Price Theory and Applications: Decisions, Markets, and Information
Cambridge University Press, Sep 12, 2005 - Business & Economics - 630 pages
This 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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2 Working Tools
II Preference Consumption and Demand
3 Utility and Preference
4 Consumption and Demand
5 Applications and Extensions of Demand Theory
III The Firm and the Industry
6 The Business Firm
12 The Demand for Factor Services
13 Resource Supply and FactorMarket Equilibrium
14 Exchange Transaction Costs and Money
VI Economics and Time
15 The Economics of Time
VII Political Economy
The Market and the State
7 Equilibrium in the Product Market Competitive Industry
8 Monopolies Cartels and Networks
9 Product Quality and Product Variety
Oligopoly and Strategic Behavior
11 Dealing with Uncertainty The Economics of Risk and Information
IV Factor Markets and Income Distribution
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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
Page 13 - How selfish soever man may be supposed, there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.
Page 6 - The battle to feed all of humanity is over. In the 1970s the world will undergo famines — hundreds of millions of people are going to starve to death in spite of any crash programs embarked upon now.