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Microeconomics-Package - 6th edition

Microeconomics-Package - 6th edition

ISBN13: 9780618510689

ISBN10: 0618510680

Microeconomics-Package by William Boyes and Michael Melvin - ISBN 9780618510689
Cover type: Paperback
Edition: 6TH 05
Copyright: 2005
Publisher: Houghton Mifflin Harcourt
Published: 2005
International: No
Microeconomics-Package by William Boyes and Michael Melvin - ISBN 9780618510689

ISBN13: 9780618510689

ISBN10: 0618510680

Cover type: Paperback
Edition: 6TH 05

List price: $236.50

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Boyes and Melvin have developed the Sixth Edition of Economics to enhance its central features: direct and accessible writing, proven pedagogy, and thorough integration of global economic issues.

The text's international perspective has been strengthened and extended to focus on the implications of economic principles for business strategy in an era of global competition. International issues appear consistently throughout the text in examples that illustrate basic economic concepts. In addition, economic data drawn from around the world underscores the authors' long-standing emphasis on global issues. Extended coverage of topics affecting global competitiveness, such as resource pricing and foreign exchange markets, explicitly connects the study of economics with real-world business decisions.

  • New! The discussions of market failure and the different forms of economic and social regulation have been reorganized to facilitate learning. A stronger focus on the application of market theory to current, real-life issues--including the recent corporate accounting scandals--helps students to see the content's practical relevance, increasing their comprehension of key ideas.
  • New! Chapter 17, Financial Markets: Institutions and Recent Events provides a detailed description of how U.S. stock and bond markets work, as well as their role in the global economy to reinforce the application of economic principles to business.
  • New! Chapter 14, Government and Market Failure, discusses the circumstances under which markets might fail, including externalities, public goods, the lack of private property rights, and asymmetric information--as well as approaches to solving the problem.
  • Chapter 13, Antitrust and Regulation, covers all the forms of regulation (economic, social, and financial markets regulation) in one, convenient place.
  • New! Global Business Insight boxes use thumbnail maps and examples from around the world to illustrate essential economic concepts.
  • A consistent framework of instruction helps to improve students' understanding and performance in the course. Fundamental Questions reinforce 5-8 key points per chapter, appearing repeatedly throughout the chapter as well as the supplements. In addition, the text's internal referencing system establishes a hierarchy of ideas by designating a number for each section and subsection--cited consistently in the textbook and supplements (including the Test Bank).
  • New! Eduspace is Houghton Mifflin's online learning tool. Powered by Blackboard, Eduspace is a customizable, powerful and interactive platform that provides instructors with text-specific online courses and content in multiple disciplines. Features of the Boyes/Melvin Economics course include algorithmic homework with hints as well as presentation slides, photos, illustrations and links to group projects.

Table of Contents

Table of Contents

I. Introduction to the Price System

1. Economics: The World Around You

Why Study Economics?
The Definition of Economics
The Economic Approach
Economic Insight: "'Free' Air?"
Economically Speaking: "Choice of Major, Years of College Influence Student Debt"
Appendix to Chapter 1. Working with Graphs
Reading Graphs
Constructing a Graph

2. Choice, Opportunity Costs, and Specialization

Opportunity Costs
Specialization and Trade
Economically Speaking: "Guns and Butter"

3. Markets, Demand and Supply, and the Price System

Equilibrium: Putting Demand and Supply Together
Global Business Insight: "The Foreign Exchange Market"
Economically Speaking: "A Sleuth for Landlords with Eviction in Mind"

4. The Market System and the Private Sector

The Market System
Business Firms
The International Sector
Linking the Sectors
Economic Insight: "Adam Smith"
Economic Insight: "The Successful Entrepreneur (Sometimes It's Better to Be Lucky Than Good)"
Economical Speaking "Report: Ramsey Friend Sold Information to National Enquirer"

5. The Public Sector

The Circular Flow
The Role of Government in the Market System
Overview of the United States Government
Government in Other Economies
Global Business Insight: "Government Creates a Market for Fishing Rights"
Economically Speaking: "A Big "Nein" to Deutsche Telekom; Telecommunications: Germany Still Doesn't Have a Completely Open Market"

II. Product Market Basics

6. Elasticity: Demand and Supply

The Price Elasticity of Demand
The Use of Price Elasticity of Demand
Determinants of the Price Elasticity of Demand
Other Demand Elasticities
Supply Elasticities
Global Business Insight: "Dumping"
Economically Speaking: "Higher Gas Prices Make Future Murky for Big SUVs: Impact of Rising Fuel Costs Could Be Bigger in Canada Than U.S."

7. Consumer Choice

Utility and Choice
The Demand Curve Again
Economic Insight: "Does Money Buy Happiness?"
Economically Speaking: "Why Sudden Wealth Will Not Make You Happy"
Appendix to Chapter 7. Indifference Analysis
Indifference Curves
Budget Constraint
Consumer Equilibrium

8. Supply: The Costs of Doing Business

Firms and Production
From Production to Costs
Cost Schedules and Cost Curves
The Long Run
Economic Insight: "Overhead"
Economically Speaking: "Merge or Die"

III. Product Markets

9. Profit Maximization

Profit Maximization
Marginal Revenue and Marginal Cost
Selling Environments or Market Structure
Global Business Insight: "Brisk Business in Measuring Economic Profit"
Economically Speaking: "Business Ethics Guarantee Value to All Interested Parties"

10. Perfect Competition

The Perfectly Competitive Firm in the Short Run
The Long Run
Economically Speaking: "Avoid 'Commoditization'"

11. Monopoly

The Market Structure of Monopoly
The Demand Curve Facing a Monopoly Firm
Profit Maximization
Market Power and Price Discrimination
Comparison of Perfect Competition and Monopoly
Economically Speaking: "Conflict Diamonds; Americans Can Stop the Damage They Do"

12. Monopolistic Competition and Oligopoly

Monopolistic Competition
Oligopoly and Interdependence
Summary of Market Structures
Economic Insight: "The Prisoner's Dilemma"
Economically Speaking: "Authorities Gather to Combat Warring Drug Cartels"

13. Antitrust and Regulation

Antitrust Policy
The Securities and Exchange Commission
Global Business Insight: "The California Debacle"
Economically Speaking: "Don't Let It Happen Again: Why Didn't the Post-'65 Fixes Stop This Blackout?"

14. Government and Market Failure

Private Property Rights
Public Goods
Asymmetric Information
Government Failure
Global Business Insight: "Why Aren't Cows and Chickens on the Endangered Species List?"
Economically Speaking: "Bates College Students Retire Air Pollution Permit Worth a Ton of Sulphur Dioxide"

IV. Resource Markets

15. Resource Markets

Buyers and Sellers of Resources
The Market Demand for and Supply of Resources
How Firms Decide What Resources to Buy
Economic Insight: "The Company Town"
Economically Speaking: "Agent: Eagles, McNabb Agree to Deal Worth up to $115 Million"

16. The Labor Market

The Supply of Labor
Wage Differentials
Wage Differentials and Government Policies
Economic Insight: "The Overworked American"
Economically Speaking: "Higher Apathy"

17. Financial Markets: Institutions and Recent Events

The Equity Market
Fraud and Accounting Shenanigans
Economic Insight: "The P/E Ratio"
Global Business Insight: "Stock Market Booms and Busts"
Global Business Insight: "Country Bond Ratings"
Economically Speaking: "Accountants Figure Law to Benefit Them"

18. The Land Market and Natural Resources

Nonrenewable Resources
Renewable Resources
Economically Speaking: "Debate: Is Anti-Sprawl Really 'Smart' Growth?"

19. Aging, Social Security, and Health Care

Aging and Social Security
Health Economics
Global Business Insight: "The World Is Aging"
Economic Insight: "Myths About Social Security"
Global Business Insight: "Health-Care Spending in Various Nations"
Economically Speaking: "Many Travel a Painful Circuit for Their Managed Health Care"

20. Income Distribution, Poverty, and Government Policy

Income Distribution and Poverty
The Poor
Government Antipoverty Policies
Income Distribution Among Nations
Global Business Insight: "Economic Development and Happiness"
Economically Speaking: "Zimbabwe: Income Distribution and Policy"

V. Issues in International Trade and Finance

21. World Trade Equilibrium

An Overview of World Trade
An Example of International Trade Equilibrium
Sources of Comparative Advantage
Global Business Insight: "The Dutch Disease"
Economically Speaking: "China Trade Will Come Back to Haunt Us"

22. International Trade Restrictions

Arguments for Protection
Tools of Commercial Policy
Preferential Trade Agreements
Global Business Insight: "Smoot-Hawley Tariff"
Economically Speaking: "Bull in a China Shop"

23. Exchange Rates and Financial Links Between Countries

Past and Current Exchange-Rate Arrangements
Fixed or Floating Exchange Rates
Prices and Exchange Rates
Interest Rates and Exchange Rates
Global Business Insight: "The IMF and the World Bank"
Economically Speaking: "The European Union"