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Microeconomics 9780139111082

Microeconomics | 4th Edition

ISBN-10: 0139111085
ISBN-13: 9780139111082
PUBLISHER: Prentice Hall PTR
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Note: Not guaranteed to come with supplemental materials (access codes, CDs, DVDs)
Product Description: I. AN INTRODUCTION TO MICROECONOMICS. 1. Microeconomics: A Working Methodology. Choice of Production Technique. The Water Shortage Problem. Agricultural Price Support Programs. Describing an Economy. The Equilibrium Method. Positive and Normative Economics. The Market Economy. II. INDIVIDUAL CHOICE. 2. A Theory of Preferences. Completeness and Consistency of Preferences. Nonsatiation and Maximizing Behavior. Tradeoffs and Indifference Curves. Tradeoffs and the Marginal Rate of Substitution. Utility Functions. Applications. 3. Demand Theory. Choices and Constraint. The Budget Constraint. The Consumer''s Choice Problem. Graphic Analysis of Utility Maximization. Application: Lump-Sum Versus Excise Taxes. Excise Tax Versus Lump-Sum Tax. Membership Fees as Lump-Sum Taxes. Comparative Statics Analysis of Demand. Consumption Response to a Change in Income. Complements and Substitutes. Consumption Response to a Change in Price. Application: Ingenious Advertising and the Demand Curve. Elasticity 4. More Demand Theory. The Law of Demand. Income and Substitution Effects. The Compensated Demand Curve. Time and Money Prices. Measuring Benefits and Costs. Index Numbers. 5. Intertemporal Decision Making and Capital Values. Intertemporal Value Comparisons. The Demand for Consumer Capital and Complementary Goods. Intertemporal Allocation of Nonrenewable Resources. The Life-Cycle Model. Human Capital. III. PRODUCTION AND COST. 6. Production and Cost: One Variable Input. The Production Function. Opportunity Costs. Cost-Minimization Problems. Production: One Variable Input. Costs of Production: One Variable Input. Application: Traffic Congestion and Multi-Plant firms. 7. Production and Cost: Many Variable Inputs. Isoquants and Input Substitution. Marginal Rate of Technical Substitution. Returns to Scale. The Cost-Minimization Problem: A Perspective. Solving Cost-Minimization Problems. IV. MARKET FOR GOODS. 8. The Theory of Perfect Competition. Competitive Model of Exchange. Potential Difficulties with the Competitive Model. The Assumptions of Perfect Competition. The Firm''s Short-Run Supply Decision. Short-Run Competitive Equilibrium. Efficiency of the Short-Run Competitive Equilibrium. Long-Run Competitive Equilibrium. 9. Applications of the Competitive Model. Comparative Statics in the Basic Supply and Demand Model. Application: Reading the Newspaper and Other Stories. Warm Houses in Cold Climates. Quotas in Agriculture. Rent Control. Taxes and Tariffs. The Market for Loanable Funds. The Economics of Crime. 10. Monopoly. Monopoly Defined. The Monopolist''s Revenue Functions. Maximizing Profit. The Inefficiency of Monopoly. Sources of Monopoly. Regulatory Responses to Monopoly. Patent Policy. V. RESOURCE MARKETS AND GENERAL EQUILIBRIUM. 11. Input Markets and the Allocation of Resources. The Role of Input Markets. Perfectly Competitive Input Markets. The Supply of Non-Labour Inputs. The Supply of Labour. The Firm''s Demand for One Variable Input. Input Demand with Many Variable Inputs. Competitive Equilibrium in an Input Market. Monopsony in Input Markets. Sources of Monopsony Power. Monopoly, Monopsony, and Pareto Optimality. The Firm''s Demand for Capital Inputs. 12. The Distribution of Income. The Lorenz Curve. Determinants of the Income Distribution. Distributive Justice. Minimum-Wage Legislation. Wage Floors in a Two-Sector Model. Income Maintenance. 13. Competitive General Equilibrium. Efficiency in an Exchange Economy. Competitive Equilibrium in an Exchange Economy. Efficiency and General Competitive Equilibrium. Sources of Inefficiency. VI. IMPERFECT COMPETITION. 14. Price Discrimination and Monopoly Practices. Price Discrimination and Market Segmentation. Monopsonistic Price Discrimination. Two-Part Tariffs. Tie-In Sales. All-or-Nothing Demands and the Exploitation of Affection. 15. Game Theory and Oligopoly. Game Theory. Monopoly Equilibrium. Duopoly as a Prisoner''s Dilemma. The Cournot Duopoly Model. The Cournot Model with Many Firms. The Bertrand Model. The Collusive Model of Oligopoly. Experimental Evidence. Repeated Play, Supergames, and Richer Strategies. The Limit-Output Model. Refinements of Limit Output. Positioning and Reacting. 16. Product Differentiation. Chamberlin''s Symmetrically Differentiated Products. Chamberlin''s Small-Numbers Case. Chamberlin''s Large-Numbers Case. Address Models of Monopolistic Competition. VII. UNCERTAINTY AND ASYMMETRIC INFORMATION. 17. Choice Making under Uncertainty. Expected-Utility Theory. Generalizing the Expected-Utility Approach. The Expected Utility Function. Shedding Risk. 18. Asymmetric Information, the Rules of the Game, and Externalities. Some Unresolved Problems. Externalities and the Coase Theorem. Information Costs, Transaction Costs, and Property Rights. Asymmetric Information and Transaction Costs. Externalities With Positive Transaction Costs. Responses to Externalities. Public Goods. 19. The Theory of the Firm. General Issues in the Theory of the Firm. Three Models of Organization. Team Production. The Pareto-Preffered Organizational Forms. Specialization and the Division of Labour. 20. Asymmetric Information and Market Behaviour. Reputations. Adverse Selection. Signaling. Moral Hazard Problems: Hidden Actions. Answers to Problems. Index.

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