Microeconomics and behavior:
"would also be accessible and engaging to students. The more common approach in this market has been to emphasize one of these dimensions or the other. For example, some texts have done well by sacrificing rigor in the name of user-friendliness. But although such books sometimes keep students h...
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| Format: | Book |
| Language: | English |
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New York, NY
McGraw-Hill Education
[2021]
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| Edition: | Tenth edition |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | "would also be accessible and engaging to students. The more common approach in this market has been to emphasize one of these dimensions or the other. For example, some texts have done well by sacrificing rigor in the name of user-friendliness. But although such books sometimes keep students happy, they often fail to prepare them for upper-division courses in the major. Others texts have succeeded by sacrificing accessibility in the name of rigor, where rigor all too often means little more than mathematical density. These courses overwhelm many undergraduates, and even those few who become adept at solving well-posed mathematical optimization problems are often baffled by questions drawn from everyday contexts." |
| Item Description: | International student edition Includes index Zielgruppe - Audience: Ages 18+ Zielgruppe - Audience: Grades 10-12 |
| Physical Description: | xxii, 600 Seiten Illustrationen, Diagramme |
| ISBN: | 9781259394034 9781259919565 9781260575644 |
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| 520 | 3 | |a "would also be accessible and engaging to students. The more common approach in this market has been to emphasize one of these dimensions or the other. For example, some texts have done well by sacrificing rigor in the name of user-friendliness. But although such books sometimes keep students happy, they often fail to prepare them for upper-division courses in the major. Others texts have succeeded by sacrificing accessibility in the name of rigor, where rigor all too often means little more than mathematical density. These courses overwhelm many undergraduates, and even those few who become adept at solving well-posed mathematical optimization problems are often baffled by questions drawn from everyday contexts." | |
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Record in the Search Index
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| adam_text | PART 1 Introduction Chapter 1 Thinking Like an Economist The Cost-Benefit Approach to Decisions The Role of Economic Theory l 2 3 Common Pitfalls in Decision Making 4 PART 2 Pitfall 1. Ignoring Implicit Costs 4 Pitfall 2. Failing to Ignore Sunk Costs Pitfall 4. Failure to Understand the Average-Marginal Distinction 10 Using Marginal Benefit and Marginal Cost 13 Self-Interest and Homo Económicas The Economic Naturalist 14 17 Microeconomics and Macroeconomics 17 Supply and Demand Adjustment to Equilibrium Rent Controls 23 27 29 32 Price Supports 34 The Rationing and Allocative Functions of Prices 36 36 Determinants of Supply 37 Changes in Demand versus Changes in the Quantity Demanded 38 Predicting and Explaining Changes in Price and Quantity ECONOMIC NATURALIST 2.1 An Alternative Method 85 A Simplifying Technique 85 Problems 86 Chapter 4 Individual and Market Demand Chapter Preview 87 87 88 The Price-Consumption Curve 88 The Individual Consumer’s Demand Curve 39 The Algebra of Supply and Demand 35 83 Using Calculus to Maximize Utility 83 The Method of Lagrangian Multipliers 83 The Effects of Changes in Price 39 69 81 Generating Indifference Curves Algebraically Determinants of Supply and Demand 65 65 Cardinal Versus Ordinal Utility 30 Determinants of Demand 61 ECONOMIC NATURALIST 3.1 71 Summary 72 · Key Terms 72 · Review Questions 73 · Problems 73 · Answers to SelfTests 75 · APPENDIX: The Utility Function Approach to the Consumer Budgeting Problem 77 The Utility Function Approach to Consumer Choice 77 28 Some Welfare Properties of Equilibrium Free Markets and The Poor 54
More Than Two Goods 69 An Application of the Rational Choice Model 24 Equilibrium Quantity and Price Budget Shifts Due to Price or Income Changes Corner Solutions 67 Indifference Curves When There Are 23 Supply and Demand Curves 52 The Best Feasible Bundle Summary 18 · Key Terms 18 · Review Questions 18 · Problems 19 · Answers to Self-Texts 21 Chapter Preview 51 The Opportunity Set or Budget Constraint 52 Trade-offs between Goods 64 Using Indifference Curves to Describe Preferences 16 Should You Think Like an Economist? Chapter 2 Chapter Preview Indifference Curves 16 ECONOMIC NATURALIST 1.2 Rational Consumer Choice be the Same 58 Consumer Preferences 59 15 ECONOMIC NATURALIST 1.1 Chapter 3 Budgets Involving More Than Two Goods 56 Kinked Budget Constraints 57 If the Budget Constraint Is the Same, the Decision Should 12 The Invisible Hand The Theory of Consumer Behavior 6 Pitfall 3. Measuring Costs and Benefits as Proportions Rather Than Absolute Dollar Amounts 9 Graphically Summary 41 · Key Terms 42 · Review Questions 42 · Problems 43 · Answers to SelfTests 44 · APPENDIX: How do Taxes Affect Equilibrium Prices and Quantities? 45 · Problems 48 · Answers to Appendix Self-Tests 50 89 40 xvii
xviii CONTENTS The Intertemporal Budget Constraint 146 Intertemporal Indifference Curves 147 Application: The Permanent Income and Life-Cycle The Effects of Changes in Income 90 The Income-Consumption Curve 90 The Engel Curve 90 Normal and Inferior Goods 91 The Income and Substitution Effects of a Price Change 92 Preference 154 Summary 155 · Key Terms 156 · Review Questions Problems 156 · Answers to Self-Tests ¡58 100 Price Elasticity of Demand 103 Chapter Preview 107 Determinants of Price Elasticity of Demand 110 The Dependence of Market Demand on Income 112 116 123 Segment-Ratio Method 124 The Income-Compensated Demand Curve Answers to Appendix Self-Tests 126 Application: A Gasoline Tax and Rebate Policy Application: School Vouchers 132 Consumer Surplus 134 ECONOMIC NATURALIST 5.2 137 138 Overall Welfare Comparisons 134 Are Entrepreneurs Risk-Seeking? 179 Insuring Against Bad Outcomes 180 Risk Pooling 180 182 ECONOMIC NATURALIST 6.4 Application: The MARTA Fare Increase 143 Application: The Price Elasticity of Demand for Alcohol 144 The Intertemporal Choice Model 145 145 170 The Von Neumann-Morgenstern Expected Utility Model 172 130 140 168 169 170 Probability and Expected Value Application: The Welfare Effects of Changes in Housing Prices 139 Intertemporal Consumption Bundles 168 ECONOMIC NATURALIST 6.3 Adverse Selection Application: A Bias in the Consumer Price Index Quality Change: Another Bias in the CPI? 142 Using Price Elasticity of Demand 143 166 166 167 The Stigma of the Newcomer Choice Under Uncertainty 170 Using Demand Curves to Measure Consumer Surplus
Application: Two-Part Pricing 136 136 165 Conspicuous Consumption as Ability Signaling Regulating the Employment Interviewer The Lemons Principle 169 129 165 ECONOMIC NATURALIST 6.1 Product Warranties Using the Rational Choice Model to Answer Policy Questions 130 ECONOMIC NATURALIST 5.1 Product Quality Assurance 163 Choosing a Trustworthy Employee 164 Choosing a Hard-Working, Smart Employee Choosing a Relati onship 165 The Full-Disclosure Principle 127 162 163 ECONOMIC NATURALIST 6.2 Chapter 5 Applications of Rational Choice and Demand Theories 129 Chapter Preview 162 Communication between Potential Adversaries The Costly-to-Fake Principle Summary 117 · Key Terms 118 · Review Questions 119 · Problems 119 · Answers to Self-Tests 121 · APPENDIX: Additional Topics in Demand Theory 123 The Constant Elasticity Demand Curve 16І The Economics of Information ECONOMIC NATURALIST 4.1 115 Application: Forecasting Economic Trends Cross-Price Elasticities ofDemand 116 156 · Chapter 6 The Economics of information and Choice under Uncertainty 161 A Geometric Interpretation of Price Elasticity 103 The Unit-Free Property of Elasticity 105 Some Representative Elasticity Estimates 105 Elasticity and Total Expenditure 151 Factors Accounting for Differences in Time Giffen Goods 94 Consumer Responsiveness to Changes in Price 97 Market Demand: Aggregating Individual Demand Curves Hypotheses 150 Application: The Social Cost of Carbon Moral Hazard 184 Statistical Discrimination 183 185 Application: Always Self-Insure against Small Losses 186 Can We Insure against Climate Catastrophe 187 Summary 188
· Key Terms 188 · Review Questions 189 · Problems 189 · Answers to Self-Tests 191 · APPENDIX: Search Theory and the Winner’s Curse 193 The Search for High Wages and Low Prices 193 The Winner’s Curse 197 Some Pitfalls for the Expected Utility Maximizer 200 Problems 202 · Answers to Appendix Self-Tests 202
xix CONTENTS Chapter 7 Departures from Standard Rational Choice Models (With and Without Regret) 203 Chapter Preview Production in the Long Run 204 Present Aim and Self-Interest Standards of Rationality 204 An Application of the Present-Aim Standard: Altruistic Preferences 205 The Strategic Role of Preferences 207 How Strategic Preferences Can Help Solve Commitment Problems 208 A Simple Thought Experiment 210 Tastes Not Only Can Differ, They Must Differ 211 212 ECONOMIC NATURALIST 7.1 Application: Predicting Variations in Voter Turnout Application: Concerns about Fairness 213 The Importance of Tastes 212 215 223 Costs Costs in the Short Run Other Short-Run Costs 265 266 229 270 The Relationship Among MP, AP, MC, and AVC 230 233 · Costs in the Long Run Choosing the Optimal Input Combination 278 ECONOMIC NATURALIST 9.2 The Theory of Firm and Market Structure 280 282 283 The Relationship between Optimal Input Choice and Long- ECONOMIC NATURALIST 9.3 Run Costs 283 Long-Run Costs and the Structure of Industry 235 235 276 278 ECONOMIC NATURALIST 9.1 Production 268 Graphing the Short-Run Average and Marginal Cost Curves 271 Allocating Production Between Two Processes 275 227 231 · Key Term 232 · Review Questions 233 · Answers to Self-Tests 234 286 The Relationship between Long-Run and Short-Run Cost The Input-Output Relationship, or Production 236 Intermediate Products 237 Fixed and Variable Inputs 237 Production in the Short Run 238 ECONOMIC NATURALIST 8.1 239 Total, Marginal, and Average Products 241 The Relationships among Total, Marginal, and Average Product Curves 264
Graphing the Total, Variable, and Fixed Cost Curves 229 Cognitive Illusions and Public Policy Function 261 264 · Answers to Appendix Self-Tests Chapter 9 225 ECONOMIC NATURALIST 7.3 Chapter Preview 260 Chapter Preview 265 The Difficulty of Actually Deciding Chapter 8 251 The Logical Puzzle of Decreasing Returns to Scale 252 Summary 253 · Key Terms 253 · Review Questions 254 · Problems 254 · Answers to SelfTests 255 · APPENDIX: Mathematical Extensions of Production Theory 257 Application: The Average-Marginal Distinction 257 Problems Anchoring and Adjustment 226 The Psychophysics of Perception 227 PART 3 251 Showing Returns to Scale on the Isoquant Map The Distinction between Diminishing Returns and Decreasing Returns to Scale 252 A Mathematical Definition of Returns to Scale 263 220 224 ECONOMIC NATURALIST 7.2 Summary Problems ECONOMIC NATURALIST 8.2 221 Judgmental Heuristics and Biases The Self-Control Pitfall 250 The Cobb-Douglas Production Function 261 The Leontief, or Fixed-Proportions, Production Function 262 218 Sunk Costs 220 Out-of-Pocket Costs Versus Implicit Costs Availability 223 Representativeness The Marginal Rate of Technical Substitution 248 Returns to Scale Some Examples of Production Functions 217 The Asymmetric Value Function Affective Forecasting Errors 247 Isoquant Maps and the Production Mountain Departures from Traditional Rational Choice Models (With Regret) 216 Bounded Rationality The Practical Significance of the Average-Marginal Distinction 244 242 Curves 287 Summary 288 · Key Terms 289 · Review Questions 289 · Problems 290 · Answers to Self-Tests
291 · APPENDIX: Mathematical Extensions of the Theory of Costs 293 The Relationship Between Long-Run and Short-Run Cost Curves 293 The Calculus Approach to Cost Minimization Problems 296 297 · Answers to Appendix Self-Test 298
CONTENTS XX Chapter 10 Perfect Competition The Perfectly Discriminating Monopolist 299 Second-Degree Price Discrimination 357 The Hurdle Model of Price Discrimination 357 Chapter Preview 299 The Goal of Profit Maximization 300 The Efficiency Loss From Monopoly The Four Conditions for Perfect Competition 303 The Short-Run Condition for Profit Maximization The Shutdown Condition 307 The Short-Run Competitive Industry Supply 308 312 Long-Run Supply Curve with U-Shaped LAC Curves 321 Industry Supply when Each LAC Curve is Horizontal 322 How Changing Input Prices Affect Long-Run Supply 322 324 The Elasticity of Supply 325 Applying the Competitive Model 326 326 330 331 · 335 Chapter Preview 373 374 376 The Nash Equilibrium Concept 378 The Maximin Strategy 379 Strategies for Repeated Play in Prisoner’s Dilemmas Sequential Games 382 ECONOMIC NATURALIST 12.2 336 384 386 The Evolution of Strategic Preferences ECONOMIC NATURALIST 12.3 Illustration: The Cheating Problem 337 Information as a Growing Source of Economies of Scale 340 The Profit-Maximizing Monopolist 341 The Monopolist’s Total Revenue Curve Marginal Revenue 343 341 Marginal Revenue and Elasticity 345 Graphing Marginal Revenue 346 Graphical Interpretation of the Short-Run Profit Maximization Condition 347 A Profit-Maximizing Monopolist Will Never Produce on the Inelastic Portion of the Demand Curve 349 The Profit-Maximizing Markup 349 The Monopolist’s Shutdown Condition 349 A Monopolist has No Supply Curve 351 Adjustments in the Long Run Price Discrimination 352 Sale in Different Markets 351 352 ECONOMIC NATURALIST 11.1
ECONOMIC NATURALIST 11.2 354 355 380 386 A Parable of Hawks and Doves 386 The Commitment Problem 389 Chapter Preview 335 Five Sources of Monopoly Chapter 12 A Game-Theoretic Approach to Strategic Behavior 373 of Games 330 · Key Terms 331 · Review Questions 332 · Answers to Self-Tests 333 Defining Monopoly 368 369 · Review 370 · Answers to Self- ECONOMIC NATURALIST 12.1 Price Supports as a Device for Saving Family Farms The Illusory Attraction of Taxing Business 328 The Adoption of Cost-Saving Innovations 329 Monopoly Summary 369 · Key Terms Questions 369 · Problems Tests 371 The Prisoner’s Dilemma: An Introduction to the Theory ECONOMIC NATURALIST 10.1 Chapter 11 3. Exclusive Contracting for Natural Monopoly 364 4. Vigorous Enforcement of Antitrust Laws 364 5. A Laissez-Faire Policy toward Natural Monopoly 365 Does Monopoly Suppress Innovation? 316 ECONOMIC NATURALIST 10.2 360 1. State Ownership and Management 361 2. State Regulation of Private Monopolies 362 Application: The Cost of Extraordinary Inputs 319 The Long-Run Competitive Industry Supply Curve 321 Summary Problems 359 Public Policy Toward Natural Monopoly 305 Short-Run Competitive Equilibrium 310 The Efficiency of Short-Run Competitive Equilibrium Producer Surplus 312 Adjustments in the Long Run The Invisible Hand 318 355 Summary Problems 390 395 · Key Terms 396 · Review Questions 396 · Answers to Self-Tests 398 396 Chapter 13 Oligopoly and Monopolistic Competition 401 Chapter Preview 402 Some Specific Oligopoly Models 402 The Cournot Model 402 The Bertrand Model 405 The Stackelberg Model 406 Comparison of
Outcomes 408 Competition When There are Increasing Returns to Scale 409 Monopolistic Competition 411 The Chamberlin Model 411 Chamberlinian Equilibrium in the Short Run 412 Chamberlinian Equilibrium in the Long Run 413 Perfect Competition versus Chamberlinian Monopolistic Competition 414 Criticisms of the Chamberlin Model 415
xxi CONTENTS A Spatial Interpretation of Monopolistic Competition The Optimal Number of Locations ECONOMIC NATURALIST 13.1 417 Consumer Preferences and Advertising Tax Policy and the Capital Market Economic Rent 485 424 Exhaustible Resources as Inputs in Production 487 427 · 431 Summary 489 · Key Terms 489 · Review Questions 490 · Problems 490 · Answers to SelfTests 490 · APPENDIX: A More Detailed Look at Exhaustible Resource Allocation 491 Natural Resources as Inputs in Production 491 Renewable Resources 491 More on Exhaustible Resources 432 The Perfectly Competitive Firm’s Demand for Labor Short-Run Demand 484 Peak-Load Pricing 486 425 Factor Markets Chapter Preview 480 482 The Anomaly of the Investment Newsletter 482 Summary 426 · Key Terms 427 · Review Questions Problems 427 · Answers to Self-Tests 428 Labor 478 ECONOMIC NATURALIST 15.1 421 Historical Note: Hotelling’s Hot Dog Vendors Which Model Applies? 425 Chapter 14 The Market for Stocks and Bonds The Efficient Markets Hypothesis 420 The Analogy to Product Characteristics Paying for Variety 421 PART 4 415 432 432 493 Summary 496 · Review Question Answer to Appendix Self-Test 497 496 · Problems 496 · Long-Run Demand for Labor 433 The Market Demand Curve for Labor 434 An Imperfect Competitor’s Demand for Labor The Supply of Labor PART 5 435 436 ECONOMIC NATURALIST 14.1 Is Leisure a Giffen Good? 439 441 Monopsony 442 Minimum Wage Laws Statistical Discrimination 452 454 The Internal Wage Structure 457 460 467 Safety Choices and Relative Income 471 Chapter Preview 509 ECONOMIC NATURALIST 16.4 510 512 Externalities,
Efficiency, and Free Speech 514 515 Positional Externalities 516 Limiting the Workweek Savings 518 Workplace S afety 518 517 519 Carbon Tax or Direct Restrictions on Emissions? Taxing Positional Externalities 522 Capital 473 Summary 523 · Review Questions 524 · Problems Tests 528 473 Financial Capital and Real Capital The Demand for Real Capital 474 474 The Relationship Between the Rental Rate and the Interest Rate ECONOMIC NATURALIST 16.3 Taxing Externalities 472 Chapter 15 508 Positive Externalities 507 507 ECONOMIC NATURALIST 16.2 The Tragedy of the Commons Summary 461 · Key Terms 461 · Review Questions 462 · Problems 462 · Answers to SelfTests 464 · APPENDIX: The Economics of Workplace Safety 467 Compensating Wage Differentials: The Case Problem 500 507 ECONOMIC NATURALIST 16.1 450 Discrimination in the Labor Market of Safety The Reciprocal Nature of Externalities Private Property Laws and Their Exceptions 448 Winner-Take-All Markets 499 Application: External Effects from Nuclear Power Plants 506 Property Rights 444 Labor Unions Chapter 16 Externalities, Property Rights, and the Coase Theorem 499 Chapter Preview The Noneconomist’s Reaction to the Labor Supply Model 442 The Market Supply Curve General Equilibrium and Welfare 475 The Criterion for Buying a Capital Good Interest Rate Determination 477 524 · Answers to Self- Chapter 17 General Equilibrium and Market Efficiency 529 Chapter Preview 529 A Simple Exchange Economy 476 Real Versus Nominal Interest Rates 475 520 530 Only Relative Prices Are Determined 536
xxii CONTENTS The Invisible Hand Theorem Efficiency in Production Private Provision of Public Goods 536 Efficiency in Product Mix 539 Gains From International Trade Taxes in General Equilibrium Other Sources of Inefficiency 542 Private Contracts 544 545 Monopoly 545 Externalities 546 Taxes as a Solution to Externalities and Monopoly 546 Public Goods 546 Summary 547 · Key Terms 547 · Review Questions 548 · Problems 548 · Answers to SelfTests 549 Chapter 18 Government Chapter Preview Public Goods 551 552 553 557 557 The Economics of Clubs Public Choice 559 Majority Voting 559 Cost-Benefit Analysis 557 561 Rent Seeking 563 Income Distribution 564 The Rawlsian Critique 565 Reasons for Redistribution 566 Fairness and Efficiency 567 Methods of Redistribution 568 Reprise: Thinking Like an Economist 552 Optimal Quantity of Public Good Paying for Q* 554 555 Funding by Donation 555 Sale of By-Products 556 Development of New Means to Exclude Nonpayers 537 575 Summary 576 · Key Terms 577 · Review Questions 577 · Problems 577 · Answers to Self-Tests Index 581 579
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PART 1 Introduction Chapter 1 Thinking Like an Economist The Cost-Benefit Approach to Decisions The Role of Economic Theory l 2 3 Common Pitfalls in Decision Making 4 PART 2 Pitfall 1. Ignoring Implicit Costs 4 Pitfall 2. Failing to Ignore Sunk Costs Pitfall 4. Failure to Understand the Average-Marginal Distinction 10 Using Marginal Benefit and Marginal Cost 13 Self-Interest and Homo Económicas The Economic Naturalist 14 17 Microeconomics and Macroeconomics 17 Supply and Demand Adjustment to Equilibrium Rent Controls 23 27 29 32 Price Supports 34 The Rationing and Allocative Functions of Prices 36 36 Determinants of Supply 37 Changes in Demand versus Changes in the Quantity Demanded 38 Predicting and Explaining Changes in Price and Quantity ECONOMIC NATURALIST 2.1 An Alternative Method 85 A Simplifying Technique 85 Problems 86 Chapter 4 Individual and Market Demand Chapter Preview 87 87 88 The Price-Consumption Curve 88 The Individual Consumer’s Demand Curve 39 The Algebra of Supply and Demand 35 83 Using Calculus to Maximize Utility 83 The Method of Lagrangian Multipliers 83 The Effects of Changes in Price 39 69 81 Generating Indifference Curves Algebraically Determinants of Supply and Demand 65 65 Cardinal Versus Ordinal Utility 30 Determinants of Demand 61 ECONOMIC NATURALIST 3.1 71 Summary 72 · Key Terms 72 · Review Questions 73 · Problems 73 · Answers to SelfTests 75 · APPENDIX: The Utility Function Approach to the Consumer Budgeting Problem 77 The Utility Function Approach to Consumer Choice 77 28 Some Welfare Properties of Equilibrium Free Markets and The Poor 54
More Than Two Goods 69 An Application of the Rational Choice Model 24 Equilibrium Quantity and Price Budget Shifts Due to Price or Income Changes Corner Solutions 67 Indifference Curves When There Are 23 Supply and Demand Curves 52 The Best Feasible Bundle Summary 18 · Key Terms 18 · Review Questions 18 · Problems 19 · Answers to Self-Texts 21 Chapter Preview 51 The Opportunity Set or Budget Constraint 52 Trade-offs between Goods 64 Using Indifference Curves to Describe Preferences 16 Should You Think Like an Economist? Chapter 2 Chapter Preview Indifference Curves 16 ECONOMIC NATURALIST 1.2 Rational Consumer Choice be the Same 58 Consumer Preferences 59 15 ECONOMIC NATURALIST 1.1 Chapter 3 Budgets Involving More Than Two Goods 56 Kinked Budget Constraints 57 If the Budget Constraint Is the Same, the Decision Should 12 The Invisible Hand The Theory of Consumer Behavior 6 Pitfall 3. Measuring Costs and Benefits as Proportions Rather Than Absolute Dollar Amounts 9 Graphically Summary 41 · Key Terms 42 · Review Questions 42 · Problems 43 · Answers to SelfTests 44 · APPENDIX: How do Taxes Affect Equilibrium Prices and Quantities? 45 · Problems 48 · Answers to Appendix Self-Tests 50 89 40 xvii
xviii CONTENTS The Intertemporal Budget Constraint 146 Intertemporal Indifference Curves 147 Application: The Permanent Income and Life-Cycle The Effects of Changes in Income 90 The Income-Consumption Curve 90 The Engel Curve 90 Normal and Inferior Goods 91 The Income and Substitution Effects of a Price Change 92 Preference 154 Summary 155 · Key Terms 156 · Review Questions Problems 156 · Answers to Self-Tests ¡58 100 Price Elasticity of Demand 103 Chapter Preview 107 Determinants of Price Elasticity of Demand 110 The Dependence of Market Demand on Income 112 116 123 Segment-Ratio Method 124 The Income-Compensated Demand Curve Answers to Appendix Self-Tests 126 Application: A Gasoline Tax and Rebate Policy Application: School Vouchers 132 Consumer Surplus 134 ECONOMIC NATURALIST 5.2 137 138 Overall Welfare Comparisons 134 Are Entrepreneurs Risk-Seeking? 179 Insuring Against Bad Outcomes 180 Risk Pooling 180 182 ECONOMIC NATURALIST 6.4 Application: The MARTA Fare Increase 143 Application: The Price Elasticity of Demand for Alcohol 144 The Intertemporal Choice Model 145 145 170 The Von Neumann-Morgenstern Expected Utility Model 172 130 140 168 169 170 Probability and Expected Value Application: The Welfare Effects of Changes in Housing Prices 139 Intertemporal Consumption Bundles 168 ECONOMIC NATURALIST 6.3 Adverse Selection Application: A Bias in the Consumer Price Index Quality Change: Another Bias in the CPI? 142 Using Price Elasticity of Demand 143 166 166 167 The Stigma of the Newcomer Choice Under Uncertainty 170 Using Demand Curves to Measure Consumer Surplus
Application: Two-Part Pricing 136 136 165 Conspicuous Consumption as Ability Signaling Regulating the Employment Interviewer The Lemons Principle 169 129 165 ECONOMIC NATURALIST 6.1 Product Warranties Using the Rational Choice Model to Answer Policy Questions 130 ECONOMIC NATURALIST 5.1 Product Quality Assurance 163 Choosing a Trustworthy Employee 164 Choosing a Hard-Working, Smart Employee Choosing a Relati onship 165 The Full-Disclosure Principle 127 162 163 ECONOMIC NATURALIST 6.2 Chapter 5 Applications of Rational Choice and Demand Theories 129 Chapter Preview 162 Communication between Potential Adversaries The Costly-to-Fake Principle Summary 117 · Key Terms 118 · Review Questions 119 · Problems 119 · Answers to Self-Tests 121 · APPENDIX: Additional Topics in Demand Theory 123 The Constant Elasticity Demand Curve 16І The Economics of Information ECONOMIC NATURALIST 4.1 115 Application: Forecasting Economic Trends Cross-Price Elasticities ofDemand 116 156 · Chapter 6 The Economics of information and Choice under Uncertainty 161 A Geometric Interpretation of Price Elasticity 103 The Unit-Free Property of Elasticity 105 Some Representative Elasticity Estimates 105 Elasticity and Total Expenditure 151 Factors Accounting for Differences in Time Giffen Goods 94 Consumer Responsiveness to Changes in Price 97 Market Demand: Aggregating Individual Demand Curves Hypotheses 150 Application: The Social Cost of Carbon Moral Hazard 184 Statistical Discrimination 183 185 Application: Always Self-Insure against Small Losses 186 Can We Insure against Climate Catastrophe 187 Summary 188
· Key Terms 188 · Review Questions 189 · Problems 189 · Answers to Self-Tests 191 · APPENDIX: Search Theory and the Winner’s Curse 193 The Search for High Wages and Low Prices 193 The Winner’s Curse 197 Some Pitfalls for the Expected Utility Maximizer 200 Problems 202 · Answers to Appendix Self-Tests 202
xix CONTENTS Chapter 7 Departures from Standard Rational Choice Models (With and Without Regret) 203 Chapter Preview Production in the Long Run 204 Present Aim and Self-Interest Standards of Rationality 204 An Application of the Present-Aim Standard: Altruistic Preferences 205 The Strategic Role of Preferences 207 How Strategic Preferences Can Help Solve Commitment Problems 208 A Simple Thought Experiment 210 Tastes Not Only Can Differ, They Must Differ 211 212 ECONOMIC NATURALIST 7.1 Application: Predicting Variations in Voter Turnout Application: Concerns about Fairness 213 The Importance of Tastes 212 215 223 Costs Costs in the Short Run Other Short-Run Costs 265 266 229 270 The Relationship Among MP, AP, MC, and AVC 230 233 · Costs in the Long Run Choosing the Optimal Input Combination 278 ECONOMIC NATURALIST 9.2 The Theory of Firm and Market Structure 280 282 283 The Relationship between Optimal Input Choice and Long- ECONOMIC NATURALIST 9.3 Run Costs 283 Long-Run Costs and the Structure of Industry 235 235 276 278 ECONOMIC NATURALIST 9.1 Production 268 Graphing the Short-Run Average and Marginal Cost Curves 271 Allocating Production Between Two Processes 275 227 231 · Key Term 232 · Review Questions 233 · Answers to Self-Tests 234 286 The Relationship between Long-Run and Short-Run Cost The Input-Output Relationship, or Production 236 Intermediate Products 237 Fixed and Variable Inputs 237 Production in the Short Run 238 ECONOMIC NATURALIST 8.1 239 Total, Marginal, and Average Products 241 The Relationships among Total, Marginal, and Average Product Curves 264
Graphing the Total, Variable, and Fixed Cost Curves 229 Cognitive Illusions and Public Policy Function 261 264 · Answers to Appendix Self-Tests Chapter 9 225 ECONOMIC NATURALIST 7.3 Chapter Preview 260 Chapter Preview 265 The Difficulty of Actually Deciding Chapter 8 251 The Logical Puzzle of Decreasing Returns to Scale 252 Summary 253 · Key Terms 253 · Review Questions 254 · Problems 254 · Answers to SelfTests 255 · APPENDIX: Mathematical Extensions of Production Theory 257 Application: The Average-Marginal Distinction 257 Problems Anchoring and Adjustment 226 The Psychophysics of Perception 227 PART 3 251 Showing Returns to Scale on the Isoquant Map The Distinction between Diminishing Returns and Decreasing Returns to Scale 252 A Mathematical Definition of Returns to Scale 263 220 224 ECONOMIC NATURALIST 7.2 Summary Problems ECONOMIC NATURALIST 8.2 221 Judgmental Heuristics and Biases The Self-Control Pitfall 250 The Cobb-Douglas Production Function 261 The Leontief, or Fixed-Proportions, Production Function 262 218 Sunk Costs 220 Out-of-Pocket Costs Versus Implicit Costs Availability 223 Representativeness The Marginal Rate of Technical Substitution 248 Returns to Scale Some Examples of Production Functions 217 The Asymmetric Value Function Affective Forecasting Errors 247 Isoquant Maps and the Production Mountain Departures from Traditional Rational Choice Models (With Regret) 216 Bounded Rationality The Practical Significance of the Average-Marginal Distinction 244 242 Curves 287 Summary 288 · Key Terms 289 · Review Questions 289 · Problems 290 · Answers to Self-Tests
291 · APPENDIX: Mathematical Extensions of the Theory of Costs 293 The Relationship Between Long-Run and Short-Run Cost Curves 293 The Calculus Approach to Cost Minimization Problems 296 297 · Answers to Appendix Self-Test 298
CONTENTS XX Chapter 10 Perfect Competition The Perfectly Discriminating Monopolist 299 Second-Degree Price Discrimination 357 The Hurdle Model of Price Discrimination 357 Chapter Preview 299 The Goal of Profit Maximization 300 The Efficiency Loss From Monopoly The Four Conditions for Perfect Competition 303 The Short-Run Condition for Profit Maximization The Shutdown Condition 307 The Short-Run Competitive Industry Supply 308 312 Long-Run Supply Curve with U-Shaped LAC Curves 321 Industry Supply when Each LAC Curve is Horizontal 322 How Changing Input Prices Affect Long-Run Supply 322 324 The Elasticity of Supply 325 Applying the Competitive Model 326 326 330 331 · 335 Chapter Preview 373 374 376 The Nash Equilibrium Concept 378 The Maximin Strategy 379 Strategies for Repeated Play in Prisoner’s Dilemmas Sequential Games 382 ECONOMIC NATURALIST 12.2 336 384 386 The Evolution of Strategic Preferences ECONOMIC NATURALIST 12.3 Illustration: The Cheating Problem 337 Information as a Growing Source of Economies of Scale 340 The Profit-Maximizing Monopolist 341 The Monopolist’s Total Revenue Curve Marginal Revenue 343 341 Marginal Revenue and Elasticity 345 Graphing Marginal Revenue 346 Graphical Interpretation of the Short-Run Profit Maximization Condition 347 A Profit-Maximizing Monopolist Will Never Produce on the Inelastic Portion of the Demand Curve 349 The Profit-Maximizing Markup 349 The Monopolist’s Shutdown Condition 349 A Monopolist has No Supply Curve 351 Adjustments in the Long Run Price Discrimination 352 Sale in Different Markets 351 352 ECONOMIC NATURALIST 11.1
ECONOMIC NATURALIST 11.2 354 355 380 386 A Parable of Hawks and Doves 386 The Commitment Problem 389 Chapter Preview 335 Five Sources of Monopoly Chapter 12 A Game-Theoretic Approach to Strategic Behavior 373 of Games 330 · Key Terms 331 · Review Questions 332 · Answers to Self-Tests 333 Defining Monopoly 368 369 · Review 370 · Answers to Self- ECONOMIC NATURALIST 12.1 Price Supports as a Device for Saving Family Farms The Illusory Attraction of Taxing Business 328 The Adoption of Cost-Saving Innovations 329 Monopoly Summary 369 · Key Terms Questions 369 · Problems Tests 371 The Prisoner’s Dilemma: An Introduction to the Theory ECONOMIC NATURALIST 10.1 Chapter 11 3. Exclusive Contracting for Natural Monopoly 364 4. Vigorous Enforcement of Antitrust Laws 364 5. A Laissez-Faire Policy toward Natural Monopoly 365 Does Monopoly Suppress Innovation? 316 ECONOMIC NATURALIST 10.2 360 1. State Ownership and Management 361 2. State Regulation of Private Monopolies 362 Application: The Cost of Extraordinary Inputs 319 The Long-Run Competitive Industry Supply Curve 321 Summary Problems 359 Public Policy Toward Natural Monopoly 305 Short-Run Competitive Equilibrium 310 The Efficiency of Short-Run Competitive Equilibrium Producer Surplus 312 Adjustments in the Long Run The Invisible Hand 318 355 Summary Problems 390 395 · Key Terms 396 · Review Questions 396 · Answers to Self-Tests 398 396 Chapter 13 Oligopoly and Monopolistic Competition 401 Chapter Preview 402 Some Specific Oligopoly Models 402 The Cournot Model 402 The Bertrand Model 405 The Stackelberg Model 406 Comparison of
Outcomes 408 Competition When There are Increasing Returns to Scale 409 Monopolistic Competition 411 The Chamberlin Model 411 Chamberlinian Equilibrium in the Short Run 412 Chamberlinian Equilibrium in the Long Run 413 Perfect Competition versus Chamberlinian Monopolistic Competition 414 Criticisms of the Chamberlin Model 415
xxi CONTENTS A Spatial Interpretation of Monopolistic Competition The Optimal Number of Locations ECONOMIC NATURALIST 13.1 417 Consumer Preferences and Advertising Tax Policy and the Capital Market Economic Rent 485 424 Exhaustible Resources as Inputs in Production 487 427 · 431 Summary 489 · Key Terms 489 · Review Questions 490 · Problems 490 · Answers to SelfTests 490 · APPENDIX: A More Detailed Look at Exhaustible Resource Allocation 491 Natural Resources as Inputs in Production 491 Renewable Resources 491 More on Exhaustible Resources 432 The Perfectly Competitive Firm’s Demand for Labor Short-Run Demand 484 Peak-Load Pricing 486 425 Factor Markets Chapter Preview 480 482 The Anomaly of the Investment Newsletter 482 Summary 426 · Key Terms 427 · Review Questions Problems 427 · Answers to Self-Tests 428 Labor 478 ECONOMIC NATURALIST 15.1 421 Historical Note: Hotelling’s Hot Dog Vendors Which Model Applies? 425 Chapter 14 The Market for Stocks and Bonds The Efficient Markets Hypothesis 420 The Analogy to Product Characteristics Paying for Variety 421 PART 4 415 432 432 493 Summary 496 · Review Question Answer to Appendix Self-Test 497 496 · Problems 496 · Long-Run Demand for Labor 433 The Market Demand Curve for Labor 434 An Imperfect Competitor’s Demand for Labor The Supply of Labor PART 5 435 436 ECONOMIC NATURALIST 14.1 Is Leisure a Giffen Good? 439 441 Monopsony 442 Minimum Wage Laws Statistical Discrimination 452 454 The Internal Wage Structure 457 460 467 Safety Choices and Relative Income 471 Chapter Preview 509 ECONOMIC NATURALIST 16.4 510 512 Externalities,
Efficiency, and Free Speech 514 515 Positional Externalities 516 Limiting the Workweek Savings 518 Workplace S afety 518 517 519 Carbon Tax or Direct Restrictions on Emissions? Taxing Positional Externalities 522 Capital 473 Summary 523 · Review Questions 524 · Problems Tests 528 473 Financial Capital and Real Capital The Demand for Real Capital 474 474 The Relationship Between the Rental Rate and the Interest Rate ECONOMIC NATURALIST 16.3 Taxing Externalities 472 Chapter 15 508 Positive Externalities 507 507 ECONOMIC NATURALIST 16.2 The Tragedy of the Commons Summary 461 · Key Terms 461 · Review Questions 462 · Problems 462 · Answers to SelfTests 464 · APPENDIX: The Economics of Workplace Safety 467 Compensating Wage Differentials: The Case Problem 500 507 ECONOMIC NATURALIST 16.1 450 Discrimination in the Labor Market of Safety The Reciprocal Nature of Externalities Private Property Laws and Their Exceptions 448 Winner-Take-All Markets 499 Application: External Effects from Nuclear Power Plants 506 Property Rights 444 Labor Unions Chapter 16 Externalities, Property Rights, and the Coase Theorem 499 Chapter Preview The Noneconomist’s Reaction to the Labor Supply Model 442 The Market Supply Curve General Equilibrium and Welfare 475 The Criterion for Buying a Capital Good Interest Rate Determination 477 524 · Answers to Self- Chapter 17 General Equilibrium and Market Efficiency 529 Chapter Preview 529 A Simple Exchange Economy 476 Real Versus Nominal Interest Rates 475 520 530 Only Relative Prices Are Determined 536
xxii CONTENTS The Invisible Hand Theorem Efficiency in Production Private Provision of Public Goods 536 Efficiency in Product Mix 539 Gains From International Trade Taxes in General Equilibrium Other Sources of Inefficiency 542 Private Contracts 544 545 Monopoly 545 Externalities 546 Taxes as a Solution to Externalities and Monopoly 546 Public Goods 546 Summary 547 · Key Terms 547 · Review Questions 548 · Problems 548 · Answers to SelfTests 549 Chapter 18 Government Chapter Preview Public Goods 551 552 553 557 557 The Economics of Clubs Public Choice 559 Majority Voting 559 Cost-Benefit Analysis 557 561 Rent Seeking 563 Income Distribution 564 The Rawlsian Critique 565 Reasons for Redistribution 566 Fairness and Efficiency 567 Methods of Redistribution 568 Reprise: Thinking Like an Economist 552 Optimal Quantity of Public Good Paying for Q* 554 555 Funding by Donation 555 Sale of By-Products 556 Development of New Means to Exclude Nonpayers 537 575 Summary 576 · Key Terms 577 · Review Questions 577 · Problems 577 · Answers to Self-Tests Index 581 579 |
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| index_date | 2024-07-03T16:12:26Z |
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| spelling | Frank, Robert H. 1945- Verfasser (DE-588)124848648 aut Microeconomics and behavior Robert H. Frank Tenth edition New York, NY McGraw-Hill Education [2021] xxii, 600 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier International student edition Includes index Zielgruppe - Audience: Ages 18+ Zielgruppe - Audience: Grades 10-12 "would also be accessible and engaging to students. The more common approach in this market has been to emphasize one of these dimensions or the other. For example, some texts have done well by sacrificing rigor in the name of user-friendliness. But although such books sometimes keep students happy, they often fail to prepare them for upper-division courses in the major. Others texts have succeeded by sacrificing accessibility in the name of rigor, where rigor all too often means little more than mathematical density. These courses overwhelm many undergraduates, and even those few who become adept at solving well-posed mathematical optimization problems are often baffled by questions drawn from everyday contexts." Wirtschaftliches Verhalten (DE-588)4197971-0 gnd rswk-swf Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Verbraucherverhalten (DE-588)4062644-1 gnd rswk-swf Microeconomics Economic man Self-interest Consumer behavior Mikroökonomie (DE-588)4039225-9 s Verbraucherverhalten (DE-588)4062644-1 s Wirtschaftliches Verhalten (DE-588)4197971-0 s DE-604 Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=032472187&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Microeconomics and behavior |
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