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Microeconomics

Microeconomics - 4th edition

ISBN13: 978-0132729239

Cover of Microeconomics 4TH 98 (ISBN 978-0132729239)
ISBN13: 978-0132729239
ISBN10: 0132729237
Cover type:
Edition/Copyright: 4TH 98
Publisher: Prentice Hall, Inc.
Published: 1998
International: No

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Microeconomics - 4TH 98 edition

ISBN13: 978-0132729239

Robert Pindyck

ISBN13: 978-0132729239
ISBN10: 0132729237
Cover type:
Edition/Copyright: 4TH 98
Publisher: Prentice Hall, Inc.

Published: 1998
International: No
Summary

For courses in intermediate microeconomics, microeconomic theory, price theory, and managerial economics. Written by two of the most distinguished authors in the field, this fourth edition seeks to expose students to the new topics that play a central role in microeconomics over the past few years game theory, competitive strategy, the roles of uncertainty and information, and the analysis of pricing by firms with market power. This highly acclaimed text demonstrates theory at work in real companies, industry and government. The emphasis on relevance and application to both managerial and public-policy decision making are focused goals of the book. It succeeds in showing how microeconomics can be used as a tool for decision making. This fresh treatment of the subject gives students an appreciation of its purpose and application outside the classroom walls.

Features

  • NEW - Completely updated examples.
    • More than 80 new and revised extended examples covering analysis of demand, cost, and market efficiency, pricing strategies, investment and production decisions and public policy are included to provide a fresh treatment of theory.
  • NEW - Revised Chapters.
    • The first eight chapters of the book are rewritten to make the text clearer, more accessible and more interesting.
    • A more detailed discussion of supply and demand.
    • New material on cost of living indexes.
    • An expanded discussion of productivity growth and costs.
    • Information on antitrust laws and bundling

Table of Contents

(NOTE: Each chapter ends with Summary, Questions for Review and Exercises.)

PART I. INTRODUCTION: MARKETS AND PRICES

1. Preliminaries

The Use and Limitations of Microeconomic Theory.
Positive Versus Normative Analysis.
Why Study Microeconomics?
What Is a Market?
Real Versus Nominal Prices.

2. The Basics of Supply and Demand

The Market Mechanism.
Shifts in Supply and Demand.
Elasticities of Supply and Demand.
Short-Run Versus Long-Run Elasticities.
Understanding and Predicting the Effects of Changing Market Conditions.
Effects of Government Intervention - Price Controls.

PART II. PRODUCERS, CONSUMERS, AND COMPETITIVE MARKETS

3. Consumer Behavior

Consumer Preferences.
Budget Constraints.
Consumer Choice.
Revealed Preference.
The Concept of Utility.
Cost-of-Living Indexes.

4. Individual and Market Demand

Individual Demand.
Income and Substitution Effects.
Market Demand.
Consumer Surplus.
Network Externalities.
Empirical Estimation of Demand.

5. Choice Under Uncertainty

Describing Risk.
Preferences Toward Risk.
Reducing Risk.
The Demand for Risky Assets.

6. Production

The Technology of Production.
Isoquants.
Production with One Variable Input (Labor).
Production with Two Variable Inputs.
Returns to Scale.

7. The Cost of Production

Measuring Cost: Which Costs Matter?
Cost in the Short Run.
Cost in the Long Run.
Long-Run Versus Short-Run Cost Curves.
Production With Two Outputs - Economies of Scope.
Dynamic Changes in Costs - The Learning Curve.
Estimating and Predicting Cost.

8. Profit Maximization and Competitive Supply

Profit Maximization.
Marginal Revenue, Marginal Cost, and Profit Maximization.
Choosing Output in the Short Run.
The Competitive Firm's Short-Run Supply Curve.
The Short-Run Market Supply Curve.
Choosing Output in the Long Run.
The Industry's Long-Run Supply Curve.
Perfectly Competitive Markets.

9. The Analysis of Competitive Markets

Evaluating the Gains and Losses from Government Policies - Consumer and Producer Surplus.
The Efficiency of a Competitive Market.
Minimum Prices.
Price Supports and Production Quotas.
Import Quotas and Tariffs.
The Impact of a Tax or Subsidy.


PART III. MARKET STRUCTURE AND COMPETITIVE STRATEGY

10. Market Power: Monopoly and Monopsony

Monopoly.
Monopoly Power.
Sources of Monopoly Power.
The Social Costs of Monopoly Power. Monopsony.
Monopsony Power.
Limiting Market Power: The Antitrust Laws.

11. Pricing with Market Power

Capturing Consumer Surplus.
Price Discrimination.
Intertemporal Price Discrimination and Peak-Load Pricing.
The Two-Part Tariff.
Bundling.
Advertising.

12. Monopolistic Competition and Oligopoly

Monopolistic Competition.
Oligopoly.
First Mover Advantage - The Stackelberg Model.
Price Competition.
Competition Versus Collusion: The Prisoners Dilemma.
Implications of the Prisoners Dilemma for Oligopolistic Pricing.
Cartels.

13. Game Theory and Competitive Strategy

Gaming and Strategic Decisions.
Dominant Strategies.
The Nash Equilibrium Revisited.
Repeated Games.
Sequential Games.
Threats, Commitments, and Credibility.
Entry Deterrence.
Bargaining Strategy.

14. Markets for Factor Inputs

Competitive Factor Markets.
Equilibrium in a Competitive Factor Market.
Factor Markets with Monopsony Power.
Factor Markets with Monopoly Power.

15. Investment, Time, and Capital Markets

Stocks Versus Flows.
Present Discounted Value.
The Value of a Bond.
The Net Present Value Criterion for Capital Investment Decisions.
Adjustments for Risk.
Investment Decisions by Consumers.
Intertemporal Production Decisions - Depletable Resources.
How Are Interest Rates Determined?

PART IV. INFORMATION, MARKET FAILURE, AND THE ROLE OF GOVERNMENT

16. General Equilibrium and Economic Efficiency

General Equilibrium Analysis.
Efficiency in Exchange.
Equity and Efficiency.
Efficiency in Production.
The Gains from Free Trade.
An Overview - The Efficiency of Competitive Markets.
Why Markets Fail.

17. Markets with Asymmetric Information

Quality Uncertainty and the Market for Lemons.
Market Signaling.
Moral Hazard.
The Principal-Agent Problem.
Managerial Incentives in an Integrated Firm.
Asymmetric Information in Labor Markets: Efficiency Wage Theory.

18. Externalities and Public Goods

Externalities.
Ways of Correcting Market Failure.
Externalities and Property Rights.
Common Property Resources.
Public Goods.
Private Preferences for Public Goods.

Appendix. The Basics of Regression.
Glossary.
Answers to Selected Exercises.
Index.
List of Examples.

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