Price Theory and Applications: Decisions, Markets, and InformationThis new seventh edition of the book offers extensive discussion of information, uncertainty, and game theory. It contains over a hundred examples illustrating the applicability of economic analysis not only to mainline economic topics but also issues in politics, history, biology, the family, and many other areas. These discussions generally describe recent research published in scholarly books and articles, giving students a good idea of the scientific work done by professional economists. In addition, at appropriate places the text provides 'applications' representing more extended discussions of selected topics including rationing in wartime (Chapter 5), import quotas (Chapter 7), alleged monopolistic suppression of inventions (Chapter 9), minimum wage laws (Chapter 11), the effects of Social Security upon saving (Chapter 15), fair division of disrupted property (Chapter 16) and whether individuals should pay ransom to a kidnapper (Chapter 17). |
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Contents
3 | |
2 Working Tools | 27 |
II Preference Consumption and Demand | 67 |
3 Utility and Preference | 69 |
4 Consumption and Demand | 93 |
5 Applications and Extensions of Demand Theory | 127 |
III The Firm and the Industry | 155 |
6 The Business Firm | 157 |
12 The Demand for Factor Services | 339 |
13 Resource Supply and FactorMarket Equilibrium | 375 |
V Exchange | 407 |
14 Exchange Transaction Costs and Money | 409 |
VI Economics and Time | 453 |
15 The Economics of Time | 455 |
VII Political Economy | 495 |
The Market and the State | 497 |
7 Equilibrium in the Product Market Competitive Industry | 191 |
8 Monopolies Cartels and Networks | 221 |
9 Product Quality and Product Variety | 257 |
Oligopoly and Strategic Behavior | 279 |
11 Dealing with Uncertainty The Economics of Risk and Information | 307 |
IV Factor Markets and Income Distribution | 337 |
17 Government Politics and Conflict | 537 |
Answers to Selected Questions | 567 |
Name Index | 597 |
601 | |
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Common terms and phrases
aggregate amount autarky Average Cost benefit budget line buyers cartel Chapter choice choose commodity competitive conflict Consumer Surplus consumption Cost function defined definition demand curve diagram economic profit economists endowment Engel Curve equal equation equilibrium price example exchange Expansion Path external factor Figure financial find firm firm’s first fixed higher hire-price horizontal income effect increase indifference curve individual industry inefficient input interest rate intersection investment labor less long-run lower Marginal Cost Marginal Product Marginal Revenue Marginal Utility maximize monopolist monopoly mrpa MRSC Nash equilibrium numeraire oligopoly optimal optimum output q Panel payoffs player positive possible preferences Price Expansion Path price ratio Producer Surplus profit-maximizing profitable quantity rational Reaction Curves reduce reflect rises sellers shift short-run shows slope solution specific strategy substitution effect supply curve Suppose Table tangency Total Cost Total Revenue trade unit variable versus wage workers zero
Popular passages
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