Microeconomics
For Intermediate Microeconomics courses. Microeconomics and its role in decision making and public policy Microeconomics exposes students to topics that play a central role in microeconomics. From game theory and competitive strategy, to the roles of uncertainty and information, and the analysi...
| Autor principal: | |
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| Otros Autores: | |
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Harlow, England :
2018
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| Edición: | 9th global ed |
| Colección: | Pearson series in economics.
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| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009626352906719 |
Tabla de Contenidos:
- Cover
- Title Page
- Copyright Page
- About the Authors
- Brief Contents
- Contents
- Preface
- Part One Introduction: Markets and Prices
- 1 Preliminaries
- 1.1 The Themes of Microeconomics
- Trade-Offs
- Prices and Markets
- Theories and Models
- Positive versus Normative Analysis
- 1.2 What Is a Market?
- Competitive versus Noncompetitive Markets
- Market Price
- Market Definition-The Extent of a Market
- 1.3 Real versus Nominal Prices
- 1.4 Why Study Microeconomics?
- Corporate Decision Making: The Toyota Prius
- Public Policy Design: Fuel Efficiency Standards for the Twenty-First Century
- Summary
- Questions for Review
- Exercises
- 2 The Basics of Supply and Demand
- 2.1 Supply and Demand
- The Supply Curve
- The Demand Curve
- 2.2 The Market Mechanism
- 2.3 Changes in Market Equilibrium
- 2.4 Elasticities of Supply and Demand
- Point versus Arc Elasticities
- 2.5 Short-Run versus Long-Run Elasticities
- Demand
- Supply
- *2.6 Understanding and Predicting the Effects of Changing Market Conditions
- 2.7 Effects of Government Intervention-Price Controls
- Summary
- Questions for Review
- Exercises
- Part Two Producers, Consumers, and Competitive Markets
- 3 Consumer Behavior
- Consumer Behavior
- 3.1 Consumer Preferences
- Market Baskets
- Some Basic Assumptions about Preferences
- Indifference Curves
- Indifference Maps
- The Shape of Indifference Curves
- The Marginal Rate of Substitution
- Perfect Substitutes and Perfect Complements
- 3.2 Budget Constraints
- The Budget Line
- The Effects of Changes in Income and Prices
- 3.3 Consumer Choice
- Corner Solutions
- 3.4 Revealed Preference
- 3.5 Marginal Utility and Consumer Choice
- Rationing
- *3.6 Cost-of-Living Indexes
- Ideal Cost-of-Living Index
- Laspeyres Index
- Paasche Index.
- Price Indexes in the United States: Chain Weighting
- Summary
- Questions for Review
- Exercises
- 4 Individual and Market Demand
- 4.1 Individual Demand
- Price Changes
- The Individual Demand Curve
- Income Changes
- Normal versus Inferior Goods
- Engel Curves
- Substitutes and Complements
- 4.2 Income and Substitution Effects
- Substitution Effect
- Income Effect
- A Special Case: The Giffen Good
- 4.3 Market Demand
- From Individual to Market Demand
- Elasticity of Demand
- Speculative Demand
- 4.4 Consumer Surplus
- Consumer Surplus and Demand
- 4.5 Network Externalities
- Positive Network Externalities
- Negative Network Externalities
- *4.6 Empirical Estimation of Demand
- The Statistical Approach to Demand Estimation
- The Form of the Demand Relationship
- Interview and Experimental Approaches to Demand Determination
- Summary
- Questions for Review
- Exercises
- 5 Uncertainty and Consumer Behavior
- 5.1 Describing Risk
- Probability
- Expected Value
- Variability
- Decision Making
- 5.2 Preferences Toward Risk
- Different Preferences Toward Risk
- 5.3 Reducing Risk
- Diversification
- Insurance
- The Value of Information
- *5.4 The Demand for Risky Assets
- Assets
- Risky and Riskless Assets
- Asset Returns
- The Trade-Off Between Risk and Return
- The Investor's Choice Problem
- Summary
- Questions for Review
- Exercises
- 6 Production
- The Production Decisions of a Firm
- 6.1 Firms and Their Production Decisions
- Why Do Firms Exist?
- The Technology of Production
- The Production Function
- The Short Run versus the Long Run
- 6.2 Production with One Variable Input (Labor)
- Average and Marginal Products
- The Slopes of the Product Curve
- The Average Product of Labor Curve
- The Marginal Product of Labor Curve
- The Law of Diminishing Marginal Returns
- Labor Productivity.
- 6.3 Production with Two Variable Inputs
- Isoquants
- Input Flexibility
- Diminishing Marginal Returns
- Substitution Among Inputs
- Production Functions-Two Special Cases
- 6.4 Returns to Scale
- Describing Returns to Scale
- Summary
- Questions for Review
- Exercises
- 7 The Cost of Production
- 7.1 Measuring Cost: Which Costs Matter?
- Economic Cost versus Accounting Cost
- Opportunity Cost
- Sunk Costs
- Fixed Costs and Variable Costs
- Fixed versus Sunk Costs
- Marginal and Average Cost
- 7.2 Cost in the Short Run
- The Determinants of Short-Run Cost
- The Shapes of the Cost Curves
- 7.3 Cost in the Long Run
- The User Cost of Capital
- The Cost-Minimizing Input Choice
- The Isocost Line
- Choosing Inputs
- Cost Minimization with Varying Output Levels
- The Expansion Path and Long-Run Costs
- 7.4 Long-Run versus Short-Run Cost Curves
- The Inflexibility of Short-Run Production
- Long-Run Average Cost
- Economies and Diseconomies of Scale
- The Relationship between Short-Run and Long-Run Cost
- 7.5 Production with Two Outputs-Economies of Scope
- Product Transformation Curves
- Economies and Diseconomies of Scope
- The Degree of Economies of Scope
- *7.6 Dynamic Changes in Costs- The Learning Curve
- Graphing the Learning Curve
- Learning versus Economies of Scale
- *7.7 Estimating and Predicting Cost
- Cost Functions and the Measurement of Scale Economies
- Summary
- Questions for Review
- Exercises
- 8 Profit Maximization and Competitive Supply
- 8.1 Perfectly Competitive Markets
- When Is a Market Highly Competitive?
- 8.2 Profit Maximization
- Do Firms Maximize Profit?
- Alternative Forms of Organization
- 8.3 Marginal Revenue, Marginal Cost, and Profit Maximization
- Demand and Marginal Revenue for a Competitive Firm
- Profit Maximization by a Competitive Firm.
- 8.4 Choosing Output in the Short Run
- Short-Run Profit Maximization by a Competitive Firm
- When Should the Firm Shut Down?
- 8.5 The Competitive Firm's Short-Run Supply Curve
- The Firm's Response to an Input Price Change
- 8.6 The Short-Run Market Supply Curve
- Elasticity of Market Supply
- Producer Surplus in the Short Run
- 8.7 Choosing Output in the Long Run
- Long-Run Profit Maximization
- Long-Run Competitive Equilibrium
- Economic Rent
- Producer Surplus in the Long Run
- 8.8 The Industry's Long-Run Supply Curve
- Constant-Cost Industry
- Increasing-Cost Industry
- Decreasing-Cost Industry
- The Effects of a Tax
- Long-Run Elasticity of Supply
- Summary
- Questions for Review
- Exercises
- 9 The Analysis of Competitive Markets
- 9.1 Evaluating the Gains and Losses from Government Policies-Consumer and Producer Surplus
- Review of Consumer and Producer Surplus
- Application of Consumer and Producer Surplus
- 9.2 The Efficiency of a Competitive Market
- 9.3 Minimum Prices
- 9.4 Price Supports and Production Quotas
- Price Supports
- Production Quotas
- 9.5 Import Quotas and Tariffs
- 9.6 The Impact of a Tax or Subsidy
- The Effects of a Subsidy
- Summary
- Questions for Review
- Exercises
- Part Three Market Structure and Competitive Strategy
- 10 Market Power: Monopoly and Monopsony
- 10.1 Monopoly
- Average Revenue and Marginal Revenue
- The Monopolist's Output Decision
- An Example
- A Rule of Thumb for Pricing
- Shifts in Demand
- The Effect of a Tax
- *The Multiplant Firm
- 10.2 Monopoly Power
- Production, Price, and Monopoly Power
- Measuring Monopoly Power
- The Rule of Thumb for Pricing
- 10.3 Sources of Monopoly Power
- The Elasticity of Market Demand
- The Number of Firms
- The Interaction Among Firms
- 10.4 The Social Costs of Monopoly Power
- Rent Seeking
- Price Regulation.
- Natural Monopoly
- Regulation in Practice
- 10.5 Monopsony
- Monopsony and Monopoly Compared
- 10.6 Monopsony Power
- Sources of Monopsony Power
- The Social Costs of Monopsony Power
- Bilateral Monopoly
- 10.7 Limiting Market Power: The Antitrust Laws
- Restricting What Firms Can Do
- Enforcement of the Antitrust Laws
- Antitrust in Europe
- Summary
- Questions for Review
- Exercises
- 11 Pricing with Market Power
- 11.1 Capturing Consumer Surplus
- 11.2 Price Discrimination
- First-Degree Price Discrimination
- Second-Degree Price Discrimination
- Third-Degree Price Discrimination
- 11.3 Intertemporal Price Discrimination and Peak-Load Pricing
- Intertemporal Price Discrimination
- Peak-Load Pricing
- 11.4 The Two-Part Tariff
- *11.5 Bundling
- Relative Valuations
- Mixed Bundling
- Bundling in Practice
- Tying
- *11.6 Advertising
- A Rule of Thumb for Advertising
- Summary
- Questions for Review
- Exercises
- 12 Monopolistic Competition and Oligopoly
- 12.1 Monopolistic Competition
- The Makings of Monopolistic Competition
- Equilibrium in the Short Run and the Long Run
- Monopolistic Competition and Economic Efficiency
- 12.2 Oligopoly
- Equilibrium in an Oligopolistic Market
- The Cournot Model
- The Linear Demand Curve-An Example
- First Mover Advantage-The Stackelberg Model
- 12.3 Price Competition
- Price Competition with Homogeneous Products-The Bertrand Model
- Price Competition with Differentiated Products
- 12.4 Competition versus Collusion: The Prisoners' Dilemma
- 12.5 Implications of the Prisoners' Dilemma for Oligopolistic Pricing
- Price Rigidity
- Price Signaling and Price Leadership
- The Dominant Firm Model
- 12.6 Cartels
- Analysis of Cartel Pricing
- Summary
- Questions for Review
- Exercises
- 13 Game Theory and Competitive Strategy
- 13.1 Gaming and Strategic Decisions.
- Noncooperative versus Cooperative Games.
