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Microeconomics, Global Edition

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Frí heimsending

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  • 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
      • 13.2 Dominant Strategies
      • 13.3 The Nash Equilibrium Revisited
        • Maximin Strategies
        • *Mixed Strategies
      • 13.4 Repeated Games
      • 13.5 Sequential Games
        • The Extensive Form of a Game
        • The Advantage of Moving First
      • 13.6 Threats, Commitments, and Credibility
        • Empty Threats
        • Commitment and Credibility
        • Bargaining Strategy
      • 13.7 Entry Deterrence
        • Strategic Trade Policy and International Competition
      • *13.8 Auctions
        • Auction Formats
        • Valuation and Information
        • Private-Value Auctions
        • Common-Value Auctions
        • Maximizing Auction Revenue
        • Bidding and Collusion
      • Summary
      • Questions for Review
      • Exercises
    • 14 Markets for Factor Inputs
      • 14.1 Competitive Factor Markets
        • Demand for a Factor Input When Only One Input Is Variable
        • Demand for a Factor Input When Several Inputs Are Variable
        • The Market Demand Curve
        • The Supply of Inputs to a Firm
        • The Market Supply of Inputs
      • 14.2 Equilibrium in a Competitive Factor Market
        • Economic Rent
      • 14.3 Factor Markets with Monopsony Power
        • Monopsony Power: Marginal and Average Expenditure
        • Purchasing Decisions with Monopsony Power
        • Bargaining Power
      • 14.4 Factor Markets with Monopoly Power
        • Monopoly Power over the Wage Rate
        • Unionized and Nonunionized Workers
      • Summary
      • Questions for Review
      • Exercises
    • 15 Investment, Time, and Capital Markets
      • 15.1 Stocks versus Flows
      • 15.2 Present Discounted Value
        • Valuing Payment Streams
      • 15.3 The Value of a Bond
        • Perpetuities
        • The Effective Yield on a Bond
      • 15.4 The Net Present Value Criterion for Capital Investment Decisions
        • The Electric Motor Factory
        • Real versus Nominal Discount Rates
        • Negative Future Cash Flows
      • 15.5 Adjustments for Risk
        • Diversifiable versus Nondiversifiable Risk
        • The Capital Asset Pricing Model
      • 15.6 Investment Decisions by Consumers
      • 15.7 Investments in Human Capital
      • *15.8 Intertemporal Production Decisions—Depletable Resources
        • The Production Decision of an Individual Resource Producer
        • The Behavior of Market Price
        • User Cost
        • Resource Production by a Monopolist
      • 15.9 How Are Interest Rates Determined?
        • A Variety of Interest Rates
      • Summary
      • Questions for Review
      • Exercises
  • Part Four Information, Market Failure, and the Role of Government
    • 16 General Equilibrium and Economic Efficiency
      • 16.1 General Equilibrium Analysis
        • Two Interdependent Markets—Moving to General Equilibrium
        • Reaching General Equilibrium
        • Economic Efficiency
      • 16.2 Efficiency in Exchange
        • The Advantages of Trade
        • The Edgeworth Box Diagram
        • Efficient Allocations
        • The Contract Curve
        • Consumer Equilibrium in a Competitive Market
        • The Economic Efficiency of Competitive Markets
      • 16.3 Equity and Efficiency
        • The Utility Possibilities Frontier
        • Equity and Perfect Competition
      • 16.4 Efficiency in Production
        • Input Efficiency
        • The Production Possibilities Frontier
        • Output Efficiency
        • Efficiency in Output Markets
      • 16.5 The Gains from Free Trade
        • Comparative Advantage
        • An Expanded Production Possibilities Frontier
      • 16.6 An Overview—The Efficiency of Competitive Markets
      • 16.7 Why Markets Fail
        • Market Power
        • Incomplete Information
        • Externalities
        • Public Goods
      • Summary
      • Questions for Review
      • Exercises
    • 17 Markets with Asymmetric Information
      • 17.1 Quality Uncertainty and the Market for Lemons
        • The Market for Used Cars
        • Implications of Asymmetric Information
        • The Importance of Reputation and Standardization
      • 17.2 Market Signaling
        • A Simple Model of Job Market Signaling
        • Guarantees and Warranties
      • 17.3 Moral Hazard
      • 17.4 The Principal–Agent Problem
        • The Principal–Agent Problem in Private Enterprises
        • The Principal–Agent Problem in Public Enterprises
        • Incentives in the Principal–Agent Framework
      • *17.5 Managerial Incentives in an Integrated Firm
        • Asymmetric Information and Incentive Design in the Integrated Firm
        • Applications
      • 17.6 Asymmetric Information in Labor Markets: Efficiency Wage Theory
      • Summary
      • Questions for Review
      • Exercises
    • 18 Externalities and Public Goods
      • 18.1 Externalities
        • Negative Externalities and Inefficiency
        • Positive Externalities and Inefficiency
      • 18.2 Ways of Correcting Market Failure
        • An Emissions Standard
        • An Emissions Fee
        • Standards versus Fees
        • Tradeable Emissions Permits
        • Recycling
      • 18.3 Stock Externalities
        • Stock Buildup and Its Impact
      • 18.4 Externalities and Property Rights
        • Property Rights
        • Bargaining and Economic Efficiency
        • Costly Bargaining—The Role of Strategic Behavior
        • A Legal Solution—Suing for Damages
      • 18.5 Common Property Resources
      • 18.6 Public Goods
        • Efficiency and Public Goods
        • Public Goods and Market Failure
      • Summary
      • Questions for Review
      • Exercises
    • 19 Behavioral Economics
      • 19.1 Reference Points and Consumer Preferences
      • 19.2 Fairness
      • 19.3 Rules of Thumb and Biases in Decision Making
      • 19.4 Bubbles
        • Informational Cascades
      • 19.5 Behavioral Economics and Public Policy
        • Summing Up
      • Summary
      • Questions for Review
      • Exercises
  • Appendix: The Basics of Regression
  • Glossary
  • Answers to Selected Exercises
  • Photo Credits
  • Index
  • List of Examples

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Vörumerki: Pearson
Tilboði lýkur 06.02.2019
Vörunúmer: 9781292214412
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Microeconomics, Global Edition

Vörumerki: Pearson
Tilboði lýkur 06.02.2019
Vörunúmer: 9781292214412
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5.390 kr. 5.120 kr.