Microeconomics - 4th edition
Microeconomics - 4th edition
ISBN13: 9780132729239
ISBN10: 0132729237
Copyright: 1998
Publisher: Prentice Hall, Inc.
Published: 1998
International: No
This title is currently not available in digital format.
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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.
shop us with confidence
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
(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.
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
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.
