Verfügbarkeit: Microeconomics

Microeconomics: theory & applications

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Bibliographische Detailangaben
Hauptverfasser:	Browning, Edgar K. (VerfasserIn), Zupan, Mark A. (VerfasserIn)
Format:	Buch
Sprache:	English
Veröffentlicht:	Hoboken, NJ Wiley 2014
Ausgabe:	12. ed.
Schlagworte:	Microeconomics Microeconomics / Examinations, questions, etc Mikroökonomie Einführung
Online-Zugang:	Inhaltsverzeichnis
Beschreibung:	Includes bibliographical references and index
Beschreibung:	XIV, 554 S. graph. Darst.
ISBN:	9781118758878

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MARC


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Datensatz im Suchindex

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adam_text	Table of Contents Preface Acknowledgments Chapter 1: An Introduction to Microeconomics Ш Vili 1.1 The Scope of Microeconomic Theory ..........2 1.2 The Nature and Role of Theory ...................2 What Is a Good Theory? 2 1.3 Positive versus Normative Analysis .............3 1.4 Market Analysis and Real versus Nominal Prices ...............................................4 Application 1.1 Real Versus Nominal Presidential Salaries ..............................................................5 1.5 Basic Assumptions about Market Participants ....................................................5 1.6 Opportunity Cost ...........................................6 Application 1.2 Why the King Left Cleveland in 2010, and Can Benefits in Sports Be Measured? ......7 Economic versus Accounting Costs 7 Application 1.3 The Accounting and Economic Costs of SOX ......................................................8 Sunk Costs 8 Application 1.4 Why It Was Profitable to Demolish a Profítable Hong Kong Hotel ...............9 1.7 Production Possibility Frontier ....................9 Constant versus Increasing per-unit Opportunity Costs 10 Chapter 2: Supply and Demand 13 2.1 Demand and Supply Curves .......................14 The Demand Curve 14 Application 2,1 The Law of Demand at Work for Non-work .........................................................15 Determinants of Demand Other Than Price 16 Shifts in versus Movements along a Demand Curve 17 Application 2.2 The Rise and Fall of Cigarette Consumption in the United States ......................18 Application 2.3 The Occasional Interplay Between Price and Non-Price Factors in Determining Quantity Demanded .........................................18 The Supply Curve 19 Shifts in versus Movements along a Supply Curve 20 2.2 Determination of Equilibrium Price and Quantity ........................................................21 2.3 Adjustment to Changes in Demand or Supply ...........................................................22 Application 2.4 Why Holiday Home Prices in Switzerland are Soaring ....................................23 Using the Supply-Demand Model to Explain Market Outcomes 24 2.4 Government Intervention in Markets: Price Controls ..............................................25 Rent Control 25 Who Loses, Who Benefits? 27 Black Markets 28 Application 2.5 Health Care Reform and Price Controls ...................................................29 Application 2.6 Price Ceilings Can Be Deadly for Buyers .............................................30 2.5 Elasticities .....................................................30 Price Elasticity of Demand 30 Calculating Price Elasticity of Demand 32 Application 2.7 Demand Elasticity and Cable Television Pricing .....................................34 Demand Elasticities Vary among Goods 34 The Estimation of Demand Elasticities 35 Application 2.8 Why Canadians Are Flying South of the Border ...........................................36 Three Other Elasticities 36 Application 2.9 Price Elasticities of Supply and Demand and Short-Run Oil Price Gyrations ............................................38 Chapter 3: The Theory of Consumer Choice 42 3.1 Consumer Preferences ................................43 Consumer Preferences Graphed as Indifference Curves 44 Curvature of Indifference Curves 45 Table of Contents Xl Application 3.1 Diminishing MRS and Newspaper Retailing ........................................48 Individuals Have Different Preferences 48 Application 3.2 Oreos in the Orient .....................48 Graphing Economic Bads and Economic Neuters 49 Perfect Substitutes and Complements 51 3.2 The Budget Constraint ................................52 Geometry of the Budget Line 53 Shifts in Budget Lines 54 3.3 The Consumer s Choice ..............................56 A Corner Solution 57 The Composite-Good Convention 58 Application 3.3 Premium Fast Food: Why Chipotle ¡s One Hot Pepper of a Stock ................59 3.4 Changes in Income and Consumption Choices ..........................................................60 Normal Goods 60 Inferior Goods 62 The Food Stamp Program 64 Application 3.4 The Allocation of Commencement Tickets .............................................................65 3.5 Are People Selfish? ......................................66 Application 3.5 Is Altruism a Normal Good? ........68 3.6 The Utility Approach to Consumer Choice ...........................................................69 The Consumer s Optimal Choice 70 Relationship to Indifference Curves 71 Chapter 4: Individual and Market Demand 75 4.1 Price Changes and Consumption Choices ... 76 The Consumer s Demand Curve 77 Some Remarks about the Demand Curve 77 Application 4.1 Using Price to Deter Youth Alcohol Abuse. Traffic Fatalities, and Campus Violence ..............................................78 Do Demand Curves Always Slope Downward? 79 Application 4.2 Why the Flight to Poultry and away from Red Meat by U.S. Consumers? ...........80 4.2 Income and Substitution Effects of a Price Change ................................................80 Income and Substitution Effects Illustrated: The Normal-Good Case 81 The Income and Substitution Effects Associated with a Gasoline Tax-Plus- Rebate Program 83 A Graphical Examination of a Tax-Plus- Rebate Program 83 4.3 Income and Substitution Effects: Inferior Goods ..............................................85 A Hypothetical Example of a Giffen Good 87 The Giffen Good Case: How Likely? 87 4.4 From Individual to Market Demand .........88 Application 4.3 Aggregating Demand Curves for ITO .............................................................88 4.5 Consumer Surplus .......................................89 The Uses of Consumer Surplus 92 Application 4.4 The Consumer Surplus Associated with Free TV ....................................93 Consumer Surplus and Indifference Curves 93 Application 4.5 The Benefits of Health Improvements ..................................................94 4.6 Price Elasticity and the Price-Consumption Curve ...............................................................95 4.7 Network Effects ............................................96 The Bandwagon Effect 97 The Snob Effect 98 Application 4.6 Network Effects and the Diffusion of Communications Technologies and Computer Hardware and Sohware ....................................99 4.8 The Basics of Demand Estimation ...........100 Experimentation 100 Surveys 101 Regression Analysis 101 Chapter 5: Using Consumer Choice Theory 107 5.1 Excise Subsidies, Health Care, and Consumer Welfare .....................................108 The Relative Effectiveness of a Lump-Sum Transfer 109 Using the Consumer Surplus Approach 110 Application 5.1 The Price Sensitivity of Health Care Consumers .................................. Ill 5.2 Subsidizing Health Insurance: ObamaCare ................................................112 The Basics of ObamaCare 112 The Subsidy s Effect on the Budget Line 112 Bringing in Preferences 113 The Costs and Benefits of the Subsidy 114 Other Possible Outcomes 114 Can a Subsidy Harm the Recipient? 115 One Other Option 115 Table of Contents 5.3 Public Schools and the Voucher Proposal ......................................................116 Using Consumer Choice Theory to Analyze Voucher Proposals 118 Application 5.2 The Demand for and Supply of School Choice ................................................119 5.4 Paying for Garbage ...................................121 Does Everyone Benefit? 122 Application 5.3 Trash Pricing and Recycling ......123 5.5 The Consumer s Choice to Save or Borrow ........................................................124 A Change in Endowment 125 Application 5.4 Social Security and Saving .......127 Changes in the Interest Rate 128 The Case of a Higher Interest Rate Leading to Less Saving 128 5.6 Investor Choice ..........................................130 Application 5.5 Entrepreneurs and Their Risk-Return Preferences ..................................131 Investor Preferences toward Risk: Risk Aversion 131 Investor Preferences toward Risk: Risk Neutral and Risk Loving 134 Application 5.6 Risk Aversion While Standing in Line ............................................................135 Minimizing Exposure to Risk 135 Chapter 7: Production 159 Chapter 6: Exchange, Efficiency, and Prices 140 6.1 Two-Person Exchange ...............................141 The Edgeworth Exchange Box Diagram 142 The Edgeworth Exchange Box with Indifference Curves 143 Application 6.1 The Benefits of Exchange and eBay .......................................................145 6.2 Efficiency in the Distribution of Goods ..........................................................147 Application 6.2 Promoting Efficiency in Gift Card Giving ....................................................149 Efficiency and Equity 149 6.3 Competitive Equilibrium and Efficient Distribution ................................................150 Application 6.3 Should Ticket Scalpers Be Disparaged or Deified? ...................................153 6.4 Price and Nonprice Rationing and Efficiency ....................................................154 Application 6.4 The Benefits and Costs of Rationing by Waiting ......................................155 7.1 Relating Output to Inputs .........................160 The Production Function 160 7.2 Production When Only One Input Is Variable: The Short Run ......................160 Total, Average, and Marginal Product Curves 162 The Relationship between Average and Marginal Product Curves 162 The Geometry of Product Curves 163 Application 7.1 What the Marginal-Average Relationship Means for Your Grade Point Average (GPA) .................................................164 The Law of Diminishing Marginal Returns 165 Application 7.2 The Law of Diminishing Marginal Returns, Caffeine intake, and Exam Performance ..................................................166 7.3 Production When All Inputs Are Variable: The Long Run ...................... 166 Production Isoquants 167 Four Characteristics of Isoquants 168 Marginal Rate of Technical Substitution (MRTS) 168 MRTS and the Marginal Products of Inputs 169 Using MRTS: Speed Limits and Gasoline Consumption 170 7.4 Returns to Scale .........................................171 Factors Giving Rise to Increasing Returns 171 Factors Giving Rise to Decreasing Returns 173 Application 7.3 Returns to Scale and Cross- Country Trade Flows .......................................173 7.5 Functional Forms and Empirical Estimation of Production Functions ........174 Linear Forms of Production Functions 175 Multiplicative Forms of Production Functions: Cobb-Douglas as an Example 176 Exponents and What They Indicate in Cobb-Douglas Production Functions 177 Chapter 8: The Cost of Production 181 8.1 The Nature of Cost.... ................................182 8.2 Short-Run Cost of Production ..................182 Measures of Short-Run Cost: Total Fixed and Variable Costs 183 Fixed versus Sunk Costs 183 • Table of Contents XIII Five Other Measures of Short-Run Cost 184 Behind Cost Relationships 184 8.3 Short-Run Cost Curves .............................185 Marginal Cost 186 Average Cost 187 Application 8.1 The Effect of Walmart on Retailing Productivity, Costs, and Prices ............188 Marginal-Average Relationships 189 The Geometry of Cost Curves 189 8.4 Long-Run Cost of Production ..................191 Isocost Lines 191 Least Costly Input Combinations 192 Interpreting the Tangency Points 192 Application 8.2 American Airlines and Cost Minimization ..................................................194 The Expansion Path 194 Is Production Cost Minimized? 195 Application 8.3 Privatization and Productivity in China ......................................195 8.5 Input Price Changes and Cost Curves .....196 Application 8.4 The Economics of Raising and Razing Buildings .............................................197 Application 8.5 Applying the Golden Rule of Cost Minimization to the Baseball Diamond .....198 8.6 Long-Run Cost Curves ..............................199 The Long Run and Short Run Revisited 200 8.7 Learning by Doing .....................................202 The Advantages of Learning by Doing to Pioneering Firms 203 8.8 Importance of Cost Curves to Market Structure .....................................................203 Application 8.6 The Decline and Rise of Breweries in the United States ..........................205 8.9 Using Cost Curves: Controlling Pollution ......................................................205 8.10 Economies of Scope ...................................208 8.11 Estimating Cost Functions ........................209 Chapter 9: Profit Maximization in Perfectly Competitive Markets 213 9.1 The Assumptions of Perfect Competition ................................................214 The Four Conditions Characterizing Perfect Competition 214 9.2 Profit Maximization ...................................215 Application 9. í Aligning Managerial Actions with Shareholder Interests: Lessons from the Recession of 2007-2009...............................216 9.3 The Demand Curve for a Competitive Firm .......................................217 9.4 Short-Run Profit Maximization ...............218 Short-Run Profit Maximization Using per-Unit Curves 220 Operating at a Loss in the Short Run 221 9.5 The Perfectly Competitive Firm s Short-Run Supply Curve .............................................223 Output Response to a Change in Input Prices 224 Application 9.2 Why Firms That Fatten Cattle are Seeing Their Own Numbers Thinned .................224 9.6 The Short-Run Industry Supply Curve... 225 Price and Output Determination in the Short Run 227 9.7 Long-Run Competitive Equilibrium ........227 Zero Economic Profit 228 Zero Profit When Firms Cost Curves Differ? 230 9.8 The Long-Run Industry Supply Curve ... 231 Constant-Cost Industry 231 Increasing-Cost Industry 233 Decreasing-Cost Industry 235 Application 9.3 The Bidding War for Business School Professors ...........................................236 Comments on the Long-Run Supply Curve 237 Application 9.4 Cashing In on Corn ..................238 9.9 When Does the Competitive Model Apply? .........................................................239 Chapter 10: Using the Competitive Model 243 10.1 The Evaluation of Gains and Losses ........243 Producer Surplus 244 Consumer Surplus, Producer Surplus, and Efficient Output 245 The Deadweight Loss of a Price Ceiling 247 10.2 Excise Taxation ..........................................249 The Short-Run Effects of an Excise Tax 250 The Long-Run Effects of an Excise Tax 251 Who Bears the Burden of the Tax? 252 Tax Incidence: The Effect of Elasticity of Supply 252 Tax Incidence: The Effect of Elasticity of Demand 253 Application í 0.1 Relative Ability to Run and Tax Incidence .................................................254 The Deadweight Loss of Excise Taxation 254 XIV Table of Contents Application 10.2 The Long and the Short (Run) of the Deadweight Loss of Rent Control ............256 10.3 Airline Regulation and Deregulation .......257 What Happened to the Profits? 258 After Deregulation 259 Application 10.3 The Contestability of Airline Markets .........................................................260 The Push for Reregulation 261 10.4 City Taxicab Markets ................................262 The Illegal Market 264 Application 10.4 Why New York City Cab Drivers Are Poor and Drive So Fast ...................265 10.5 Consumer and Producer Surplus, and the Net Gains from Trade .........................266 The Gains from International Trade 268 The Link between Imports and Exports 269 Application 10.5 Protecting Steel ]obs Steals Jobs ...............................................................270 10.6 Government Intervention in Markets: Quantity Controls ......................................270 Sugar Policy: A Sweet Deal 271 Application 10.6 Why Sugar Import Quotas Were fob Losers with Respect to LifeSavers .......273 Quotas and Their Foreign Producer Consequences 273 Chapter 11: Monopoly 277 11.1 The Monopolist s Demand and Marginal Revenue Curves .........................................278 11.2 Profit-Maximizing Output of a Monopoly ....................................................280 Graphical Analysis 281 The Monopoly Price and Its Relationship to Elasticity of Demand 282 Application 11.1 Demand Elasticity and Parking at jack in the Box ................................285 11.3 Further Implications of Monopoly Analysis .......................................................285 11.4 The Measurement and Sources of Monopoly Power ........................................288 Measuring Monopoly Power 289 The Sources of Monopoly Power 289 Barriers to Entry 290 Application 11.2 The Effect of State Licensing on One of the World s Oldest Professions ...........292 Strategic Behavior by Firms: Incumbents and Potential Entrants 292 Application 11.3 March Monopoly Madness .......293 11.5 The Efficiency Effects of Monopoly ..........295 A Dynamic View of Monopoly and Its Efficiency Implications 296 Application 11.4 Static Versus Dynamic Perspectives on Monopoly Control of Government ...................................................298 11.6 Public Policy toward Monopoly ...............298 Regulation of Price 299 Application 11.5 What Not to Say to a Rival on the Telephone ....................................300 Application 11.6 Static versus Dynamic Views of Monopoly and the Microsoft Antitrust Case ......300 Application 11.7 Efficiency and the Regulation of Pharmaceutical Drug Prices in the European Union and the United States ...........................303 Chapter 12: Product Pricing with Monopoly Power 306 12.1 Price Discrimination ..................................307 First-Degree Price Discrimination 307 Implementing First-Degree Price Discrimination 308 Second-Degree Price Discrimination 309 Third-Degree Price Discrimination 309 Application 12,1 Giving Frequent Shoppers the Second Degree ...............................................310 Application 12.2 The Third Degree by Car Dealers ..........................................................311 12.2 Three Necessary Conditions for Price Discrimination ............................................311 Application 12.3 Gray Hairs and Gray Markets .. 312 12.3 Price and Output Determination with Price Discrimination ..................................313 Price Determination 313 Output Determination 314 Application 12.4 The Cost of Being Earnest When It Comes to Applying to Colleges .........................316 12.4 Intertemporal Price Discrimination and Peak-Load Pricing .....................................316 Application 12.5 Yield Management by Airlines .... 318 Peak-Load Pricing 319 The Advantages of Peak-Load Pricing 320 Application 12.6 Using Peak-Load Pricing to Combat Traf fie Congestion ..............................321 12.5 Two-Part Tariffs ........................................322 Many Consumers, Different Demands 323 Why the Price Will Usually Be Lower Than the Monopoly Price 325 • Table of Contents XV Application 12.7 The Costs of Engaging in Price Discrimination ................................ 326 Chapter 13: Monopolistic Competition and Oligopoly 330 13.1 Price and Output under Monopolistic Competition ................................................331 Determination of Market Equilibrium 331 Monopolistic Competition and Efficiency 333 Is Government Intervention Warranted? 335 Application 13.1 Monopolistic Competition: The Eyes Have It (When It Comes to Ref ractive Surgery) ...........................................335 13.2 Oligopoly and the Cournot Model ...........336 The Cournot Model 337 Reaction Curves 338 Evaluation of the Cournot Model 339 13.3 Other Oligopoly Models ............................340 The Stackelberg Model 340 The Dominant Firm Model 342 The Elasticity of a Dominant Firm s Demand Curve 344 Application 13.2 The Dynamics of the Dominant Firm Mode! in Pharmaceutical Markets .........................................................345 13.4 Cartels and Collusion ................................345 Cartelization of a Competitive Industry 346 Application 13.3 Does the Internet Promote Competition or Cartelization? ..........................347 Why Cartels Fail 347 Application 13.4 The Difficulty of Controlling Cheating ........................................................349 Application 13.5 The Rolex Cartel ..................349 Oligopolies and Collusion 350 The Case of OPEC 351 The Reasons for OPEC s Early Success 352 The Rest of the OPEC Story 352 Chapter 14: Game Theory and the Economics of Information 357 14.1 Game Theory .............................................358 Determination of Equilibrium 358 Application 14.1 Dominant Strategies in Baseball ........................................................359 Nash Equilibrium 360 14.2 The Prisoner s Dilemma Game ................361 Application 14.2 The Congressional Prisoners Dilemma .........................................362 The Prisoner s Dilemma and Cheating by Cartel Members 363 A Prisoner s Dilemma Game You May Play 365 14.3 Repeated Games ........................................366 Application 14.3 Cooperation in the Trenches of World War 1 ..................................368 Do Oligopolistic Firms Always Collude? 368 Game Theory and Oligopoly: A Summary 369 14.4 Asymmetric Information ..........................369 The Lemons Model 370 Market Responses to Asymmetric Information 371 The Relevance of the Lemons Model 372 Is There a Lemons Problem in Used Car Markets? 372 Application 14.4 Job Market Signaling ...............373 14.5 Adverse Selection and Moral Hazard ........................................................373 Adverse Selection 374 Market Responses to Adverse Selection 374 Application 14.5 Adverse Selection and the American Red Cross ........................................375 Moral Hazard 375 Application 14.6 Moral Hazardând Subprime Home Mortgages .............................376 Market Responses to Moral Hazard 377 14.6 Limited Price Information ........................377 Application 14.7 Moral Hazard on the Streets of New York City .................................377 The Effect of Search Intensity on Price Dispersion 378 14.7 Advertising .................................................379 Advertising as Information 379 Advertising and Its Effects on Products Prices and Qualities 380 Advertising, the Full Price of a Product, and Market Efficiency 381 Application 14.8 The Effectiveness of Internet Advertising: The Case of Online Dating ............382 Chapter 15: Using Noncompetitive Market Models 385 15.1 The Size of the Deadweight Loss of Monopoly ....................................................385 Why Are the Estimates of the Deadweight Loss Not Large? 387 XVI Table of Contents · Other Possible Deadweight Losses of Monopoly 388 15.2 Do Monopolies Suppress Inventions? ......389 The Effect of Inventions on Output 390 Application 15.1 The Cost of Not Cannibalizing ...............................................391 15.3 Natural Monopoly .....................................392 Regulation of Natural Monopoly: Theory 393 Regulation of Natural Monopoly: Practice 394 Application 15.2 Regulating Natural Monopoly through Public Ownership: The Case of USPS .........................................395 15.4 More on Game Theory: Iterated Dominance and Commitment ...................396 Iterated Dominance 396 Commitment 398 Application 15.3 Why It May Be Wise to Bum YourShips ......................................................399 Chapter 16: Employment and Pricing of Inputs 402 16.1 The Input Demand Curve of a Competitive Firm ............................................................403 The Firm s Demand Curve: One Variable Input 403 The Firm s Demand Curve: All Inputs Variable 405 The Firm s Demand Curve: An Alternative Approach 406 16.2 Industry and Market Demand Curves for an Input ................................................408 A Competitive Industry s Demand Curve for an Input 408 The Elasticity of an Industry s Demand Curve for an Input 409 Application 16.1 Explaining Sky-High Pilot Salaries under Airline Regulation ..................................410 The Market Demand Curve for an Input 411 16.3 The Supply of Inputs .................................411 16.4 Industry Determination of Price and Employment of Inputs ...............................413 Process of Input Price Equalization across Industries 414 16.5 Input Price Determination in a Multi- Industry Market ........................................416 16.6 Input Demand and Employment by an Output Market Monopoly ........................418 16.7 Monopsony in Input Markets ...................420 Application 16.2 Major League Monopsony .......421 Chapter 17: Wages, Rent, Interest, and Profit 425 17.1 The Income-Leisure Choice of the Worker ........................................................425 Is This Model Plausible? 427 17.2 The Supply of Hours of Work ..................428 Is a Backward-Bending Labor Supply Curve Possible? 429 The Market Supply Curve 430 Application 17.1 An Example of a Backward- Bending Labor Supply Curve: The Work Effort Choices of Dentists Versus Physicians ...............431 Application 17.2 Why Do Americans Work More Than Europeans? ...........................432 17.3 The General Level of Wage Rates ............433 Application 17.3 The Malaise of the 1970s........434 17.4 Why Wages Differ ......................................435 Compensating Wage Differentials 436 Differences in Human Capital Investment 437 Application 17.4 Twelve Hours Pay for Ten Minutes Work ..........................................437 Application 17.5 The Returns to Investing in a BA and an MBA ..............................................438 Differences in Ability 438 17.5 Economic Rent ...........................................439 17.6 Monopoly Power in Input Markets: The Case of Unions ............................................441 Application 17.6 The Decline and Rise of Unions and Their Impact on State and Local Government Budgets ......................................443 Some Alternative Views of Unions and an Assessment of the Impact of Unions on Worker Productivity 444 17.7 Borrowing, Lending, and the Interest Rate .............................................................444 17.8 Investment and the Marginal Productivity of Capital ....................................................446 The Investment Demand Curve 447 17.9 Saving, Investment, and the Interest Rate .............................................................448 Equalization of Rates of Return 450 17.10 Why Interest Rates Differ .........................450 Chapter 18: Using Input Market Analysis 453 18.1 The Minimum Wage ..................................454 Further Considerations 455 Does the Minimum Wage Harm the Poor? 456 Table of Contents XVII The Minimum Wage: An Example of an Efficiency Wage? 458 Application 18.1 The unemployment Effect of the 1990-1991 Minimum Wage Hike .............459 18.2 Who Really Pays for Social Security? .....460 But Do Workers Bear All the Burden? 461 18.3 The Hidden Cost of Social Security .........463 The Rest of the Story 464 Application 18.2 Other Hidden Costs of PAYGO Social Security ....................................465 The Effect on Labor Markets 466 18.4 The NCAA Cartel ......................................467 An Input Buyers Cartel 467 The NCAA as a Cartel of Buyers 469 Eliminate the Cartel Restrictions on Pay? 470 Application 18.3 The Differing Fortunes of College Athletes and Coaches ..........................471 18.5 Discrimination in Employment ................472 What Causes Average Wage Rates to Differ? 474 18.6 The Benefits and Costs of Immigration ... 476 More on Gains and Losses 478 Chapter 19: General Equilibrium Analysis and Economic Efficiency 482 19.1 Partial and General Equilibrium Analysis Compared ...................................483 The Mutual Interdependence of Markets Illustrated 483 When Should General Equilibrium Analysis Be Used? 485 19.2 Economic Efficiency ...................................486 Efficiency as a Goal for Economic Performance 487 19.3 Conditions for Economic Efficiency .........488 19.4 Efficiency in Production ............................489 The Edgeworth Production Box 489 The Production Contract Curve and Efficiency in Production 491 General Equilibrium in Competitive Input Markets 491 19.5 The Production Possibility Frontier and Efficiency in Output ...................................492 Efficiency in Output 494 An Economy s PPF and the Gains from International Trade 495 19.6 Competitive Markets and Economic Efficiency ....................................................497 The Role of Information 498 Application 19.1 Can Centralized Planning Promote Efficiency? ........................................499 19.7 The Causes of Economic Inefficiency .......500 Market Power 500 Application 19.2 How Government Prolonged the Great Depression .......................501 Imperfect Information 502 Application 19.3 Deterring Cigarette Smoking.... 502 Externalities/Public Goods 503 Chapter 20: Public Goods and Externalities 505 20.1 What Are Public Goods? ..........................506 The Free-Rider Problem 507 Application 20.1 An Online Horror Tale ............507 Free Riding and Group Size 507 20.2 Efficiency in the Provision of a Public Good ............................................................508 Efficiency in Production and Distribution 510 Application 20.2 The Lowdown on Why Lojack Installations Are Lower Than the Efficient Output ..............................................510 Patents 511 20.3 Externalities ...............................................512 Externalities and Efficiency 512 External Costs 513 Application 20.3 Traffic Externalities: Their Causes and Some Potential Cures ....................514 Application 20.4 Liability Caps and the British Petroleum Gulf Oil Disaster ..............515 External Benefits 516 Application 20.5 Should Cell Phone Use While Driving Be Banned? .........................517 20.4 Externalities and Property Rights ...........518 The Coase Theorem 519 Application 20.6 Making Telemarketers Pay ..........................................520 20.5 Controlling Pollution, Revisited ...............523 The Market for Los Angeles Smog 523 Answers to Selected Problems .....................528 Glossary ..................................................................536 Index ........................................................................543
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indexdate	2024-07-10T01:21:15Z
institution	BVB
isbn	9781118758878
language	English
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spelling	Browning, Edgar K. Verfasser aut Microeconomics theory & applications Edgar K. Browning ; Mark A. Zupan 12. ed. Hoboken, NJ Wiley 2014 XIV, 554 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Microeconomics Microeconomics / Examinations, questions, etc Mikroökonomie (DE-588)4039225-9 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content Mikroökonomie (DE-588)4039225-9 s DE-604 Zupan, Mark A. Verfasser aut Digitalisierung UB Regensburg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027860038&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Browning, Edgar K. Zupan, Mark A. Microeconomics theory & applications Microeconomics Microeconomics / Examinations, questions, etc Mikroökonomie (DE-588)4039225-9 gnd
subject_GND	(DE-588)4039225-9 (DE-588)4151278-9
title	Microeconomics theory & applications
title_auth	Microeconomics theory & applications
title_exact_search	Microeconomics theory & applications
title_full	Microeconomics theory & applications Edgar K. Browning ; Mark A. Zupan
title_fullStr	Microeconomics theory & applications Edgar K. Browning ; Mark A. Zupan
title_full_unstemmed	Microeconomics theory & applications Edgar K. Browning ; Mark A. Zupan
title_short	Microeconomics
title_sort	microeconomics theory applications
title_sub	theory & applications
topic	Microeconomics Microeconomics / Examinations, questions, etc Mikroökonomie (DE-588)4039225-9 gnd
topic_facet	Microeconomics Microeconomics / Examinations, questions, etc Mikroökonomie Einführung
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=027860038&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT browningedgark microeconomicstheoryapplications AT zupanmarka microeconomicstheoryapplications

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