Microeconomics Australia in the Global Environment Australian 1st Edition Parkin Solutions Manual

1. Part 1 Introduction
2. Chapter 1 Getting Started
3. Learning Objectives
4. 1.1 Definition and Questions
5. Scarcity
6. Economics Defined
7. What, How and For Whom?
8. Can the Pursuit of Self-Interest Be in the Social Interest?
9. Review 1.1
10. 1.2 The Economic Way of Thinking
11. Economic Ideas
12. A Choice Is a Tradeoff
13. Cost: What You Must Give Up
14. Benefit: What You Gain
15. Rational Choice
16. How Much? Choosing at the Margin
17. Choices Respond to Incentives
18. Economics as Social Science
19. Economics as Policy Tool
20. Review 1.2
21. Chapter Summary
22. Chapter Review
23. Appendix: Making and Using Graphs
24. Basic Idea
25. Interpreting Data Graphs
26. Interpreting Graphs Used in Economic Models
27. The Slope of a Relationship
28. Relationships Among More Than Two Variables
29. Appendix Review
30. Eye on the Past: Adam Smith and the Birth of Economics as a Social Science
31. Eye on the Benefit and Cost of University: Did You Make the Right Decision?
32. Chapter 2 The Australian and Global Economies
33. Learning Objectives
34. 2.1 What, How and For Whom?
35. What Do We Produce?
36. How Do We Produce?
37. For Whom Do We Produce?
38. Review 2.1
39. 2.2 The Global Economy
40. The People
41. The Economies
42. What in the Global Economy?
43. How in the Global Economy?
44. For Whom in the Global Economy?
45. Review 2.2
46. 2.3 The Circular Flows
47. Households and Firms
48. Markets
49. Real Flows and Money Flows
50. Governments
51. Governments in the Circular Flow
52. Circular Flows in the Global Economy
53. Review 2.3
54. Chapter Summary
55. Chapter Review
56. Eye on the Australian Economy: What We Produce
57. Eye on the Past Changes in What We Produce
58. Eye on the Australian Economy Changes in How We Produce in the Information Economy
59. Eye on the Dreamliner Who Makes the Dreamliner?
60. Eye on the Global Economy Differences in How We Produce
61. Eye on Your Life The Australian and Global Economies in Your Life
62. Eye on the Past The Fluctuating Size of Government
63. Eye on the Global Economy The Ups and Downs in International Trade
64. Chapter 3 The Economic Problem
65. Learning Objectives
66. 3.1 Production Possibilities
67. Production Possibilities Frontier
68. Review 3.1
69. 3.2 Opportunity Cost
70. The Opportunity Cost of a Mobile Phone
71. Opportunity Cost and the Slope of the PPF
72. Opportunity Cost Is a Ratio
73. Increasing Opportunity Costs Are Everywhere
74. Your Increasing Opportunity Cost
75. Review 3.2
76. 3.3 Economic Growth
77. Review 3.3
78. 3.4 Specialisation and Trade
79. Absolute Advantage and Comparative Advantage
80. Comparative Advantage: An Example
81. Achieving Gains from Trade
82. Review 3.4
83. Chapter Summary
84. Chapter Review
85. Eye on Your Life Your Production Possibilities Frontier
86. Eye on the Environment Is Wind Power Free?
87. Eye on the Global Economy Expanding Production Possibilities
88. Eye on the Global Economy Hong Kong’s Rapid Economic Growth
89. Eye on the Global Economy No One Knows How to Make a Pencil
90. Eye on Your Life Your Comparative Advantage
91. Eye on the News Food Production Possibilities and Opportunity Cost
92. Chapter 4 Demand and Supply
93. Learning Objectives
94. Competitive Markets
95. 4.1 Demand
96. The Law of Demand
97. Demand Schedule and Demand Curve
98. Individual Demand and Market Demand
99. Changes in Demand
100. Change in Quantity Demanded Versus Change in Demand
101. Review 4.1
102. 4.2 Supply
103. The Law of Supply
104. Supply Schedule and Supply Curve
105. Individual Supply and Market Supply
106. Changes in Supply
107. Change in Quantity Supplied Versus Change in Supply
108. Review 4.2
109. 4.3 Market Equilibrium
110. Price: A Market’s Automatic Regulator
111. Predicting Price Changes: Three Questions
112. Effects of Changes in Demand
113. Effects of Changes in Supply
114. Effects of Changes in Both Demand and Supply
115. Review 4.3
116. Chapter Summary
117. Chapter Review
118. Mathematical Note
119. Eye on Your Life Understanding and Using Demand and Supply
120. Eye on the Global Economy The Markets for Cocoa and Chocolate
121. Eye on the Price of Coffee Why Did the Price of Coffee Fall?
122. Eye on the News Demand and Supply: The Price of Iron Ore
123. Part 2 A Closer Look at Markets
124. Chapter 5 Elasticities of Demand and Supply
125. Learning Objectives
126. 5.1 The Price Elasticity of Demand
127. Percentage Change in Price
128. Percentage Change in Quantity Demanded
129. Comparing the Percentage Changes in Price and Quantity
130. Elastic and Inelastic Demand
131. Influences on the Price Elasticity of Demand
132. Computing the Price Elasticity of Demand
133. Interpreting the Price Elasticity of Demand Number
134. Elasticity Along a Linear Demand Curve
135. Total Revenue and the Price Elasticity of Demand
136. Applications of the Price Elasticity of Demand
137. Review 5.1
138. 5.2 The Price Elasticity of Supply
139. Elastic and Inelastic Supply
140. Influences on the Price Elasticity of Supply
141. Computing the Price Elasticity of Supply
142. Review 5.2
143. 5.3 Cross Elasticity and Income Elasticity
144. Cross Elasticity of Demand
145. Income Elasticity of Demand
146. Review 5.3
147. Chapter Summary
148. Chapter Review
149. Eye on the Global Economy Price Elasticities of Demand
150. Eye on the Price of Petrol What Do You Do When the Price of Petrol Rises?
151. Eye on Your Life Your Price Elasticities of Demand
152. Eye on the News The Elasticity of Demand for Coffee
153. Chapter 6 Efficiency and Fairness of Markets
154. Learning Objectives
155. 6.1 Allocation Methods and Efficiency
156. Resource Allocation Methods
157. Using Resources Efficiently
158. Review 6.1
159. 6.2 Value, Price and Consumer Surplus
160. Demand and Marginal Benefit
161. Consumer Surplus
162. Review 6.2
163. 6.3 Cost, Price and Producer Surplus
164. Supply and Marginal Cost
165. Producer Surplus
166. Review 6.3
167. 6.4 Are Markets Efficient?
168. Marginal Benefit Equals Marginal Cost
169. Total Surplus Is Maximised
170. The Invisible Hand
171. Market Failure
172. Sources of Market Failure
173. Alternatives to the Market
174. Review 6.4
175. 6.5 Are Markets Fair?
176. It’s Not Fair If the Rules Aren’t Fair
177. It’s Not Fair If the Result Isn’t Fair
178. Compromise
179. Review 6.5
180. Chapter Summary
181. Chapter Review
182. Eye on the Australian Economy The Invisible Hand and e-Commerce
183. Eye on Price Gouging Should Price Gouging Be Illegal?
184. Eye on Your Life Allocation Methods, Efficiency and Fairness
185. Eye on the News Making Traffic Flow Efficiently
186. Part 3 How Governments Influence the Economy
187. Chapter 7 Government Actions in Markets
188. Learning Objectives
189. 7.1 Price Ceilings
190. A Rent Ceiling
191. Are Rent Ceilings Efficient?
192. Are Rent Ceilings Fair?
193. Why Do Some Places Have Rent Ceilings?
194. Review 7.1
195. 7.2 Price Floors
196. A Minimum Wage
197. Is a Minimum Wage Efficient?
198. Is a Minimum Wage Fair?
199. If a Minimum Wage Is So Bad, Why Do We Have It?
200. Review 7.2
201. 7.3 Price Supports in Agriculture
202. How Governments Intervene in Markets for Farm Products
203. Price Support: An Illustration
204. Review 7.3
205. Chapter Summary
206. Chapter Review
207. Eye on the Australian Economy Fair Work and Award Wages
208. Eye on Price Regulation Can Parliament Repeal the Laws of Supply and Demand?
209. Eye on Your Life Price Ceilings and Price Floors
210. Eye on the News Penalty Rate as Above-Equilibrium Minimum Wage
211. Chapter 8 Taxes
212. Learning Objectives
213. 8.1 Taxes on Buyers and Sellers
214. Tax Incidence
215. Taxes and Efficiency
216. Incidence, Inefficiency and Elasticity
217. Incidence, Inefficiency and the Elasticity of Demand
218. Incidence, Inefficiency and the Elasticity of Supply
219. Review 8.1
220. 8.2 Income Tax and Payroll Taxes
221. Individual Income Tax
222. The Effects of the Income Tax
223. A Payroll Tax
224. Review 8.2
225. 8.3 Fairness and the Big Tradeoff
226. The Benefits Principle
227. The Ability-to-Pay Principle
228. The Big Tradeoff
229. Review 8.3
230. Chapter Summary
231. Chapter Review
232. Eye on the Australian Economy Taxes in Australia Today
233. Eye on Parliament Does Parliament Decide Who Pays the Taxes?
234. Eye on the Past The Origins and History of Australian Income Tax
235. Eye on Your Life Tax Freedom Day
236. Eye on the News Paying GST on Online Overseas Shopping
237. Eye on the Australian Economy How Progressive Are Our Taxes?
238. Chapter 9 Global Markets in Action
239. Learning Objectives
240. 9.1 How Global Markets Work
241. International Trade Today
242. What Drives International Trade?
243. Why Australia Imports Cars
244. Why Australia Exports Coal
245. Review 9.1
246. 9.2 Winners, Losers and Net Gains from Trade
247. Gains and Losses from Imports
248. Gains and Losses from Exports
249. Review 9.2
250. 9.3 International Trade Restrictions
251. Tariffs
252. Import Quotas
253. Other Import Barriers
254. Export Subsidies
255. Review 9.3
256. 9.4 The Case Against Protection
257. Three Traditional Arguments for Protection
258. Four Newer Arguments for Protection
259. Why Is International Trade Restricted?
260. Review 9.4
261. Chapter Summary
262. Chapter Review
263. Eye on the Australian Economy Australian Exports and Imports
264. Eye on Globalisation Who Wins and Who Loses from Globalisation?
265. Eye on the Past The History of Australian Tariffs
266. Eye on Your Life International Trade
267. Eye on the News The Benefits of Free Trade
268. Part 4 Market Failure and Public Policy
269. Chapter 10 Externalities
270. Learning Objectives
271. Externalities in our Daily Lives
272. Negative Production Externalities
273. Positive Production Externalities
274. Negative Consumption Externalities
275. Positive Consumption Externalities
276. 10.1 Negative Externalities: Pollution
277. Private Costs and Social Costs
278. Production and Pollution: How Much?
279. Establish Property Rights
280. Mandate Clean Technology
281. Tax or Cap and Price Pollution
282. Review 10.1
283. 10.2 Positive Externalities: Education
284. Private Benefits and Social Benefits
285. Government Actions in the Face of External Benefits
286. Review 10.2
287. Chapter Summary
288. Chapter Review
289. Eye on Your Life Externalities in Your Life
290. Eye on the Australian Economy Australian Air Pollution Trends
291. Eye on Climate Change How Can We Limit Climate Change?
292. Eye on the News The Carbon Reduction Debate
293. Chapter 11 Public Goods and Common Resources
294. Learning Objectives
295. 11.1 Classifying Goods and Resources
296. Excludable
297. Rival
298. A Fourfold Classification
299. Review 11.1
300. 11.2 Public Goods and the Free-Rider Problem
301. The Free-Rider Problem
302. The Marginal Benefit from a Public Good
303. The Marginal Cost of a Public Good
304. The Efficient Quantity of a Public Good
305. Private Provision: Underproduction
306. Public Provision: Efficient Production
307. Obstacles to Efficient Public Provision
308. Review 11.2
309. 11.3 Common Resources
310. Unsustainable Use of a Common Resource
311. Inefficient Use of a Common Resource
312. Efficient Use of a Common Resource
313. Review 11.3
314. Chapter Summary
315. Chapter Review
316. Eye on the Past Is a Lighthouse a Public Good?
317. Eye on the Australian Economy Avoiding Free-Rider Problems
318. Eye on Infrastructure Should Australia Build More Motorways?
319. Eye on Your Life A Student’s Free-Rider Problem
320. Eye on the Past The Commons of England’s Middle Ages
321. Eye on the Global Economy The North Atlantic Cod Tragedy of the Commons
322. Eye on the Global Economy Individual Transferable Quotas Work
323. Eye on the News Road or Rail?
324. Part 5 A Closer Look at Decision Makers
325. Chapter 12 Consumer Choice and Demand
326. Learning Objectives
327. 12.1 Consumption Possibilities
328. The Budget Line
329. A Change in the Budget
330. Changes in Prices
331. Prices and the Slope of the Budget Line
332. Review 12.1
333. 12.2 Preferences and Choice
334. An Indifference Curve
335. Degree of Substitutability
336. Marginal Rate of Substitution
337. Consumer Equilibrium
338. Review 12.2
339. 12.3 Predicting Consumer Choices
340. A Change in Price
341. Deriving the Demand Curve
342. A Change in Income
343. Substitution Effect and Income Effect
344. Review 12.3
345. Chapter Summary
346. Chapter Review
347. Eye on the Australian Economy Relative Prices on the Move
348. Eye on Your Life Do You Make Your Best Affordable Choices?
349. Eye on Song Downloads How Much Would You Pay for a Song?
350. Eye on the News Paper Books versus e-Books
351. Chapter 13 Production and Cost
352. Learning Objectives
353. 13.1 Economic Cost and Profit
354. The Firm’s Goal
355. Accounting Cost and Profit
356. Opportunity Cost
357. Economic Profit
358. Review 13.1
359. Short Run and Long Run
360. 13.2 Short-Run Production
361. Total Product
362. Marginal Product
363. Average Product
364. Review 13.2
365. 13.3 Short-Run Cost
366. Total Cost
367. Marginal Cost
368. Average Cost
369. Why the Average Total Cost Curve is U-Shaped
370. Cost Curves and Product Curves
371. Shifts in the Cost Curves
372. Review 13.3
373. 13.4 Long-Run Cost
374. Plant Size and Cost
375. The Long-Run Average Cost Curve
376. Review 13.4
377. Chapter Summary
378. Chapter Review
379. Eye on Your Life Your Average and Marginal Marks
380. Eye on Retailers’ Costs Which Shop Has the Lower Costs: Coles or 7-Eleven?
381. Eye on the News Expanding Capacity at The Coffee Club
382. Part 6 Prices, Profits and Industry Performance
383. Chapter 14 Perfect Competition
384. Learning Objectives
385. Market Types
386. Perfect Competition
387. Other Market Types
388. 14.1 A Firm’s Profit-Maximising Choices
389. Price Taker
390. Revenue Concepts
391. Profit-Maximising Output
392. Marginal Analysis and the Supply Decision
393. Temporary Shutdown Decision
394. The Firm’s Short-Run Supply Curve
395. Review 14.1
396. 14.2 Output, Price and Profit in the Short Run
397. Market Supply in the Short Run
398. Short-Run Equilibrium in Normal Times
399. Short-Run Equilibrium in Good Times
400. Short-Run Equilibrium in Bad Times
401. Review 14.2
402. 14.3 Output, Price and Profit in the Long Run
403. Entry and Exit
404. The Effects of Exit
405. Change in Demand
406. Technological Change
407. Is Perfect Competition Efficient?
408. Is Perfect Competition Fair?
409. Review 14.3
410. Chapter Summary
411. Chapter Review
412. Eye on Record Shops Where Have All the Record Shops Gone?
413. Eye on Your Life The Perfect Competition That You Encounter
414. Eye on the News Perfect Competition in Smartphone Apps
415. Chapter 15 Monopoly
416. Learning Objectives
417. 15.1 Monopoly and How It Arises
418. How Monopoly Arises
419. Monopoly Price-Setting Strategies
420. Review 15.1
421. 15.2 Single-Price Monopoly
422. Price and Marginal Revenue
423. Marginal Revenue and Elasticity
424. Output and Price Decision
425. Review 15.2
426. 15.3 Monopoly and Competition Compared
427. Output and Price
428. Is Monopoly Efficient?
429. Is Monopoly Fair?
430. Rent Seeking
431. Review 15.3
432. 15.4 Price Discrimination
433. Price Discrimination and Consumer Surplus
434. Profiting by Price Discriminating
435. Perfect Price Discrimination
436. Price Discrimination and Efficiency
437. Review 15.4
438. 15.5 Monopoly Regulation
439. Efficient Regulation of a Natural Monopoly
440. Second-Best Regulation of a Natural Monopoly
441. Review 15.5
442. Chapter Summary
443. Chapter Review
444. Eye on the Australian Economy Airline Price Discrimination
445. Eye on Microsoft Are Microsoft’s Prices Too High?
446. Eye on Your Life Monopoly in Your Everyday Life
447. Eye on the News Is Google Misusing Monopoly Power?
448. Chapter 16 Monopolistic Competition
449. Learning Objectives
450. 16.1 What is Monopolistic Competition?
451. Large Number of Firms
452. Product Differentiation
453. Competing on Quality, Price and Marketing
454. Entry and Exit
455. Identifying Monopolistic Competition
456. Review 16.1
457. 16.2 Output and Price Decisions
458. The Firm’s Profit-Maximising Decision
459. Profit Maximising Might Be Loss Minimising
460. Long Run: Zero Economic Profit
461. Monopolistic Competition and Perfect Competition
462. Is Monopolistic Competition Efficient?
463. Review 16.2
464. 16.3 Product Development and Marketing
465. Product Development
466. Marketing
467. Using Advertising to Signal Quality
468. Brand Names
469. Efficiency of Advertising and Brand Names
470. Review 16.3
471. Chapter Summary
472. Chapter Review
473. Eye on the Australian Economy Examples of Monopolistic Competition
474. Eye on Mobile Phones Which Mobile Phone?
475. Eye on Your Life Some Selling Costs You Pay
476. Eye on the News Product Differentiation in Tennis Racquets
477. Chapter 17 Oligopoly
478. Learning Objectives
479. 17.1 What is Oligopoly?
480. Small Number of Firms
481. Barriers to Entry
482. Identifying Oligopoly
483. Review 17.1
484. 17.2 The Oligopolists’ Dilemma
485. Monopoly Outcome
486. Perfect Competition Outcome
487. Other Possible Cartel Breakdowns
488. The Oligopoly Cartel Dilemma
489. Review 17.2
490. 17.3 Game Theory
491. What Is a Game?
492. The Prisoners’ Dilemma
493. The Duopolists’ Dilemma
494. The Payoff Matrix
495. Advertising and Research Games in Oligopoly
496. Repeated Games
497. Is Oligopoly Efficient?
498. Review 17.3
499. 17.4 Trade Practices Law
500. Collusion
501. Misuse of Market Power
502. Vertical Restraints
503. Mergers
504. Consumer Protection
505. Social Interest or Special Interest?
506. Review 17.4
507. Chapter Summary
508. Chapter Review
509. Eye on the Australian Economy Examples of Oligopoly
510. Eye on the Global Economy The OPEC Global Oil Cartel
511. Eye on Your Life A Game You Might Play
512. Eye on the Mobile Phone Oligopoly Is Two Too Few?
513. Eye on the News Oligopoly Games in Mobile Phone Service
514. Part 7 Incomes and Inequality
515. Chapter 18 Markets for Factors of Production
516. Learning Objectives
517. The Anatomy of Factor Markets
518. 18.1 The Demand for a Factor of Production
519. Value of Marginal Product
520. A Firm’s Demand for Labour
521. A Firm’s Demand for Labour Curve
522. Changes in the Demand for Labour
523. Review 18.1
524. 18.2 Labour Markets
525. The Supply of Labour
526. Influences on the Supply of Labour
527. Competitive Labour Market Equilibrium
528. Trade Unions
529. Review 18.2
530. 18.3 Capital, Land and Natural Resource Markets
531. Capital Markets
532. Land Markets
533. Nonrenewable Natural Resource Markets
534. Review 18.3
535. Chapter Summary
536. Chapter Review
537. Eye on Tom Scully Why Is Tom Scully Worth $6 Million?
538. Eye on Your Life Career Choice and Income Prospects
539. Eye on the Global Economy Oil and Metal Prices
540. Eye on the News Are Penalty Rates Too High?
541. Chapter 19 Economic Inequality
542. Learning Objectives
543. 19.1 Measuring Economic Inequality
544. Income Lorenz Curve
545. The Distribution of Wealth
546. Wealth or Income?
547. Trend in Inequality
548. Inequality in Other Countries
549. Global Inequality
550. Global Trends
551. Review 19.1
552. 19.2 How Economic Inequality Arises
553. Skill Differences
554. Contest Winners and Losers
555. Differences in Entrepreneurial Ability
556. Discrimination
557. Stage in Life Cycle
558. Inheritance and Assortitative Mating
559. Personal and Family Characteristics
560. Review 19.2
561. 19.3 Income Redistribution
562. Cash Benefits
563. Income Taxes
564. Benefits in Kind
565. Indirect Taxes
566. The Scale of Income Redistribution
567. Why We Redistribute Income
568. The Major Redistribution Challenge
569. Review 19.3
570. Chapter Summary
571. Chapter Review
572. Eye on Inequality Who Are the Rich and the Poor?
573. Eye on the Global Economy Global Inequality
574. Eye on the Australian Economy Does Education Pay?
575. Eye on Your Life What You Pay and Gain Through Redistribution
576. Eye on the News CEOs as Contest Winners
577. Glossary
578. Index

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