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• Preface(p. xxiii)
• Part 1 Introduction: Markets and Prices(p. 1)
• 1 Preliminaries(p. 3)
• 1.1 The Themes of Microeconomics(p. 4)
• 1.2 What Is a Market?(p. 7)
• 1.3 Real versus Nominal Prices(p. 11)
• 1.4 Why Study Microeconomics?(p. 15)
• Summary(p. 17)
• Questions for Review(p. 17)
• Exercises(p. 18)
• 2 The Basics of Supply and Demand(p. 19)
• 2.1 Supply and Demand(p. 20)
• 2.2 The Market Mechanism(p. 23)
• 2.3 Changes in Market Equilibrium(p. 24)
• 2.4 Elasticities of Supply and Demand(p. 30)
• 2.5 Short-Run versus Long-Run Elasticities(p. 35)
• 2.6 Understanding and Predicting the Effects of Changing Market Conditions(p. 44)
• 2.7 Effects of Government Intervention--Price Controls(p. 53)
• Summary(p. 55)
• Questions for Review(p. 56)
• Exercises(p. 57)
• Part 2 Producers, Consumers, and Competitive Markets(p. 59)
• 3 Consumer Behavior(p. 61)
• 3.1 Consumer Preferences(p. 62)
• 3.2 Budget Constraints(p. 75)
• 3.3 Consumer Choice(p. 79)
• 3.4 Revealed Preference(p. 86)
• 3.5 Marginal Utility and Consumer Choice(p. 89)
• 3.6 Cost-of-Living Indexes(p. 92)
• Summary(p. 98)
• Questions for Review(p. 99)
• Exercises(p. 99)
• 4 Individual and Market Demand(p. 101)
• 4.1 Individual Demand(p. 102)
• 4.2 Income and Substitution Effects(p. 110)
• 4.3 Market Demand(p. 116)
• 4.4 Consumer Surplus(p. 123)
• 4.5 Network Externalities(p. 127)
• 4.6 Empirical Estimation of Demand(p. 131)
• Summary(p. 135)
• Questions for Review(p. 136)
• Exercises(p. 136)
• Appendix to Chapter 4: Demand Theory--A Mathematical Treatment(p. 139)
• 5 Choice Under Uncertainty(p. 149)
• 5.1 Describing Risk(p. 150)
• 5.2 Preferences Toward Risk(p. 155)
• 5.3 Reducing Risk(p. 161)
• 5.4 The Demand for Risky Assets(p. 166)
• Summary(p. 174)
• Questions for Review(p. 175)
• Exercises(p. 175)
• 6 Production(p. 177)
• 6.1 The Technology of Production(p. 178)
• 6.2 Isoquants(p. 179)
• 6.3 Production with One Variable Input (Labor)(p. 181)
• 6.4 Production with Two Variable Inputs(p. 191)
• 6.5 Returns to Scale(p. 197)
• Summary(p. 201)
• Questions for Review(p. 201)
• Exercises(p. 202)
• 7 The Cost of Production(p. 203)
• 7.1 Measuring Cost: Which Costs Matter?(p. 203)
• 7.2 Cost in the Short Run(p. 208)
• 7.3 Cost in the Long Run(p. 215)
• 7.4 Long-Run versus Short-Run Cost Curves(p. 224)
• 7.5 Production with Two Outputs--Economies of Scope(p. 229)
• 7.6 Dynamic Changes in Costs--The Learning Curve(p. 232)
• 7.7 Estimating and Predicting Cost(p. 237)
• Summary(p. 242)
• Questions for Review(p. 243)
• Exercises(p. 243)
• Appendix to Chapter 7: Production and Cost Theory--A Mathematical Treatment(p. 246)
• 8 Profit Maximization and Competitive Supply(p. 251)
• 8.1 Perfectly Competitive Markets(p. 252)
• 8.2 Profit Maximization(p. 254)
• 8.3 Marginal Revenue, Marginal Cost, and Profit Maximization(p. 255)
• 8.4 Choosing Output in the Short Run(p. 258)
• 8.5 The Competitive Firm's Short-Run Supply Curve(p. 263)
• 8.6 The Short-Run Market Supply Curve(p. 266)
• 8.7 Choosing Output in the Long Run(p. 271)
• 8.8 The Industry's Long-Run Supply Curve(p. 277)
• Summary(p. 283)
• Questions for Review(p. 284)
• Exercises(p. 284)
• 9 The Analysis of Competitive Markets(p. 287)
• 9.1 Evaluating the Gains and Losses from Government Policies--Consumer and Producer Surplus(p. 288)
• 9.2 The Efficiency of a Competitive Market(p. 294)
• 9.3 Minimum Prices(p. 298)
• 9.4 Price Supports and Production Quotas(p. 302)
• 9.5 Import Quotas and Tariffs(p. 309)
• 9.6 The Impact of a Tax or Subsidy(p. 313)
• Summary(p. 320)
• Questions for Review(p. 320)
• Exercises(p. 321)
• Part 3 Market Structure and Competitive Strategy(p. 325)
• 10 Market Power: Monopoly and Monopsony(p. 327)
• 10.1 Monopoly(p. 328)
• 10.2 Monopoly Power(p. 339)
• 10.3 Sources of Monopoly Power(p. 345)
• 10.4 The Social Costs of Monopoly Power(p. 347)
• 10.5 Monopsony(p. 352)
• 10.6 Monopsony Power(p. 355)
• 10.7 Limiting Market Power: The Antitrust Laws(p. 359)
• Summary(p. 364)
• Questions for Review(p. 365)
• Exercises(p. 365)
• 11 Pricing with Market Power(p. 369)
• 11.1 Capturing Consumer Surplus(p. 370)
• 11.2 Price Discrimination(p. 371)
• 11.3 Intertemporal Price Discrimination and Peak-Load Pricing(p. 382)
• 11.4 The Two-Part Tariff(p. 385)
• 11.5 Bundling(p. 392)
• 11.6 Advertising(p. 403)
• Summary(p. 407)
• Questions for Review(p. 408)
• Exercises(p. 408)
• Appendix to Chapter 11: Transfer Pricing in the Integrated Firm(p. 413)
• 12 Monopolistic Competition and Oligopoly(p. 423)
• 12.1 Monopolistic Competition(p. 424)
• 12.2 Oligopoly(p. 429)
• 12.3 Price Competition(p. 437)
• 12.4 Competition versus Collusion: The Prisoners' Dilemma(p. 442)
• 12.5 Implications of the Prisoners' Dilemma for Oligopolistic Pricing(p. 445)
• 12.6 Cartels(p. 451)
• Summary(p. 456)
• Questions for Review(p. 457)
• Exercises(p. 457)
• 13 Game Theory and Competitive Strategy(p. 461)
• 13.1 Gaming and Strategic Decisions(p. 461)
• 13.2 Dominant Strategies(p. 464)
• 13.3 The Nash Equilibrium Revisited(p. 466)
• 13.4 Repeated Games(p. 472)
• 13.5 Sequential Games(p. 476)
• 13.6 Threats, Commitments, and Credibility(p. 479)
• 13.7 Entry Deterrence(p. 483)
• 13.8 Bargaining Strategy(p. 489)
• 13.9 Auctions(p. 491)
• Summary(p. 496)
• Questions for Review(p. 497)
• Exercises(p. 498)
• 14 Markets for Factor Inputs(p. 501)
• 14.1 Competitive Factor Markets(p. 501)
• 14.2 Equilibrium in a Competitive Factor Market(p. 514)
• 14.3 Factor Markets with Monopsony Power(p. 518)
• 14.4 Factor Markets with Monopoly Power(p. 523)
• Summary(p. 529)
• Questions for Review(p. 530)
• Exercises(p. 530)
• 15 Investment, Time, and Capital Markets(p. 533)
• 15.1 Stocks versus Flows(p. 534)
• 15.2 Present Discounted Value(p. 534)
• 15.3 The Value of a Bond(p. 538)
• 15.4 The Net Present Value Criterion for Capital Investment Decisions(p. 542)
• 15.5 Adjustments for Risk(p. 545)
• 15.6 Investment Decisions by Consumers(p. 549)
• 15.7 Intertemporal Production Decisions--Depletable Resources(p. 551)
• 15.8 How Are Interest Rates Determined?(p. 555)
• Summary(p. 558)
• Questions for Review(p. 558)
• Exercises(p. 559)
• Part 4 Information, Market Failure, and the Role of Government(p. 561)
• 16 General Equilibrium and Economic Efficiency(p. 563)
• 16.1 General Equilibrium Analysis(p. 563)
• 16.2 Efficiency in Exchange(p. 567)
• 16.3 Equity and Efficiency(p. 575)
• 16.4 Efficiency in Production(p. 578)
• 16.5 The Gains from Free Trade(p. 585)
• 16.6 An Overview--The Efficiency of Competitive Markets(p. 590)
• 16.7 Why Markets Fail(p. 591)
• Summary(p. 593)
• Questions for Review(p. 594)
• Exercises(p. 594)
• 17 Markets with Asymmetric Information(p. 595)
• 17.1 Quality Uncertainty and the Market for Lemons(p. 596)
• 17.2 Market Signaling(p. 601)
• 17.3 Moral Hazard(p. 606)
• 17.4 The Principal-Agent Problem(p. 609)
• 17.5 Managerial Incentives in an Integrated Firm(p. 613)
• 17.6 Asymmetric Information in Labor Markets: Efficiency Wage Theory(p. 616)
• Summary(p. 619)
• Questions for Review(p. 619)
• Exercises(p. 619)
• 18 Externalities and Public Goods(p. 621)
• 18.1 Externalities(p. 621)
• 18.2 Ways of Correcting Market Failure(p. 625)
• 18.3 Externalities and Property Rights(p. 638)
• 18.4 Common Property Resources(p. 642)
• 18.5 Public Goods(p. 644)
• 18.6 Private Preferences for Public Goods(p. 649)
• Summary(p. 651)
• Questions for Review(p. 651)
• Exercises(p. 652)
• Appendix The Basics of Regression(p. 655)
• Glossary(p. 663)
• Answers to Selected Exercises(p. 675)
• Index(p. 687)
• List of Examples
• Example 1.1 Markets for Prescription Drugs(p. 10)
• Example 1.2 The Price of Eggs and the Price of a College Education(p. 12)
• Example 1.3 The Minimum Wage(p. 13)
• Example 2.1 The Price of Eggs and the Price of a College Education Revisited(p. 26)
• Example 2.2 Wage Inequality in the United States(p. 27)
• Example 2.3 The Long-Run Behavior of Natural Resource Prices(p. 28)
• Example 2.4 The Market for Wheat(p. 33)
• Example 2.5 The Demand for Gasoline and Automobiles(p. 39)
• Example 2.6 The Weather in Brazil and the Price of Coffee in New York(p. 41)
• Example 2.7 Declining Demand and the Behavior of Copper Prices(p. 47)
• Example 2.8 Upheaval in the World Oil Market(p. 49)
• Example 2.9 Price Controls and Natural Gas Shortages(p. 54)
• Example 3.1 Designing New Automobiles(p. 71)
• Example 3.2 Designing New Automobiles (II)(p. 81)
• Example 3.3 Decision Making and Public Policy(p. 82)
• Example 3.4 A College Trust Fund(p. 85)
• Example 3.5 Revealed Preference for Recreation(p. 88)
• Example 3.6 Gasoline Rationing(p. 91)
• Example 3.7 The Bias in the CPI(p. 97)
• Example 4.1 Consumer Expenditures in the United States(p. 108)
• Example 4.2 The Effects of a Gasoline Tax(p. 114)
• Example 4.3 The Aggregate Demand for Wheat(p. 120)
• Example 4.4 The Demand for Housing(p. 122)
• Example 4.5 The Value of Clean Air(p. 125)
• Example 4.6 Network Externalities and the Demands for Computers and E-Mail(p. 130)
• Example 4.7 The Demand for Ready-to-Eat Cereal(p. 134)
• Example 5.1 Deterring Crime(p. 154)
• Example 5.2 Business Executives and the Choice of Risk(p. 160)
• Example 5.3 The Value of Title Insurance When Buying a House(p. 163)
• Example 5.4 The Value of Information in the Dairy Industry(p. 165)
• Example 5.5 Investing in the Stock Market(p. 173)
• Example 6.1 Malthus and the Food Crisis(p. 187)
• Example 6.2 Labor Productivity and the Standard of Living(p. 189)
• Example 6.3 A Production Function for Wheat(p. 196)
• Example 6.4 Returns to Scale in the Carpet Industry(p. 199)
• Example 7.1 Choosing the Location for a New Law School Building(p. 205)
• Example 7.2 Sunk, Fixed, and Variable Costs: Computers, Software, and Pizzas(p. 207)
• Example 7.3 The Short-Run Cost of Aluminum Smelting(p. 213)
• Example 7.4 The Effect of Effluent Fees on Input Choices(p. 220)
• Example 7.5 Economies of Scope in the Trucking Industry(p. 232)
• Example 7.6 The Learning Curve in Practice(p. 236)
• Example 7.7 Cost Functions for Electric Power(p. 240)
• Example 7.8 A Cost Function for the Savings and Loan Industry(p. 241)
• Example 8.1 The Short-Run Output Decision of an Aluminum Smelting Plant(p. 260)
• Example 8.2 Some Cost Considerations for Managers(p. 261)
• Example 8.3 The Short-Run Production of Petroleum Products(p. 265)
• Example 8.4 The Short-Run World Supply of Copper(p. 268)
• Example 8.5 The Long-Run Supply of Housing(p. 282)
• Example 9.1 Price Controls and Natural Gas Shortages(p. 292)
• Example 9.2 The Market for Human Kidneys(p. 295)
• Example 9.3 Airline Regulation(p. 300)
• Example 9.4 Supporting the Price of Wheat(p. 306)
• Example 9.5 The Sugar Quota(p. 312)
• Example 9.6 A Tax on Gasoline(p. 318)
• Example 10.1 Astra-Merck Prices Prilosec(p. 334)
• Example 10.2 Markup Pricing: Supermarkets to Designer Jeans(p. 342)
• Example 10.3 The Pricing of Prerecorded Videocassettes(p. 343)
• Example 10.4 Monopsony Power in U.S. Manufacturing(p. 358)
• Example 10.5 A Phone Call About Prices(p. 362)
• Example 10.6 The United States versus Microsoft(p. 363)
• Example 11.1 The Economics of Coupons and Rebates(p. 379)
• Example 11.2 Airline Fares(p. 380)
• Example 11.3 How to Price a Best-Selling Novel(p. 384)
• Example 11.4 Polaroid Cameras(p. 389)
• Example 11.5 Pricing Cellular Phone Service(p. 390)
• Example 11.6 The Complete Dinner versus a la Carte: A Restaurant's Pricing Problem(p. 401)
• Example 11.7 Advertising in Practice(p. 406)
• Example 12.1 Monopolistic Competition in the Markets for Colas and Coffee(p. 428)
• Example 12.2 A Pricing Problem for Procter and Gamble(p. 440)
• Example 12.3 Procter and Gamble in a Prisoners' Dilemma(p. 444)
• Example 12.4 Price Leadership and Price Rigidity in Commercial Banking(p. 448)
• Example 12.5 The Cartelization of Intercollegiate Athletics(p. 455)
• Example 12.6 The Milk Cartel(p. 456)
• Example 13.1 Acquiring a Company(p. 463)
• Example 13.2 Oligopolistic Cooperation in the Water Meter Industry(p. 474)
• Example 13.3 Competition and Collusion in the Airline Industry(p. 475)
• Example 13.4 Wal-Mart Stores' Preemptive Investment Strategy(p. 482)
• Example 13.5 DuPont Deters Entry in the Titanium Dioxide Industry(p. 487)
• Example 13.6 Diaper Wars(p. 488)
• Example 13.7 Internet Auctions(p. 495)
• Example 14.1 The Demand for Jet Fuel(p. 508)
• Example 14.2 Labor Supply for One- and Two-Earner Households(p. 513)
• Example 14.3 Pay in the Military(p. 517)
• Example 14.4 Monopsony Power in the Market for Baseball Players(p. 520)
• Example 14.5 Teenage Labor Markets and the Minimum Wage(p. 521)
• Example 14.6 The Decline of Private-Sector Unionism(p. 527)
• Example 14.7 Wage Inequality--Have Computers Changed the Labor Market?(p. 528)
• Example 15.1 The Value of Lost Earnings(p. 537)
• Example 15.2 The Yields on Corporate Bonds(p. 541)
• Example 15.3 Capital Investment in the Disposable Diaper Industry(p. 548)
• Example 15.4 Choosing an Air Conditioner and a New Car(p. 550)
• Example 15.5 How Depletable Are Depletable Resources?(p. 554)
• Example 16.1 The Interdependence of International Markets(p. 566)
• Example 16.2 The Effects of Automobile Import Quotas(p. 588)
• Example 16.3 The Costs and Benefits of Special Protection(p. 589)
• Example 17.1 Lemons in Major League Baseball(p. 600)
• Example 17.2 Working into the Night(p. 605)
• Example 17.3 Reducing Moral Hazard--Warranties of Animal Health(p. 608)
• Example 17.4 Crisis in the Savings and Loan Industry(p. 608)
• Example 17.5 Managers of Nonprofit Hospitals as Agents(p. 611)
• Example 17.6 Efficiency Wages at Ford Motor Company(p. 618)
• Example 18.1 The Costs and Benefits of Reduced Sulfur Dioxide Emissions(p. 631)
• Example 18.2 Emissions Trading and Clean Air(p. 632)
• Example 18.3 Regulating Municipal Solid Wastes(p. 637)
• Example 18.4 The Coase Theorem at Work(p. 641)
• Example 18.5 Crawfish Fishing in Louisiana(p. 643)
• Example 18.6 The Demand for Clear Air(p. 647)
• Example A.1 The Demand for Coal(p. 661)