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MICROECONOMICS THIRTEENTH EDITION ◆ MICHAEL PARKIN University of Western Ontario MICROECONOMICS THIRTEENTH EDITION ◆ MICHAEL PARKIN University of Western Ontario New York, NY A01_PARK4476_13_SE_FM.indd 5 11/1/17 12:42 PM Vice President, Business, Economics, and UK Courseware: Design Lead: Kathryn Foot Donna Battista Manager, Learning Tools: Brian Surette Director of Portfolio Management: Adrienne D’Ambrosio Content Developer, Learning Tools: Sarah Peterson Portfolio Manager: Ashley Bryan Managing Producer, Digital Studio and GLP, Media Editorial Assistant: Nicole Nedwidek Production and Development: Ashley Santora Vice President, Product Marketing: Roxanne McCarley Managing Producer, Digital Studio: Diane Lombardo Senior Product Marketer: Tricia Murphy Digital Studio Producer: Melissa Honig Product Marketing Assistant: Marianela Silvestri Digital Studio Producer: Alana Coles Manager of Field Marketing, Business Publishing: Digital Content Team Lead: Noel Lotz Adam Goldstein Digital Content Project Lead: Noel Lotz Senior Field Marketing Manager: Carlie Marvel Project Management: Integra Software Services Vice President, Production and Digital Studio, Arts and Technical Illustrator: Richard Parkin Business: Etain O'Dea Interior Design: Emily Friel, Integra Software Services Director of Production, Business: Jeff Holcomb Cover Design: Emily Friel, Integra Software Services Managing Producer, Business: Alison Kalil Cover Art: Leonori/Shutterstock; Kukuruxa/Shutterstock Content Producer: Nancy Freihofer Printer/Binder: LSC Communications, Inc./Kendallville Operations Specialist: Carol Melville Cover Printer: Phoenix Color/Hagerstown Copyright © 2018, 2016, 2014 by Pearson Education, Inc. or its affiliates. All Rights Reserved. Manufactured in the United States of America. This publication is protected by copyright, and permission should be obtained from the publisher prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise. For information regarding permissions, request forms, and the appropriate contacts within the Pearson Education Global Rights and Permissions department, please visit www.pearsoned.com/permissions/. Acknowledgments of third-party content appear on the appropriate page within the text and on page C1, which constitutes an extension of this copyright page. PEARSON, ALWAYS LEARNING, and MYLAB are exclusive trademarks owned by Pearson Education, Inc. or its affiliates in the U.S. and/or other countries. Unless otherwise indicated herein, any third-party trademarks, logos, or icons that may appear in this work are the property of their respective owners, and any references to third-party trademarks, logos, icons, or other trade dress are for demonstrative or descriptive purposes only. Such references are not intended to imply any sponsorship, endorsement, authorization, or promotion of Pearson’s products by the owners of such marks, or any relationship between the owner and Pearson Education, Inc., or its affiliates, authors, licensees, or distributors. Library of Congress Cataloging-in-Publication Data Cataloging-in-Publication Data is available on file at the Library of Congress. ISBN 10: 0-13-474447-0 ISBN 13: 978-0-13-474447-6 A01_PARK4476_13_SE_FM.indd 6 11/1/17 12:42 PM ABOUT THE AUTHOR◆ Michael Parkin is Professor Emeritus in the Department of Economics at the University of Western Ontario, Canada. Professor Parkin has held faculty appointments at Brown University, the University of Manchester, the University of Essex, and Bond University. He is a past president of the Canadian Economics Association and has served on the editorial boards of the American Economic Review and the Journal of Monetary Economics and as managing editor of the Canadian Journal of Economics. Professor Parkin’s research on macroeconomics, monetary economics, and international economics has resulted in over 160 publications in journals and edited volumes, including the American Economic Review, the Journal of Political Economy, the Review of Economic Studies, the Journal of Monetary Economics, and the Journal of Money, Credit and Banking. He became most visible to the public with his work on inflation that discredited the use of wage and price controls. Michael Parkin also spearheaded the movement toward European monetary union. Professor Parkin is an experienced and dedicated teacher of introductory economics. ix A01_PARK4476_13_SE_FM.indd 9 11/1/17 12:42 PM BRIEF CONTENTS◆ PART ONE CHAPTER 12 Perfect Competition 275 INTRODUCTION 1 CHAPTER 13 Monopoly 301 CHAPTER 1 What is Economics? 1 CHAPTER 14 Monopolistic Competition 327 CHAPTER 2 The Economic Problem 33 CHAPTER 15 Oligopoly 345 PART TWO PART FIVE HOW MARKETS WORK 59 MARKET FAILURE AND GOVERNMENT 373 CHAPTER 3 Demand and Supply 59 CHAPTER 16 Public Choices, Public Goods, and Healthcare 373 CHAPTER 4 Elasticity 87 CHAPTER 17 Externalities 395 CHAPTER 5 Efficiency And Equity 109 CHAPTER 6 Government Actions in Markets 131 PART SIX CHAPTER 7 Global Markets in Action 155 FACTOR MARKETS, INEQUALITY, AND UNCERTAINTY 423 PART THREE HOUSEHOLDS’ CHOICES 181 CHAPTER 18 Markets for Factors of Production 423 CHAPTER 19 Economic Inequality 449 CHAPTER 8 Utility and Demand 181 CHAPTER 20 Uncertainty and Information 473 CHAPTER 9 Possibilities, Preferences, and Choices 205 PART FOUR FIRMS AND MARKETS 227 CHAPTER 10 Organizing Production 227 CHAPTER 11 Output and Costs 251 xi A01_PARK4476_13_SE_FM.indd 11 11/1/17 12:42 PM ◆ALTERNATIVE PATHWAYS THROUGH THE CHAPTERS Flexibility Chapter 1 Chapter 5 Chapter 6 Chapter 16 What Is Economics? Efficiency and Equity Government Actions Public Choices, in Markets Public Goods, and Healthcare Chapter 2 Chapter 19 Chapter 7 Chapter 17 The Economic Problem Economic Inequality Global Markets Externalities in Action Chapter 3 Chapter 4 Chapter 12 Demand and Supply Elasticity Perfect Competition Chapter 13 Chapter 10 Chapter 11 Monopoly Organizing Production Output and Costs Chapter 14 Chapter 8 Chapter 20 Monopolistic Competition Utility and Demand Uncertainty and Information Chapter 9 Chapter 15 Possibilities, Oligopoly Preferences, and Choices Chapter 18 Markets for Factors of Production Start here ... … then jump to … and jump to any of these after any of these … doing the pre-requisites indicated xii A01_PARK4476_13_SE_FM.indd 12 11/1/17 12:42 PM PREFACE◆ ◆ New To This Edition Chapter 2 also has an expanded explanation and graphical derivation of the outward-bowed PPF. All data figures, tables, and explanations thoroughly A revised At Issue feature in Chapter 5 on the updated to the latest available; four main content minimum wage now includes David Neumark’s changes; 30 new Economics in the News items based combination of all the most recent empirical studies on recent events and issues; almost 100 new news-based and Michael Luca’s Stanford Institute for Economic problems and applications; and all seamlessly integrated Policy Research pioneering study using a huge dataset with MyLab Economics and Pearson eText: These are from online review resource Yelp. the hallmarks of this thirteenth edition of Microeconomics. AT ISSUE Does the Minimum Wage Cause Unemployment? Main Content Changes In the United States, the federal government’s Fair Labor Standards Act sets the federal minimum wage. In 2017, it was $7.25 an hour, a level set in 2009. Most states have a minimum wage that exceeds the federal minimum. Chapter 1 now contains an entirely new section, Does the minimum wage result in unemployment? And if so, how much unemployment does it create? “Economists in the Economy”, which describes the No, It Doesn’t Yes, It Does David Card of the University of California at ■ David Neumark of the University of California, types of jobs available to economics majors, their Berkeley and Alan Krueger of Princeton University Irvine combined all the most recent studies and says conducted a very large and carefully designed they show that a 10 percent rise in the minimum telephone survey of more than 400 employers of earnings compared with majors in other related areas, wage decreases teenage employment by between 1 and workers who earn the minimum wage. They say: and the critical thinking, analytical, math, writing, and ■ An increase in the minimum wage increases ■ Daniel Hamermesh of the University of Texas, at teenage employment and decreases unemployment. Austin says that firms anticipated the rise and cut oral communication skills needed for a successful ■ Their study of minimum wages in California, New employment before the minimum wage goes up. Jersey, and Texas found that the employment rate of ■ Finis Welch of Texas A&M University and Kevin career in economics. low-income workers increased following an increase Murphy of the University of Chicago say regional in the minimum wage. dierences in economic growth caused the employ- ■ A higher wage increases employment by making ment eects that Card and Krueger found. workers more conscientious and productive as well ■ Michael Luca of the Stanford Institute for as less likely to quit, which lowers unproductive Economic Policy Research used a huge dataset FIGURE 1.4 Earnings of Economics Majors labor turnover. from online review resource Yelp and found that a ■ A higher wage rate also encourages managers to higher minimum wage rate increases the business seek ways to increase labor productivity. failure rate. Chemical engineering Applied mathematics Economics Statistics Mathematics Economics in the News Finance The new Economics in the News features are listed Political science at the
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