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Intromediate Microeconomics
2nd Edition

Intromediate Microeconomics
2nd Edition
J. Anthony Cookson

Lulu Press United States of America 2010

c 2010 by J. Anthony Cookson

All rights reserved.

Aside from those exceptions noted below, no part of this document may be

reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, orotherwise, without prior written permission of J. Anthony Cookson.

Copyright Conditions
Paper copies of chapters, whole sections, or subsections of this textbook are prohibited without prior express written permission of J. Anthony Cookson.

Reproduction of practice problems, homework and review questions is allowed for non-prot educational purposes,* provided that the work is attributed to J.Anthony Cookson.

*Non-prot educational purposes include (a) reproduction of questions in assignments and homework, and (b) reproduction of questions for quizzes and examinations. Any other use of textbook does not fall under these categories and is, therefore, prohibited without the express written consent of J. Anthony Cookson.

Contents
1 Preliminary Microeconomic Concepts
1.1 What isEconomics Anyway? 1.1.1 1.1.2 1.2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Opportunity Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Absolute Advantage, Comparative Advantage, and Gains from Trade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1 1 3 4 5 7 8 10 19 19 19 22 22 22 23Supply and Demand 1.2.1 1.2.2 1.2.3 1.2.4

Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supply and Supply Shifters Market Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Changes in Market Equilibrium . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.3

Other Preliminary Topics 1.3.1 1.3.2

Positive and Normative Economics . . . . . . . . . . . . . . . . . . . . . . . . . . . Relative Price and the Wide Scope of Economics . . . . . . . . . . . . . . . . . . .

1.4

Practice Problems and Homework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1.4.1 1.4.2 1.4.3 Opportunity Cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Supply and Demand Shifting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Economic and Legal Incidence of Taxes

2 Foundations of Consumer Behavior
2.1 Preferences and Constraints . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . 2.1.1 2.1.2 2.1.3 2.1.4 2.1.5 2.2 Preferences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Properties of Indierence Curves

25
25 25 28 29 31 34 36 36 38 39 40 41 41 42 42 44 44 45 46 48 48 49

More Detail on Indierence Curves . . . . . . . . . . . . . . . . . . . . . . .. . . . Constraints and Consumer Optima . . . . . . . . . . . . . . . . . . . . . . . . . . . Lingering Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Examples of Indierence Curve Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2.1 2.2.2 2.2.3 2.2.4 Tony's Pizza and Beer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Ryan's Tequila: Per Unit versus Lump Sum Tax Markets for Saving and Borrowing The Labor-Leisure Tradeo . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.3

Engel Curves, Demand Curves, and Gien Goods . . . . . . . . . . . . . . . . . . . . . . . 2.3.1 2.3.2 2.3.3 2.3.4 Amanda's...
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