Microeconomics/ William B. Walstad and Robert C. Bingham

Table of contents

An introduction to economics and the economy
1. The nature and method of economics 1
2. The economizing problem 17
3. Understanding individual markets: Demand and supply 27
4. Pure capitalism and the market system 39
5. The mixed economy: Private and public sectors 47
6. The united states in the global economy 59
Microeconomics of product markets
7. Demand and supply: Elasticities and applications 71
8. Consumer behavior and utility maximization 83
9. The costs of production 99
10. Price and output determination: Pure competition111
11. Price and output determination: pure monopoly 125
12. Price and output determination: monopolistic competition 137
13. Price and output determination: Oligopoly 147
Microeconomics of resource markets
14. Production and the demand for resources 159
15. The pricing and employment of resources: wage determination 169
16. The pricing and employment of resources: rent, interest and profits 183
Government and current economic problems
17. Government and market failure: Public goods, the environment, and information problems 193
18. public choice theory and taxation 207
19. Antitrust, regulation, and industrial policy 219
20. Agriculture: Economics and policy 231
21. Income inequality and poverty 243
22. The economics of health care 255
23. Labor market issues: Unionism, discrimination and immigration 265
International economics and the world economy
24. International trade 277
25. Exchange rates, the balance of payments, and trade deficits 291
26. Russia: An economy in transaction 307
Glossary 317










includes bibliographic references and index