Economics is a living science--and you can make a contribution. Dr. Schotter's new MICROECONOMICS: A MODERN APPROACH shows you how to go beyond studying theory and effectively apply what you learn to your future studies, career, and life. Professor Schotter believes the future of teaching microeconomics will be heavily connected with the use of experimental tools. As a result, MICROECONOMICS is built on an experimental economics framework that emphasizes game theory, strategic analysis, and organization of the firm, without skimping on traditional topics like consumer choice, production and markets. Each chapter and section builds upon a unifying theme of how economic institutions develop to solve problems that arise in a society. Concepts are presented within the context of a society that starts out in a primitive state of nature and gradually develops the characteristics and institutions of a modern economy. Illustrating various points of view, the text also helps you sharpen your critical thinking skills as it presents theories as well as their deficiencies. Applying intermediate economics to everyday life, MICROECONOMICS: A MODERN APPROACH is a text that will further your core foundation for studying economics.
Section 1: INTRODUCTION.
1. Economics and Institutions: A Shift of Emphasis.
Section 2: PREFERENCES, UTILITIES, DEMAND, AND UNCERTAINTY.
2. Consumers and Their Preferences.
3. Utilities--Indifference Curves.
4. Demand and Behavior in Markets.
5. Some Applications of Consumer, Demand, and Welfare Analysis.
6. Uncertainty and the Emergence of Insurance.
7. Uncertainty--Applications and Criticisms.
Section 3: PRODUCTION AND COST.
8. The Discovery of Production and Its Technology.
9. Cost and Choice.
10. Cost Curves.
Section 4: DECISIONS AND GAMES.
11. Game Theory and the Tools of Strategic Business Analysis.
12. Decision Making Over Time.
13. The Internal Organization of the Firm.
Section 5: MARKETS.
14. Perfectly Competitive Markets: Short Run Analysis.
15. Competitive Markets in the Long Run.
16. Market Institutions and Auctions.
17. The Age of Entrepreneurship: Monopoly.
18. Natural Monopoly and the Economics of Regulation.
19. The World of Oligopoly: Preliminaries to Successful Entry.
20. Market Entry and the Emergency of Perfect Competition.
Section 6: EXCHANGE AND GENERAL EQUILIBRIUM.
21. The Problem of Exchange.
22. General Equilibrium and the Origins of the Free-Market and Interventionist Ideologies.
Section 7: BREAKDOWNS AND MARKET FAILURE.
23. Moral Hazard and Adverse Selection: Informational Market Failures.
24. Externalities: The Free Market--Interventionist Battle Continues.
Section 8: INPUT MARKETS AND THE ORIGINS OF CLASS STRUGGLE.
25. Public Goods, the Consequences of Strategic Voting Behavior, and the Role of Government.
26. Input Markets and the Origins of Class Conflict.
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