FIFTEENTH CANADIAN EDITION RAGAN Pearson

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A01 RAGA3072 15 SE FM indd ii 12 01 16 4 26 PM,F I F T E E N T H C A N A D I A N E D I T I O N. RAGAN ECONOMICS,CHRISTOPHER T S RAGAN,McGILL UNIVERSIT Y. A01 RAGA3072 15 SE FM indd iii 12 01 16 4 26 PM,Editorial Director Claudine O Donnell. Acquisitions Editor Megan Farrell,Marketing Manager Loula March. Program Manager Patricia Ciardullo,Project Manager Andrea Falkenberg.
Manager of Content Development Suzanne Schaan,Developmental Editor Keriann McGoogan. Media Editor Simon Bailey,Media Developer Olga Avdyeyeva. Production Services Cenveo,Permissions Project Manager Joanne Tang. Photo and Text Permissions Research,Integra Publishing Services. Interior and Cover Designer Anthony Leung,Cover Image donvictorio Shutterstock.
Vice President Cross Media and Publishing Services Gary Bennett. Credits and acknowledgments for material borrowed from other sources and reproduced with permission in this text. book appear on the appropriate page within the text. Original edition published by Pearson Education Inc Upper Saddle River New Jersey USA Copyright 2016 Pear. son Education Inc This edition is authorized for sale only in Canada. If you purchased this book outside the United States or Canada you should be aware that it has been imported without. the approval of the publisher or the author, Copyright 2017 2014 2011 2008 2005 2001 1997 Pearson Canada Inc Toronto Ontario Previous editions. were published by HarperCollins Publishers formerly Harper Row Publishers in 1994 1991 1988 1982 1979. 1969 and 1966 Portions of the work were first published in the United Kingdom as An Introduction to Positive Eco. nomics 1963 by Richard G Lipsey 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 likewise To obtain permission s to use material from. this work please submit a written request to Pearson Canada Inc Permissions Department 26 Prince Andrew Place. Don Mills Ontario M3C 2T8 or fax your request to 416 447 3126 or submit a request to Permissions Requests at. www pearsoncanada ca,10 9 8 7 6 5 4 3 2 1 V0SA, Library and Archives Canada Cataloguing in Publication. Ragan Christopher author Economics Christopher T S. Ragan Fifteenth Canadian edition,Includes index,ISBN 978 0 13 390307 2 bound. 1 Economics Textbooks 2 Economics Canada Textbooks I Title. HB171 5 R35 2016 330 C2015 905564 4,ISBN 978 0 13 390307 2. A01 RAGA3072 15 SE FM indd iv 12 01 16 4 26 PM,Brief Contents.
PART 1 What Is Economics 1 PART 8 The Economy in the Short Run 485. Chapter 1 Economic Issues and Concepts 1 Chapter 21 The Simplest Short Run Macro. Chapter 2 Economic Theories Data and Graphs 24 Model 485. Chapter 22 Adding Government and Trade to, PART 2 An Introduction to Demand and Supply 47 the Simple Macro Model 512. Chapter 23 Output and Prices in the Short Run 533,Chapter 3 Demand Supply and Price 47. Chapter 4 Elasticity 71, Chapter 5 Price Controls and Market Efficiency 92 PART 9 The Economy in the Long Run 553. Chapter 24 From the Short Run to the Long Run, PART 3 Consumers and Producers 111 The Adjustment of Factor Prices 553. Chapter 25 Long Run Economic Growth 582,Chapter 6 Consumer Behaviour 111.
Chapter 7 Producers in the Short Run 140, Chapter 8 Producers in the Long Run 164 PART 10 Money Banking and Monetary Policy 615. Chapter 26 Money and Banking 615, PART 4 Market Structure and Efficiency 185 Chapter 27 Money Interest Rates and. Economic Activity 642,Chapter 9 Competitive Markets 185. Chapter 28 Monetary Policy in Canada 670,Chapter 10 Monopoly Cartels and Price. Discrimination 211, Chapter 11 Imperfect Competition and Strategic PART 11 Macroeconomic Problems and Policies 701.
Behaviour 237 Chapter 29 Inflation and Disinflation 701. Chapter 12 Economic Efficiency and Public Chapter 30 Unemployment Fluctuations and. Policy 261 the NAIRU 725,Chapter 31 Government Debt and Deficits 751. PART 5 Factor Markets 285, Chapter 13 How Factor Markets Work 285 PART 12 Canada in the Global Economy 775. Chapter 14 Labour Markets and Income Chapter 32 The Gains from International Trade 775. Inequality 308 Chapter 33 Trade Policy 800, Chapter 15 Interest Rates and the Capital Chapter 34 Exchange Rates and the Balance of. Market 335 Payments 824, PART 6 Government in the Market Economy 359 MYECONLAB CHAPTER. Chapter 16 Market Failures and Government Appendix to Chapter 35W Challenges Facing. Intervention 359 the Developing Countries 861,Chapter 17 The Economics of Environmental.
Protection 389, Chapter 18 Taxation and Public Expenditure 414 Mathematical Notes M 1. Timeline of Great Economists T 1, PART 7 An Introduction to Macroeconomics 441 Index I 1. Chapter 19 What Macroeconomics Is All,Chapter 20 The Measurement of National. Income 464,A01 RAGA3072 15 SE FM indd v 12 01 16 4 26 PM. List of Boxes xv Summary 42,To the Instructor xvii Key Concepts 43.
To the Student xxiv Study Exercises 43,Features of This Edition xxv. Supplements xxvii,Acknowledgements xxix,About the Author xxx. An Introduction to Demand and Supply 47,Chapter 3 Demand Supply and Price 47. 3 1 Demand 48,Quantity Demanded 48, What is Economics 1 Quantity Demanded and Price 49. Chapter 1 Economic Issues and Concepts 1 Demand Schedules and Demand. 1 1 What Is Economics 3 Curves 50,Resources 4 3 2 Supply 55.
Scarcity and Choice 4 Quantity Supplied 55, Four Key Economic Problems 8 Quantity Supplied and Price 56. Economics and Government Policy 9 Supply Schedules and Supply Curves 56. 1 2 The Complexity of Modern 3 3 The Determination of Price 60. Economies 10 The Concept of a Market 60, The Nature of Market Economies 10 Market Equilibrium 60. The Decision Makers and Their Changes in Market Equilibrium 63. Choices 12 A Numerical Example 65,Production and Trade 13 Relative Prices 66. 1 3 Is There an Alternative to the Market Summary 66. Economy 16 Key Concepts 67,Types of Economic Systems 16 Study Exercises 67. The Great Debate 18,Chapter 4 Elasticity 71,Government in the Modern Mixed.
4 1 Price Elasticity of Demand 72,Economy 19,The Measurement of Price Elasticity 73. Summary 20,What Determines Elasticity of,Key Concepts 21. Study Exercises 21,Elasticity and Total Expenditure 78. Chapter 2 Economic Theories Data and Graphs 24 4 2 Price Elasticity of Supply 80. 2 1 Positive and Normative Statements 25 Determinants of Supply Elasticity 81. Disagreements Among Economists 26 4 3 Elasticity Matters for Excise Taxes 82. 2 2 Building and Testing Economic 4 4 Other Demand Elasticities 84. Theories 28 Income Elasticity of Demand 84, What Are Theories 28 Cross Elasticity of Demand 86. Testing Theories 29 Summary 88,2 3 Economic Data 32 Key Concepts 89.
Index Numbers 32 Study Exercises 89,Graphing Economic Data 35. Chapter 5 Price Controls and Market Efficiency 92,2 4 Graphing Economic Theories 36. 5 1 Government Controlled Prices 93,Functions 36,Disequilibrium Prices 93. Graphing Functions 37,Price Floors 93,A Final Word 42. Price Ceilings 94,A01 RAGA3072 15 SE FM indd vi 12 01 16 4 26 PM.
CONTENTS vii, 5 2 Rent Controls A Case Study of Price 6A 3 The Consumer s Utility Maximizing Choices 134. Ceilings 97 The Consumer s Response to a, The Predicted Effects of Rent Change in Income 135. Controls 98 The Consumer s Response to a Change,Who Gains and Who Loses 99 in Price 135. Policy Alternatives 100 6A 4 Deriving the Consumer s Demand Curve 136. 5 3 An Introduction to Market Income and Substitution Effects 137. Efficiency 100 Study Exercises 139,Demand as Value and Supply as. Chapter 7 Producers in the Short Run 140,7 1 What Are Firms 141.
Economic Surplus and Market,Organization of Firms 141. Efficiency 102,Financing of Firms 142,Market Efficiency and Price. Goals of Firms 142,Controls 104,7 2 Production Costs and Profits 143. One Final Application Output,Production 143,Quotas 105. Costs and Profits 145,A Cautionary Word 106,Profit Maximizing Output 147.
Summary 107,Time Horizons for Decision Making 147,Key Concepts 107. 7 3 Production in the Short Run 149,Study Exercises 108. Total Average and Marginal,Products 150,PART 3 Diminishing Marginal Product 150. Consumers and Producers 111 The Average Marginal Relationship 151. 7 4 Costs in the Short Run 152, Chapter 6 Consumer Behaviour 111 Defining Short Run Costs 153. 6 1 Marginal Utility and Consumer,Short Run Cost Curves 154.
Choice 112,Capacity 157,Diminishing Marginal Utility 112. Shifts in Short Run Cost Curves 157,Utility Schedules and Graphs 113. Summary 159,Maximizing Utility 113,Key Concepts 160. The Consumer s Demand Curve 116,Study Exercises 160. Market Demand Curves 116, 6 2 Income and Substitution Effects of Chapter 8 Producers in the Long Run 164.
Price Changes 117 8 1 The Long Run No Fixed Factors 165. The Substitution Effect 117 Profit Maximization and Cost. The Income Effect 118 Minimization 165, The Slope of the Demand Curve 119 Long Run Cost Curves 168. 6 3 Consumer Surplus 121 8 2 The Very Long Run Changes. The Concept 121 in Technology 172,The Paradox of Value 123 Technological Change 173. Summary 125 Firms Choices in the Very,Key Concepts 126 Long Run 176. Study Exercises 126 Summary 177,Key Concepts 177,Appendix to Chapter 6 Study Exercises 177. Indifference Curves 130, 6A 1 Indifference Curves 130 Appendix to Chapter 8.
Diminishing Marginal Rate of Isoquant Analysis 180. Substitution 131 8A 1 Isoquants 180,The Indifference Map 132 An Isoquant Map 181. 6A 2 The Budget Line 133 8A 2 Cost Minimization 182. Properties of the Budget Line 133 The Principle of Substitution 182. The Slope of the Budget Line 133,A01 RAGA3072 15 SE FM indd vii 12 01 16 4 26 PM. viii CONTENTS,PART 4 Chapter 11 Imperfect Competition and. Market Structure and Efficiency 185 Strategic Behaviour 237. Chapter 9 Competitive Markets 185 11 1 Imperfect Competition 238. 9 1 Market Structure and Firm Behaviour 186 Between the Two Extremes 238. Competitive Markets 186 Defining Imperfect Competition 240. Competitive Behaviour 186 11 2 Monopolistic Competition 242. 9 2 The Theory of Perfect Competition 187 The Assumptions of Monopolistic. The Assumptions of Perfect Competition 243,Competition 187 Predictions of the Theory 243. The Demand Curve for a Perfectly 11 3 Oligopoly and Game Theory 245. Competitive Firm 188 Profit Maximization Is Complicated 245. Total Average and Marginal The Basic Dilemma of Oligopoly 246. Revenue 189 Some Simple Game Theory 247, 9 3 Short Run Decisions 190 Extensions in Game Theory 249.
Should the Firm Produce At All 191 11 4 Oligopoly in Practice 250. How Much Should the Firm Produce 192 Cooperative Behaviour 250. Short Run Supply Curves 194 Competitive Behaviour 251. Short Run Equilibrium in a The Importance of Entry Barriers 252. Competitive Market 195 Oligopoly and the Economy 254. 9 4 Long Run Decisions 198 Summary 256,Entry and Exit 198 Key Concepts 257. Long Run Equilibrium 202 Study Exercises 257, Changes in Technology 203 Chapter 12 Economic Efficiency and Public Policy 261. Declining Industries 205 12 1 Productive and Allocative Efficiency 262. Summary 206 Productive Efficiency 263,Key Concepts 207 Allocative Efficiency 264. Study Exercises 207 Which Market Structures Are, Chapter 10 Monopoly Cartels and Price Efficient 266. Allocative Efficiency and Total,Discrimination 211.
Surplus 267,10 1 A Single Price Monopolist 212,Allocative Efficiency and Market. Revenue Concepts for a Monopolist 212,Failure 270,Short Run Profit Maximization 214. 12 2 Economic Regulation to Promote,Why Are Monopolies So Rare 217. Efficiency 271,Entry Barriers 217,Regulation of Natural Monopolies 271. The Very Long Run and Creative,Regulation of Oligopolies 275.
Destruction 218,12 3 Canadian Competition Policy 277. 10 2 Cartels and Monopoly Power 219,The Evolution of Canadian Policy 277. The Effects of Cartelization 221,Recent Reforms 279. Problems That Cartels Face 222,Future Challenges 279. 10 3 Price Discrimination 224,Summary 280,When Is Price Discrimination.
Key Concepts 280,Possible 225,Study Exercises 281,Different Forms of Price. Discrimination 226,The Consequences of Price PART 5. Discrimination 230 Factor Markets 285,Summary 232,Key Concepts 232. Chapter 13 How Factor Markets Work 285,13 1 The Demand for Factors 286. Study Exercises 233,Marginal Revenue Product 286,A01 RAGA3072 15 SE FM indd viii 12 01 16 4 26 PM.
CONTENTS ix, The Firm s Demand Curve for a The Economy s Demand for. Factor 287 Investment 346, The Market Demand Curve for a 15 4 The Supply of Capital 346. Factor 289 Households Supply of Saving 346, 13 2 The Supply of Factors 290 The Economy s Supply of Saving 348. The Supply of Factors to the 15 5 Equilibrium in the Capital. Economy 291 Market 348, The Supply of Factors to a The Equilibrium Interest Rate 348. Particular Industry 293 Changes in the Market Equilibrium 349. The Supply of Factors to a Long Run Trends in the Capital. Particular Firm 295 Market 352,13 3 The Operation of Factor Summary 354.
RAGAN FIFTEENTH CANADIAN EDITION ECONOMICS AA01 RAGA3072 15 SE FM indd iii01 RAGA3072 15 SE FM indd iii 112 01 16 4 26 PM2 01 16 4 26 PM Editorial Director Claudine O Donnell Acquisitions Editor Megan Farrell Marketing Manager Loula March Program Manager Patricia Ciardullo Project Manager Andrea Falkenberg Manager of Content Development Suzanne Schaan Developmental Editor Keriann

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