Microeconomics & MyEconLab Student Access Code Card

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  • Edition: 6th
  • Format: Package
  • Copyright: 2006-01-01
  • Publisher: Pearson College Div
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This book is well known for its coverage of modern topics (Game theory, Economics of Information, and Behavioral Economics), clarity of its writing style and graphs, and integrated use of real world examples.The emphasis on relevance and application to both managerial and public-policy decision-making are focused goals of the book. This emphasis is accomplished by including MANY extended examples that cover such topics as the analysis of demand, cost, and market efficiency; the design of pricing strategies; investment and production decisions; and public policy analysis.Economists and strategists looking to stay current with economic information.

Table of Contents

Prefacep. xxiii
Introduction: Markets and Pricesp. 1
Preliminariesp. 3
The Themes of Microeconomicsp. 4
What Is a Market?p. 7
Real versus Nominal Pricesp. 11
Why Study Microeconomics?p. 15
Summaryp. 17
Questions for Reviewp. 17
Exercisesp. 18
The Basics of Supply and Demandp. 19
Supply and Demandp. 20
The Market Mechanismp. 23
Changes in Market Equilibriump. 24
Elasticities of Supply and Demandp. 30
Short-Run versus Long-Run Elasticitiesp. 35
Understanding and Predicting the Effects of Changing Market Conditionsp. 44
Effects of Government Intervention--Price Controlsp. 53
Summaryp. 55
Questions for Reviewp. 56
Exercisesp. 57
Producers, Consumers, and Competitive Marketsp. 59
Consumer Behaviorp. 61
Consumer Preferencesp. 62
Budget Constraintsp. 75
Consumer Choicep. 79
Revealed Preferencep. 86
Marginal Utility and Consumer Choicep. 89
Cost-of-Living Indexesp. 92
Summaryp. 98
Questions for Reviewp. 99
Exercisesp. 99
Individual and Market Demandp. 101
Individual Demandp. 102
Income and Substitution Effectsp. 110
Market Demandp. 116
Consumer Surplusp. 123
Network Externalitiesp. 127
Empirical Estimation of Demandp. 131
Summaryp. 135
Questions for Reviewp. 136
Exercisesp. 136
Appendix to Chapter 4: Demand Theory--A Mathematical Treatmentp. 139
Choice Under Uncertaintyp. 149
Describing Riskp. 150
Preferences Toward Riskp. 155
Reducing Riskp. 161
The Demand for Risky Assetsp. 166
Summaryp. 174
Questions for Reviewp. 175
Exercisesp. 175
Productionp. 177
The Technology of Productionp. 178
Isoquantsp. 179
Production with One Variable Input (Labor)p. 181
Production with Two Variable Inputsp. 191
Returns to Scalep. 197
Summaryp. 201
Questions for Reviewp. 201
Exercisesp. 202
The Cost of Productionp. 203
Measuring Cost: Which Costs Matter?p. 203
Cost in the Short Runp. 208
Cost in the Long Runp. 215
Long-Run versus Short-Run Cost Curvesp. 224
Production with Two Outputs--Economies of Scopep. 229
Dynamic Changes in Costs--The Learning Curvep. 232
Estimating and Predicting Costp. 237
Summaryp. 242
Questions for Reviewp. 243
Exercisesp. 243
Appendix to Chapter 7: Production and Cost Theory--A Mathematical Treatmentp. 246
Profit Maximization and Competitive Supplyp. 251
Perfectly Competitive Marketsp. 252
Profit Maximizationp. 254
Marginal Revenue, Marginal Cost, and Profit Maximizationp. 255
Choosing Output in the Short Runp. 258
The Competitive Firm's Short-Run Supply Curvep. 263
The Short-Run Market Supply Curvep. 266
Choosing Output in the Long Runp. 271
The Industry's Long-Run Supply Curvep. 277
Summaryp. 283
Questions for Reviewp. 284
Exercisesp. 284
The Analysis of Competitive Marketsp. 287
Evaluating the Gains and Losses from Government Policies--Consumer and Producer Surplusp. 288
The Efficiency of a Competitive Marketp. 294
Minimum Pricesp. 298
Price Supports and Production Quotasp. 302
Import Quotas and Tariffsp. 309
The Impact of a Tax or Subsidyp. 313
Summaryp. 320
Questions for Reviewp. 320
Exercisesp. 321
Market Structure and Competitive Strategyp. 325
Market Power: Monopoly and Monopsonyp. 327
Monopolyp. 328
Monopoly Powerp. 339
Sources of Monopoly Powerp. 345
The Social Costs of Monopoly Powerp. 347
Monopsonyp. 352
Monopsony Powerp. 355
Limiting Market Power: The Antitrust Lawsp. 359
Summaryp. 364
Questions for Reviewp. 365
Exercisesp. 365
Pricing with Market Powerp. 369
Capturing Consumer Surplusp. 370
Price Discriminationp. 371
Intertemporal Price Discrimination and Peak-Load Pricingp. 382
The Two-Part Tariffp. 385
Bundlingp. 392
Advertisingp. 403
Summaryp. 407
Questions for Reviewp. 408
Exercisesp. 408
Appendix to Chapter 11: Transfer Pricing in the Integrated Firmp. 413
Monopolistic Competition and Oligopolyp. 423
Monopolistic Competitionp. 424
Oligopolyp. 429
Price Competitionp. 437
Competition versus Collusion: The Prisoners' Dilemmap. 442
Implications of the Prisoners' Dilemma for Oligopolistic Pricingp. 445
Cartelsp. 451
Summaryp. 456
Questions for Reviewp. 457
Exercisesp. 457
Game Theory and Competitive Strategyp. 461
Gaming and Strategic Decisionsp. 461
Dominant Strategiesp. 464
The Nash Equilibrium Revisitedp. 466
Repeated Gamesp. 472
Sequential Gamesp. 476
Threats, Commitments, and Credibilityp. 479
Entry Deterrencep. 483
Bargaining Strategyp. 489
Auctionsp. 491
Summaryp. 496
Questions for Reviewp. 497
Exercisesp. 498
Markets for Factor Inputsp. 501
Competitive Factor Marketsp. 501
Equilibrium in a Competitive Factor Marketp. 514
Factor Markets with Monopsony Powerp. 518
Factor Markets with Monopoly Powerp. 523
Summaryp. 529
Questions for Reviewp. 530
Exercisesp. 530
Investment, Time, and Capital Marketsp. 533
Stocks versus Flowsp. 534
Present Discounted Valuep. 534
The Value of a Bondp. 538
The Net Present Value Criterion for Capital Investment Decisionsp. 542
Adjustments for Riskp. 545
Investment Decisions by Consumersp. 549
Intertemporal Production Decisions--Depletable Resourcesp. 551
How Are Interest Rates Determined?p. 555
Summaryp. 558
Questions for Reviewp. 558
Exercisesp. 559
Information, Market Failure, and the Role of Governmentp. 561
General Equilibrium and Economic Efficiencyp. 563
General Equilibrium Analysisp. 563
Efficiency in Exchangep. 567
Equity and Efficiencyp. 575
Efficiency in Productionp. 578
The Gains from Free Tradep. 585
An Overview--The Efficiency of Competitive Marketsp. 590
Why Markets Failp. 591
Summaryp. 593
Questions for Reviewp. 594
Exercisesp. 594
Markets with Asymmetric Informationp. 595
Quality Uncertainty and the Market for Lemonsp. 596
Market Signalingp. 601
Moral Hazardp. 606
The Principal-Agent Problemp. 609
Managerial Incentives in an Integrated Firmp. 613
Asymmetric Information in Labor Markets: Efficiency Wage Theoryp. 616
Summaryp. 619
Questions for Reviewp. 619
Exercisesp. 619
Externalities and Public Goodsp. 621
Externalitiesp. 621
Ways of Correcting Market Failurep. 625
Externalities and Property Rightsp. 638
Common Property Resourcesp. 642
Public Goodsp. 644
Private Preferences for Public Goodsp. 649
Summaryp. 651
Questions for Reviewp. 651
Exercisesp. 652
The Basics of Regressionp. 655
Glossaryp. 663
Answers to Selected Exercisesp. 675
Indexp. 687
List of Examples
Markets for Prescription Drugsp. 10
The Price of Eggs and the Price of a College Educationp. 12
The Minimum Wagep. 13
The Price of Eggs and the Price of a College Education Revisitedp. 26
Wage Inequality in the United Statesp. 27
The Long-Run Behavior of Natural Resource Pricesp. 28
The Market for Wheatp. 33
The Demand for Gasoline and Automobilesp. 39
The Weather in Brazil and the Price of Coffee in New Yorkp. 41
Declining Demand and the Behavior of Copper Pricesp. 47
Upheaval in the World Oil Marketp. 49
Price Controls and Natural Gas Shortagesp. 54
Designing New Automobilesp. 71
Designing New Automobiles (II)p. 81
Decision Making and Public Policyp. 82
A College Trust Fundp. 85
Revealed Preference for Recreationp. 88
Gasoline Rationingp. 91
The Bias in the CPIp. 97
Consumer Expenditures in the United Statesp. 108
The Effects of a Gasoline Taxp. 114
The Aggregate Demand for Wheatp. 120
The Demand for Housingp. 122
The Value of Clean Airp. 125
Network Externalities and the Demands for Computers and E-Mailp. 130
The Demand for Ready-to-Eat Cerealp. 134
Deterring Crimep. 154
Business Executives and the Choice of Riskp. 160
The Value of Title Insurance When Buying a Housep. 163
The Value of Information in the Dairy Industryp. 165
Investing in the Stock Marketp. 173
Malthus and the Food Crisisp. 187
Labor Productivity and the Standard of Livingp. 189
A Production Function for Wheatp. 196
Returns to Scale in the Carpet Industryp. 199
Choosing the Location for a New Law School Buildingp. 205
Sunk, Fixed, and Variable Costs: Computers, Software, and Pizzasp. 207
The Short-Run Cost of Aluminum Smeltingp. 213
The Effect of Effluent Fees on Input Choicesp. 220
Economies of Scope in the Trucking Industryp. 232
The Learning Curve in Practicep. 236
Cost Functions for Electric Powerp. 240
A Cost Function for the Savings and Loan Industryp. 241
The Short-Run Output Decision of an Aluminum Smelting Plantp. 260
Some Cost Considerations for Managersp. 261
The Short-Run Production of Petroleum Productsp. 265
The Short-Run World Supply of Copperp. 268
The Long-Run Supply of Housingp. 282
Price Controls and Natural Gas Shortagesp. 292
The Market for Human Kidneysp. 295
Airline Regulationp. 300
Supporting the Price of Wheatp. 306
The Sugar Quotap. 312
A Tax on Gasolinep. 318
Astra-Merck Prices Prilosecp. 334
Markup Pricing: Supermarkets to Designer Jeansp. 342
The Pricing of Prerecorded Videocassettesp. 343
Monopsony Power in U.S. Manufacturingp. 358
A Phone Call About Pricesp. 362
The United States versus Microsoftp. 363
The Economics of Coupons and Rebatesp. 379
Airline Faresp. 380
How to Price a Best-Selling Novelp. 384
Polaroid Camerasp. 389
Pricing Cellular Phone Servicep. 390
The Complete Dinner versus a la Carte: A Restaurant's Pricing Problemp. 401
Advertising in Practicep. 406
Monopolistic Competition in the Markets for Colas and Coffeep. 428
A Pricing Problem for Procter and Gamblep. 440
Procter and Gamble in a Prisoners' Dilemmap. 444
Price Leadership and Price Rigidity in Commercial Bankingp. 448
The Cartelization of Intercollegiate Athleticsp. 455
The Milk Cartelp. 456
Acquiring a Companyp. 463
Oligopolistic Cooperation in the Water Meter Industryp. 474
Competition and Collusion in the Airline Industryp. 475
Wal-Mart Stores' Preemptive Investment Strategyp. 482
DuPont Deters Entry in the Titanium Dioxide Industryp. 487
Diaper Warsp. 488
Internet Auctionsp. 495
The Demand for Jet Fuelp. 508
Labor Supply for One- and Two-Earner Householdsp. 513
Pay in the Militaryp. 517
Monopsony Power in the Market for Baseball Playersp. 520
Teenage Labor Markets and the Minimum Wagep. 521
The Decline of Private-Sector Unionismp. 527
Wage Inequality--Have Computers Changed the Labor Market?p. 528
The Value of Lost Earningsp. 537
The Yields on Corporate Bondsp. 541
Capital Investment in the Disposable Diaper Industryp. 548
Choosing an Air Conditioner and a New Carp. 550
How Depletable Are Depletable Resources?p. 554
The Interdependence of International Marketsp. 566
The Effects of Automobile Import Quotasp. 588
The Costs and Benefits of Special Protectionp. 589
Lemons in Major League Baseballp. 600
Working into the Nightp. 605
Reducing Moral Hazard--Warranties of Animal Healthp. 608
Crisis in the Savings and Loan Industryp. 608
Managers of Nonprofit Hospitals as Agentsp. 611
Efficiency Wages at Ford Motor Companyp. 618
The Costs and Benefits of Reduced Sulfur Dioxide Emissionsp. 631
Emissions Trading and Clean Airp. 632
Regulating Municipal Solid Wastesp. 637
The Coase Theorem at Workp. 641
Crawfish Fishing in Louisianap. 643
The Demand for Clear Airp. 647
The Demand for Coalp. 661
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