Micro: Principles of economics/

Table of contents

I. INTRODUCTION 1
1. Economic decisions and questions 3
2. How to read graphs 17
3. Opportunity cost 29
II HOUSEHOLD AND FIRM BEHAVIOR 41
4. How consumers maximize satisfaction 43
5. Cost and profits 55
6. How firms minimize costs 67
7. How firms maximize profits 77
8. household production 89
III DEMAND AND SUPPLY 99
9. Demand 101
10. Supply 108
11. Elasticities 117
12. How prices are determined and why they change 127
IV MARKET STRUCTURES 137
13. Perfect competition 139
14. Imperfect competition I 149
15. Imperfect competition II 157
V MARKET TOPICS 169
16. Time for adjustment 171
17. The rationing and allocating functions of prices 181
18. Why is everything illegal so expensive ? 191
19. Externalities and the environment 199
20. Agriculture and food 211
VI CAPITAL 257
24. How to evaluate an investment 257
25. The loan market 267
VIII EDUCATION 275
26. The costs and returns to high education 277
27. Research and new technology 287








includes bibliographic references and index