Name: Microeconomics Australia in the Global Environment Australian 1st Edition Parkin Solutions Manual
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Microeconomics Australia in the Global Environment Australian 1st Edition Parkin Solutions Manual

Product details:

ISBN-10 ‏ : ‎ 1486019625
ISBN-13 ‏ : ‎ 978-1486019625
Author: Robin Bade

A practice-oriented learning system with a global perspective.

To help students focus on the most important concepts―and effectively practice the application of those concepts―Microeconomics is structured around a system of checkpoints which teach students how to think like an economist. Eye On boxes throughout each chapter challenge students to apply theory to important issues and problems that shape our global society and individual decisions.

The result is a patient, confidence-building program that prepares students to use economics in their everyday lives, regardless of what their future career will be.

Table contents:

Part 1 Introduction
Chapter 1 Getting Started
Learning Objectives
1.1 Definition and Questions
Scarcity
Economics Defined
What, How and For Whom?
Can the Pursuit of Self-Interest Be in the Social Interest?
Review 1.1
1.2 The Economic Way of Thinking
Economic Ideas
A Choice Is a Tradeoff
Cost: What You Must Give Up
Benefit: What You Gain
Rational Choice
How Much? Choosing at the Margin
Choices Respond to Incentives
Economics as Social Science
Economics as Policy Tool
Review 1.2
Chapter Summary
Chapter Review
Appendix: Making and Using Graphs
Basic Idea
Interpreting Data Graphs
Interpreting Graphs Used in Economic Models
The Slope of a Relationship
Relationships Among More Than Two Variables
Appendix Review
Eye on the Past: Adam Smith and the Birth of Economics as a Social Science
Eye on the Benefit and Cost of University: Did You Make the Right Decision?
Chapter 2 The Australian and Global Economies
Learning Objectives
2.1 What, How and For Whom?
What Do We Produce?
How Do We Produce?
For Whom Do We Produce?
Review 2.1
2.2 The Global Economy
The People
The Economies
What in the Global Economy?
How in the Global Economy?
For Whom in the Global Economy?
Review 2.2
2.3 The Circular Flows
Households and Firms
Markets
Real Flows and Money Flows
Governments
Governments in the Circular Flow
Circular Flows in the Global Economy
Review 2.3
Chapter Summary
Chapter Review
Eye on the Australian Economy: What We Produce
Eye on the Past Changes in What We Produce
Eye on the Australian Economy Changes in How We Produce in the Information Economy
Eye on the Dreamliner Who Makes the Dreamliner?
Eye on the Global Economy Differences in How We Produce
Eye on Your Life The Australian and Global Economies in Your Life
Eye on the Past The Fluctuating Size of Government
Eye on the Global Economy The Ups and Downs in International Trade
Chapter 3 The Economic Problem
Learning Objectives
3.1 Production Possibilities
Production Possibilities Frontier
Review 3.1
3.2 Opportunity Cost
The Opportunity Cost of a Mobile Phone
Opportunity Cost and the Slope of the PPF
Opportunity Cost Is a Ratio
Increasing Opportunity Costs Are Everywhere
Your Increasing Opportunity Cost
Review 3.2
3.3 Economic Growth
Review 3.3
3.4 Specialisation and Trade
Absolute Advantage and Comparative Advantage
Comparative Advantage: An Example
Achieving Gains from Trade
Review 3.4
Chapter Summary
Chapter Review
Eye on Your Life Your Production Possibilities Frontier
Eye on the Environment Is Wind Power Free?
Eye on the Global Economy Expanding Production Possibilities
Eye on the Global Economy Hong Kong’s Rapid Economic Growth
Eye on the Global Economy No One Knows How to Make a Pencil
Eye on Your Life Your Comparative Advantage
Eye on the News Food Production Possibilities and Opportunity Cost
Chapter 4 Demand and Supply
Learning Objectives
Competitive Markets
4.1 Demand
The Law of Demand
Demand Schedule and Demand Curve
Individual Demand and Market Demand
Changes in Demand
Change in Quantity Demanded Versus Change in Demand
Review 4.1
4.2 Supply
The Law of Supply
Supply Schedule and Supply Curve
Individual Supply and Market Supply
Changes in Supply
Change in Quantity Supplied Versus Change in Supply
Review 4.2
4.3 Market Equilibrium
Price: A Market’s Automatic Regulator
Predicting Price Changes: Three Questions
Effects of Changes in Demand
Effects of Changes in Supply
Effects of Changes in Both Demand and Supply
Review 4.3
Chapter Summary
Chapter Review
Mathematical Note
Eye on Your Life Understanding and Using Demand and Supply
Eye on the Global Economy The Markets for Cocoa and Chocolate
Eye on the Price of Coffee Why Did the Price of Coffee Fall?
Eye on the News Demand and Supply: The Price of Iron Ore
Part 2 A Closer Look at Markets
Chapter 5 Elasticities of Demand and Supply
Learning Objectives
5.1 The Price Elasticity of Demand
Percentage Change in Price
Percentage Change in Quantity Demanded
Comparing the Percentage Changes in Price and Quantity
Elastic and Inelastic Demand
Influences on the Price Elasticity of Demand
Computing the Price Elasticity of Demand
Interpreting the Price Elasticity of Demand Number
Elasticity Along a Linear Demand Curve
Total Revenue and the Price Elasticity of Demand
Applications of the Price Elasticity of Demand
Review 5.1
5.2 The Price Elasticity of Supply
Elastic and Inelastic Supply
Influences on the Price Elasticity of Supply
Computing the Price Elasticity of Supply
Review 5.2
5.3 Cross Elasticity and Income Elasticity
Cross Elasticity of Demand
Income Elasticity of Demand
Review 5.3
Chapter Summary
Chapter Review
Eye on the Global Economy Price Elasticities of Demand
Eye on the Price of Petrol What Do You Do When the Price of Petrol Rises?
Eye on Your Life Your Price Elasticities of Demand
Eye on the News The Elasticity of Demand for Coffee
Chapter 6 Efficiency and Fairness of Markets
Learning Objectives
6.1 Allocation Methods and Efficiency
Resource Allocation Methods
Using Resources Efficiently
Review 6.1
6.2 Value, Price and Consumer Surplus
Demand and Marginal Benefit
Consumer Surplus
Review 6.2
6.3 Cost, Price and Producer Surplus
Supply and Marginal Cost
Producer Surplus
Review 6.3
6.4 Are Markets Efficient?
Marginal Benefit Equals Marginal Cost
Total Surplus Is Maximised
The Invisible Hand
Market Failure
Sources of Market Failure
Alternatives to the Market
Review 6.4
6.5 Are Markets Fair?
It’s Not Fair If the Rules Aren’t Fair
It’s Not Fair If the Result Isn’t Fair
Compromise
Review 6.5
Chapter Summary
Chapter Review
Eye on the Australian Economy The Invisible Hand and e-Commerce
Eye on Price Gouging Should Price Gouging Be Illegal?
Eye on Your Life Allocation Methods, Efficiency and Fairness
Eye on the News Making Traffic Flow Efficiently
Part 3 How Governments Influence the Economy
Chapter 7 Government Actions in Markets
Learning Objectives
7.1 Price Ceilings
A Rent Ceiling
Are Rent Ceilings Efficient?
Are Rent Ceilings Fair?
Why Do Some Places Have Rent Ceilings?
Review 7.1
7.2 Price Floors
A Minimum Wage
Is a Minimum Wage Efficient?
Is a Minimum Wage Fair?
If a Minimum Wage Is So Bad, Why Do We Have It?
Review 7.2
7.3 Price Supports in Agriculture
How Governments Intervene in Markets for Farm Products
Price Support: An Illustration
Review 7.3
Chapter Summary
Chapter Review
Eye on the Australian Economy Fair Work and Award Wages
Eye on Price Regulation Can Parliament Repeal the Laws of Supply and Demand?
Eye on Your Life Price Ceilings and Price Floors
Eye on the News Penalty Rate as Above-Equilibrium Minimum Wage
Chapter 8 Taxes
Learning Objectives
8.1 Taxes on Buyers and Sellers
Tax Incidence
Taxes and Efficiency
Incidence, Inefficiency and Elasticity
Incidence, Inefficiency and the Elasticity of Demand
Incidence, Inefficiency and the Elasticity of Supply
Review 8.1
8.2 Income Tax and Payroll Taxes
Individual Income Tax
The Effects of the Income Tax
A Payroll Tax
Review 8.2
8.3 Fairness and the Big Tradeoff
The Benefits Principle
The Ability-to-Pay Principle
The Big Tradeoff
Review 8.3
Chapter Summary
Chapter Review
Eye on the Australian Economy Taxes in Australia Today
Eye on Parliament Does Parliament Decide Who Pays the Taxes?
Eye on the Past The Origins and History of Australian Income Tax
Eye on Your Life Tax Freedom Day
Eye on the News Paying GST on Online Overseas Shopping
Eye on the Australian Economy How Progressive Are Our Taxes?
Chapter 9 Global Markets in Action
Learning Objectives
9.1 How Global Markets Work
International Trade Today
What Drives International Trade?
Why Australia Imports Cars
Why Australia Exports Coal
Review 9.1
9.2 Winners, Losers and Net Gains from Trade
Gains and Losses from Imports
Gains and Losses from Exports
Review 9.2
9.3 International Trade Restrictions
Tariffs
Import Quotas
Other Import Barriers
Export Subsidies
Review 9.3
9.4 The Case Against Protection
Three Traditional Arguments for Protection
Four Newer Arguments for Protection
Why Is International Trade Restricted?
Review 9.4
Chapter Summary
Chapter Review
Eye on the Australian Economy Australian Exports and Imports
Eye on Globalisation Who Wins and Who Loses from Globalisation?
Eye on the Past The History of Australian Tariffs
Eye on Your Life International Trade
Eye on the News The Benefits of Free Trade
Part 4 Market Failure and Public Policy
Chapter 10 Externalities
Learning Objectives
Externalities in our Daily Lives
Negative Production Externalities
Positive Production Externalities
Negative Consumption Externalities
Positive Consumption Externalities
10.1 Negative Externalities: Pollution
Private Costs and Social Costs
Production and Pollution: How Much?
Establish Property Rights
Mandate Clean Technology
Tax or Cap and Price Pollution
Review 10.1
10.2 Positive Externalities: Education
Private Benefits and Social Benefits
Government Actions in the Face of External Benefits
Review 10.2
Chapter Summary
Chapter Review
Eye on Your Life Externalities in Your Life
Eye on the Australian Economy Australian Air Pollution Trends
Eye on Climate Change How Can We Limit Climate Change?
Eye on the News The Carbon Reduction Debate
Chapter 11 Public Goods and Common Resources
Learning Objectives
11.1 Classifying Goods and Resources
Excludable
Rival
A Fourfold Classification
Review 11.1
11.2 Public Goods and the Free-Rider Problem
The Free-Rider Problem
The Marginal Benefit from a Public Good
The Marginal Cost of a Public Good
The Efficient Quantity of a Public Good
Private Provision: Underproduction
Public Provision: Efficient Production
Obstacles to Efficient Public Provision
Review 11.2
11.3 Common Resources
Unsustainable Use of a Common Resource
Inefficient Use of a Common Resource
Efficient Use of a Common Resource
Review 11.3
Chapter Summary
Chapter Review
Eye on the Past Is a Lighthouse a Public Good?
Eye on the Australian Economy Avoiding Free-Rider Problems
Eye on Infrastructure Should Australia Build More Motorways?
Eye on Your Life A Student’s Free-Rider Problem
Eye on the Past The Commons of England’s Middle Ages
Eye on the Global Economy The North Atlantic Cod Tragedy of the Commons
Eye on the Global Economy Individual Transferable Quotas Work
Eye on the News Road or Rail?
Part 5 A Closer Look at Decision Makers
Chapter 12 Consumer Choice and Demand
Learning Objectives
12.1 Consumption Possibilities
The Budget Line
A Change in the Budget
Changes in Prices
Prices and the Slope of the Budget Line
Review 12.1
12.2 Preferences and Choice
An Indifference Curve
Degree of Substitutability
Marginal Rate of Substitution
Consumer Equilibrium
Review 12.2
12.3 Predicting Consumer Choices
A Change in Price
Deriving the Demand Curve
A Change in Income
Substitution Effect and Income Effect
Review 12.3
Chapter Summary
Chapter Review
Eye on the Australian Economy Relative Prices on the Move
Eye on Your Life Do You Make Your Best Affordable Choices?
Eye on Song Downloads How Much Would You Pay for a Song?
Eye on the News Paper Books versus e-Books
Chapter 13 Production and Cost
Learning Objectives
13.1 Economic Cost and Profit
The Firm’s Goal
Accounting Cost and Profit
Opportunity Cost
Economic Profit
Review 13.1
Short Run and Long Run
13.2 Short-Run Production
Total Product
Marginal Product
Average Product
Review 13.2
13.3 Short-Run Cost
Total Cost
Marginal Cost
Average Cost
Why the Average Total Cost Curve is U-Shaped
Cost Curves and Product Curves
Shifts in the Cost Curves
Review 13.3
13.4 Long-Run Cost
Plant Size and Cost
The Long-Run Average Cost Curve
Review 13.4
Chapter Summary
Chapter Review
Eye on Your Life Your Average and Marginal Marks
Eye on Retailers’ Costs Which Shop Has the Lower Costs: Coles or 7-Eleven?
Eye on the News Expanding Capacity at The Coffee Club
Part 6 Prices, Profits and Industry Performance
Chapter 14 Perfect Competition
Learning Objectives
Market Types
Perfect Competition
Other Market Types
14.1 A Firm’s Profit-Maximising Choices
Price Taker
Revenue Concepts
Profit-Maximising Output
Marginal Analysis and the Supply Decision
Temporary Shutdown Decision
The Firm’s Short-Run Supply Curve
Review 14.1
14.2 Output, Price and Profit in the Short Run
Market Supply in the Short Run
Short-Run Equilibrium in Normal Times
Short-Run Equilibrium in Good Times
Short-Run Equilibrium in Bad Times
Review 14.2
14.3 Output, Price and Profit in the Long Run
Entry and Exit
The Effects of Exit
Change in Demand
Technological Change
Is Perfect Competition Efficient?
Is Perfect Competition Fair?
Review 14.3
Chapter Summary
Chapter Review
Eye on Record Shops Where Have All the Record Shops Gone?
Eye on Your Life The Perfect Competition That You Encounter
Eye on the News Perfect Competition in Smartphone Apps
Chapter 15 Monopoly
Learning Objectives
15.1 Monopoly and How It Arises
How Monopoly Arises
Monopoly Price-Setting Strategies
Review 15.1
15.2 Single-Price Monopoly
Price and Marginal Revenue
Marginal Revenue and Elasticity
Output and Price Decision
Review 15.2
15.3 Monopoly and Competition Compared
Output and Price
Is Monopoly Efficient?
Is Monopoly Fair?
Rent Seeking
Review 15.3
15.4 Price Discrimination
Price Discrimination and Consumer Surplus
Profiting by Price Discriminating
Perfect Price Discrimination
Price Discrimination and Efficiency
Review 15.4
15.5 Monopoly Regulation
Efficient Regulation of a Natural Monopoly
Second-Best Regulation of a Natural Monopoly
Review 15.5
Chapter Summary
Chapter Review
Eye on the Australian Economy Airline Price Discrimination
Eye on Microsoft Are Microsoft’s Prices Too High?
Eye on Your Life Monopoly in Your Everyday Life
Eye on the News Is Google Misusing Monopoly Power?
Chapter 16 Monopolistic Competition
Learning Objectives
16.1 What is Monopolistic Competition?
Large Number of Firms
Product Differentiation
Competing on Quality, Price and Marketing
Entry and Exit
Identifying Monopolistic Competition
Review 16.1
16.2 Output and Price Decisions
The Firm’s Profit-Maximising Decision
Profit Maximising Might Be Loss Minimising
Long Run: Zero Economic Profit
Monopolistic Competition and Perfect Competition
Is Monopolistic Competition Efficient?
Review 16.2
16.3 Product Development and Marketing
Product Development
Marketing
Using Advertising to Signal Quality
Brand Names
Efficiency of Advertising and Brand Names
Review 16.3
Chapter Summary
Chapter Review
Eye on the Australian Economy Examples of Monopolistic Competition
Eye on Mobile Phones Which Mobile Phone?
Eye on Your Life Some Selling Costs You Pay
Eye on the News Product Differentiation in Tennis Racquets
Chapter 17 Oligopoly
Learning Objectives
17.1 What is Oligopoly?
Small Number of Firms
Barriers to Entry
Identifying Oligopoly
Review 17.1
17.2 The Oligopolists’ Dilemma
Monopoly Outcome
Perfect Competition Outcome
Other Possible Cartel Breakdowns
The Oligopoly Cartel Dilemma
Review 17.2
17.3 Game Theory
What Is a Game?
The Prisoners’ Dilemma
The Duopolists’ Dilemma
The Payoff Matrix
Advertising and Research Games in Oligopoly
Repeated Games
Is Oligopoly Efficient?
Review 17.3
17.4 Trade Practices Law
Collusion
Misuse of Market Power
Vertical Restraints
Mergers
Consumer Protection
Social Interest or Special Interest?
Review 17.4
Chapter Summary
Chapter Review
Eye on the Australian Economy Examples of Oligopoly
Eye on the Global Economy The OPEC Global Oil Cartel
Eye on Your Life A Game You Might Play
Eye on the Mobile Phone Oligopoly Is Two Too Few?
Eye on the News Oligopoly Games in Mobile Phone Service
Part 7 Incomes and Inequality
Chapter 18 Markets for Factors of Production
Learning Objectives
The Anatomy of Factor Markets
18.1 The Demand for a Factor of Production
Value of Marginal Product
A Firm’s Demand for Labour
A Firm’s Demand for Labour Curve
Changes in the Demand for Labour
Review 18.1
18.2 Labour Markets
The Supply of Labour
Influences on the Supply of Labour
Competitive Labour Market Equilibrium
Trade Unions
Review 18.2
18.3 Capital, Land and Natural Resource Markets
Capital Markets
Land Markets
Nonrenewable Natural Resource Markets
Review 18.3
Chapter Summary
Chapter Review
Eye on Tom Scully Why Is Tom Scully Worth $6 Million?
Eye on Your Life Career Choice and Income Prospects
Eye on the Global Economy Oil and Metal Prices
Eye on the News Are Penalty Rates Too High?
Chapter 19 Economic Inequality
Learning Objectives
19.1 Measuring Economic Inequality
Income Lorenz Curve
The Distribution of Wealth
Wealth or Income?
Trend in Inequality
Inequality in Other Countries
Global Inequality
Global Trends
Review 19.1
19.2 How Economic Inequality Arises
Skill Differences
Contest Winners and Losers
Differences in Entrepreneurial Ability
Discrimination
Stage in Life Cycle
Inheritance and Assortitative Mating
Personal and Family Characteristics
Review 19.2
19.3 Income Redistribution
Cash Benefits
Income Taxes
Benefits in Kind
Indirect Taxes
The Scale of Income Redistribution
Why We Redistribute Income
The Major Redistribution Challenge
Review 19.3
Chapter Summary
Chapter Review
Eye on Inequality Who Are the Rich and the Poor?
Eye on the Global Economy Global Inequality
Eye on the Australian Economy Does Education Pay?
Eye on Your Life What You Pay and Gain Through Redistribution
Eye on the News CEOs as Contest Winners
Glossary
Index

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