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Essentials Of Economics BSB113 (Custom Edition)

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Essentials Of Economics BSB113 (Custom Edition)

Table of contents

  • Preface xx
    The foundation xxi
    Special features xxvi
    Resources for educators and students xxvii
    Reviewers xxx
  • PART 1 INTRODUCTION 1
    CHAPTER 1
    Economics: foundations and models 2
    THREE KEY ECONOMIC IDEAS 4
    People are rational 4
    People respond to economic incentives 5
    Optimal decisions are made at the margin 5
    Solved problem 1.1
    Apple makes a decision at the margin 6
    SCARCITY, TRADE-OFF S AND THE ECONOMIC
    PROBLEM THAT EVERY SOCIETY MUST SOLVE 6
    What goods and services will be produced? 7
    How will the goods and services be produced? 7
    Who will receive the goods and services produced? 7
    Centrally planned economies versus market
    economies 7 
    The modern ‘mixed’ economy 8
    Efficiency and equity 9
    ECONOMIC MODELS 10
    The role of assumptions in economic models 10
    Forming and testing hypotheses in economic
    models 10
    Normative and positive analysis 11
    Don’t let this happen to you
    Don’t confuse positive analysis with normative
    analysis 12
    Economics as a social science 12
    Making the connection 1.1
    Good economics doesn’t always mean
    good politics 12
    MICROECONOMICS AND MACROECONOMICS 13
    CONCLUSION 14
    An inside look
    The case for ‘offshoring’ is quite clear: it works 15
    CHAPTER SUMMARY AND PROBLEMS 17
    CHAPTER 1 APPENDIX
    Using graphs and formulae 21
    Graphs of one variable 22
    Graphs of two variables 22
    Formulae 27
    APPENDIX PROBLEMS 29
  • CHAPTER 2
    Choices and trade-offs in the market 32
    PRODUCTION POSSIBILITY FRONTIERS AND
    REAL-WORLD TRADE-OFFS 34
    Graphing the production possibility frontier 34
    Increasing marginal opportunity costs 35
    Making the connection 2.1
    Trade-offs and emergency aid relief 36
    Economic growth 37
    COMPARATIVE ADVANTAGE AND TRADE 38
    Specialisation and gains from trade 38
    Absolute advantage versus comparative
    advantage 39
    Don’t let this happen to you
    Don’t confuse absolute advantage and
    comparative advantage 40
    Comparative advantage and the gains from trade 40
    Solved problem 2.1
    Comparative advantage and the gains from trade 41
    THE MARKET SYSTEM 42
    The gains from free markets 42
    The market mechanism 43
    Making the connection 2.2
    Story of the market system in action: I, Pencil 43
    The role of the entrepreneur 44
    THE LEGAL BASIS OF A SUCC ESSFUL MARKET
    SYSTEM 45
    Protection of private property 45
    Making the connection 2.3
    Illegal downloads from cyberspace 46
    Enforcement of contracts and property rights 47
    CONCLUSION 47
    An inside look
    Expansion and production mix at BMW 48
    CHAPTER SUMMARY AND PROBLEMS 50
    PART 2 HOW THE MARKET WORKS 55
  • CHAPTER 3
    Where prices come from: the interaction
    of demand and supply 56
    THE DEMAND SIDE OF THE MARKET 58
    Demand schedules and demand curves 58
    The law of demand 59
    Holding everything else constant: the ceteris
    paribus condition 59
    What explains the law of demand? 59
    Variables that shift market demand 60
    Making the connection 3.1
    The ageing of the Baby Boom generation 62
    A change in demand versus a change in quantity
    demanded 63
    THE SUPPLY SIDE OF THE MARKET 64
    Supply schedules and supply curves 64
    The law of supply 64
    Variables that shift supply 65
    A change in supply versus a change in quantity
    supplied 67
    MARKET EQUILIBRIUM: PUTTING DEMAND AND
    SUPPLY TOGETHER 68
    How markets eliminate surpluses and shortages 68
    Demand and supply both count 69
    Shifts in a curve versus movements along a curve 70
    THE EFF ECT OF DEMAND AND SUPPLY SHIFTS
    ON EQUILIBRIUM 70
    Don’t let this happen to you
    Remember: a change in a good’s price does not
    cause the demand or supply curve to shift 70
    The effect of shifts in supply on equilibrium 71
    The effect of shifts in demand on equilibrium 71
    The effect of shifts in demand and supply over time 72
    Solved problem 3.1
    Demand and supply both count: pharmacists
    and accountants 72
    Making the connection 3.2
    The falling price of blu-ray players 74
    Solved problem 3.2
    Demand and supply both count: the Australian
    housing market 75
    CONCLUSION 77
    An inside look
    PC sales plunge as consumers look to tablets,
    smartphones 78
    CHAPTER SUMMARY AND PROBLEMS 80
    CHAPTER 3 APPENDIX
    Behavioural economics: do people
    make their choices rationally? 86
    Ignoring non-monetary opportunity costs 86
    Business implications of consumers ignoring nonmonetary
    opportunity costs 87
    Failing to ignore sunk costs 87
    Making the connection 3A.1
    Experimental economics: a test of fairness 88
    Being unrealistic about future behaviour 89
    Making the connection 3A.2
    Why don’t students study more? 89
    Solved problem 3A.1
    How do you get people to save more of
    their income? 90
    APPENDIX QUESTIONS AND PROBLEMS 90 
  • CHAPTER 4
    Elasticity: the responsiveness of
    demand and supply 92
    PRICE ELASTICITY OF DEMAND AND ITS
    MEASUREMENT 94
    Measuring the price elasticity of demand 94
    Elastic demand and inelastic demand 95
    An example of calculating price elasticities 95
    The midpoint formula 96
    Solved problem 4.1
    Calculating the price elasticity of demand for
    wheat using the midpoint formula 97
    When demand curves intersect, the flatter curve
    is more elastic 97
    Polar cases of perfectly elastic and perfectly
    inelastic demand 98
    Don’t let this happen to you
    Don’t confuse inelastic with perfectly inelastic 98
    THE DETERMINANTS OF THE PRICE ELASTICITY
    OF DEMAND 100
    Availability of close substitutes 100
    Length of time involved 100
    Making the connection 4.1
    The price elasticity of demand for breakfast
    cereal 101
    Luxuries versus necessities 101
    Definition of the market 101
    Share of the good in the consumer’s budget 101
    Solved problem 4.2
    Using price elasticity to analyse the drug problem 102
    THE RELATIONSHIP BETWEEN PRICE ELASTICITY
    AND TOTAL REVENUE 103
    Elasticity and revenue with a linear demand curve 104
    Solved problem 4.3
    Price and revenue don’t always move in the
    same direction 105
    Making the connection 4.2
    Determining the price elasticity of demand
    through market experiments 106
    Estimating price elasticity of demand 106
    OTHER DEMAND ELASTICITIES 106
    Cross-price elasticity of demand 106
    Income elasticity of demand 107
    Making the connection 4.3
    Price elasticity, cross-price elasticity and
    income elasticity in the market for alcoholic
    beverages 108
    USING ELASTICITY TO ANALYSE THE
    DISAPPEARING FAMILY FARM 109
    THE PRICE ELASTICITY OF SUPPLY AND ITS
    MEASUREMENT 110
    Measuring the price elasticity of supply 110
    Determinants of the price elasticity of supply 110
    Making the connection 4.4
    Why are oil prices so unstable? 112
    Polar cases of perfectly elastic and perfectly
    inelastic supply 113
    Using price elasticity of supply to predict changes
    in price 113
    CONCLUSION 117
    An inside look
    In-cider view: soaring sales a tax tip 118
    CHAPTER SUMMARY AND PROBLEMS 120
  • CHAPTER 5
    Economic efficiency, government
    price setting and taxes 126
    CONSUMER SURPLUS AND PRODUCER SURPLUS 128
    Consumer surplus 128
    Producer surplus 129
    Making the connection 5.1
    The consumer surplus from broadband internet
    service 130
    What consumer surplus and producer surplus
    measure 131
    THE EFF ICIENCY OF COMPETITIVE MARKETS 131
    Marginal benefit equals marginal cost in
    competitive equilibrium 132
    Economic surplus 132
    Deadweight loss 132
    Economic surplus and economic efficiency 133
    GOVERNMENT INTERVENTION IN THE MARKET:
    PRICE FLOORS AND PRICE CEILINGS 134
    Price floors: the example of agricultural markets 134
    Price ceilings: the example of rent controls 135
    Making the connection 5.2
    Price floors in labour markets: the minimum wage 136
    Black markets 137
    Don’t let this happen to you
    Don’t confuse ‘scarcity’ with a ‘shortage’ 137
    Solved problem 5.1
    What is the economic effect of a black market
    for apartments? 138
    The results of government intervention: winners,
    losers and inefficiency 139
    Positive and normative analysis of price ceilings
    and price floors 139
    THE ECONOMIC IMPACT OF TAXES 139
    The effect of taxes on economic efficiency 140
    Tax incidence: who actually pays a tax? 141
    Solved problem 5.2
    When do consumers pay all of a sales tax
    increase? 142
    CONCLUSION 143
    An inside look
    Taxes go up in smokes—and alcohol 144
    CHAPTER SUMMARY AND PROBLEMS 146
    PART 3 FIRMS AND MARKET
    STRUCTURES 151
  • CHAPTER 6
    Technology, production and costs 152
    TECHNOLOGY: AN ECONOMIC DEFINITION 154
    THE SHORT RUN AND THE LONG RUN IN
    ECONOMICS 154
    The difference between fixed costs and variable
    costs 154
    Making the connection 6.1
    Improving inventory control at Bunnings 155
    Implicit costs versus explicit costs 155
    Making the connection 6.2
    Fixed costs in the publishing industry 156
    The production function 157
    A first look at the relationship between production
    and cost 158
    THE MARGINAL PRODUCT OF LABOUR
    AND THE AVERAGE PRODUCT
    OF LABOUR 159
    The law of diminishing returns 159
    The relationship between marginal product
    and average product 160
    Graphing production 160
    THE RELATIONSHIP BETWEEN
    SHORT-RUN PRODUCTION AND
    SHORT-RUN COST 161
    Marginal cost 162
    The relationship between marginal cost
    and average total cost 162
    Solved problem 6.1
    The relationship between marginal cost
    and average total cost 163
    GRAPHING COST CURVES 164
    COSTS IN THE LONG RUN 164
    Economies of scale 165
    Long-run average cost curves for
    bookshops 166
    Solved problem 6.2
    Using long-run average cost curves to
    understand business strategy 167
    Making the connection 6.3
    The colossal River Rouge: diseconomies of
    scale at the Ford Motor Company 168
    Don’t let this happen to you
    Don’t confuse diminishing returns with
    diseconomies of scale 169
    CONCLUSION 170
    An inside look
    Ford is simply facing up to the harsh
    realities about economies of scale 171
    CHAPTER SUMMARY AND PROBLEMS 173
  • CHAPTER 7
    Firms in perfectly competitive markets 178
    PERFECTLY COMPETITIVE MARKETS 180
    A perfectly competitive firm cannot affect the
    market price 181
    The demand curve for the output of a perfectly
    competitive firm 181
    HOW A FIRM MAXIMISES PROFIT IN A
    PERFECTLY COMPETITIVE MARKET 183
    Don’t let this happen to you
    Don’t confuse the demand curve for Farmer Jones’
    oats with the market demand curve for oats 183
    Revenue for a firm in a perfectly competitive
    market 183
    Determining the profit-maximising level of output 184
    ILLUSTRATING PROFIT OR LOSS ON THE
    COST CURVE GRAPH 187
    Showing a profit on the graph 187
    Solved problem 7.1
    Determining profit-maximising price and quantity 188
    Don’t let this happen to you
    Remember that firms maximise total profit,
    not profit per unit 190
    Illustrating when a firm is breaking even or
    operating at a loss 190
    DECIDING WHETHER TO PRODUCE OR TO
    SHUT DOWN IN THE SHORT RUN 190
    Making the connection 7.1
    Losing money in the medical screening industry 191
    Solved problem 7.2
    When to pull the plug on a movie 192
    The supply curve of the firm in the short run 193
    The market supply curve in a perfectly
    competitive industry 193
    ‘IF EVERYONE CAN DO IT, YOU CAN’T MAKE
    MONEY AT IT’—THE ENTRY AND EXIT OF
    FIRMS IN THE LONG RUN 195
    Economic profit and the entry or exit decision 195
    Long-run equilibrium in a perfectly competitive
    market 197
    The long-run supply curve in a perfectly
    competitive market 197
    Increasing-cost and decreasing-cost industries 199
    Making the connection 7.2
    Easy entry makes the long run pretty short
    in the Apple iPhone apps store 200
    PERFECT COMPETITION AND EFF ICIENCY 201
    Productive efficiency 201
    Allocative efficiency 201
    Dynamic efficiency 201
    Solved problem 7.3
    How productive efficiency and dynamic
    efficiency benefit consumers 202
    CONCLUSION 203
    An inside look
    More consumers and producers heading
    to farmers’ markets, report finds 204
    CHAPTER SUMMARY AND PROBLEMS 206
  • CHAPTER 8
    Monopoly markets 212
    IS ANY FIRM EVER REALLY A MONOPOLY? 214
    WHERE DO MONOPOLIES COME FROM? 214
    Making the connection 8.1
    The end of the singapore education bonanza 215
    Entry blocked by government action 215
    Control of a key resource 216
    Making the connection 8.2
    Are diamond (profits) forever?
    the De Beers diamond monopoly 217
    Network externalities 217
    Natural monopoly 218
    HOW DOES A MONOPOLY CHOOSE PRICE
    AND OUTPUT? 219
    Marginal revenue 219
    Profit maximisation for a monopolist 220
    Solved problem 8.1
    Finding profit-maximising price and output
    for a monopolist 222
    Don’t let this happen to you
    Don’t assume that charging a higher price is
    always more profitable for a monopolist 223
    DOES MONOPOLY REDUCE ECONOMIC
    EFF ICIENCY? 223
    Comparing monopoly and perfect competition 223
    Measuring the efficiency losses from monopoly 223
    How large are the efficiency losses due to
    monopoly? 225
    Market power and technological change 225
    GOVERNMENT POLICY TOWARDS MONOPOLIES 226
    Trade practices laws and enforcement 226
    Mergers: the trade-off between market power and
    efficiency 227
    Making the connection 8.3
    Anti-competitive behaviour in the airline
    cargo industry 229
    Regulating natural monopolies 230
    Solved problem 8.2
    Water restrictions and water supply companies 231
    CONCLUSION 232
    An inside look
    The Foxtel–BBC deal: implications for
    Australian television and content 233
    CHAPTER SUMMARY AND PROBLEMS 235
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