Microeconomics Theory and Applications

ISBN-10: 0393979180

ISBN-13: 9780393979183

Edition: 11th 2003

Authors: Edwin Mansfield, Gary Yohe

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A student textbook, this volume incorporates real-world business cases and examples to provide a realistic background to the theoretical issues and applications discussed in the main body of the text.
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Book details

List price: $86.00
Edition: 11th
Copyright year: 2003
Publisher: W. W. Norton & Company, Incorporated
Publication date: 8/12/2003
Binding: Hardcover
Pages: 768
Size: 7.25" wide x 9.25" long x 1.25" tall
Weight: 2.948
Language: English

The late Edwin Mansfield was for many years a distinguished professor of economics at the University of Pennsylvania. He was an internationally recognized expert in the economics of technology and industrial organization. His numerous texts, all published by W.W. Norton, have sold millions of copies around the world. In 1979, when Sino-American scientific agreements were finally reached, Mansfield was the first American economist to lecture in the People's Republic of China.

About the Authors
Optimal Production Decisions
Pricing Policy
Efficient Allocation of a Society's Resources
Public Policy Concerning Market Structure
Microeconomics: Problem Solving and Science
Human Wants and Resources
Tasks Performed by an Economic System
Our Mixed Capitalist System
The Price System and Microeconomics
Hungary's Rough Transition toward the Price System
Model-Building and the Role of Models
Evaluating a Model
Demand and Supply
The Demand Side of the Market
Coffee Bars Invade Manhattan
The Supply Side of the Market
The Price of Cotton: Highest since the Civil War
Determinants of Price
Price Floors and Ceilings
Rent Control, California-Style: Mobile-Home Owners versus Park Owners
Consumer Behavior and Market Demand
Tastes and Preferences of the Consumer
Consumer Preferences
Indifference Curves
The Concept of Utility
The Marginal Rate of Substitution
Deciphering the Shapes of Indifference Curves
The Budget Line
Equilibrium of the Consumer
Consumer Choice and the New Phone Rates
Corner Solutions
Corner Solutions and Diminishing Marginal Rates of Substitution
Revealed Preference and the Measurement of Indifference Curves
Determinants of Consumer Tastes and Preferences
The Food Stamp Program
Budget Allocation by New York State: An Application
Ordinal and Cardinal Utility
Consumer Behavior and Individual Demand
Effects of Changes in Consumer Money Income
Expenditures and Income
Effects of Changes in Commodity Prices
Substition and Income Effects
Energy Tax and Rebate Proposal
Consumer Surplus
Indexes of the Cost of Living
Household Response to Higher Energy Prices and Their Associated Losses in Consumer Surplus
Calculating a Cost-of-Living Index
Derivation of the Market Demand Curve
The Price Elasticity of Demand
Residential Demand for Water
The Income Elasticity of Demand
The Cross-Price Elasticity of Demand
Fur Sales Take a Hit
Shifting Demand Curves
The Seller's Side of the Market and Marginal Revenue
Demand and the Distribution of Aggregate Income
Industry and Firm Demand Curves
The Measurement of Demand Curves
Attracting Quality Students with Partial Scholarships
Choices Involving Risk
Expected Monetary Value
Investing in an Oil Venture: A Case Study
The Expected Value of Perfect Information
How Much Are Accurate Weather Forecasts Worth to Raisin Producers? A Case Study
The Expected Value of Partial Information
Should a Person Maximize Expected Monetary Value?
Maximizing Expected Utility
Should the Company Really Invest in the Oil Venture?
Preferences Regarding Risk
Hospitals and the Health Insurance Bind
Why People Buy Insurance
How Much Insurance Should an Individual Buy?
Are Two Consultants Better Than One?
Revisiting the Value of Information When People Are Averse to Risk
Behavior in the Face of Risk
The Precautionary Principle
The Cost of Exposure Limits That Have Been Set by Applying the Precautionary Principle
Demand for Airline Travel and the Pricing of Tickets
The Firm: Its Technology and Costs
The Firm and Its Technology
Firm Owners and Managers: A Principal-Agent Problem
Technology and Inputs
The Short Run and the Long Run
Is a CEO Really Worth Half a Billion Dollars per Year?
The Production Function
The Law of Diminishing Marginal Returns and the Geometry of Average and Marginal Product Curves
The Production Function: Two Variable Inputs
Substitution among Inputs
The Long Run and Returns to Scale
The Measurement of Production Functions
Should Two Kansas Wheat Farms Merge?
Optimal Input Combination and Cost Functions
Optimal Combination of Inputs
Production of Wheat: An Application
Rice-Milling in Indonesia
Pollution Control: An Application
Social Costs versus Private Costs
Explicit Costs versus Implicit Costs
Proper Comparison of Alternatives
Cost Functions in the Short Run
Least-Cost Reductions of Carbon Emissions
Cost Functions in the Long Run
Economies of Scope
The Measurement of Cost Functions
The Shape of the Short-Run Marginal Cost Curve
Production and Cost Theory at Work: The Cost of Climate Policy
Market Structure, Price, and Output
Perfect Competition
Perfect Competition
Price Determination in the Short Run
Auctions and Experimental Economics
Price Determination in the Long Run
What Would Be the Effects of National Dental Insurance?
The Market for Sulfur Emissions Permits
Agricultural Prices and Output: An Application
Applying the Competitive Model
Producer Surplus and Total Surplus
Perfect Competition and the Maximization of Total Surplus
The Effect of a Price Ceiling
A Price Ceiling for Gasoline
New York Apartments: A Case Study
The Effect of a Price Floor
Agricultural Price Supports: Another Case Study
Protecting Domestic Producers: Tariffs and Quotas
Restrictions on U.S. Imports of Japanese Autos: A Third Case Study
Gains and Losses from Steel Import Quotas
Effects on Price of an Excise Tax
Deadweight Loss from an Excise Tax
Should the Gasoline Tax Be Raised?
Short-Run Equilibrium Price and Output
Long-Run Equilibrium Price and Output
Playing the Slots at Foxwoods
Multiplant Monopoly
A Comparison of Monopoly with Perfect Competition
Monopoly Power
Price Discrimination
The Microsoft Finding and the Value of Startup Software Companies
Two-Part Tariffs and Tying
Two-Part Tariffs in the National Football League
Bundling: Another Pricing Technique
Public Regulation of Monopoly
Case Studies
Monopolistic Competition and Oligopoly
Monopolistic Competition
Equilibrium Price and Output in the Short and Long Runs
Excess Capacity and Product Diversity
Markup Pricing
Comparisons with Perfect Competition and Monopoly
Advertising Expenditures: A Simple Model
Optimal Advertising Expenditures: A Graphical Analysis
The Social Value of Advertising
Advertising, Spectacles, and the FTC
The Nash Equilibrium
An Example of a Nash Equilibrium: The Cournot Model
The Stackelberg Model
The Bertrand Model
Collusion and Cartels
The Retail Market for Tires
The Instability of Cartels
The OPEC Oil Cartel: An Application
The International Supply of Crude Oil
Price Leadership
Entry and Contestable Markets
Game Theory and Strategic Behavior
The Theory of Games
Game Trees
Nash Equilibria: Further Discussion
Maximin Strategies
Should Amherst Buy All Its Steel from Duquesne?
The Prisoners' Dilemma
Cheating on a Cartel Agreement
The Repeated Prisoners' Dilemma and the Tit-for-Tat Strategy
Strategic Moves
The Role of Incentives and Contracts
Threats: Empty and Credible
Deterrence of Entry
Limit Pricing
First-Mover Advantages
How Governments Can Tilt the Outcome of Oligopoly
Capacity Expansion and Preemption
Nonprice Competition
The Effects of Oligopoly
Shaking the Tree of Global Telecommunications Markets
Markets for Inputs
Price and Employment of Inputs
Profit Maximization and Input Employment
The Firm's Demand Curve: The Case of One Variable Input
The Firm's Demand Curve: The Case of Several Variable Inputs
The Market Demand Curve
Determinants of the Price Elasticity of Demand for an Input
The Market Supply Curve
Income and Substitution Effects in the Supply of Labor
Equilibrium Price and Employment of an Input
Imperfectly Competitive Output Markets
Does Immigration Benefit the United States?
Effects of Increasing the Minimum Wage
Investment Decisions
Intertemporal Choice: Consumption and Saving
Interest Rates and Investment
The Equilibrium Level of Interest Rates
Present Value
Valuing a Stream of Payments
The Net Present Value Rule for Investment Decisions
Neil Simon Goes Off-Broadway
The Investment Decision: An Example
Real versus Nominal Interest Rates
Risk and Diversification
Diversifiable and Nondiversifiable Risk
The Capital-Asset Pricing Model
Including Risk in Net Present Value Calculations: Some Examples
The Stock Market: The Efficient Markets Hypothesis
Internal Rates of Return and Bond Yields
How Much Is a Bond Worth?
Game Theory in Action: Investment as a Strategic Decision
Pricing Exhaustible Resources
Game Theory in Action: A Tit-for-Tat Time Horizon
Sex Discrimination and Comparable Worth
Information, Efficiency, and Government
General Equilibrium Analysis and Resource Allocation
Partial Equilibrium Analysis versus General Equilibrium Analysis
The Existence of General Equilibrium
A Simple Model of General Equilibrium
Deregulation of Railroads and Trucks
Resource Allocation and the Edgeworth Box Diagram
Allocation of Fissionable Material
The Production Possibilities Curve
Production and Exchange
The Promotion of Economic Efficiency
A Definition of Economic Efficiency
Marginal Conditions for Economic Efficiency
The Utility Possibilities Curve
Equity Considerations
John Rawls on Social Justice
Perfect Competition and Economic Efficiency
External Economies and Diseconomies
External Diseconomies on the Highways
Increasing Returns, Public Goods, and Imperfect Information
Static Efficiency and Economic Progress
Fairness, Equity, and Efficiency
Economic Benefits from Free Trade
The Prevalence of Asymmetric Information
Used Cars: An Example of Asymmetric Information
A Graphical Analysis of the Market for Used Cars
Asymmetric Information in the Fixture Market
Asymmetric Information and Market Failure
Adverse Selection: A Problem of Hidden Information
Consequences of Adverse Selection
Market Signaling
Dawat, McDonald's, and the Importance of Reputation
Moral Hazard: A Problem of Hidden Action
Principal-Agent Problems
Game Theory in Action: Superior Knowledge as a Deterrent to Entry
Efficiency Wage Theory
Public Goods, Externalities, and the Role of Government
Characteristics of a Public Good
Efficient Output of a Public Good
Provision of Public Goods
The Effect of Voting Rules
Externalities: The Case of Environmental Pollution
Game Theory in Action: The Tragedy of the Commons from a Strategic Perspective
Property Rights and Coase's Theorem
Government Intervention and Benefit-Cost Analysis
Economic Efficiency and Global Policy to Combat Climate Change
Anemia Reduction in Indonesia, Kenya, and Mexico: An Application
Limitations of Government Effectiveness
The FCC and the "Biggest Auction in the Known Universe"
Glossary of Terms
Brief Answers to Odd Numbered Questions
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