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• COVER
• TABLE OF CONTENTS
• ABOUT THE AUTHORS
• PREFACE
• ACKNOWLEDGMENTS
• PART 1 INTRODUCTION TO MICROECONOMICS
• 1 ANALYZING ECONOMIC PROBLEMS
• 1.1 WHY STUDY MICRO-ECONOMICS?
• 1.2 THREE KEY ANALYTICAL TOOLS
• 1.3 POSITIVE AND NORMATIVE ANALYSIS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• 2 DEMAND AND SUPPLY ANALYSIS
• 2.1 DEMAND, SUPPLY, AND MARKET EQUILIBRIUM
• 2.2 PRICE ELASTICITY OF DEMAND
• 2.3 OTHER ELASTICITIES
• 2.4 ELASTICITY IN THE LONG RUN VERSUS THE SHORT RUN
• 2.5 BACK-OF-THE-ENVELOPE CALCULATIONS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: Price Elasticity of Demand along a Constant Elasticity Demand Curve
• PART 2 CONSUMER THEORY
• 3 CONSUMER PREFERENCES AND THE CONCEPT OF UTILITY
• 3.1 REPRESENTATIONS OF PREFERENCES
• 3.2 UTILITY FUNCTIONS
• 3.3 SPECIAL PREFERENCES
• 3.4 BEHAVIORAL ASPECTS OF CHOICE16
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• 4 CONSUMER CHOICE
• 4.1 THE BUDGET CONSTRAINT
• 4.2 OPTIMAL CHOICE
• 4.3 CONSUMER CHOICE WITH COMPOSITE GOODS
• 4.4 REVEALED PREFERENCE
• 4.5 MAXIMIZING UTILITY USING LAGRANGE MULTIPLIERS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: The Time Value of Money
• 5 THE THEORY OF DEMAND
• 5.1 OPTIMAL CHOICE AND DEMAND
• 5.2 CHANGE IN THE PRICE OF A GOOD: SUBSTITUTION EFFECT AND INCOME EFFECT
• 5.3 CHANGE IN THE PRICE OF A GOOD: THE CONCEPT OF CONSUMER SURPLUS
• 5.4 MARKET DEMAND
• 5.5 THE CHOICE OF LABOR AND LEISURE
• 5.6 CONSUMER PRICE INDICES
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• PART 3 PRODUCTION AND COST THEORY
• 6 INPUTS AND PRODUCTION FUNCTIONS
• 6.1 INTRODUCTION TO INPUTS AND PRODUCTION FUNCTIONS
• 6.2 PRODUCTION FUNCTIONS WITH A SINGLE INPUT
• 6.3 PRODUCTION FUNCTIONS WITH MORE THAN ONE INPUT
• 6.4 SUBSTITUTABILITY AMONG INPUTS
• 6.5 RETURNS TO SCALE
• 6.6 TECHNOLOGICAL PROGRESS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: The Elasticity of Substitution for a Cobb–Douglas Production Function
• 7 COSTS AND COST MINIMIZATION
• 7.1 COST CONCEPTS FOR DECISION MAKING
• 7.2 THE COST-MINIMIZATION PROBLEM
• 7.3 COMPARATIVE STATICS ANALYSIS OF THE COST-MINIMIZATION PROBLEM
• 7.4 SHORT-RUN COST MINIMIZATION
• 7.5 MINIMIZING LONG-RUN COSTS USING LAGRANGE MULTIPLIERS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX:
• 8 COST CURVES
• 8.1 LONG-RUN COST CURVES
• 8.2 SHORT-RUN COST CURVES
• 8.3 SPECIAL TOPICS IN COST
• 8.4 ESTIMATING COST FUNCTIONS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: Shephard’s Lemma and Duality
• PART 4 PERFECT COMPETITION
• 9 PERFECTLY COMPETITIVE MARKETS
• 9.1 WHAT IS PERFECT COMPETITION?
• 9.2 PROFIT MAXIMIZATION BY A PRICE-TAKING FIRM
• 9.3 HOW THE MARKET PRICE IS DETERMINED: SHORT-RUN EQUILIBRIUM
• 9.4 HOW THE MARKET PRICE IS DETERMINED: LONG-RUN EQUILIBRIUM
• 9.5 ECONOMIC RENT AND PRODUCER SURPLUS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: Profit Maximization Implies Cost Minimization
• 10 COMPETITIVE MARKETS: APPLICATIONS
• 10.1 THE INVISIBLE HAND, EXCISE TAXES, AND SUBSIDIES
• 10.2 PRICE CEILINGS AND FLOORS
• 10.3 PRODUCTION QUOTAS
• 10.4 PRICE SUPPORTS IN THE AGRICULTURAL SECTOR
• 10.5 IMPORT QUOTAS AND TARIFFS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• PART 5 MARKET POWER
• 11 MONOPOLY AND MONOPSONY
• 11.1 PROFIT MAXIMIZATION BY A MONOPOLIST
• 11.2 THE IMPORTANCE OF PRICE ELASTICITY OF DEMAND
• 11.3 COMPARATIVE STATICS FOR MONOPOLISTS
• 11.4 MONOPOLY WITH MULTIPLE PLANTS AND MARKETS
• 11.5 THE WELFARE ECONOMICS OF MONOPOLY
• 11.6 WHY DO MONOPOLY MARKETS EXIST?
• 11.7 MONOPSONY
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• 12 CAPTURING SURPLUS
• 12.1 CAPTURING SURPLUS
• 12.2 FIRST-DEGREE PRICE DISCRIMINATION: MAKING THE MOST FROM EACH CONSUMER
• 12.3 SECOND-DEGREE PRICE DISCRIMINATION: QUANTITY DISCOUNTS
• 12.4 THIRD-DEGREE PRICE DISCRIMINATION: DIFFERENT PRICES FOR DIFFERENT MARKET SEGMENTS
• 12.5 TYING (TIE-IN SALES)
• 12.6 ADVERTISING
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• PART 6 IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR
• 13 MARKET STRUCTURE AND COMPETITION
• 13.1 DESCRIBING AND MEASURING MARKET STRUCTURE
• 13.2 OLIGOPOLY WITH HOMOGENEOUS PRODUCTS
• 13.3 DOMINANT FIRM MARKETS
• 13.4 OLIGOPOLY WITH HORIZONTALLY DIFFERENTIATED PRODUCTS
• 13.5 MONOPOLISTIC COMPETITION
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: The Cournot Equilibrium and the Inverse Elasticity Pricing Rule
• 14 GAME THEORY AND STRATEGIC BEHAVIOR
• 14.1 THE CONCEPT OF NASH EQUILIBRIUM
• 14.2 THE REPEATED PRISONERS’ DILEMMA
• 14.3 SEQUENTIAL-MOVE GAMES AND STRATEGIC MOVES
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• PART 7 SPECIAL TOPICS
• 15 RISK AND INFORMATION
• 15.1 DESCRIBING RISKY OUTCOMES
• 15.2 EVALUATING RISKY OUTCOMES
• 15.3 BEARING AND ELIMINATING RISK
• 15.4 ANALYZING RISKY DECISIONS
• 15.5 AUCTIONS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• 16 GENERAL EQUILIBRIUM THEORY
• 16.1 GENERAL EQUILIBRIUM ANALYSIS: TWO MARKETS
• 16.2 GENERAL EQUILIBRIUM ANALYSIS: MANY MARKETS
• 16.3 GENERAL EQUILIBRIUM ANALYSIS: COMPARATIVE STATICS
• 16.4 THE EFFICIENCY OF COMPETITIVE MARKETS
• 16.5 GAINS FROM FREE TRADE
• COMPARATIVE ADVANTAGE
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• APPENDIX: Deriving the Demand and Supply Curves for General Equilibrium in Figure 16.10 and Learning-By-Doing Exercise 16.2
• 17 EXTERNALITIES AND PUBLIC GOODS
• 17.1 INTRODUCTION
• 17.2 EXTERNALITIES
• 17.3 PUBLIC GOODS
• CHAPTER SUMMARY
• REVIEW QUESTIONS
• PROBLEMS
• MATHEMATICAL APPENDIXMATHEMATICAL APPENDIX
• A.1 FUNCTIONAL RELATIONSHIPS
• A.2 WHAT IS A “MARGIN”?
• A.3 DERIVATIVES
• A.4 HOW TO FIND A DERIVATIVE
• A.5 MAXIMIZATION AND MINIMIZATION PROBLEMS
• A.6 MULTIVARIABLE FUNCTIONS
• A.7 CONSTRAINED OPTIMIZATION
• A.8 LAGRANGE MULTIPLIERS
• SUMMARY
• SOLUTIONS TO SELECTED PROBLEMS
• GLOSSARY
• INDEX
• END USER LICENSE AGREEMENT