . . . . . . . . . . . . . . . . 71
3.7 Market interventions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
3.8 Individual and market functions . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Part Two: Responsiveness and the Value of Markets 83
4 Measures of response: elasticities 85
4.1 Price responsiveness of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . 85
4.2 Price elasticity and expenditure . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94
4.3 The time horizon and inflation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
4.4 Cross-price elasticities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
4.5 The income elasticity of demand . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
4.6 Elasticity of supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100
4.7 Elasticities and tax incidence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
4.8 Identifying demand and supply elasticities . . . . . . . . . . . . . . . . . . . . . . 104
5 Welfare economics and externalities 111
5.1 Equity and efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
5.2 Consumer and producer surplus . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
5.3 Efficient market outcomes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117
5.4 Taxation, surplus and efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
5.5 Market failures – externalities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122
5.6 Other market failures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126
5.7 Environmental policy and climate change . . . . . . . . . . . . . . . . . . . . . . 126
5.8 Equity, justice, and efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134
Part Three: Decision Making by Consumer and Producers 143
6 Individual choice 145
6.1 Rationality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145
6.2 Choice with measurable utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147
6.3 Choice with ordinal utility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
6.4 Applications of indifference analysis . . . . . . . . . . . . . . . . . . . . . . . . . 163
7 Firms, investors and capital markets 175
7.1 Business organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
7.2 Profit, ownership and corporate goals . . . . . . . . . . . . . . . . . . . . . . . . . 179
7.3 Risk and the investor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 180
7.4 Diminishing marginal utility and risk . . . . . . . . . . . . . . . . . . . . . . . . . 183
7.5 Real returns to investment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 186
7.6 Financing the risky firm: diversification . . . . . . . . . . . . . . . . . . . . . . . 187
8 Production and cost 197
8.1 Efficient production . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197
8.2 The time frame . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 199
8.3 Production in the short run . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200
8.4 Costs in the short run . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 204
8.5 Fixed costs and sunk costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 208
8.6 Long run production and costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209
8.7 Technological change and globalization . . . . . . . . . . . . . . . . . . . . . . . 215
8.8 Clusters, learning by doing, scope economies . . . . . . . . . . . . . . . . . . . . 216
Part Four: Market Structures 223
9 Perfect competition 225
9.1 The perfect competition paradigm . . . . . . . . . . . . . . . . . . . . . . . . . . 225
9.2 Market characteristics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227
9.3 The firm’s supply decision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 228
9.4 Dynamics: entry and exit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 234
9.5 Long run industry supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237
9.6 Globalization and technological change . . . . . . . . . . . . . . . . . . . . . . . 239
9.7 Efficient resource allocation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 240
10 Monopoly 247
10.1 Monopolies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247
10.2 Profit maximizing behaviour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 251
10.3 Long run choices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257
10.4 Output inefficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 259
10.5 Price discrimination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 261
10.6 Cartels: acting like a monopolist . . . . . . . . . . . . . . . . . . . . . . . . . . . 265
10.7 Rent-seeking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268
10.8 Technology and innovation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 269
11 Imperfect competition 275
11.1 Imperfect competitors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275
11.2 Performance-based measures of structure – market power . . . . . . . . . . . . . . 278
11.3 Monopolistic competition . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279
11.4 Oligopoly and games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 282
11.5 Duopoly and Cournot games . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 286
11.6 Comparing market structures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 290
11.7 Entry, exit & potential competition . . . . . . . . . . . . . . . . . . . . . . . . . . 291
Part Five: The Factors of Production 301
12 Labour and capital 303
12.1 Labour – a derived demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303
12.2 Firm versus industry demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308
12.3 The supply side of the market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309
12.4 Labour-market equilibrium and mobility . . . . . . . . . . . . . . . . . . . . . . . 312
12.5 The market for capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316
12.6 Capital services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 320
12.7 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 323
13 Human capital and the income distribution 331
13.1 Human capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332
13.2 Productivity and education . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332
13.3 On-the-job training . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336
13.4 Education as signalling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337
13.5 Education returns and quality . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338
13.6 Discrimination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339
13.7 The income distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340
Part Six: Government and Trade 351
14 Government 353
14.1 Market failure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 354
14.2 Fiscal federalism: taxing and spending . . . . . . . . . . . . . . . . . . . . . . . . 359
14.3 Federal-provincial fiscal relations . . . . . . . . . . . . . . . . . . . . . . . . . . . 361
14.4 Government-to-individual transfers . . . . . . . . . . . . . . . . . . . . . . . . . . 363
14.5 Regulation and competition policy . . . . . . . . . . . . . . . . . . . . . . . . . . 365
15 International trade 375
15.1 Trade in our daily lives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 375
15.2 Canada in the world economy . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376
15.3 Comparative advantage: the gains from trade . . . . . . . . . . . . . . . . . . . . 378
15.4 Returns to scale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383
15.5 Trade barriers: tariffs, subsidies and quotas. . . . . . . . . . . . . . . . . . . . . . 384
15.6 The politics of protection . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 390
15.7 Institutions governing trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393

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