Microeconomics:
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| Main Authors: | , |
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| Format: | Book |
| Language: | English |
| Published: |
Upper Saddle River
Pearson Prentice Hall
2009
|
| Edition: | 7. ed., internat. ed. |
| Series: | Pearson international edition
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Item Description: | Erg. bildet: Hamilton, Jonathan: Study guide Microeconomics, Robert S. Pindyck Daniel L. Rubinfeld |
| Physical Description: | XXXII, 736 S. zahlr. Ill., graph. Darst. |
| ISBN: | 9780137133352 0137133359 |
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| 245 | 1 | 0 | |a Microeconomics |c Robert S. Pindyck ; Daniel L. Rubinfeld |
| 250 | |a 7. ed., internat. ed. | ||
| 264 | 1 | |a Upper Saddle River |b Pearson Prentice Hall |c 2009 | |
| 300 | |a XXXII, 736 S. |b zahlr. Ill., graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Pearson international edition | |
| 500 | |a Erg. bildet: Hamilton, Jonathan: Study guide Microeconomics, Robert S. Pindyck Daniel L. Rubinfeld | ||
| 650 | 4 | |a Mikroökonomie - Lehrbuch | |
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| _version_ | 1804137994450370560 |
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| adam_text | JTHORS
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BRIEF
PART
·
С
1
Prelimina
2
The Basic
PART
·Τ
3
4
5
6
7
8
9
Consume:
Individua
Uncertain
Productio
The Cost
<
Profit Ma:
The Anal)
PART
·Τ
10
Market
Pc
11
Pricing wi
12
Monopoli
13
Game The
14
Markets f(
15
Investmer
PA RT· F(
16
General E<
17
Markets
w
18
Externaliti
Appendix: The
В
Glossary
695
Answers to Selec
Photo Credits
7
Index
725
BRIEF CONTENTS
PART «ONE Introduction:
Markets and Prices I
I Preliminaries
3
¿
The Basics of Supply and Demand
21
PART· TWO Producers, Consumers, and Competitive Markets
65
л
Consumer Behavior
67
4
Individual and Market Demand 111
:*»
Uncertainty and Consumer Behavior
159
h
Production
195
-
The Cost of Production
221
8
Profit Maximization and Competitive Supply
271
*
The Analysis of Competitive Markets
309
PART· THREE Market Structure and Competitive Strategy
347
i
*
i
Market Power: Monopoly and Monopsony
349
i í
Pricing with Market Power
391
і
2
Monopolistic Competition and Oligopoly
443
?
і
Game Theory and Competitive Strategy
479
1
4
Markets for Factor Inputs
521
1 5
Investment, Time, and Capital Markets
551
PART FOUR Information, Market Failure, and the Role
of Government
583
;
General Equilibrium and Economic Efficiency
585
?
Markets with Asymmetric Information
617
1
8
Externalities and Public Goods
645
Appendix: The Basics of Regression
687
Glossary
695
Answers to Selected Exercises
711
Photo Credits
723
Index
725
CONTENTS
Preface
xxv
PART ONE Introduction: Markets and Prices
1
1
Preliminaries
3
1.1
The Themes of Microeconomics
4
Trade-Offs
4
Prices and Markets
5
Theories and Models
5
Positive versus Normative Analysis
6
1.2
What Is a Market?
7
Competitive versus Noncompetitive Markets
8
Market Price
8
Market Definition
—
The Extent of a Market
9
1.3
Real versus Nominal Prices
12
1.4
Why Study Microeconomics?
15
Corporate Decision Making: Ford s Sport Utility Vehicles
15
Public Policy Design: Automobile Emission Standards for the Twenty-First
Century
17
Summary
18
Questions for Review
18
Exercises
18
2
The Basics of Supply and Demand
21
2.1
Supply and Demand
22
The Supply Curve
22
The Demand Curve
23
2.2
The Market Mechanism
25
2.3
Changes in Market Equilibrium
26
2.4
Elasticities of Supply and Demand
34
Point versus Arc Elasticities
37
2.5
Short-Run versus Long-Run Elasticities
40
Demand
40
Supply
45
*2.6 Understanding and Predicting the Effects of Changing Market
Conditions
49
2.7
Effects of Government Intervention
—
Price Controls
58
Summary
61
Questions for Review
61
Exercises
62
χ
CONTENTS ·
Ρ Α
R T
·
TWO Producers, Consumers, and Competitive
Markets
65
3
Consumer Behavior
67
Consumer Behavior
67
3.1
Consumer Preferences
69
Markt
Baskets
69
Some Basic Assumptions about Preferences
70
Indifference Curves
70
Indifference Maps
72
The Shape of indifference Curves
74
The Marginal Rate of Substitution
75
Perfect Substitutes and Perfect Complements
76
3.2
Budget Constraints
83
The Budget Line
S3
The Effects of Changes in Income and Prices
84
3.3
Consumer Choice
86
Corner Solutions
90
3.4
Revealed Preference
92
3.5
Marginal Utility and Consumer Choice
95
*3.6 Cost-of-Living Indexes
100
Ideal Cost-of-Uving Index
101
Laspeyres Index
101
Paasche Index
103
Price Indexes in the United Statics: Chain
Weighting
104
Summary
106
Questions for Review
106
Exercises
107
4
Individual and Market Demand 111
4.1
Individual Demand
112
Price Changes 111
The Individual Demand Curve
113
Income Changes
Ш
Normal versus Inferior Goods
115
Engel
Curves
116
Substitutes and Complements
119
4.2
Income and Substitution Effects
120
Substitution Effect
121
Income Effect
121
A Special Case: The
Giffen
Good
122
4.3
Market Demand
125
From Individual to Market Demand
125
Elasticity of Demand
127
4.4
Consumer Surplus
132
Consumer Surplus and Demand
132
CONTENTS·
xi
4.5
Network Externalities
136
The Bandwagon Effect
136
The Snob Effect
137
*4.6 Empirical Estimation of Demand
140
The Statistical Approach to Demand Estimation
140
The Form of the Demand Relationship
142
Interview and Experimental Approaches to Demand Determination
144
Summary
144
Questions for Review
145
Exercises
146
*
Demand Theory
—
A Mathematical
Treatment
149
Utility Maximization
149
The Method of
Lagrange
Multipliers
150
The Equal Marginal Principle
151
Marginal Rate of Substitution
151
Marginal Utility of Income
152
An Example
152
Duality in Consumer Theory
154
Income and Substitution Effects
155
Exercises
157
Uncertainty and Consumer Behavior
159
5.1
Describing Risk
160
Probability
160
Expected Value
161
Variability
161
Decision Making
163
5.2
Preferences Toward Risk
165
Different Preferences Toward Risk
167
5.3
Reducing Risk
170
Diversification
170
Insurance
172
The Value of Information
174
*5.4 The Demand for Risky Assets
176
Assers
177
Risky and Riskless Assets
177
Asset Returns
178
The Trade-Off Between Risk and Return
179
The Investor s Choice Problem
180
5.5
Behavioral Economics
185
More Complex Preferences
186
Rules of Thumb and Biases in Decision Making
188
Probabilities and Uncertainty
189
Summing Up
189
Summary
191
Questions for Review
191
Exercises
191
xii CONTENTS
(->
Production
195
The Production Decisions of a Firm
195
6.1
The Technology of Production
196
The Production Function
197
The Short Run versus the Long Run
197
6.2
Production with One Variable Input (Labor)
198
Average and Marginal Products
199
The Slopes of the Product Curve
200
The Average Product of Labor Curve
201
The Marginal Product of Labor Curve
202
The Law of Diminishing Marginal Returns
202
Labor Productivity
205
6.3
Production with Two Variable Inputs
207
Isoquants 207
Input Flexibility
209
Diminishing Marginal Returns
209
Substitution Among Inputs
209
Production Functions—Two Special Cases
211
6.4
Returns to Scale
215
Describing Returns to Scale
215
Summary
218
Questions for Review
218
Exercises
219
The Cost of Production
221
7.1
Measuring Cost: Which Costs Matter?
221
Economic Cost versus Accounting Cost
222
Opportunity Cost
222
Sunk Costs
222
Fixed Costs and Variable Costs
224
Fixed versus Sunk Costs
225
Marginal and Average Cost
227
7.2
Cost in the Short Run
228
The Determinants of Short-Run Cost
228
The Shapes of the Cost Curves
230
7.3
Cost in the Long Run
234
The User Cost of Capital
234
The Cost-Minimizing Input Choice
235
The Isocost Line
236
Choosing Inputs
237
Cost Minimization with Varying Output Levels
241
The Expansion Path and Long-Run Costs
241
7.4
Long-Run versus Short-Run Cost Curves
243
The Inflexibility of Short-Run Production
243
Long-Run Average Cost
243
Economies and Diseconomies of Scale
245
The Relationship between Short-Run and Img-Kun Cost
247
CONTENTS·
xiii
І
7.5
Production
with Two Outputs
—
Economies of Scope
248
Product Transformation Curves
249
Economies and Diseconomies of Scope
250
The Degree of Economies of Scope
250
*7.6 Dynamic Changes in Costs
—
The Learning Curve
251
Graphing the Learning Curve
252
Learning versus Economies of Scale
253
*7.7 Estimating and Predicting Cost
256
Cost Functions and the Measurement of Scale Economies
258
Summary
260
Questions for Review
261
Exercises
261
Appendix
ίο
„
ілрі
Production and Cost Theory
—
A Mathematical Treatment
264
Cost Minimization
264
Marginal Rate of Technical Substitution
265
Duality in Production and Cost Theory
266
The Cobb-Douglas Cost and Production Functions
267
Exercises
269
8
Profit Maximization and Competitive Supply
271
8.1
Perfectly Competitive Markets
271
When Is a Market Highly Competitive?
273
8.2
Profit Maximization
274
Do Firms Maximize Profit?
274
Alternative Forms of Organization
275
8.3
Marginal Revenue, Marginal Cost, and Profit
Maximization
276
Demand and Marginal
Reven uefora
Competitive Firm
2 77
Profit Maximization by a Competitive Firm
279
8.4
Choosing Output in the Short Run
279
Short-Run Profit Maximization by a Competitive Firm
279
The Short-Run Profit of a Competitive Firm
280
8.5
The Competitive Firm s Short-Run Supply Curve
284
The Firm s Response to an Input Price Change
284
8.6
The Short-Run Market Supply Curve
287
Elasticity of Market Supply
288
Producer Surplus in the Short Run
291
8.7
Choosing Output in the Long Run
292
Long-Run Profit Maximization
293
Long-Run Competitive Equilibrium
294
Economic Rent
297
Producer Surplus in the Long Run
297
8.8
The Industry s Long-Run Supply Curve
299
Constant-Cost Industry
299
Increasing-Cost Industry
300
Decreasing-Cost Industry
302
xiv CONTENTS ■
The Effects of a Tax
302
Long-Run Elasticity of Supply
303
Summary
305
Questions for Review
306
Exercises
306
() The Analysis of Competitive Markets
309
9.1
Evaluating the Gains and Losses from Government Policies—Consumer
and Producer Surplus
309
Review of Consumer and Producer Surplus
310
Application of Consumer and Producer Surplus
311
9.2
The Efficiency of a Competitive Market
315
9.3
Minimum Prices
319
9.4
Price Supports and Production Quotas
324
Price Supports
324
Production Quotas
325
9.5
Import Quotas and Tariffs
331
9.6
The Impact of a Tax or Subsidy
335
The Effects of a Subsidy
339
Summary
342
Questions for Review
342
Exercises
343
PART THREE Market Structure and Competitive
Strategy
347
í
ι
)
Market Power: Monopoly and Monopsony
349
10.1
Monopoly
350
Average Revenue and Marginal Revenue
350
The Monopolist s Output Decision
352
An Example
353
A Rule of Thumb for Pricing
354
Shifts in Demand
357
The Effect of a Tax
357
*The Multiplant Firm
359
10.2
Monopoly Power
361
Measuring Monopoly Power
362
The Rule of Thumb for Pricing
363
10.3
Sources of Monopoly Power
366
The Elasticity of Market Demand
367
The
Nu mber
of Firms
367
The Interaction Among Firms
368
10.4
The Social Costs of Monopoly Power
368
Rent Seeking
370
Price Regulation
370
Natural Monopoly
372
Regulation in Practice
373
CONTENTS · xv
10.5
Monopsony
373
Monopsony and Monopoly Compared
376
10.6
Monopsony Power
376
Sources of Monopsony Power
3 77
The Social Costs of Monopsony Power
379
Bilateral Monopoly
380
10.7
Limiting Market Power: The Antitrust Laws
381
Enforcement of the Antitrust Laws
383
Antitrust in Europe
384
Summary
387
Questions for Review
387
Exercises
388
11
Pricing with Market Power
391
11.1
Capturing Consumer Surplus
392
11.2
Price Discrimination
393
First-Degree Price Discrimination
393
Second-Degree Price Discrimination
396
Third-Degree Price Discrimination
397
11.3
Intertemporal
Price Discrimination and Peak-Load Pricing
403
Intertemporal
Price Discrimination
403
Peak-Load Pricing
404
11.4
The Two-Part Tariff
406
»11.5
Bundling
413
Relative Valuations
414
Mixed Bundling
418
Bundling in Practice
421
Tying
423
*11.6 Advertising
424
A Rule of Thumb for Advertising
426
Summary
428
Questions for Review
429
Exercises
429
Λ
>
ρ
í u
i
11
(
,a
p
I
И
.
Transfer Pricing in the Integrated Firm
433
Transfer Pricing When There Is No Outside Market
433
Transfer Pricing with a Competitive Outside Market
436
Transfer Pricing with
a Noncompetitive
Outside Market
438
A Numerical Example
439
Exercises
441
12
Monopolistic Competition and Oligopoly
443
12.1
Monopolistic Competition
444
The Makings of Monopolistic Competition
444
Equilibrium in the Short Run and the Long Run
445
Monopolistic Competition and Economic Efficiency
446
12.2
Oligopoly
449
Equilibrium in an Oligopolistic Market
449
The Cournot Model
450
xvi
CONTENTS·
The Linear Demand Curve—An Example
453
First Mover Advantage—The Stackelberg Model
455
12.3
Price Competition
456
Price Competition with Homogeneous Products—The
Bertrand
Model
456
Price Competition with Differentiated Products
458
12.4
Competition versus Collusion: The Prisoners Dilemma
461
12.5
Implications of the Prisoners Dilemma for Oligopolistic Pricing
464
Price Rigidity
465
Price Signaling and Price Leadership
465
The Dominant Firm Model
468
12.6
Cartels
469
Analysis of Cartel Pricing
470
Summary
475
Questions for Review
475
Exercises
476
! 3
Game Theory and Competitive Strategy
479
13.1
Gaming and Strategic Decisions
479
Noncooperative
versus Cooperative Games
480
13.2
Dominant Strategies
482
13.3
The Nash Equilibrium Revisited
484
Maximin
Strategies
486
*Mixed Strategies
488
13.4
Repeated Games
490
13.5
Sequential Games
494
The Extensive Form of a Game
495
The Advantage of Moving First
4%
13.6
Threats, Commitments, and Credibility
497
Empty Threats
498
Commitment and Credibility
498
Bargaining Strategy
500
13.7
Entry Deterrence
503
Strategic Trade Policy and International Competition
505
*13.8 Auctions
509
Auction Formats
510
Valuation and Information
510
Private-Value Auctions
511
Common-Value Auctions
512
Maximizing Auction Revenue
513
Bidding and Collusion
514
Summary
517
Questions for Review
517
Exercises
518
1 1
Markets for Factor Inputs
521
14.1
Competitive Factor Markets
521
Demand for a Factor Input When Only One Input Is Variable
522
Demand for a Factor Input When Several Inputs Are Variable
524
The Market Demand Curve
526
CONTENTS · xvü
The Supply of Inputs to a Firm
529
The Market Supply of Inputs
531
14.2
Equilibrium in a Competitive Factor Market
534
Economic Rent
535
14.3
Factor Markets with Monopsony Power
539
Monopsony Power: Marginal and Average Expenditure
539
Purchasing Decisions with Monopsony Power
540
Bargaining Power
541
14.4
Factor Markets with Monopoly Power
543
Monopoly Power over the Wage Rate
544
Unionized and Nonunionized Workers
545
Summary
549
Questions for Review
549
Exercises
550
15
Investment, Time, and Capital Markets
551
15.1
Stocks versus Flows
552
15.2
Present Discounted Value
553
Valuing Payment Streams
553
15.3
The Value of a Bond
556
Perpetuities
556
The Effective Yield on a Bond
557
15.4
The Net Present Value Criterion for Capital Investment Decisions
560
The Electric Motor Factory
561
Real versus Nominal Discount Rates
562
Negative Future Cash Floivs
563
15.5
Adjustments for Risk
564
Diversißable
versus Nondiversifiable Risk
564
The Capital Asset Pricing Model
565
15.6
Investment Decisions by Consumers
568
15.7
Investments in Human Capital
570
*15.8
Intertemporal
Production Decisions
—
Depletable Resources
573
The Production Decision of an Individual Resource Producer
574
The Behavior of Market Price
574
User Cost
575
Resource Production by a Monopolist
576
15.9
How Are Interest Rates Determined?
577
A Variety of Interest Rates
579
Summary
580
Questions for Review
580
Exercises
581
PART
*
FOUR Information, Market Failure, and the Role
of Government
583
16
General Equilibrium and Economic Efficiency
585
16.1
General Equilibrium Analysis
585
Two Interdependent Markets
—
Mooing to General Equilibrium
586
Reaching General Equilibrium
587
xviii
CONTENTS
16.2
Efficiency in Exchange
590
The Advantages of Trade
590
The Edgeworth Box Diagram
591
Efficient Allocations
592
The Contract Curve
593
Consumer Equilibrium in
a Competitive
Market
594
The Economic Efficiency of Competitive Markets
596
16.3
Equity and Efficiency
597
The Utility Possibilities Frontier
597
Equity and Perfect Competition
599
16.4
Efficiency in Production
600
Input Efficiency
600
The Production Possibilities Frontier
601
Output Efficiency
603
Efficiency in Output Markets
604
16.5
The Gains from Free Trade
605
Comparative Advantage
606
An Expanded Production Possibilities Frontier
607
16.6
An Overview—The Efficiency of Competitive Markets
610
16.7
Why Markets Fail
612
Market Power
612
Incomplete Information
613
Externalities
613
Public Goods
613
Summary
614
Questions for Review
614
Exercises
615
1
7
Markets with Asymmetric Information
617
17.1
Quality Uncertainty and the Market for Lemons
617
The Market for Used Cars
618
implications of Asymmetric Information
620
The Importance of Reputation and Standardization
621
17.2
Market Signaling
623
A Simple Model of Job Market Signaling
624
Guarantees and Warranties
627
17.3
Moral Hazard
628
17.4
The Principal-Agent Problem
630
The Principal-Agent Problem in Private Enterprises
631
The Principal-Agent Problem in Public Enterprises
633
Incentives in the Principal-Agent Framework
635
*17.5 Managerial Incentives in an Integrated Firm
636
Asymmetric Information and Incentive Design in the Integrated Firm
637
Applications
639
17.6
Asymmetric Information in Labor Markets: Efficiency Wage
Theory
639
Summary
642
Questions for Review
642
Exercises
643
CONTENTS·
xix
і
8
Externalities and Public Goods
645
18.1
Externalities
645
Negative Externalities and Inefficiency
646
Positive Externalities and Inefficiency
648
18.2
Ways of Correcting Market Failure
651
An Emissions Standard
652
An Emissions Fee
653
Standards versus Fees
654
Tradeable Emissions Permits
656
Recycling
660
18.3
Stock Externalities
663
Stock Buildup and Its Impact
664
18.4
Externalities and Property Rights
669
Property Rights
669
Bargaining and Economic Efficiency
670
Costly Bargaining
—
The Role of Strategic Behavior
671
A Legal Solution
—
Suing for Damages
671
18.5
Common Property Resources
673
18.6
Public Goods
676
Efficiency and Public Goods
677
Public Goods and Market Failure
678
18.7
Private Preferences for Public Goods
680
Summary
682
Questions for Review
683
Exercises
683
The Basics of Regression
687
An Example
687
Estimation
688
Statistical Tests
689
Goodness of Fit
691
Economic Forecasting
691
Summary
694
Glossary
695
Answers to Selected Exercises
711
Photo Credits
723
Index
725
EXAMPLE
1.1
Markets for Prescription Drugs
10
EXAMPLE
1.2
The Market for Sweeteners
11
EXAMPLE
1.3
The Price of Eggs and the Price of a College Education
13
EXAMPLE
1.4
The Minimum Wage
14
xx CONTENTS ·
EXAMPLE
2.1
The Price of Eggs and the Price of a College Education Revisited
28
EXAMPLE
2.2
Wage Inequality in the United States
29
EXAMPLE
2.3
The Long-Run Behavior of Natural Resource Prices
30
EXAMPLE
2.4
The Effects of
9/11
on the Supply and Demand for
New York City Office Space
32
EXAMPLE
2.5
The Market for Wheat
38
EXAM PLE
2.6
The Demand for Gasoline and Automobiles
44
EXAMPLE
2.7
The Weather in Brazil and the Price of Coffee in New York
46
EXAMPLE
2.8
The Behavior of Copper Prices
52
EXAM PLE
2.9
Upheaval in the World Oil Market
54
EXAM PLE
2.10
Price Controls and Natural Gas Shortages
59
EXAMPLE
3.1
Designing New Automobiles (I)
77
EXAMPLE
3.2
Can Money Buy Happiness?
81
EXAMPLE
3.3
Designing New Automobiles (II)
89
EXAMPLE
3.4
A College Trust Fund
91
EXAMPLE
3.5
Revealed Preference for Recreation
94
EXAMPLE
3.6
Marginal Utility and Happiness
97
EXAMPLE
3.7
Gasoline Rationing
98
EXAMPLE
3.8
The Bias in the
CPI
105
EXAMPLE
4.1
Consumer Expenditures in the United States
117
EXAMPLE
4.2
The Effects of a Gasoline Tax
123
EXAM PLE
4.3
The Aggregate Demand for Wheat
129
EXAMPLE
4.4
The Demand for Housing
130
EXAMPLE
4.5
The Value of Clean Air
134
EXAMPLE
4.6
Network Externalities and the Demands for Computers and
E-Mail
139
EXAMPLE
4.7
The Demand for Ready-to-Eat Cereal
143
EXAMPLE
5.1
Deterring Crime
164
EXAMPLE
5.2
Business Executives and the Choice of Risk
169
EXAMPLE
5.3
The Value of Title Insurance When Buying a House
173
EXAM PLE
5.4
The Value of Information in the Dairy Industry
175
EXAM PLE
5.5
Doctors, Patients, and the Value of Information
175
EXAMPLE
5.6
Investing in the Stock Market
183
EXAMPLE
5.7
New York City Taxicab Drivers
190
EXAMPLE
6.1
Malthus
and the Food Crisis
204
EXAMPLE
6.2
Labor Productivity and the Standard of Living
206
EXAMPLE
6.3
A Production Function for Wheat
213
EXAMPLE
6.4
Returns to Scale in the Carpet Industry
217
CONTENTS·
xxi
EXAMPLE
7.1
Choosing the Location for a New Law School Building
223
EXAMPLE
7.2
Sunk, Fixed, and Variable Costs: Computers, Software, and Pizzas
226
EXAM PLE
7.3
The Short-Run Cost of Aluminum Smelting
232
EXAM PLE
7.4
The Effect of Effluent Fees on Input Choices
239
EXAMPLE
7.5
Economies of Scope in the Trucking Industry
251
EXAMPLE
7.6
The Learning Curve in Practice
255
EXAMPLE
7.7
Cost Functions for Electric Power
258
EXAMPLE
8.1
Condominiums versus Cooperatives in New York City
275
EXAMPLE
8.2
The Short-Run Output Decision of an Aluminum Smelting Plant
282
EXAMPLE
8.3
Some Cost Considerations for Managers
283
EXAMPLE
8.4
The Short-Run Production of Petroleum Products
286
EXAMPLE
8.5
The Short-Run World Supply of Copper
289
EXAMPLE
8.6
Constant-, Increasing-, and Decreasing-Cost Industries: Coffee, Oil,
and Automobiles
302
EXAMPLE
8.7
The Long-Run Supply of Housing
304
EXAMPLE
9.1
Price Controls and Natural Gas Shortages
314
EXAMPLE
9.2
The Market for Human Kidneys
317
EXAMPLE
9.3
Airline Regulation
321
EXAMPLE
9.4
Supporting the Price of Wheat
327
EXAMPLE
9.5
The Sugar Quota
333
EXAMPLE
9.6
A Tax on Gasoline
340
EXAMPLE
10.1
Astra-Merck Prices Prilosec
356
EXAMPLE
10.2
Markup Pricing: Supermarkets to Designer Jeans
364
EXAMPLE
10.3
The Pricing of Videos
365
EXAMPLE
10.4
Monopsony Power in U.S. Manufacturing
380
EXAMPLE
10.5
A Phone Call About Prices
384
EXAMPLE
10.6
The United States versus Microsoft
385
EXAMPLE
11.1
The Economics of Coupons and Rebates
400
EXAMPLE
11.2
Airline Fares
402
EXAMPLE
11.3
How to Price a Best-Selling Novel
406
EXAMPLE
11.4
Polaroid Cameras
410
EXAMPLE
11.5
Pricing Cellular Phone Service
411
EXAMPLE
11.6
The Complete Dinner versus
á
la Carte: A Restaurant s Pricing
Problem
422
EXAMPLE
11.7
Advertising in Practice
427
EXAMPLE
12.1
Monopolistic Competition in the Markets for Colas and Coffee
447
EXAMPLE
12.2
A Pricing Problem for Procter
&
Gamble
460
EXAMPLE
12.3
Procter
&
Gamble in a Prisoners Dilemma
463
xxii
CONTENTS·
EXAMPLE
12.4
Price Leadership and Price Rigidity in Commercial Banking
467
EXAMPLE
12.5
The Cartelization of Intercollegiate Athletics
473
EXAMPLE
12.6
The Milk Cartel
474
EXAMPLE
13.1
Acquiring a Company
481
EXAMPLE
13.2
Oligopolistic Cooperation in the Water Meter Industry
492
EXAMPLE
13.3
Competition and Collusion in the Airline Industry
493
EXAMPLE
13.4
Wal-Mart Stores Preemptive Investment Strategy
501
EXAMPLE
13.5
DuPont Deters Entry in the Titanium Dioxide Industry
507
EXAMPLE
13.6
Diaper Wars
508
EXAMPLE
13.7
Auctioning Legal Services
514
EXAMPLE
13.8
Internet Auctions
515
EXAM PLE
14.1
The Demand for Jet Fuel
528
EXAMPLE
14.2
Labor Supply for One- and Two-Earner Households
533
EXAMPLE
14.3
Pay in the Military
537
EXAMPLE
14.4
Monopsony Power in the Market for Baseball Players
541
EXAMPLE
14.5
Teenage Labor Markets and the Minimum Wage
542
EXAMPLE
14.6
The Decline of Private-Sector Unionism
546
EXAMPLE
14.7
Wage Inequality—Have Computers Changed the Labor Market?
547
EXAMPLE
15.1
The Value of Lost Earnings
555
EXAMPLE
15.2
The Yields on Corporate Bonds
559
EXAMPLE
15.3
Capital Investment in the Disposable Diaper Industry
566
EXAMPLE
15.4
Choosing an Air Conditioner and a New Car
569
EXAM PLE
15.5
Should You Go to Business School?
572
EXAMPLE
15.6
How Depletable Are Depletable Resources?
576
EXAMPLE
16.1
The Global Market for
Ethanol
588
EXAMPLE
16.2
Trading Tasks and iPod Production
608
EXAMPLE
16.3
The Costs and Benefits of Special Protection
609
EXAMPLE
17.1
Lemons in Major League Baseball
622
EXAMPLE
17.2
Working into the Night
627
EXAMPLE
17.3
Reducing Moral Hazard: Warranties of Animal Health
630
EXAMPLE
17.4
CEO Salaries
632
EXAMPLE
17.5
Managers of Nonprofit Hospitals as Agents
634
EXAMPLE
17.6
Efficiency Wages at Ford Motor Company
641
EXAM PLE
18.1
The Costs and Benefits of Sulfur Dioxide Emissions
649
EXAMPLE
18.2
Reducing Sulfur Dioxide Emissions in Beijing
657
EXAMPLE
18.3
Emissions Trading and Clean Air
658
EXAMPLE
18.4
Regulating Municipal Solid Wastes
662
CONTENTS · xxiii
EXAMPLE
18.5 Global
Warming
667
EXAMPLE
18.6
The
Coase
Theorem at Work
672
EXAMPLE
18.7
Crawfish Fishing in Louisiana
674
EXAMPLE
18.8
The Demand for Clean Air
679
EXAM PLE A.
1
The Demand for Coal
693
|
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BRIEF
PART
·
С
1
Prelimina
2
The Basic
PART
·Τ
3
4
5
6
7
8
9
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Individua
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PART
·Τ
10
Market
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11
Pricing wi
12
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Markets f(
15
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PA RT· F(
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General E<
17
Markets
w
18
Externaliti
Appendix: The
В
Glossary
695
Answers to Selec
Photo Credits
7
Index
725
BRIEF CONTENTS
PART «ONE Introduction:
Markets and Prices I
I Preliminaries
3
¿
The Basics of Supply and Demand
21
PART· TWO Producers, Consumers, and Competitive Markets
65
л
Consumer Behavior
67
4
Individual and Market Demand 111
:*»
Uncertainty and Consumer Behavior
159
h
Production
195
-
The Cost of Production
221
8
Profit Maximization and Competitive Supply
271
*
The Analysis of Competitive Markets
309
PART· THREE Market Structure and Competitive Strategy
347
i
*
'i
Market Power: Monopoly and Monopsony
349
i í
Pricing with Market Power
391
і
2
Monopolistic Competition and Oligopoly
443
?
і
Game Theory and Competitive Strategy
479
1
4
Markets for Factor Inputs
521
1 5
Investment, Time, and Capital Markets
551
PART'FOUR Information, Market Failure, and the Role
of Government
583
;
General Equilibrium and Economic Efficiency
585
?
Markets with Asymmetric Information
617
1
8
Externalities and Public Goods
645
Appendix: The Basics of Regression
687
Glossary
695
Answers to Selected Exercises
711
Photo Credits
723
Index
725
CONTENTS
Preface
xxv
PART ONE Introduction: Markets and Prices
1
1
Preliminaries
3
1.1
The Themes of Microeconomics
4
Trade-Offs
4
Prices and Markets
5
Theories and Models
5
Positive versus Normative Analysis
6
1.2
What Is a Market?
7
Competitive versus Noncompetitive Markets
8
Market Price
8
Market Definition
—
The Extent of a Market
9
1.3
Real versus Nominal Prices
12
1.4
Why Study Microeconomics?
15
Corporate Decision Making: Ford's Sport Utility Vehicles
15
Public Policy Design: Automobile Emission Standards for the Twenty-First
Century
17
Summary
18
Questions for Review
18
Exercises
18
2
The Basics of Supply and Demand
21
2.1
Supply and Demand
22
The Supply Curve
22
The Demand Curve
23
2.2
The Market Mechanism
25
2.3
Changes in Market Equilibrium
26
2.4
Elasticities of Supply and Demand
34
Point versus Arc Elasticities
37
2.5
Short-Run versus Long-Run Elasticities
40
Demand
40
Supply
45
*2.6 Understanding and Predicting the Effects of Changing Market
Conditions
49
2.7
Effects of Government Intervention
—
Price Controls
58
Summary
61
Questions for Review
61
Exercises
62
χ
CONTENTS ·
Ρ Α
R T
·
TWO Producers, Consumers, and Competitive
Markets
65
3
Consumer Behavior
67
Consumer Behavior
67
3.1
Consumer Preferences
69
Markt
Baskets
69
Some Basic Assumptions about Preferences
70
Indifference Curves
70
Indifference Maps
72
The Shape of indifference Curves
74
The Marginal Rate of Substitution
75
Perfect Substitutes and Perfect Complements
76
3.2
Budget Constraints
83
The Budget Line
S3
The Effects of Changes in Income and Prices
84
3.3
Consumer Choice
86
Corner Solutions
90
3.4
Revealed Preference
92
3.5
Marginal Utility and Consumer Choice
95
*3.6 Cost-of-Living Indexes
100
Ideal Cost-of-Uving Index
101
Laspeyres Index
101
Paasche Index
103
Price Indexes in the United Statics: Chain
Weighting
104
Summary
106
Questions for Review
106
Exercises
107
4
Individual and Market Demand 111
4.1
Individual Demand
112
Price Changes 111
The Individual Demand Curve
113
Income Changes
Ш
Normal versus Inferior Goods
115
Engel
Curves
116
Substitutes and Complements
119
4.2
Income and Substitution Effects
120
Substitution Effect
121
Income Effect
121
A Special Case: The
Giffen
Good
122
4.3
Market Demand
125
From Individual to Market Demand
125
Elasticity of Demand
127
4.4
Consumer Surplus
132
Consumer Surplus and Demand
132
CONTENTS·
xi
4.5
Network Externalities
136
The Bandwagon Effect
136
The Snob Effect
137
*4.6 Empirical Estimation of Demand
140
The Statistical Approach to Demand Estimation
140
The Form of the Demand Relationship
142
Interview and Experimental Approaches to Demand Determination
144
Summary
144
Questions for Review
145
Exercises
146
*
Demand Theory
—
A Mathematical
Treatment
149
Utility Maximization
149
The Method of
Lagrange
Multipliers
150
The Equal Marginal Principle
151
Marginal Rate of Substitution
151
Marginal Utility of Income
152
An Example
152
Duality in Consumer Theory
154
Income and Substitution Effects
155
Exercises
157
Uncertainty and Consumer Behavior
159
5.1
Describing Risk
160
Probability
160
Expected Value
161
Variability
161
Decision Making
163
5.2
Preferences Toward Risk
165
Different Preferences Toward Risk
167
5.3
Reducing Risk
170
Diversification
170
Insurance
172
The Value of Information
174
*5.4 The Demand for Risky Assets
176
Assers
177
Risky and Riskless Assets
177
Asset Returns
178
The Trade-Off Between Risk and Return
179
The Investor's Choice Problem
180
5.5
Behavioral Economics
185
More Complex Preferences
186
Rules of Thumb and Biases in Decision Making
188
Probabilities and Uncertainty
189
Summing Up
189
Summary
191
Questions for Review
191
Exercises
191
xii CONTENTS
(->
Production
195
The Production Decisions of a Firm
195
6.1
The Technology of Production
196
The Production Function
197
The Short Run versus the Long Run
197
6.2
Production with One Variable Input (Labor)
198
Average and Marginal Products
199
The Slopes of the Product Curve
200
The Average Product of Labor Curve
201
The Marginal Product of Labor Curve
202
The Law of Diminishing Marginal Returns
202
Labor Productivity
205
6.3
Production with Two Variable Inputs
207
Isoquants 207
Input Flexibility
209
Diminishing Marginal Returns
209
Substitution Among Inputs
209
Production Functions—Two Special Cases
211
6.4
Returns to Scale
215
Describing Returns to Scale
215
Summary
218
Questions for Review
218
Exercises
219
The Cost of Production
221
7.1
Measuring Cost: Which Costs Matter?
221
Economic Cost versus Accounting Cost
222
Opportunity Cost
222
Sunk Costs
222
Fixed Costs and Variable Costs
224
Fixed versus Sunk Costs
225
Marginal and Average Cost
227
7.2
Cost in the Short Run
228
The Determinants of Short-Run Cost
228
The Shapes of the Cost Curves
230
7.3
Cost in the Long Run
234
The User Cost of Capital
234
The Cost-Minimizing Input Choice
235
The Isocost Line
236
Choosing Inputs
237
Cost Minimization with Varying Output Levels
241
The Expansion Path and Long-Run Costs
241
7.4
Long-Run versus Short-Run Cost Curves
243
The Inflexibility of Short-Run Production
243
Long-Run Average Cost
243
Economies and Diseconomies of Scale
245
The Relationship between Short-Run and Img-Kun Cost
247
CONTENTS·
xiii
І
7.5
Production
with Two Outputs
—
Economies of Scope
248
Product Transformation Curves
249
Economies and Diseconomies of Scope
250
The Degree of Economies of Scope
250
*7.6 Dynamic Changes in Costs
—
The Learning Curve
251
Graphing the Learning Curve
252
Learning versus Economies of Scale
253
*7.7 Estimating and Predicting Cost
256
Cost Functions and the Measurement of Scale Economies
258
Summary
260
Questions for Review
261
Exercises
261
Appendix
ίο
„
ілрі
Production and Cost Theory
—
A Mathematical Treatment
264
Cost Minimization
264
Marginal Rate of Technical Substitution
265
Duality in Production and Cost Theory
266
The Cobb-Douglas Cost and Production Functions
267
Exercises
269
8
Profit Maximization and Competitive Supply
271
8.1
Perfectly Competitive Markets
271
When Is a Market Highly Competitive?
273
8.2
Profit Maximization
274
Do Firms Maximize Profit?
274
Alternative Forms of Organization
275
8.3
Marginal Revenue, Marginal Cost, and Profit
Maximization
276
Demand and Marginal
Reven uefora
Competitive Firm
2 77
Profit Maximization by a Competitive Firm
279
8.4
Choosing Output in the Short Run
279
Short-Run Profit Maximization by a Competitive Firm
279
The Short-Run Profit of a Competitive Firm
280
8.5
The Competitive Firm's Short-Run Supply Curve
284
The Firm's Response to an Input Price Change
284
8.6
The Short-Run Market Supply Curve
287
Elasticity of Market Supply
288
Producer Surplus in the Short Run
291
8.7
Choosing Output in the Long Run
292
Long-Run Profit Maximization
293
Long-Run Competitive Equilibrium
294
Economic Rent
297
Producer Surplus in the Long Run
297
8.8
The Industry's Long-Run Supply Curve
299
Constant-Cost Industry
299
Increasing-Cost Industry
300
Decreasing-Cost Industry
302
xiv CONTENTS ■
The Effects of a Tax
302
Long-Run Elasticity of Supply
303
Summary
305
Questions for Review
306
Exercises
306
() The Analysis of Competitive Markets
309
9.1
Evaluating the Gains and Losses from Government Policies—Consumer
and Producer Surplus
309
Review of Consumer and Producer Surplus
310
Application of Consumer and Producer Surplus
311
9.2
The Efficiency of a Competitive Market
315
9.3
Minimum Prices
319
9.4
Price Supports and Production Quotas
324
Price Supports
324
Production Quotas
325
9.5
Import Quotas and Tariffs
331
9.6
The Impact of a Tax or Subsidy
335
The Effects of a Subsidy
339
Summary
342
Questions for Review
342
Exercises
343
PART THREE Market Structure and Competitive
Strategy
347
í
ι
)
Market Power: Monopoly and Monopsony
349
10.1
Monopoly
350
Average Revenue and Marginal Revenue
350
The Monopolist's Output Decision
352
An Example
353
A Rule of Thumb for Pricing
354
Shifts in Demand
357
The Effect of a Tax
357
*The Multiplant Firm
359
10.2
Monopoly Power
361
Measuring Monopoly Power
362
The Rule of Thumb for Pricing
363
10.3
Sources of Monopoly Power
366
The Elasticity of Market Demand
367
The
Nu mber
of Firms
367
The Interaction Among Firms
368
10.4
The Social Costs of Monopoly Power
368
Rent Seeking
370
Price Regulation
370
Natural Monopoly
372
Regulation in Practice
373
CONTENTS · xv
10.5
Monopsony
373
Monopsony and Monopoly Compared
376
10.6
Monopsony Power
376
Sources of Monopsony Power
3 77
The Social Costs of Monopsony Power
379
Bilateral Monopoly
380
10.7
Limiting Market Power: The Antitrust Laws
381
Enforcement of the Antitrust Laws
383
Antitrust in Europe
384
Summary
387
Questions for Review
387
Exercises
388
11
Pricing with Market Power
391
11.1
Capturing Consumer Surplus
392
11.2
Price Discrimination
393
First-Degree Price Discrimination
393
Second-Degree Price Discrimination
396
Third-Degree Price Discrimination
397
11.3
Intertemporal
Price Discrimination and Peak-Load Pricing
403
Intertemporal
Price Discrimination
403
Peak-Load Pricing
404
11.4
The Two-Part Tariff
406
»11.5
Bundling
413
Relative Valuations
414
Mixed Bundling
418
Bundling in Practice
421
Tying
423
*11.6 Advertising
424
A Rule of Thumb for Advertising
426
Summary
428
Questions for Review
429
Exercises
429
Λ
>
ρ
í u
'
i\
11
(
,a
p
I
И
.
Transfer Pricing in the Integrated Firm
433
Transfer Pricing When There Is No Outside Market
433
Transfer Pricing with a Competitive Outside Market
436
Transfer Pricing with
a Noncompetitive
Outside Market
438
A Numerical Example
439
Exercises
441
12
Monopolistic Competition and Oligopoly
443
12.1
Monopolistic Competition
444
The Makings of Monopolistic Competition
444
Equilibrium in the Short Run and the Long Run
445
Monopolistic Competition and Economic Efficiency
446
12.2
Oligopoly
449
Equilibrium in an Oligopolistic Market
449
The Cournot Model
450
xvi
CONTENTS·
The Linear Demand Curve—An Example
453
First Mover Advantage—The Stackelberg Model
455
12.3
Price Competition
456
Price Competition with Homogeneous Products—The
Bertrand
Model
456
Price Competition with Differentiated Products
458
12.4
Competition versus Collusion: The Prisoners' Dilemma
461
12.5
Implications of the Prisoners' Dilemma for Oligopolistic Pricing
464
Price Rigidity
465
Price Signaling and Price Leadership
465
The Dominant Firm Model
468
12.6
Cartels
469
Analysis of Cartel Pricing
470
Summary
475
Questions for Review
475
Exercises
476
! 3
Game Theory and Competitive Strategy
479
13.1
Gaming and Strategic Decisions
479
Noncooperative
versus Cooperative Games
480
13.2
Dominant Strategies
482
13.3
The Nash Equilibrium Revisited
484
Maximin
Strategies
486
*Mixed Strategies
488
13.4
Repeated Games
490
13.5
Sequential Games
494
The Extensive Form of a Game
495
The Advantage of Moving First
4%
13.6
Threats, Commitments, and Credibility
497
Empty Threats
498
Commitment and Credibility
498
Bargaining Strategy
500
13.7
Entry Deterrence
503
Strategic Trade Policy and International Competition
505
*13.8 Auctions
509
Auction Formats
510
Valuation and Information
510
Private-Value Auctions
511
Common-Value Auctions
512
Maximizing Auction Revenue
513
Bidding and Collusion
514
Summary
517
Questions for Review
517
Exercises
518
1 1
Markets for Factor Inputs
521
14.1
Competitive Factor Markets
521
Demand for a Factor Input When Only One Input Is Variable
522
Demand for a Factor Input When Several Inputs Are Variable
524
The Market Demand Curve
526
CONTENTS · xvü
The Supply of Inputs to a Firm
529
The Market Supply of Inputs
531
14.2
Equilibrium in a Competitive Factor Market
534
Economic Rent
535
14.3
Factor Markets with Monopsony Power
539
Monopsony Power: Marginal and Average Expenditure
539
Purchasing Decisions with Monopsony Power
540
Bargaining Power
541
14.4
Factor Markets with Monopoly Power
543
Monopoly Power over the Wage Rate
544
Unionized and Nonunionized Workers
545
Summary
549
Questions for Review
549
Exercises
550
15
Investment, Time, and Capital Markets
551
15.1
Stocks versus Flows
552
15.2
Present Discounted Value
553
Valuing Payment Streams
553
15.3
The Value of a Bond
556
Perpetuities
556
The Effective Yield on a Bond
557
15.4
The Net Present Value Criterion for Capital Investment Decisions
560
The Electric Motor Factory
561
Real versus Nominal Discount Rates
562
Negative Future Cash Floivs
563
15.5
Adjustments for Risk
564
Diversißable
versus Nondiversifiable Risk
564
The Capital Asset Pricing Model
565
15.6
Investment Decisions by Consumers
568
15.7
Investments in Human Capital
570
*15.8
Intertemporal
Production Decisions
—
Depletable Resources
573
The Production Decision of an Individual Resource Producer
574
The Behavior of Market Price
574
User Cost
575
Resource Production by a Monopolist
576
15.9
How Are Interest Rates Determined?
577
A Variety of Interest Rates
579
Summary
580
Questions for Review
580
Exercises
581
PART
*
FOUR Information, Market Failure, and the Role
of Government
583
16
General Equilibrium and Economic Efficiency
585
16.1
General Equilibrium Analysis
585
Two Interdependent Markets
—
Mooing to General Equilibrium
586
Reaching General Equilibrium
587
xviii
CONTENTS'
16.2
Efficiency in Exchange
590
The Advantages of Trade
590
The Edgeworth Box Diagram
591
Efficient Allocations
592
The Contract Curve
593
Consumer Equilibrium in
a Competitive
Market
594
The Economic Efficiency of Competitive Markets
596
16.3
Equity and Efficiency
597
The Utility Possibilities Frontier
597
Equity and Perfect Competition
599
16.4
Efficiency in Production
600
Input Efficiency
600
The Production Possibilities Frontier
601
Output Efficiency
603
Efficiency in Output Markets
604
16.5
The Gains from Free Trade
605
Comparative Advantage
606
An Expanded Production Possibilities Frontier
607
16.6
An Overview—The Efficiency of Competitive Markets
610
16.7
Why Markets Fail
612
Market Power
612
Incomplete Information
613
Externalities
613
Public Goods
613
Summary
614
Questions for Review
614
Exercises
615
1
7
Markets with Asymmetric Information
617
17.1
Quality Uncertainty and the Market for Lemons
617
The Market for Used Cars
618
implications of Asymmetric Information
620
The Importance of Reputation and Standardization
621
17.2
Market Signaling
623
A Simple Model of Job Market Signaling
624
Guarantees and Warranties
627
17.3
Moral Hazard
628
17.4
The Principal-Agent Problem
630
The Principal-Agent Problem in Private Enterprises
631
The Principal-Agent Problem in Public Enterprises
633
Incentives in the Principal-Agent Framework
635
*17.5 Managerial Incentives in an Integrated Firm
636
Asymmetric Information and Incentive Design in the Integrated Firm
637
Applications
639
17.6
Asymmetric Information in Labor Markets: Efficiency Wage
Theory
639
Summary
642
Questions for Review
642
Exercises
643
CONTENTS·
xix
і
8
Externalities and Public Goods
645
18.1
Externalities
645
Negative Externalities and Inefficiency
646
Positive Externalities and Inefficiency
648
18.2
Ways of Correcting Market Failure
651
An Emissions Standard
652
An Emissions Fee
653
Standards versus Fees
654
Tradeable Emissions Permits
656
Recycling
660
18.3
Stock Externalities
663
Stock Buildup and Its Impact
664
18.4
Externalities and Property Rights
669
Property Rights
669
Bargaining and Economic Efficiency
670
Costly Bargaining
—
The Role of Strategic Behavior
671
A Legal Solution
—
Suing for Damages
671
18.5
Common Property Resources
673
18.6
Public Goods
676
Efficiency and Public Goods
677
Public Goods and Market Failure
678
18.7
Private Preferences for Public Goods
680
Summary
682
Questions for Review
683
Exercises
683
The Basics of Regression
687
An Example
687
Estimation
688
Statistical Tests
689
Goodness of Fit
691
Economic Forecasting
691
Summary
694
Glossary
695
Answers to Selected Exercises
711
Photo Credits
723
Index
725
EXAMPLE
1.1
Markets for Prescription Drugs
10
EXAMPLE
1.2
The Market for Sweeteners
11
EXAMPLE
1.3
The Price of Eggs and the Price of a College Education
13
EXAMPLE
1.4
The Minimum Wage
14
xx CONTENTS ·
EXAMPLE
2.1
The Price of Eggs and the Price of a College Education Revisited
28
EXAMPLE
2.2
Wage Inequality in the United States
29
EXAMPLE
2.3
The Long-Run Behavior of Natural Resource Prices
30
EXAMPLE
2.4
The Effects of
9/11
on the Supply and Demand for
New York City Office Space
32
EXAMPLE
2.5
The Market for Wheat
38
EXAM PLE
2.6
The Demand for Gasoline and Automobiles
44
EXAMPLE
2.7
The Weather in Brazil and the Price of Coffee in New York
46
EXAMPLE
2.8
The Behavior of Copper Prices
52
EXAM PLE
2.9
Upheaval in the World Oil Market
54
EXAM PLE
2.10
Price Controls and Natural Gas Shortages
59
EXAMPLE
3.1
Designing New Automobiles (I)
77
EXAMPLE
3.2
Can Money Buy Happiness?
81
EXAMPLE
3.3
Designing New Automobiles (II)
89
EXAMPLE
3.4
A College Trust Fund
91
EXAMPLE
3.5
Revealed Preference for Recreation
94
EXAMPLE
3.6
Marginal Utility and Happiness
97
EXAMPLE
3.7
Gasoline Rationing
98
EXAMPLE
3.8
The Bias in the
CPI
105
EXAMPLE
4.1
Consumer Expenditures in the United States
117
EXAMPLE
4.2
The Effects of a Gasoline Tax
123
EXAM PLE
4.3
The Aggregate Demand for Wheat
129
EXAMPLE
4.4
The Demand for Housing
130
EXAMPLE
4.5
The Value of Clean Air
134
EXAMPLE
4.6
Network Externalities and the Demands for Computers and
E-Mail
139
EXAMPLE
4.7
The Demand for Ready-to-Eat Cereal
143
EXAMPLE
5.1
Deterring Crime
164
EXAMPLE
5.2
Business Executives and the Choice of Risk
169
EXAMPLE
5.3
The Value of Title Insurance When Buying a House
173
EXAM PLE
5.4
The Value of Information in the Dairy Industry
175
EXAM PLE
5.5
Doctors, Patients, and the Value of Information
175
EXAMPLE
5.6
Investing in the Stock Market
183
EXAMPLE
5.7
New York City Taxicab Drivers
190
EXAMPLE
6.1
Malthus
and the Food Crisis
204
EXAMPLE
6.2
Labor Productivity and the Standard of Living
206
EXAMPLE
6.3
A Production Function for Wheat
213
EXAMPLE
6.4
Returns to Scale in the Carpet Industry
217
CONTENTS·
xxi
EXAMPLE
7.1
Choosing the Location for a New Law School Building
223
EXAMPLE
7.2
Sunk, Fixed, and Variable Costs: Computers, Software, and Pizzas
226
EXAM PLE
7.3
The Short-Run Cost of Aluminum Smelting
232
EXAM PLE
7.4
The Effect of Effluent Fees on Input Choices
239
EXAMPLE
7.5
Economies of Scope in the Trucking Industry
251
EXAMPLE
7.6
The Learning Curve in Practice
255
EXAMPLE
7.7
Cost Functions for Electric Power
258
EXAMPLE
8.1
Condominiums versus Cooperatives in New York City
275
EXAMPLE
8.2
The Short-Run Output Decision of an Aluminum Smelting Plant
282
EXAMPLE
8.3
Some Cost Considerations for Managers
283
EXAMPLE
8.4
The Short-Run Production of Petroleum Products
286
EXAMPLE
8.5
The Short-Run World Supply of Copper
289
EXAMPLE
8.6
Constant-, Increasing-, and Decreasing-Cost Industries: Coffee, Oil,
and Automobiles
302
EXAMPLE
8.7
The Long-Run Supply of Housing
304
EXAMPLE
9.1
Price Controls and Natural Gas Shortages
314
EXAMPLE
9.2
The Market for Human Kidneys
317
EXAMPLE
9.3
Airline Regulation
321
EXAMPLE
9.4
Supporting the Price of Wheat
327
EXAMPLE
9.5
The Sugar Quota
333
EXAMPLE
9.6
A Tax on Gasoline
340
EXAMPLE
10.1
Astra-Merck Prices Prilosec
356
EXAMPLE
10.2
Markup Pricing: Supermarkets to Designer Jeans
364
EXAMPLE
10.3
The Pricing of Videos
365
EXAMPLE
10.4
Monopsony Power in U.S. Manufacturing
380
EXAMPLE
10.5
A Phone Call About Prices
384
EXAMPLE
10.6
The United States versus Microsoft
385
EXAMPLE
11.1
The Economics of Coupons and Rebates
400
EXAMPLE
11.2
Airline Fares
402
EXAMPLE
11.3
How to Price a Best-Selling Novel
406
EXAMPLE
11.4
Polaroid Cameras
410
EXAMPLE
11.5
Pricing Cellular Phone Service
411
EXAMPLE
11.6
The Complete Dinner versus
á
la Carte: A Restaurant's Pricing
Problem
422
EXAMPLE
11.7
Advertising in Practice
427
EXAMPLE
12.1
Monopolistic Competition in the Markets for Colas and Coffee
447
EXAMPLE
12.2
A Pricing Problem for Procter
&
Gamble
460
EXAMPLE
12.3
Procter
&
Gamble in a Prisoners' Dilemma
463
xxii
CONTENTS·
EXAMPLE
12.4
Price Leadership and Price Rigidity in Commercial Banking
467
EXAMPLE
12.5
The Cartelization of Intercollegiate Athletics
473
EXAMPLE
12.6
The Milk Cartel
474
EXAMPLE
13.1
Acquiring a Company
481
EXAMPLE
13.2
Oligopolistic Cooperation in the Water Meter Industry
492
EXAMPLE
13.3
Competition and Collusion in the Airline Industry
493
EXAMPLE
13.4
Wal-Mart Stores'Preemptive Investment Strategy
501
EXAMPLE
13.5
DuPont Deters Entry in the Titanium Dioxide Industry
507
EXAMPLE
13.6
Diaper Wars
508
EXAMPLE
13.7
Auctioning Legal Services
514
EXAMPLE
13.8
Internet Auctions
515
EXAM PLE
14.1
The Demand for Jet Fuel
528
EXAMPLE
14.2
Labor Supply for One- and Two-Earner Households
533
EXAMPLE
14.3
Pay in the Military
537
EXAMPLE
14.4
Monopsony Power in the Market for Baseball Players
541
EXAMPLE
14.5
Teenage Labor Markets and the Minimum Wage
542
EXAMPLE
14.6
The Decline of Private-Sector Unionism
546
EXAMPLE
14.7
Wage Inequality—Have Computers Changed the Labor Market?
547
EXAMPLE
15.1
The Value of Lost Earnings
555
EXAMPLE
15.2
The Yields on Corporate Bonds
559
EXAMPLE
15.3
Capital Investment in the Disposable Diaper Industry
566
EXAMPLE
15.4
Choosing an Air Conditioner and a New Car
569
EXAM PLE
15.5
Should You Go to Business School?
572
EXAMPLE
15.6
How Depletable Are Depletable Resources?
576
EXAMPLE
16.1
The Global Market for
Ethanol
588
EXAMPLE
16.2
Trading Tasks and iPod Production
608
EXAMPLE
16.3
The Costs and Benefits of Special Protection
609
EXAMPLE
17.1
Lemons in Major League Baseball
622
EXAMPLE
17.2
Working into the Night
627
EXAMPLE
17.3
Reducing Moral Hazard: Warranties of Animal Health
630
EXAMPLE
17.4
CEO Salaries
632
EXAMPLE
17.5
Managers of Nonprofit Hospitals as Agents
634
EXAMPLE
17.6
Efficiency Wages at Ford Motor Company
641
EXAM PLE
18.1
The Costs and Benefits of Sulfur Dioxide Emissions
649
EXAMPLE
18.2
Reducing Sulfur Dioxide Emissions in Beijing
657
EXAMPLE
18.3
Emissions Trading and Clean Air
658
EXAMPLE
18.4
Regulating Municipal Solid Wastes
662
CONTENTS · xxiii
EXAMPLE
18.5 Global
Warming
667
EXAMPLE
18.6
The
Coase
Theorem at Work
672
EXAMPLE
18.7
Crawfish Fishing in Louisiana
674
EXAMPLE
18.8
The Demand for Clean Air
679
EXAM PLE A.
1
The Demand for Coal
693 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Pindyck, Robert S. 1945- Rubinfeld, Daniel L. |
| author_GND | (DE-588)128956399 (DE-588)12895633X |
| author_facet | Pindyck, Robert S. 1945- Rubinfeld, Daniel L. |
| author_role | aut aut |
| author_sort | Pindyck, Robert S. 1945- |
| author_variant | r s p rs rsp d l r dl dlr |
| building | Verbundindex |
| bvnumber | BV035053543 |
| callnumber-first | H - Social Science |
| callnumber-label | HB172 |
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| callnumber-subject | HB - Economic Theory and Demography |
| classification_rvk | QC 100 |
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| ctrlnum | (OCoLC)212893674 (DE-599)BVBBV035053543 |
| dewey-full | 338.5 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 338 - Production |
| dewey-raw | 338.5 |
| dewey-search | 338.5 |
| dewey-sort | 3338.5 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 7. ed., internat. ed. |
| format | Book |
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| id | DE-604.BV035053543 |
| illustrated | Illustrated |
| index_date | 2024-07-02T21:57:35Z |
| indexdate | 2024-07-09T21:21:08Z |
| institution | BVB |
| isbn | 9780137133352 0137133359 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016722173 |
| oclc_num | 212893674 |
| open_access_boolean | |
| owner | DE-703 DE-92 DE-91 DE-BY-TUM DE-1050 DE-19 DE-BY-UBM DE-1047 DE-384 DE-20 DE-634 DE-M382 DE-11 DE-573 DE-29 |
| owner_facet | DE-703 DE-92 DE-91 DE-BY-TUM DE-1050 DE-19 DE-BY-UBM DE-1047 DE-384 DE-20 DE-634 DE-M382 DE-11 DE-573 DE-29 |
| physical | XXXII, 736 S. zahlr. Ill., graph. Darst. |
| publishDate | 2009 |
| publishDateSearch | 2009 |
| publishDateSort | 2009 |
| publisher | Pearson Prentice Hall |
| record_format | marc |
| series2 | Pearson international edition |
| spelling | Pindyck, Robert S. 1945- Verfasser (DE-588)128956399 aut Microeconomics Robert S. Pindyck ; Daniel L. Rubinfeld 7. ed., internat. ed. Upper Saddle River Pearson Prentice Hall 2009 XXXII, 736 S. zahlr. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Pearson international edition Erg. bildet: Hamilton, Jonathan: Study guide Microeconomics, Robert S. Pindyck Daniel L. Rubinfeld Mikroökonomie - Lehrbuch Mikroökonomik stw Theorie stw USA stw Microeconomics Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Makroökonomie (DE-588)4037174-8 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Mikroökonomie (DE-588)4039225-9 s DE-604 Makroökonomie (DE-588)4037174-8 s 1\p DE-604 Rubinfeld, Daniel L. Verfasser (DE-588)12895633X aut Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016722173&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Pindyck, Robert S. 1945- Rubinfeld, Daniel L. Microeconomics Mikroökonomie - Lehrbuch Mikroökonomik stw Theorie stw USA stw Microeconomics Mikroökonomie (DE-588)4039225-9 gnd Makroökonomie (DE-588)4037174-8 gnd |
| subject_GND | (DE-588)4039225-9 (DE-588)4037174-8 (DE-588)4123623-3 |
| title | Microeconomics |
| title_auth | Microeconomics |
| title_exact_search | Microeconomics |
| title_exact_search_txtP | Microeconomics |
| title_full | Microeconomics Robert S. Pindyck ; Daniel L. Rubinfeld |
| title_fullStr | Microeconomics Robert S. Pindyck ; Daniel L. Rubinfeld |
| title_full_unstemmed | Microeconomics Robert S. Pindyck ; Daniel L. Rubinfeld |
| title_short | Microeconomics |
| title_sort | microeconomics |
| topic | Mikroökonomie - Lehrbuch Mikroökonomik stw Theorie stw USA stw Microeconomics Mikroökonomie (DE-588)4039225-9 gnd Makroökonomie (DE-588)4037174-8 gnd |
| topic_facet | Mikroökonomie - Lehrbuch Mikroökonomik Theorie USA Microeconomics Mikroökonomie Makroökonomie Lehrbuch |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016722173&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT pindyckroberts microeconomics AT rubinfelddaniell microeconomics |