Microeconomic Theory & Applications, 10th Edition

by Edgar K. Browning (Texas A & M University); Mark A. Zupan (University of Arizona)

• ISBN13: 9780470128916
• ISBN10: 0470128917
• Edition: 10th
• Format: Hardcover
• Copyright: 2008-11-01
• Publisher: Wiley

Summary

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

Elasticities

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

Production

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

Monopoly

The Monopolist's Demand and Marginal Revenue Curves

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