ISBN-13: 9780538750806 / ISBN-10: 0538750804
Using intuition, a conversational writing style, everyday examples and outstanding graphs to present microeconomic theory as a way of looking at the world, MICROECONOMICS: AN INTUITIVE APPROACH, International Edition sets a new standard for clarity in the course and requires no prior background in calculus. It builds on the foundation of individual behavior, showing students the big picture of economic intuition while developing conceptual thinking skills with carefully written analysis. The first chapters establish a set of tools based on utility functions, so students learn about supply and demand in context, with a solid understanding of the underpinnings of those concepts. The package offers unprecedented flexibility in terms of topical coverage and graphical analysis. Each new copy of the text also includes access to a premium website featuring Nechyba’s LiveGraphs – a suite of interactive, animated graphs that allows students to view dimensional graphs and functions illustrated in the book, as well as some additional graphs that are not in the printed text. Students can play and replay the LiveGraphs while listening to a brief explanation of the graphs.
Part I: CONSUMERS, WORKERS AND SAVERS/BORROWERS.
2. Choice Sets and Budget Constraints.
3. Choice Sets in Labor and Financial Markets.
4. Tastes and Indifference Curves.
5. Different Types of Tastes.
6. Doing the Best We Can.
7. Income and Substitution Effects in Consumer Goods Markets.
8. Wealth and Substitution Effects in Labor and Financial Markets.
9. Demand for Goods and Supply of Labor and Capital.
10. Consumer Surplus and Dead Weight Loss.
Part II: PRODUCERS (OR FIRMS).
11. Single Input Production.
12. Production with Multiple Inputs.
13. Production Decisions in the Short and Long Run.
Part III: PRICES, MARKETS, AND THE FUNDAMENTAL WELFARE THEOREMS.
14. Competitive Market Equilibrium.
15. The Invisible Hand and Market Equilibrium.
16. General Equilibrium.
17. Risk and Uncertainty.
Part IV: DISTORTIONS OF THE INVISIBLE HAND IN COMPETITIVE MARKETS.
18. Elasticities, Price Distorting Policies and Non-Price Rationing.
19. Taxes and Subsidies.
20. Interference with Trading Across Time and Space.
21. Production and Consumption Externalities.
22. Asymmetric Information (Insurance Markets, Discrimination).
Part V: DISTORTIONS OF THE INVISIBLE HAND FROM NON-COMPETITIVE MARKETS.
23. An Introduction to Game Theory.
24. Market Power: Monopoly and Monopsony.
25. Innovation and Monopolistic Competition.
27. Public Goods.
Part VI: MAKING THE WORLD A BETTER PLACE.
28. Governments and Politics.
29. What is Good?
30. Balancing Government, Civil Society and Markets.
Professor Nechyba, who received his PhD from the University of Rochester in 1994, joined the Duke faculty in 1999 after spending five years on the faculty at Stanford University. He has lectured as a Visiting Professor at the Fundacao Getulio Vargas in Rio de Janeiro and the Center for Economic Studies at the University of Munich, and he held the year-long National Fellowship at the Hoover Institution on War, Revolution and Peace at Stanford in 1998/99. Professor Nechyba is currently a Research Associate at the National Bureau of Economic Research and serves as Associate Editor for the American Economic Review, International Tax and Public Finance, and The BE Journals of Economic Analysis and Policy. He has previously served as Director of Undergraduate Studies in the Department of Economics at Duke and is currently Department Chair. His research, which has been funded by agencies such as the National Science Foundation and the Spencer Foundation, lies in the field of public economics, with particular focus on primary and secondary education, federalism and the functioning of local governments, as well as public policy issues relating to disadvantaged families.