Schaum's Outline of Microeconomics, 4th edition

by Salvatore, Dominick

• ISBN13: 9780071462365
• ISBN10: 0071462368
• Edition: 4th
• Format: Paperback
• Copyright: 2006-05-01
• Publisher: McGraw-Hill

Summary

Get the essentials of microeconomics all in one book! This revision has been updated to cover the three most important recent developments in microeconomics: game theory, oligopolistic behavior, and the economics of information. Schaum's Outline of Microeconomics gives you a thorough grounding in the theories, principles, and background information on each topic in this vital field.

Author Biography

Dominick Salvatore is Professor Emeritus of Economics at Fordham University. He is the author of Microeconomics: Theory and Applications, International Economics, Managerial Economics, and several Schaum’s Outlines.

Table of Contents

Preface	v
Introduction	1	(13)
The Purpose of Theory	1	(1)
The Problem of Scarcity	1	(1)
The Function of Microeconomic Theory	1	(1)
Markets, Functions, and Equilibrium	2	(1)
Comparative Statics and Dynamics	2	(1)
Partial Equilibrium and General Equilibrium Analysis	2	(1)
Positive Economics and Normative Economics	2	(12)
Demand, Supply, and Equilibrium: An Overview	14	(25)
The Individual's Demand for a Commodity	14	(1)
The Law of Negatively Sloped Demand	15	(1)
Shifts in the Individual's Demand Curve	15	(1)
The Market Demand for a Commodity	15	(2)
The Single Producer's Supply of a Commodity	17	(1)
The Shape of the Supply Curve	17	(1)
Shifts in the Single Producer's Supply Curve	17	(1)
The Market Supply of a Commodity	18	(1)
Equilibrium	18	(1)
Types of Equilibria	19	(1)
Shifts in Demand and Supply, and Equilibrium	19	(20)
The Measurement of Elasticities	39	(23)
Price Elasticity of Demand	39	(1)
Arc and Point Elasticity	40	(1)
Point Elasticity and Total Expenditures	41	(1)
Income Elasticity of Demand	42	(1)
Cross Elasticity of Demand	43	(1)
Price Elasticity of Supply	44	(18)
Consumer Demand Theory	62	(40)
Total and Marginal Utility	62	(1)
Consumer Equilibrium	63	(1)
Indifference Curves: Definition	64	(1)
The Marginal Rate of Substitution	65	(1)
Characteristics of Indifference Curves	66	(1)
The Budget Constraint Line	67	(1)
Consumer Equilibrium	67	(1)
Exchange	68	(1)
The Income-Consumption Curve and the Engel Curve	68	(1)
The Price-Consumption Curve and the Consumer's Demand Curve	69	(1)
Separation of the Substitution and Income Effects	70	(32)
Advanced Topics in Consumer Demand Theory	102	(16)
The Substitution Effect According to Hicks and Slutsky	102	(1)
The Theory of Revealed Preference	103	(1)
Index Numbers and Changes in the Standard of Living	104	(1)
Utility Theory Under Uncertainty	105	(1)
A New Approach to Consumer Theory---the Demand for Characteristics	106	(1)
Empirical Demand Curves	107	(11)
Theory of Production	118	(28)
Production With One Variable Input: Total, Average, and Marginal Product	118	(1)
The Shapes of the Average and Marginal Product Curves	119	(1)
Stages of Production	120	(1)
Production With Two Variable Inputs: Isoquants	121	(1)
The Marginal Rate of Technical Substitution	122	(1)
Characteristics of Isoquants	122	(1)
Isocosts	123	(1)
Producer Equilibrium	124	(1)
Expansion Path	124	(1)
Factor Substitution	125	(1)
Constant, Increasing, and Decreasing Returns To Scale	125	(21)
Costs of Production	146	(33)
Short-Run Total Cost Curves	146	(1)
Short-Run Per-Unit Cost Curves	147	(1)
The Geometry of Short-Run Per-Unit Cost Curves	148	(1)
The Long-Run Average Cost Curve	149	(1)
The Shape of The Long-Run Average Cost Curve	150	(1)
The Long-Run Marginal Cost Curve	151	(1)
The Long-Run Total Cost Curve	152	(1)
The Cobb-Douglas Production Function	152	(1)
X-Inefficiency	152	(1)
Technological Progress	153	(26)
Midterm Examination	179	(168)
Price and Output Under Perfect Competition	184	(28)
Perfect Competition Defined	184	(1)
Price Determination in the Market Period	185	(1)
Short-Run Equilibrium of the Firm: Total Approach	185	(1)
Short-Run Equilibrium of the Firm: Marginal Approach	186	(2)
Short-Run Profit or Loss?	188	(1)
Short-Run Supply Curve	189	(1)
Long-Run Equilibrium of the Firm	189	(1)
Constant Cost Industries	190	(1)
Increasing Cost Industries	191	(1)
Decreasing Cost Industries	192	(20)
Price and Output Under Pure Monopoly	212	(26)
Pure Monopoly Defined	212	(1)
The MR Curve and Elasticity	213	(1)
Short-Run Equilibrium Under Pure Monopoly: Total Approach	213	(1)
Short-Run Equilibrium Under Pure Monopoly: Marginal Approach	214	(1)
Long-Run Equilibrium Under Pure Monopoly	215	(1)
Regulation of Monopoly: Price Control	216	(1)
Regulation of Monopoly: Lump-Sum Tax	216	(1)
Regulation of Monopoly: Per-Unit Tax	217	(1)
Price Discrimination	218	(20)
Price and Output Under Monopolistic Competition and Oligopoly	238	(24)
Monopolistic Competition Defined	238	(1)
Short-Run Equilibrium Under Monopolistic Competition	238	(1)
Long-Run Equilibrium Under Monopolistic Competition	239	(1)
Oligopoly Defined	239	(1)
The Cournot Model	240	(1)
The Edgeworth Model	240	(1)
The Chamberlin Model	241	(1)
The Kinked Demand Curve Model	241	(1)
The Centralized Cartel Model	242	(1)
The Market-Sharing Cartel Model	243	(1)
Price Leadership Model	243	(1)
Long-Run Equilibrium Under Oligopoly	244	(18)
Recent and Advanced Topics in Market Structure	262	(10)
The Lerner Index as a Measure of a Firm's Monopoly Power	262	(1)
The Herfindahl Index as Measure of Monopoly Power in an Industry	262	(1)
Contestable-Market Theory	262	(1)
Peak-Load Pricing	263	(1)
Cost-Plus Pricing	264	(1)
Transfer Pricing	264	(8)
Game Theory and Oligopolistic Behavior	272	(11)
Game Theory: Definitions and Objectives	272	(1)
Dominant Strategy	272	(1)
Nash Equilibrium	273	(1)
The Prisoners' Dilemma	273	(1)
Price and Nonprice Competition and Cartel Cheating	274	(1)
Repeated Games and Tit-For-Tat Strategy	274	(1)
Strategic Behavior	274	(9)
Input Pricing and Employment	283	(29)
Perfect Competition in the Product and Input Markets
Profit Maximization and Least-Cost Input Combinations	283	(1)
The Demand Curve of the Firm for One Variable Input	283	(1)
The Demand Curve of the Firm for One of Several Variable Inputs	284	(1)
The Market Demand Curve for an Input	285	(1)
The Market Supply Curve for an Input	285	(1)
Pricing and Level of Employment of an Input	285	(1)
Rent and Quasi-Rent	286	(1)
Perfect Competition in the Market and Monopoly in the Product Market
Profit Maximization and Least-Cost Input Combinations	286	(1)
The Demand Curve of the Firm for One Variable Input	286	(1)
The Demand Curve of the Firm for One of Several Variable Inputs	287	(1)
The Market Demand Curve and Input Pricing	287	(1)
Monopsony
Input Supply Curve and Marginal Resource Costs	288	(1)
Pricing and Employment for One Variable Input	289	(1)
Pricing and Employment of Several Variable Inputs	289	(23)
General Equilibrium and Welfare Economics	312	(24)
General Equilibrium
Partial and General Equilibrium Analysis	312	(1)
General Equilibrium of Exchange	312	(1)
General Equilibrium of Production	313	(1)
The Transformation Curve	314	(1)
The Slope of the Transformation Curve	315	(1)
General Equilibrium of Production and Exchange	315	(1)
Welfare Economics
Welfare Economics Defined	316	(1)
The Utility-Possibility Curve	316	(1)
Grand Utility-Possibility Curve	317	(1)
The Social Welfare Function	317	(1)
The Point of Maximum Social Welfare	318	(1)
Perfect Competition and Economic Efficiency	318	(1)
Externalities and Market Failure	318	(1)
Public Goods	319	(17)
The Economics of Information	336	(11)
The Economics of Search	336	(1)
Searching for The Lowest Price	336	(1)
Asymmetric Information: The Market for Lemons and Adverse Selection	337	(1)
Market Signaling	337	(1)
The Problem of Moral Hazard	337	(1)
The Principal-Agent Problem	338	(1)
The Efficiency Wage Theory	338	(9)
Final Examination	347	(4)
Index	351