Instant download Test Bank for Microeconomics Principles and Applications, 6th Edition: Hall pdf docx epub after payment.
Product details:
- ISBN-10 : 1111822565
- ISBN-13 : 978-1285119434
- Author: Dr. Robert E. Hall; Dr. Marc Lieberman
Table Of Contents:
Part 1 Introduction to Microeconomics
Chapter 1 Analyzing Economic Problems 1
Microeconomics and Climate Change
1.1 Why Study Microeconomics? 4
1.2 Three Key Analytical Tools 5
Constrained Optimization 6
Equilibrium Analysis 12
Comparative Statics 14
1.3 Positive and Normative Analysis 18
Learning-By-Doing-Exercises
1.1 Constrained Optimization: The Farmer’s Fence 7
1.2 Constrained Optimization: Consumer Choice 8
1.3 Comparative Statics with Market Equilibrium in the U.S. Market for Corn 16
1.4 Comparative Statics with Constrained Optimization 18
Chapter 2 Demand and Supply Analysis 26
What Gives with the Price of Corn?
2.1 Demand, Supply, and Market Equilibrium 30
Demand Curves 30
Supply Curves 32
Market Equilibrium 34
Shifts in Supply and Demand 35
2.2 Price Elasticity of Demand 44
Elasticities Along Specific Demand Curves 46
Price Elasticity of Demand and Total Revenue 49
Determinants of the Price Elasticity of Demand 49
Market-Level Versus Brand-Level Price Elasticities of Demand 51
2.3 Other Elasticities 53
Income Elasticity of Demand 53
Cross-Price Elasticity of Demand 54
Price Elasticity of Supply 56
2.4 Elasticity in the Long Run Versus the Short Run 56
Greater Elasticity in the Long Run than in the Short Run 56
Greater Elasticity In the Short Run than in the Long Run 57
2.5 Back-of-the-Envelope Calculations 59
Fitting Linear Demand Curves Using Quantity, Price, and Elasticity Information 60
Identifying Supply and Demand Curves on the Back of an Envelope 61
Identifying the Price Elasticity of Demand from Shifts in Supply 63
Appendix Price Elasticity of Demand along a Constant Elasticity Demand Curve 74
Learning-By-Doing-Exercises
2.1 Sketching a Demand Curve 31
2.2 Sketching a Supply Curve 33
2.3 Calculating Equilibrium Price and Quantity 34
2.4 Comparative Statics on the Market Equilibrium 37
2.5 Price Elasticity of Demand 47
2.6 Elasticities along Special Demand Curves 49
Part 2 Consumer Theory
Chapter 3 Consumer Preferences and the Concept of Utility 75
Why Do You Like What You Like?
3.1 Representations of Preferences 77
Assumptions About Consumer Preferences 77
Ordinal and Cardinal Ranking 80
3.2 Utility Functions 80
Preferences with a Single Good: The Concept of Marginal Utility 80
Preferences with Multiple Goods: Marginal Utility, Indifference Curves, and the Marginal Rate of Substitution 84
3.3 Special Preferences 95
Perfect Substitutes 95
Perfect Complements 96
The Cobb–Douglas Utility Function 97
Quasilinear Utility Functions 98
3.4 Behavioral Aspects of Choice 100
Learning-By-Doing-Exercises
3.1 Marginal Utility 86
3.2 Marginal Utility That is Not Diminishing 86
3.3 Indifference Curves with Diminishing MRSx,Y 93
3.4 Indifference Curves with Increasing MRSx,Y 94
Chapter 4 Consumer Choice 109
How Much of What You Like Should You Buy?
4.1 The Budget Constraint 111
How Does a Change in Income Affect the Budget Line? 113
How Does a Change in Price Affect the Budget Line? 113
4.2 Optimal Choice 116
Using the Tangency Condition to Understand When a Basket is Not Optimal 120
Finding an Optimal Consumption Basket 121
Two Ways of Thinking About Optimality 122
Corner Points 124
4.3 Consumer Choice with Composite Goods 127
Application: Coupons and Cash Subsidies 127
Application: Joining a Club 131
Application: Borrowing and Lending 132
Application: Quantity Discounts 137
4.4 Revealed Preference 138
Are Observed Choices Consistent with Utility Maximization? 139
4.5 Maximizing Utility Using Lagrange Multipliers 144
Appendix The Time Value of Money 157
Learning-By-Doing-Exercises
4.1 Good News/Bad News and the Budget Line 116
4.2 Finding an Interior Optimum 121
4.3 Finding a Corner Point Solution 125
4.4 Corner Point Solution with Perfect Substitutes 126
4.5 Consumer Choice That Fails to Maximize Utility 140
4.6 Other Uses of Revealed Preference 142
4.7 Finding an Interior Optimum Using the Method of Lagrange 148
4.8 Finding a Corner Point Solution Using the Method of Lagrange 149
Chapter 5 The Theory of Demand 163
Why Understanding the Demand for Cigarettes is Important for Public Policy
5.1 Optimal Choice and Demand 165
The Effects of a Change in Price 165
The Effects of a Change in Income 168
The Effects of a Change in Price or Income: An Algebraic Approach 173
5.2 Change in the Price of a Good: Substitution Effect and Income Effect 175
The Substitution Effect 176
The Income Effect 176
Income and Substitution Effects When Goods Are Not Normal 178
5.3 Change in the Price of a Good: The Concept of Consumer Surplus 186
Understanding Consumer Surplus from the Demand Curve 186
Understanding Consumer Surplus from the Optimal Choice Diagram: Compensating Variation and Equivalent Variation 188
5.4 Market Demand 195
Market Demand with Network Externalities 197
5.5 The Choice of Labor and Leisure 200
As Wages Rise, Leisure First Decreases, then Increases 200
The Backward-Bending Supply of Labor 202
5.6 Consumer Price Indices 206
Learning-By-Doing-Exercises
5.1 A Normal Good Has a Positive Income Elasticity of Demand 172
5.2 Finding a Demand Curve (No Corner Points) 173
5.3 Finding a Demand Curve (with a Corner Point Solution) 174
5.4 Finding Income and Substitution Effects Algebraically 181
5.5 Income and Substitution Effects with a Price Increase 183
5.6 Income and Substitution Effects with a Quasilinear Utility Function 184
5.7 Consumer Surplus: Looking at the Demand Curve 187
5.8 Compensating and Equivalent Variations with No Income Effect 191
5.9 Compensating and Equivalent Variations with an Income Effect 193
5.10 The Demand for Leisure and the Supply of Labor 204
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