Microeconomic Theory & Applications, 10th Edition

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  • Edition: 10th
  • Format: Hardcover
  • Copyright: 2008-11-01
  • Publisher: Wiley
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The 10 th edition of Browning and Zupan's Microeconomics: Theory and Applications continues to motivate students and introduce them to current thinking in the field. This book appeals to students and instructors alike because of its accessibility, large number of applications, and the clear step-by-step manner in which graphs are introduced.In this new edition, the authors have included more applications and more mathematical material to reinforce students' understanding of basic microeconomic principles. This knowledge of microeconomic theory will serve as an essential foundation for any business major or for those preparing for a future career as a business professional.

Author Biography

Edgar K. Browning is the Alfred F. Chalk Professor in Economics at Texas A&M University and his specialty is Public Economics.  He earned a B.A. in Economics from the University of Virginia and a Ph.D. in Economics from Princeton University in 1971. A selected list of his publications includes “ A Neglected Welfare Cost of Monopoly- and Most other Product Market Distortions,” Journal of Public Economics, 1997; The Non-Tax Wedge,” Journal of Public Economics, 1994; “The Marginal Cost of Redistribution,” Public Finance Quarterly, 1993; “On the Marginal Welfare Cost of Taxation,” American Economic Review, 1987; “The Trade-Off Between Equality and Efficiency,” Journal of Political Economy, 1984.

Table of Contents

An Introduction to Microeconomics
The Scope of Microeconomic Theory
The Nature and Role of Theory
Positive Versus Normative Analysis
Market Analysis and Real Versus Normal Prices
Basic Assumptions about Market Participants
Opportunity Cost
Production Possibility Frontier
Supply and Demand
Demand and Supply Curves
Determination of Equilibrium Price and Quantity
Adjustment to Changes in Demand or Supply
Government Intervention in Markets: Price Controls
The Mathematics Associated with Elasticities
The Theory of Consumer Choice
Consumer Preferences
The Budget Constraint
The Consumer's Choice
Changes in Income and Consumption Choices
Are People Selfish?
The Utility Approach to Consumer Choice
The Mathematics Behind Consumer Choice
Individual and Market Demand
Price Changes and Consumption Choices
Income Substitution Effects of a Price Change
Income and Substitution Effects: Inferior Goods
From Individual to Market Demand
Consumer Surplus
Price Elasticity and the Price-Consumption Curve
Network Effects
The Basics of Demand Estimation
Deriving the Consumer's Demand Curve Mathematically
Using Consumer Choice Theory
Excise Subsidies, Health Care, and Consumer Welfare
Public Schools and the Voucher Proposal
Paying for Garbage
The Consumer's Choice to Save or Borrow
Investor Choice
Exchange, Efficiency, and Prices
Two-Person Exchange
Efficiency in the Distribution of Goods
Competitive Equilibrium and Efficient Distribution
Price and Nonprice Rationing and Efficiency
Some of the Mathematics behind Efficiency in Exchange
Relating Output to Inputs
Production When Only One Input is Variable: The Short Run
Production When All Inputs are Variable: The Long Run
Returns to Scale
Functional Forms and Empirical Estimation of Production Functions
The Mathematics behind Production Theory
The Cost of Production
The Nature of Cost
Short-Run Cost of Production
Short-Run Cost Curves
Long-Run Cost of Production
Input Price Changes and Cost Curves
Long-Run Cost Curves
Learning by Doing
Importance of Cost Curves to Market Structure
Using Cost Curves: Controlling Pollution
Economies of Scale
Estimating Cost Functions
The Mathematics behind Production Cost
Profit Maximization in Perfectly Competitive Markets
The Assumptions of Perfect Competition
Profit Maximization
The Demand Curve Facing the Competitive Firm
Short-Run Profit Maximization
The Perfectly Competitive Firm's Short-Run Supply Curve
The Short-Run Industry Supply Curve
Long-Run Competitive Equilibrium
The Long-Run Industry Supply Curve
When Does the Competitive Model Apply?
Using the Competitive Model
The Evaluation of Gains and Losses
Excise Taxation
Airline Regulation and Deregulation
City Taxicab Markets
Consumer and Producer Surplus, and the Net Gains from Trade
Government Intervention in Markets: Quality Controls
The Monopolist's Demand and Marginal Revenue Curves
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