Microeconomics in Modules
Third Edition| ©2014 Paul Krugman; Robin Wells
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Adapted by Paul Krugman and Robin Wells from their bestselling microeconomics textbook, Microeconomics in Modules is the only text for the principles of microeconomics course organized in the supremely accessible, highly effective modular format. Instead of chapters of standard length, the book covers the fundamentals of microeconomics in 45 brief (4-10 page) modules divided into 14 sections.Microeconomics in Modules offers the best of what makes Krugman/Wells a classroom favorite (story-telling approach, engaging writing, fascinating examples and cases), in a format students and instructors will love. Extensive educational research shows that students absorb more from shorter reading assignments than longer ones. And with coverage in self-contained modules, instructors can assign specific topics without asking students to read entire chapters.
New to This Edition
This edition provides additional modules on:
• International trade
• Decision-makingEconomics in Action
Krugman in Modules incorporates one highly popular feature from Krugman/Wells, Microeconomics into its modules--"Economics in Action"--but otherwise focuses exclusively on the narrative of each module, to keep them as brief as possible.
New Business Cases
Each section closes with a business case study that applies the economics covered in the section to a specific situation involving companies in the U.S. and around the world.
Microeconomics in Modules
Third Edition| ©2014
Paul Krugman; Robin Wells
Table of ContentsSection 1 Basic Economic Concepts
Module 1 The Study of Economics
Module 2 Models and the Circular Flow
Module 3 The Production Possibility Frontier Model
Module 4 Comparative Advantage and Trade
Section 2 Supply and Demand
Module 5 Demand
Module 6 Supply and Equilibrium
Module 7 Changes in Equilibrium
Section 3 Elasticity and the Law of Demand
Module 8 Income Effects, Substitution Effects, and Elasticity
Module 9 Interpreting Price Elasticity of Demand
Module 10 Other Elasticities
Section 4 Market Efficiency
Module 11 Consumer and Producer Surplus
Module 12 Efficiency and Markets
Section 5 Government Policy and Taxes
Module 13 Price Controls (Ceilings and Floors)
Module 14 Quantity Controls (Quotas)
Module 15 Taxes
Section 6 International Trade
Module 16 Gains from Trade
Module 17 Supply, Demand, and Trade
Section 7 Economics and Decision Making
Module 18 Making Decisions
Module 19 Behavioral Economics
Module 20 Maximizing Utility
Section 8 Production and Costs
Module 21 The Production Function
Module 22 Firm Costs
Module 23 Long-Run Costs and Economies of Scale
Section 9 Market Structure and Perfect Competition
Module 24 Market Structure
Module 25 Perfect Competition
Module 26 Graphing Perfect Competition
Module 27 Long-Run Outcomes in Perfect Competition Section 10 Monopoly
Module 28 Monopoly in Practice
Module 29 Monopoly and Public Policy
Module 30 Price Discrimination
Section 11 Imperfect Competition
Module 31 Oligopoly
Module 32 Game Theory
Module 33 Oligopoly in Practice
Module 34 Monopolistic Competition
Module 35 Product Differentiation and Advertising Section 12 Market Failure and the Role of Government
Module 36 Externalities
Module 37 Externalities and Public Policy
Module 38 Public Goods and Common Resources
Module 39 The Economics of the Welfare State
Section 13 Factor Markets and the Distribution of Income
Module 40 Factor Markets
Module 41 Marginal Productivity Theory
Module 42 The Market for Labor Section 14 Additional Topics in Microeconomics
Module 43 The Cost-Minimizing Input Combination
Module 44 The Time Value of Money
Module 45 The Economics of Information Appendix Graphs in Economics
Solutions to Module Review
Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, taught at Princeton University for 14 years. In 2015, he joined the faculty of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. He received his BA from Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included trailblazing work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular op-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.
Robin Wells was a lecturer and researcher in Economics at Princeton University, where she has taught undergraduate courses. She received her BA from the University of Chicago and her PhD from the University of California, Berkeley; she then did her postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southhampton (United Kingdom), Stanford, and MIT.
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