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Broader and more varied in its coverage than other books of readings at the intermediate level, this volume provides a balance between theoretical presentations, case studies, articles using empirical evidence, and papers that apply economic principles to real-world situations.

Tabla de contenidos provista por Syndetics

• About the Authors(p. xvii)
• Preface(p. xix)
• Part 1 Introduction
• Chapter 1 Microeconomics(p. 1)
• Introduction(p. 1)
• Optimal Production Decisions(p. 2)
• Pricing Policy(p. 3)
• Efficient Allocation of a Society's Resources(p. 3)
• Public Policy Concerning Market Structure(p. 5)
• Microeconomics: Problem Solving and Science(p. 6)
• Human Wants and Resources(p. 7)
• Technology(p. 8)
• Tasks Performed by an Economic System(p. 9)
• Our Mixed Capitalist System(p. 10)
• The Price System and Microeconomics(p. 12)
• Example 1.1 Hungary's Rough Transition toward the Price System(p. 13)
• Model-Building and the Role of Models(p. 14)
• Evaluating a Model(p. 15)
• Summary(p. 16)
• Questions/Problems(p. 17)
• Chapter 2 Demand and Supply(p. 20)
• Introduction(p. 20)
• Markets(p. 20)
• The Demand Side of the Market(p. 21)
• Example 2.1 Coffee Bars Invade Manhattan(p. 26)
• The Supply Side of the Market(p. 31)
• Example 2.2 The Price of Cotton: Highest since the Civil War(p. 33)
• Determinants of Price(p. 36)
• Price Floors and Ceilings(p. 41)
• Example 2.3 Rent Control, California-Style: Mobile-Home Owners versus Park Owners(p. 43)
• Summary(p. 45)
• Questions/Problems(p. 46)
• Part 2 Consumer Behavior and Market Demand
• Chapter 3 Tastes and Preferences of the Consumer(p. 51)
• Introduction(p. 51)
• Consumer Preferences(p. 52)
• Indifference Curves(p. 53)
• The Concept of Utility(p. 56)
• The Marginal Rate of Substitution(p. 57)
• Example 3.1 Deciphering the Shapes of Indifference Curves(p. 59)
• The Budget Line(p. 61)
• Equilibrium of the Consumer(p. 64)
• Example 3.2 Consumer Choice and the New Phone Rates(p. 66)
• Corner Solutions(p. 68)
• Corner Solutions and Diminishing Marginal Rates of Substitution(p. 69)
• Revealed Preference and the Measurement of Indifference Curves(p. 71)
• Determinants of Consumer Tastes and Preferences(p. 73)
• Example 3.3 The Food Stamp Program(p. 74)
• Budget Allocation by New York State: An Application(p. 75)
• Summary(p. 77)
• Questions/Problems(p. 78)
• Appendix Ordinal and Cardinal Utility(p. 81)
• Chapter 4 Consumer Behavior and Individual Demand(p. 87)
• Introduction(p. 87)
• Effects of Changes in Consumer Money Income(p. 88)
• Example 4.1 Expenditures and Income(p. 94)
• Effects of Changes in Commodity Prices(p. 95)
• Substition and Income Effects(p. 98)
• Example 4.2 Energy Tax and Rebate Proposal(p. 103)
• Consumer Surplus(p. 104)
• Indexes of the Cost of Living(p. 112)
• Example 4.3 Household Response to Higher Energy Prices and Their Associated Losses in Consumer Surplus(p. 113)
• Example 4.4 Calculating a Cost-of-Living Index(p. 119)
• Summary(p. 120)
• Questions/Problems(p. 121)
• Chapter 5 Derivation of the Market Demand Curve(p. 126)
• Introduction(p. 126)
• The Price Elasticity of Demand(p. 128)
• Example 5.1 Residential Demand for Water(p. 129)
• The Income Elasticity of Demand(p. 130)
• The Cross-Price Elasticity of Demand(p. 133)
• Example 5.2 Fur Sales Take a Hit(p. 135)
• Shifting Demand Curves(p. 136)
• The Seller's Side of the Market and Marginal Revenue(p. 137)
• Example 5.3 Demand and the Distribution of Aggregate Income(p. 138)
• Industry and Firm Demand Curves(p. 142)
• The Measurement of Demand Curves(p. 144)
• Example 5.4 Attracting Quality Students with Partial Scholarships(p. 147)
• Summary(p. 148)
• Questions/Problems(p. 149)
• Chapter 6 Choices Involving Risk(p. 153)
• Introduction(p. 153)
• Probability(p. 153)
• Expected Monetary Value(p. 155)
• Investing in an Oil Venture: A Case Study(p. 156)
• The Expected Value of Perfect Information(p. 157)
• How Much Are Accurate Weather Forecasts Worth to Raisin Producers? A Case Study(p. 158)
• The Expected Value of Partial Information(p. 159)
• Should a Person Maximize Expected Monetary Value?(p. 161)
• Maximizing Expected Utility(p. 162)
• Should the Company Really Invest in the Oil Venture?(p. 163)
• Preferences Regarding Risk(p. 164)
• Example 6.1 Hospitals and the Health Insurance Bind(p. 167)
• Why People Buy Insurance(p. 169)
• How Much Insurance Should an Individual Buy?(p. 170)
• Example 6.2 Are Two Consultants Better Than One?(p. 171)
• Revisiting the Value of Information When People Are Averse to Risk(p. 176)
• Behavior in the Face of Risk(p. 178)
• The Precautionary Principle(p. 179)
• Example 6.3 The Cost of Exposure Limits That Have Been Set by Applying the Precautionary Principle(p. 181)
• Summary(p. 182)
• Questions/Problems(p. 183)
• Cross-Chapter Case Part 2 Demand for Airline Travel and the Pricing of Tickets(p. 186)
• Part 3 The Firm: Its Technology and Costs
• Chapter 7 The Firm and Its Technology(p. 191)
• Introduction(p. 191)
• Firm Owners and Managers: A Principal-Agent Problem(p. 193)
• Technology and Inputs(p. 195)
• The Short Run and the Long Run(p. 195)
• Example 7.1 Is a CEO Really Worth Half a Billion Dollars per Year?(p. 196)
• The Production Function(p. 198)
• The Law of Diminishing Marginal Returns and the Geometry of Average and Marginal Product Curves(p. 202)
• The Production Function: Two Variable Inputs(p. 204)
• Isoquants(p. 205)
• Substitution among Inputs(p. 207)
• The Long Run and Returns to Scale(p. 209)
• The Measurement of Production Functions(p. 211)
• Example 7.2 Should Two Kansas Wheat Farms Merge?(p. 213)
• Summary(p. 216)
• Questions/Problems(p. 217)
• Chapter 8 Optimal Input Combination and Cost Functions(p. 220)
• Introduction(p. 220)
• Optimal Combination of Inputs(p. 221)
• Production of Wheat: An Application(p. 225)
• Costs(p. 226)
• Example 8.1 Rice-Milling in Indonesia(p. 228)
• Pollution Control: An Application(p. 229)
• Social Costs versus Private Costs(p. 231)
• Explicit Costs versus Implicit Costs(p. 231)
• Proper Comparison of Alternatives(p. 231)
• Cost Functions in the Short Run(p. 232)
• Example 8.2 Least-Cost Reductions of Carbon Emissions(p. 241)
• Cost Functions in the Long Run(p. 243)
• Economies of Scope(p. 250)
• The Measurement of Cost Functions(p. 250)
• Example 8.3 The Shape of the Short-Run Marginal Cost Curve(p. 255)
• Summary(p. 256)
• Questions/Problems(p. 257)
• Cross-Chapter Case Part 3 Production and Cost Theory at Work: The Cost of Climate Policy(p. 261)
• Part 4 Market Structure, Price, and Output
• Chapter 9 Perfect Competition(p. 269)
• Introduction(p. 269)
• Perfect Competition(p. 270)
• Price Determination in the Short Run(p. 271)
• Example 9.1 Auctions and Experimental Economics(p. 278)
• Price Determination in the Long Run(p. 280)
• Example 9.2 What Would Be the Effects of National Dental Insurance?(p. 284)
• Example 9.3 The Market for Sulfur Emissions Permits(p. 291)
• Agricultural Prices and Output: An Application(p. 293)
• Summary(p. 295)
• Questions/Problems(p. 295)
• Chapter 10 Applying the Competitive Model(p. 300)
• Introduction(p. 300)
• Producer Surplus and Total Surplus(p. 300)
• Perfect Competition and the Maximization of Total Surplus(p. 303)
• The Effect of a Price Ceiling(p. 305)
• Example 10.1 A Price Ceiling for Gasoline(p. 306)
• New York Apartments: A Case Study(p. 308)
• The Effect of a Price Floor(p. 310)
• Agricultural Price Supports: Another Case Study(p. 311)
• Protecting Domestic Producers: Tariffs and Quotas(p. 312)
• Restrictions on U.S. Imports of Japanese Autos: A Third Case Study(p. 314)
• Example 10.2 Gains and Losses from Steel Import Quotas(p. 316)
• Effects on Price of an Excise Tax(p. 318)
• Deadweight Loss from an Excise Tax(p. 320)
• Example 10.3 Should the Gasoline Tax Be Raised?(p. 322)
• Postcript(p. 323)
• Summary(p. 324)
• Questions/Problems(p. 324)
• Chapter 11 Monopoly(p. 329)
• Introduction(p. 329)
• Short-Run Equilibrium Price and Output(p. 333)
• Long-Run Equilibrium Price and Output(p. 338)
• Example 11.1 Playing the Slots at Foxwoods(p. 339)
• Multiplant Monopoly(p. 341)
• A Comparison of Monopoly with Perfect Competition(p. 343)
• Monopoly Power(p. 345)
• Price Discrimination(p. 346)
• Example 11.2 The Microsoft Finding and the Value of Startup Software Companies(p. 347)
• Two-Part Tariffs and Tying(p. 353)
• Example 11.3 Two-Part Tariffs in the National Football League(p. 354)
• Bundling: Another Pricing Technique(p. 356)
• Public Regulation of Monopoly(p. 358)
• Case Studies(p. 360)
• Summary(p. 362)
• Questions/Problems(p. 364)
• Chapter 12 Monopolistic Competition and Oligopoly(p. 369)
• Introduction(p. 369)
• Monopolistic Competition(p. 369)
• Equilibrium Price and Output in the Short and Long Runs(p. 371)
• Excess Capacity and Product Diversity(p. 373)
• Markup Pricing(p. 374)
• Comparisons with Perfect Competition and Monopoly(p. 376)
• Advertising Expenditures: A Simple Model(p. 377)
• Optimal Advertising Expenditures: A Graphical Analysis(p. 379)
• The Social Value of Advertising(p. 380)
• Example 12.1 Advertising, Spectacles, and the FTC(p. 382)
• Oligopoly(p. 383)
• The Nash Equilibrium(p. 384)
• An Example of a Nash Equilibrium: The Cournot Model(p. 385)
• The Stackelberg Model(p. 389)
• The Bertrand Model(p. 392)
• Collusion and Cartels(p. 393)
• Example 12.2 The Retail Market for Tires(p. 397)
• The Instability of Cartels(p. 398)
• The OPEC Oil Cartel: An Application(p. 399)
• Example 12.3 The International Supply of Crude Oil(p. 400)
• Price Leadership(p. 402)
• Entry and Contestable Markets(p. 404)
• Summary(p. 406)
• Questions/Problems(p. 407)
• Chapter 13 Game Theory and Strategic Behavior(p. 410)
• Introduction(p. 410)
• The Theory of Games(p. 411)
• Game Trees(p. 412)
• Nash Equilibria: Further Discussion(p. 414)
• Maximin Strategies(p. 416)
• Example 13.1 Should Amherst Buy All Its Steel from Duquesne?(p. 417)
• The Prisoners' Dilemma(p. 418)
• Cheating on a Cartel Agreement(p. 420)
• The Repeated Prisoners' Dilemma and the Tit-for-Tat Strategy(p. 421)
• Strategic Moves(p. 423)
• Example 13.2 The Role of Incentives and Contracts(p. 424)
• Threats: Empty and Credible(p. 426)
• Deterrence of Entry(p. 428)
• Limit Pricing(p. 430)
• First-Mover Advantages(p. 430)
• Example 13.3 How Governments Can Tilt the Outcome of Oligopoly(p. 432)
• Capacity Expansion and Preemption(p. 434)
• Nonprice Competition(p. 435)
• The Effects of Oligopoly(p. 436)
• Summary(p. 437)
• Questions/Problems(p. 438)
• Cross-Chapter Case Part 4 Shaking the Tree of Global Telecommunications Markets(p. 442)
• Part 5 Markets for Inputs
• Chapter 14 Price and Employment of Inputs(p. 445)
• Introduction(p. 445)
• Profit Maximization and Input Employment(p. 446)
• The Firm's Demand Curve: The Case of One Variable Input(p. 448)
• The Firm's Demand Curve: The Case of Several Variable Inputs(p. 450)
• The Market Demand Curve(p. 452)
• Determinants of the Price Elasticity of Demand for an Input(p. 453)
• The Market Supply Curve(p. 455)
• Example 14.1 Income and Substitution Effects in the Supply of Labor(p. 458)
• Equilibrium Price and Employment of an Input(p. 459)
• Rent(p. 462)
• Imperfectly Competitive Output Markets(p. 464)
• Example 14.2 Does Immigration Benefit the United States?(p. 467)
• Monopsony(p. 468)
• Example 14.3 Effects of Increasing the Minimum Wage(p. 474)
• Summary(p. 480)
• Questions/Problems(p. 481)
• Chapter 15 Investment Decisions(p. 486)
• Introduction(p. 486)
• Intertemporal Choice: Consumption and Saving(p. 487)
• Interest Rates and Investment(p. 490)
• The Equilibrium Level of Interest Rates(p. 492)
• Present Value(p. 493)
• Valuing a Stream of Payments(p. 495)
• The Net Present Value Rule for Investment Decisions(p. 497)
• Example 15.1 Neil Simon Goes Off-Broadway(p. 499)
• The Investment Decision: An Example(p. 500)
• Real versus Nominal Interest Rates(p. 502)
• Risk and Diversification(p. 503)
• Diversifiable and Nondiversifiable Risk(p. 504)
• The Capital-Asset Pricing Model(p. 506)
• Including Risk in Net Present Value Calculations: Some Examples(p. 507)
• The Stock Market: The Efficient Markets Hypothesis(p. 508)
• Internal Rates of Return and Bond Yields(p. 509)
• How Much Is a Bond Worth?(p. 511)
• Example 15.2 Game Theory in Action: Investment as a Strategic Decision(p. 513)
• Pricing Exhaustible Resources(p. 514)
• Example 15.3 Game Theory in Action: A Tit-for-Tat Time Horizon(p. 518)
• Summary(p. 520)
• Questions/Problems(p. 521)
• Cross-Chapter Case Part 5 Sex Discrimination and Comparable Worth(p. 526)
• Part 6 Information, Efficiency, and Government
• Chapter 16 General Equilibrium Analysis and Resource Allocation(p. 531)
• Introduction(p. 531)
• Partial Equilibrium Analysis versus General Equilibrium Analysis(p. 532)
• The Existence of General Equilibrium(p. 533)
• A Simple Model of General Equilibrium(p. 534)
• Example 16.1 Deregulation of Railroads and Trucks(p. 538)
• Resource Allocation and the Edgeworth Box Diagram(p. 539)
• Exchange(p. 542)
• Production(p. 544)
• Example 16.2 Allocation of Fissionable Material(p. 546)
• The Production Possibilities Curve(p. 547)
• Production and Exchange(p. 548)
• Summary(p. 552)
• Questions/Problems(p. 553)
• Chapter 17 The Promotion of Economic Efficiency(p. 556)
• Introduction(p. 556)
• A Definition of Economic Efficiency(p. 557)
• Marginal Conditions for Economic Efficiency(p. 558)
• The Utility Possibilities Curve(p. 561)
• Equity Considerations(p. 563)
• Example 17.1 John Rawls on Social Justice(p. 564)
• Perfect Competition and Economic Efficiency(p. 565)
• External Economies and Diseconomies(p. 567)
• Example 17.2 External Diseconomies on the Highways(p. 571)
• Increasing Returns, Public Goods, and Imperfect Information(p. 573)
• Static Efficiency and Economic Progress(p. 574)
• Example 17.3 Fairness, Equity, and Efficiency(p. 577)
• Summary(p. 579)
• Questions/Problems(p. 579)
• Appendix Economic Benefits from Free Trade(p. 582)
• Chapter 18 The Prevalence of Asymmetric Information(p. 585)
• Introduction(p. 585)
• Used Cars: An Example of Asymmetric Information(p. 586)
• A Graphical Analysis of the Market for Used Cars(p. 586)
• Example 18.1 Asymmetric Information in the Fixture Market(p. 589)
• Asymmetric Information and Market Failure(p. 589)
• Adverse Selection: A Problem of Hidden Information(p. 590)
• Consequences of Adverse Selection(p. 591)
• Market Signaling(p. 593)
• Example 18.2 Dawat, McDonald's, and the Importance of Reputation(p. 594)
• Moral Hazard: A Problem of Hidden Action(p. 596)
• Principal-Agent Problems(p. 598)
• Example 18.3 Game Theory in Action: Superior Knowledge as a Deterrent to Entry(p. 601)
• Efficiency Wage Theory(p. 603)
• Summary(p. 605)
• Questions/Problems(p. 606)
• Chapter 19 Public Goods, Externalities, and the Role of Government(p. 609)
• Introduction(p. 609)
• Characteristics of a Public Good(p. 609)
• Efficient Output of a Public Good(p. 610)
• Provision of Public Goods(p. 612)
• Example 19.1 The Effect of Voting Rules(p. 614)
• Externalities: The Case of Environmental Pollution(p. 615)
• Example 19.2 Game Theory in Action: The Tragedy of the Commons from a Strategic Perspective(p. 620)
• Property Rights and Coase's Theorem(p. 623)
• Government Intervention and Benefit-Cost Analysis(p. 624)
• Example 19.3 Economic Efficiency and Global Policy to Combat Climate Change(p. 628)
• Anemia Reduction in Indonesia, Kenya, and Mexico: An Application(p. 630)
• Limitations of Government Effectiveness(p. 631)
• Summary(p. 634)
• Questions/Problems(p. 635)
• Cross-Chapter Case Part 6 The FCC and the "Biggest Auction in the Known Universe"(p. 639)
• Glossary of Terms(p. 1)
• Brief Answers to Odd Numbered Questions(p. 13)
• Index(p. 33)

Notas de autor provistas por Syndetics

Gary Yohe is Professor of Economics at Wesleyan University.
Edwin Mansfield was a longtime professor of economics at the University of Pennsylvania.