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Cover of Principles of Microeconomics v2.0.3
Published: 
August 2013
Page Count: 
576
ISBN (Digital): 
978-1-4533-5828-3

Principles of Microeconomics

Custom Version 2.0.3
By Libby Rittenberg and Timothy Tregarthen
Adapted by Steve Suranovic

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This version adds material about pure exchange and introduces indifference curves and the Edgeworth box. It uses this structure to introduce simple production and the principle of comparative advantage. The text also includes a chapter on the importance of property rights. Next demand is introduced in the traditional way, followed by monopoly and then oligopoly. Only after this is perfect competition introduced, followed by supply and demand curves. This approach emphasizes the evolution of models and the assumptions that are made under different market structures. Some additional material is also added with producer and consumer surplus and the analysis of trade and trade policies.
  • About the Authors
  • Acknowledgments
  • Preface

    • Chapter 1: Economics: The Study of Choice

  • 1.1 Start Up: Economics in the News
  • 1.2 Defining Economics
  • 1.3 The Field of Economics
  • 1.4 The Economists’ Tool Kit
  • 1.5 Review and Practice

    • Chapter 2: A Pure Exchange Model of Trade

  • 2.1 A Pure Exchange Model: Preliminaries
  • 2.2 Indifference Curves
  • 2.3 The Edgeworth Box
  • 2.4 The Terms of Trade
  • 2.5 Evaluating the Gains from Trade
  • 2.6 Achieving a Unique Solution
  • 2.7 Imperfect Information, Coercion and Ethics

    • Chapter 3: The Analysis of Consumer Choice

  • 3.1 Start Up: A Day at the Grocery Store
  • 3.2 The Concept of Utility
  • 3.3 Indifference Curve Analysis: An Alternative Approach to Understanding Consumer Choice
  • 3.4 Review and Practice

    • Chapter 4: Production, Trade, and Comparative Advantage

  • 4.1 Production Possibilities
  • 4.2 The Opportunity Cost of Production
  • 4.3 Absolute and Comparative Advantages
  • 4.4 Gains from Specialization and Trade
  • 4.5 David Ricardo and Comparative Advantage
  • 4.6 A Second Method of Defining Comparative Advantage
  • 4.7 Misunderstandings about Comparative Advantage
  • 4.8 Production Possibilities with More than Two Individuals
  • 4.9 Sources of Economic Growth

    • Chapter 5: Another Look at Scarcity and Production

  • 5.1 Start Up: An Attempt to Produce Safer Air Travel
  • 5.2 Factors of Production
  • 5.3 The Production Possibilities Curve
  • 5.4 Applications of the Production Possibilities Model
  • 5.5 Review and Practice

    • Chapter 6: The Role of Private Property in a Free Market Economy

  • 6.1 Identifying and Claiming Property
  • 6.2 Socially Constructed Property Claims
  • 6.3 The Necessity of Property
  • 6.4 Injury, Theft and Involuntary Transfers
  • 6.5 Role and the Development of Government

    • Chapter 7: Theory of Market Demand

  • 7.1 Demand

    • Chapter 8: Elasticity: A Measure of Response

  • 8.1 The Price Elasticity of Demand
  • 8.2 Start Up: Raise Fares? Lower Fares? What’s a Public Transit Manager To Do?
  • 8.3 Responsiveness of Demand to Other Factors
  • 8.4 Consumer Surplus
  • 8.5 Price Elasticity of Supply
  • 8.6 Producer Surplus
  • 8.7 Review and Practice

    • Chapter 9: Production and Cost

  • 9.1 Start Up: Street Cleaning Around the World
  • 9.2 Production Choices and Costs: The Short Run
  • 9.3 Production Choices and Costs: The Long Run
  • 9.4 Review and Practice

    • Chapter 10: Monopoly

  • 10.1 Start Up: Surrounded by Monopolies
  • 10.2 The Nature of Monopoly
  • 10.3 The Monopoly Model
  • 10.4 Assessing Monopoly
  • 10.5 Review and Practice

    • Chapter 11: Oligopoly

  • 11.1 Start Up: The Excitement of Groupon: What Rivals Will It Face?
  • 11.2 Monopolistic Competition: Competition Among Many
  • 11.3 Oligopoly: Competition Among the Few
  • 11.4 Extensions of Imperfect Competition: Advertising and Price Discrimination
  • 11.5 Review and Practice

    • Chapter 12: Antitrust Policy and Business Regulation

  • 12.1 Start Up: The Plastic War
  • 12.2 Antitrust Laws and Their Interpretation
  • 12.3 Antitrust and Competitiveness in a Global Economy
  • 12.4 Regulation: Protecting People from the Market
  • 12.5 Review and Practice

    • Chapter 13: Competitive Markets for Goods and Services

  • 13.1 Start Up: Life on the Farm
  • 13.2 Perfect Competition: A Model
  • 13.3 Output Determination in the Short Run
  • 13.4 Perfect Competition in the Long Run
  • 13.5 Review and Practice

    • Chapter 14: Demand and Supply

  • 14.1 Start Up: Crazy for Coffee
  • 14.2 Supply
  • 14.3 Demand, Supply, and Equilibrium
  • 14.4 Review and Practice

    • Chapter 15: Markets, Maximizers, and Efficiency

  • 15.1 Start Up: A Drive in the Country
  • 15.2 The Logic of Maximizing Behavior
  • 15.3 Maximizing in the Marketplace
  • 15.4 Market Failure
  • 15.5 Review And Practice

    • Chapter 16: Applications of Demand and Supply

  • 16.1 Start Up: A Composer Logs On
  • 16.2 Putting Demand and Supply to Work
  • 16.3 Government Intervention in Market Prices: Price Floors and Price Ceilings
  • 16.4 The Market for Health-Care Services
  • 16.5 Review and Practice

    • Chapter 17: International Trade

  • 17.1 Start Up: Trade Winds
  • 17.2 The Effects of International Trade
  • 17.3 Effects of an Import Tariff in a Small Country Market

    • Chapter 18: The Economics of the Environment

  • 18.1 Start Up: A Market for Carbon Emissions
  • 18.2 Maximizing the Net Benefits of Pollution
  • 18.3 Alternatives in Pollution Control
  • 18.4 Review and Practice

    • Chapter 19: Public Finance and Public Choice

  • 19.1 Start Up: Where Your Tax Dollars Go
  • 19.2 The Role of Government in a Market Economy
  • 19.3 Financing Government
  • 19.4 Choices in the Public Sector
  • 19.5 Review and Practice

    • Chapter 20: Interest Rates and the Markets for Capital and Natural Resources

  • 20.1 Start Up: Building the “Internet in the Sky”
  • 20.2 Time and Interest Rates
  • 20.3 Interest Rates and Capital
  • 20.4 Natural Resources and Conservation
  • 20.5 Review and Practice

    • Chapter 21: Imperfectly Competitive Markets for Factors of Production

  • 21.1 Start Up: Hockey Players Frozen Out
  • 21.2 Price-Setting Buyers: The Case of Monopsony
  • 21.3 Monopsony and the Minimum Wage
  • 21.4 Price Setters on the Supply Side
  • 21.5 Review and Practice

    • Chapter 22: Wages and Employment in Perfect Competition

  • 22.1 Start Up: College Pays
  • 22.2 The Demand for Labor
  • 22.3 The Supply of Labor
  • 22.4 Labor Markets at Work
  • 22.5 Review and Practice

    • Chapter 23: Inequality, Poverty, and Discrimination

  • 23.1 Start Up: Occupy Wall Street and the World
  • 23.2 Income Inequality
  • 23.3 The Economics of Poverty
  • 23.4 The Economics of Discrimination
  • 23.5 Review and Practice

    • Chapter 24: Socialist Economies in Transition

  • 24.1 Start Up: The Collapse of Socialism
  • 24.2 The Theory and Practice of Socialism
  • 24.3 Socialist Systems in Action
  • 24.4 Economies in Transition: China and Russia
  • 24.5 Review and Practice

    • Appendix A: Appendix A: Graphs in Economics

  • A.1 How to Construct and Interpret Graphs
  • A.2 Nonlinear Relationships and Graphs without Numbers
  • A.3 Using Graphs and Charts to Show Values of Variables
    • Instructor’s Manual

    Instructor’s Manual

    The Instructor’s Manual guides you through the main concepts of each chapter and important elements such as learning objectives, key terms, and key takeaways. Can include answers to chapter exercises, group activity suggestions, and discussion questions.

    Instructor’s Manual

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    PowerPoint Lecture Notes

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    PowerPoint Lecture Notes

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    Solutions Manual

    Solutions Manual

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    Solutions Manual

    Test Item File

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    Libby Rittenberg Colorado College

    Libby Rittenberg (PhD Rutgers University) is Professor Emerita of Economics at Colorado College. She also served as the Dean of Summer Programs as well as the college’s ombudsperson. As a professor, she frequently taught Principles of Economics, Intermediate Macroeconomic Theory, Comparative Economic Systems, and a senior seminar on the International Political Economy. Throughout her academic career, Libby was deeply involved in study abroad education and directed programs in central Europe and Turkey. She was honored to have been a Fulbright Lecturer. Her research has focused on the internationally oriented areas of economics, with numerous articles on comparative and development economics, and a particular emphasis on the Turkish economy. 

    Timothy Tregarthen University of Colorado Colorado Springs

    Timothy Tregarthen (PhD University of California, Davis) is Professor Emeritus of Economics at the University of Colorado-Colorado Springs. There is one word that captures the essence of Tim Tregarthen—inspiring. Tim was first diagnosed with multiple sclerosis in 1975, yet, he continued a remarkable academic career of teaching and research which includes an autobiography recounting his experiences with multiple sclerosis titled Suffering, Faith, and Wildflowers. Tim was formerly on faculty at University of Colorado-Colorado Springs. 

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