Microeconomics

ISBN-10: 0130084611

ISBN-13: 9780130084613

Edition: 6th 2005

List price: $168.00
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Description:

This book is well known for its coverage of modern topics (Game theory, Economics of Information, and Behavioral Economics), clarity of its writing style and graphs, and integrated use of real world examples.The emphasis on relevance and application to both managerial and public-policy decision-making are focused goals of the book. This emphasis is accomplished by including MANY extended examples that cover such topics as the analysis of demand, cost, and market efficiency; the design of pricing strategies; investment and production decisions; and public policy analysis.Economists and strategists looking to stay current with economic information.
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Book details

List price: $168.00
Edition: 6th
Copyright year: 2005
Publisher: Prentice Hall PTR
Publication date: 5/28/2004
Binding: Hardcover
Pages: 752
Size: 8.25" wide x 10.00" long x 1.25" tall
Weight: 3.630
Language: English

Preface
Introduction: Markets and Prices
Preliminaries
The Themes of Microeconomics
What Is a Market?
Real versus Nominal Prices
Why Study Microeconomics?
Summary
Questions for Review
Exercises
The Basics of Supply and Demand
Supply and Demand
The Market Mechanism
Changes in Market Equilibrium
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
Summary
Questions for Review
Exercises
Producers, Consumers, and Competitive Markets
Consumer Behavior
Consumer Preferences
Budget Constraints
Consumer Choice
Revealed Preference
Marginal Utility and Consumer Choice
Cost-of-Living Indexes
Summary
Questions for Review
Exercises
Individual and Market Demand
Individual Demand
Income and Substitution Effects
Market Demand
Consumer Surplus
Network Externalities
Empirical Estimation of Demand
Summary
Questions for Review
Exercises
Appendix to Chapter 4: Demand Theory--A Mathematical Treatment
Choice Under Uncertainty
Describing Risk
Preferences Toward Risk
Reducing Risk
The Demand for Risky Assets
Summary
Questions for Review
Exercises
Production
The Technology of Production
Isoquants
Production with One Variable Input (Labor)
Production with Two Variable Inputs
Returns to Scale
Summary
Questions for Review
Exercises
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
Summary
Questions for Review
Exercises
Appendix to Chapter 7: Production and Cost Theory--A Mathematical Treatment
Profit Maximization and Competitive Supply
Perfectly Competitive Markets
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
Summary
Questions for Review
Exercises
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
Summary
Questions for Review
Exercises
Market Structure and Competitive Strategy
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
Summary
Questions for Review
Exercises
Pricing with Market Power
Capturing Consumer Surplus
Price Discrimination
Intertemporal Price Discrimination and Peak-Load Pricing
The Two-Part Tariff
Bundling
Advertising
Summary
Questions for Review
Exercises
Appendix to Chapter 11: Transfer Pricing in the Integrated Firm
Monopolistic Competition and Oligopoly
Monopolistic Competition
Oligopoly
Price Competition
Competition versus Collusion: The Prisoners' Dilemma
Implications of the Prisoners' Dilemma for Oligopolistic Pricing
Cartels
Summary
Questions for Review
Exercises
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
Auctions
Summary
Questions for Review
Exercises
Markets for Factor Inputs
Competitive Factor Markets
Equilibrium in a Competitive Factor Market
Factor Markets with Monopsony Power
Factor Markets with Monopoly Power
Summary
Questions for Review
Exercises
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?
Summary
Questions for Review
Exercises
Information, Market Failure, and the Role of Government
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
Summary
Questions for Review
Exercises
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
Summary
Questions for Review
Exercises
Externalities and Public Goods
Externalities
Ways of Correcting Market Failure
Externalities and Property Rights
Common Property Resources
Public Goods
Private Preferences for Public Goods
Summary
Questions for Review
Exercises
The Basics of Regression
Glossary
Answers to Selected Exercises
Index
List of Examples
Markets for Prescription Drugs
The Price of Eggs and the Price of a College Education
The Minimum Wage
The Price of Eggs and the Price of a College Education Revisited
Wage Inequality in the United States
The Long-Run Behavior of Natural Resource Prices
The Market for Wheat
The Demand for Gasoline and Automobiles
The Weather in Brazil and the Price of Coffee in New York
Declining Demand and the Behavior of Copper Prices
Upheaval in the World Oil Market
Price Controls and Natural Gas Shortages
Designing New Automobiles
Designing New Automobiles (II)
Decision Making and Public Policy
A College Trust Fund
Revealed Preference for Recreation
Gasoline Rationing
The Bias in the CPI
Consumer Expenditures in the United States
The Effects of a Gasoline Tax
The Aggregate Demand for Wheat
The Demand for Housing
The Value of Clean Air
Network Externalities and the Demands for Computers and E-Mail
The Demand for Ready-to-Eat Cereal
Deterring Crime
Business Executives and the Choice of Risk
The Value of Title Insurance When Buying a House
The Value of Information in the Dairy Industry
Investing in the Stock Market
Malthus and the Food Crisis
Labor Productivity and the Standard of Living
A Production Function for Wheat
Returns to Scale in the Carpet Industry
Choosing the Location for a New Law School Building
Sunk, Fixed, and Variable Costs: Computers, Software, and Pizzas
The Short-Run Cost of Aluminum Smelting
The Effect of Effluent Fees on Input Choices
Economies of Scope in the Trucking Industry
The Learning Curve in Practice
Cost Functions for Electric Power
A Cost Function for the Savings and Loan Industry
The Short-Run Output Decision of an Aluminum Smelting Plant
Some Cost Considerations for Managers
The Short-Run Production of Petroleum Products
The Short-Run World Supply of Copper
The Long-Run Supply of Housing
Price Controls and Natural Gas Shortages
The Market for Human Kidneys
Airline Regulation
Supporting the Price of Wheat
The Sugar Quota
A Tax on Gasoline
Astra-Merck Prices Prilosec
Markup Pricing: Supermarkets to Designer Jeans
The Pricing of Prerecorded Videocassettes
Monopsony Power in U.S. Manufacturing
A Phone Call About Prices
The United States versus Microsoft
The Economics of Coupons and Rebates
Airline Fares
How to Price a Best-Selling Novel
Polaroid Cameras
Pricing Cellular Phone Service
The Complete Dinner versus a la Carte: A Restaurant's Pricing Problem
Advertising in Practice
Monopolistic Competition in the Markets for Colas and Coffee
A Pricing Problem for Procter and Gamble
Procter and Gamble in a Prisoners' Dilemma
Price Leadership and Price Rigidity in Commercial Banking
The Cartelization of Intercollegiate Athletics
The Milk Cartel
Acquiring a Company
Oligopolistic Cooperation in the Water Meter Industry
Competition and Collusion in the Airline Industry
Wal-Mart Stores' Preemptive Investment Strategy
DuPont Deters Entry in the Titanium Dioxide Industry
Diaper Wars
Internet Auctions
The Demand for Jet Fuel
Labor Supply for One- and Two-Earner Households
Pay in the Military
Monopsony Power in the Market for Baseball Players
Teenage Labor Markets and the Minimum Wage
The Decline of Private-Sector Unionism
Wage Inequality--Have Computers Changed the Labor Market?
The Value of Lost Earnings
The Yields on Corporate Bonds
Capital Investment in the Disposable Diaper Industry
Choosing an Air Conditioner and a New Car
How Depletable Are Depletable Resources?
The Interdependence of International Markets
The Effects of Automobile Import Quotas
The Costs and Benefits of Special Protection
Lemons in Major League Baseball
Working into the Night
Reducing Moral Hazard--Warranties of Animal Health
Crisis in the Savings and Loan Industry
Managers of Nonprofit Hospitals as Agents
Efficiency Wages at Ford Motor Company
The Costs and Benefits of Reduced Sulfur Dioxide Emissions
Emissions Trading and Clean Air
Regulating Municipal Solid Wastes
The Coase Theorem at Work
Crawfish Fishing in Louisiana
The Demand for Clear Air
The Demand for Coal
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