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Principles of Microeconomics
J. Gans, S. King, M. Byford and N.G. Mankiw
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Chapters
Principles of Microeconomics · J. Gans, S. King, M. Byford and N.G. Mankiw
How people make decisions · How people interact · How the economy as a whole works
The economist as scientist · The economist as adviser · Why economists disagree
A parable for the modern economy · Comparative advantage: The driving force of specialisation · Applications of comparative advantage
Markets and competition · Demand · Supply · Supply and demand together
The elasticity of demand · The elasticity of supply · Three applications of supply, demand and elasticity
Controls on prices · Taxes · Subsidies
Consumer surplus · Producer surplus · Market efficiency
The deadweight loss of taxation · The determinants of the deadweight loss · Deadweight loss and tax revenue as taxes vary
The determinants of trade · The winners and losers from trade · The arguments for restricting trade
Externalities and market inefficiency · Public policies on externalities · Private solutions to externalities
The different kinds of goods · Public goods · Common resources
An overview of Australian taxation · Taxes and efficiency · Taxes and equity
What are costs? · Production and costs · The various measures of cost · Costs in the short run and in the long run
What is a competitive market? · Profit maximisation and the competitive firm's supply curve · The supply curve in a competitive market
Why monopolies arise · How monopolies make production and pricing decisions · The welfare cost of monopoly · Price discrimination
Between monopoly and perfect competition · Competition with differentiated products · Advertising
Markets with only a few sellers · The economics of cooperation · Public policy towards oligopolies
The demand for labour · The supply of labour · Equilibrium in the labour market · The other factors of production: Land and capital
Some determinants of equilibrium wages · The economics of discrimination
The measurement of inequality · The poverty rate · The political philosophy of redistributing income · Policies to reduce poverty
The budget constraint: What the consumer can afford · Preferences: What a consumer wants · Optimisation: What a consumer chooses · Three applications
Asymmetric information · Political economy · Behavioural economics
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