Free Pdf Downloadable Book Microeconomics By Paul Krugman And Robin Wells 3rd Edition UPDATED

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Transcript of Economics paul krugman 3rd edition

1. 1. KrugWellsEC3e_Econ_FM.indd iiKrugWellsEC3e_Econ_FM.indd ii 4/26/12 3:32 PM4/26/12 3:32 PM this folio intentionally left blank.
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4. 4. worth publishers Paul Krugman Robin Wells PRINCETON UNIVERSITY THIRD EDITIONTHIRD EDITION KrugWellsEC3e_Econ_FM.indd iiiKrugWellsEC3e_Econ_FM.indd iii iv/26/12 3:32 PM4/26/12 iii:32 PM
5. five. Senior Vice President, Editorial and Production: Catherine Forest Publisher: Charles Linsmeier Executive Marketing Manager: Scott Guile Marketing Assistant: Julie Tompkins Executive Development Editor: Sharon Balbos Development Editor: Marilyn Freedman Senior Consultant: Andreas Bentz Senior Media Editor: Marie McHale Assistant Editor: Mary Melis Director of Market Research and Development: Steven Rigolosi Director of Digital and Print Development: Tracey Kuehn Associate Managing Editor: Lisa Kinne Project Editor: Anthony Calcara Art Director: Babs Reingold Encompass Designers: Lyndall Culbertson and Babs Reingold Interior Designer: Charles Yuen Layout Designer and Illustrations: TSI Graphics and Lyndall Culbertson Photo Editor: Cecilia Varas Photo Researcher: Elyse Rieder Production Manager: Barbara Anne Seixas Supplements Production Manager: Stacey Alexander Supplements Projection Editor: Edgar Bonilla Composition: TSI Graphics Press and Binding: RR Donnelley See page xlv for credits information. Folio xlv is an extension of this copyright page. ISBN-13: 978-one-4292-5163-1 ISBN-10: one-4292-5163-8 Library of Congress Command Number: 2012930397 2013, 2009, 2006 by Worth Publishers All rights reserved. Printed in the United States of America Third printing Worth Publishers 41 Madison Avenue New York, NY 10010 www.worthpublishers.com
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8. 8. Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Eco- nomic Sciences, is Professor of Economics at Princeton University, where he regularly teaches the principles course. He received his BA from Yale and his PhD from MIT. Prior to his current position, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 19821983. His research is mainly in the surface area of international trade, where he is one of the founders of the new trade theory, which focuses on increasing returns and imperfect competition. He also works in international finance, with a concentration in currency crises. In 1991, Krugman received the American Economic Associations John Bates Clark medal. In addition to his education and academic inquiry, Krugman writes extensively for nontechnical audiences. He is a regular op-ed columnist for the New York Times. His latest trade books, both best-sellers, include The Return of Depression Economics and the Crisis of 2008, a history of contempo economic troubles and their implications for economic policy, and The Conscience of a Liberal, a report of the political economy of economic inequality and its relationship with political polariza- tion from the Gilded Age to the nowadays. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modernistic classics. Robin Wells was a Lecturer and Researcher in Economics at Prince- ton Academy. She received her BA from the University of Chicago and her PhD from the Academy of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (Great britain), Stanford, and MIT. The bailiwick of her teach- ing and enquiry is the theory of organizations and incentives. ABOUT THE AUTHORS KrugWellsEC3e_Econ_FM.indd viiKrugWellsEC3e_Econ_FM.indd vii iv/26/12 3:32 PM4/26/12 3:32 PM
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10. ten. Preface xxv PART 1 What Is Economics? Introduction The Ordinary Business of Life ane Chapter 1 First Principles 5 Chapter 2 Economic Models: Trade-offs and Merchandise 25 Appendix Graphs in Economic science 49 Office 2 Supply and Demand Chapter 3 Supply and Demand 65 Chapter 4 Consumer and Producer Surplus 101 Chapter 5 Price Controls and Quotas: Meddling with Markets 127 Chapter 6 Elasticity 155 Part 3 Individuals and Markets Chapter 7 Taxes 181 Chapter 8 International Trade 211 PART four Economic science and Conclusion Making Chapter 9 Decision Making past Individuals and Firms 243 Function 5 The Consumer Chapter 10 The Rational Consumer 269 Appendix Consumer Preferences and Consumer Option 291 PART vi The Production Decision Affiliate 11 Behind the Supply Curve: Inputs and Costs 317 Chapter 12 Perfect Contest and the Supply Curve 345 PART 7 Market place Construction: Beyond Perfect Competition Chapter 13 Monopoly 373 Affiliate fourteen Oligopoly 407 Affiliate 15 Monopolistic Competition and Product Differentiation 433 Role 8 Microeconomics and Public Policy Chapter 16 Externalities 453 Chapter 17 Public Goods and Common Resource 477 Chapter 18 The Economics of the Welfare State 499 Function 9 Cistron Markets and Risk Affiliate xix Factor Markets and the Distribution of Income 531 Appendix Indifference Curve Analysis of Labor Supply 563 Chapter 20 Uncertainty, Risk, and Private Information 569 Part 10 Introduction to Macroeconomics Affiliate 21 Macroeconomics: The Big Movie 597 Affiliate 22 GDP and CPI: Tracking the Macroeconomy 619 Chapter 23 Unemployment and Inflation 645 Function 11 Long-Run Economic Growth Chapter 24 Long-Run Economic Growth 673 Affiliate 25 Savings, Investment Spending, and the Financial System 707 Appendix Toward a Fuller Understanding of Nowadays Value 740 PART 12 Short-Run Economic Fluctuations Chapter 26 Income and Expenditure 743 Appendix Deriving the Multiplier Algebraically 771 Affiliate 27 Aggregate Demand and Amass Supply 773 Function 13 Stabilization Policy Affiliate 28 Fiscal Policy 809 Appendix Taxes and the Multiplier 840 Chapter 29 Coin, Banking, and the Federal Reserve Organization 843 Chapter 30 Monetary Policy 879 Appendix Reconciling the Two Models of the Interest Rate 904 Chapter 31 Inflation, Disinflation, and Deflation 907 Chapter 32 Crises and Consequences 933 PART 14 Events and Ideas Chapter 33 Events and Ideas 957 PART 15 The Open Economy Affiliate 34 Open up-Economic system Macroeconomics 981 Macroeconomic Data Tables M-one Solutions to Check Your Understanding Questions S-1 Glossary G-1 Index I-1 Cursory CONTENTS ix KrugWellsEC3e_Econ_FM.indd ixKrugWellsEC3e_Econ_FM.indd nine iv/26/12 3:32 PM4/26/12 iii:32 PM
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12. 12. CONTENTS Preface xxv Function 1What Is Economics? INTRODUCTION The Ordinary Business of Life ..............one ANY GIVEN Sun ane The Invisible Hand 2 My Benefit, Your Cost 3 Good Times, Bad Times 3 Onward and Upward four An Engine for Discovery 4 CHAPTER 1 Commencement Principles....................five Mutual Ground 5 Principles That Underlie Individual Choice: The Core of Economics six Principle #1: Choices are necessary because resource are scarce 6 Principle #2: The true price of something is its opportunity cost vii Principle #3: How much is a decision at the margin 8 Principle #iv: People usually respond to incentives, exploiting opportunities to brand themselves better off nine FOR INQUIRING MINDS: Cashing in at School 10 Economics IN ACTION Boy or Daughter? It Depends on the Cost 10 Interaction: How Economies Work 11 Principle #5: There are gains from trade 12 Principle #6: Markets move toward equilibrium 13 FOR INQUIRING MINDS: Choosing Sides fourteen Principle #7: Resource should be used efficiently to achieve societys goals xiv Principle #8: Markets usually pb to efficiency 15 Principle #9: When markets dont accomplish efficiency, regime intervention tin improve societys welfare sixteen ECONOMICS IN Action Restoring Equilibrium on the Freeways 17 Economic system-Broad Interactions 18 Principle #10: One persons spending is another persons income 18 Principle #11: Overall spending sometimes gets out of line with the economys productive capacity eighteen Principle #12: Government policies tin change spending xix Economics IN Activity Adventures in Babysitting 19 BUSINESS Case How Priceline.com Revolutionized the Travel Industry 21 Chapter ii Economic Models: Merchandise-offs and Trade...... 25 FROM KITTY Militarist TO DREAMLINER 25 Models in Economics: Some Of import Examples 26 FOR INQUIRING MINDS: The Model That Ate the Economy 27 Trade-offs: The product possibility frontier 27 Comparative reward and gains from trade 33 Comparative advantage and international trade, in reality 36 GLOBAL COMPARISON: Pajama Republics 37 Transactions: The circular-flow diagram 37 ECONOMICS IN ACTION Rich Nation, Poor Nation 39 Using Models 40 Positive versus normative economics 40 When and why economists disagree 41 FOR INQUIRING MINDS: When Economists Concur 42 Economic science IN ACTION Economists, Beyond the Ivory Tower 42 Business CASE Efficiency, Opportunity Costs, and the Logic of Lean Production at Boeing 44 Affiliate 2 APPENDIX Graphs in Economics ...................49 Getting the Motion-picture show 49 Graphs, Variables, and Economic Models 49 How Graphs Work 49 Two-variable graphs 49 Curves on a graph 51 A Key Concept: The Gradient of a Bend 52 The gradient of a linear curve 52 Horizontal and vertical curves and their slopes 53 The slope of a nonlinear curve 54 Calculating the slope forth a nonlinear curve 54 Maximum and minimum points 57 Calculating the Expanse Below or To a higher place a Curve 57 Graphs That Depict Numerical Inform

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