Microeconomics

David Besanko, Ronald Braeutigam

John Wiley & Sons, Oct 25, 2010 - Business & Economics - 768 pages

Business professionals that struggle to understand key concepts in economics and how they are applied in the field rely on Microeconomics. The fourth edition makes the material accessible while helping them build their problem-solving skills. It includes numerous new practice problems and exercises that arm them with a deeper understanding. Learning by Doing exercises explore the theories while boosting overall math skills. Graphs are included throughout the mathematical discussions to reinforce the material. In addition, the balanced approach of rigorous economics gives business professionals a more practical resource.

Contents

• CONTENTS: 1
• 103: 2
• INTRODUCTION TO MICROECONOMICS: 6
• LEARNINGBYDOING EXERCISES: 7
• APPENDIX The Cournot Equilibrium and the Inverse: 13
• Demand and Supply Analysis: 26
• Supply Curves: 32
• Elasticities along Specific Demand Curves: 45
• XX: 62
• CONSUMER THEORY: 73
• Marginal Utility Indifference: 81
• Consumer Choice: 103
• Using the Tangency Condition to Understand When: 114
• Joining a Club: 125
• Quantity Discounts: 131
• The Theory of Demand: 150
• The Theory of Demand: 152
• LEARNINGBYDOING EXERCISES: 168
• PRODUCTION AND COST THEORY: 169
• Inputs and Production Functions: 200
• Economic and Uneconomic Regions: 216
• Elasticity of Substitution: 222
• Returns to Scale versus Diminishing Marginal: 233
• APPENDIX The Elasticity of Substitution for: 243
• Costs and Cost Minimization: 245
• Economic versus Accounting Costs: 250
• Graphical Characterization of the Solution to: 256
• Cost Minimization in the Short: 272
• Cost Curves: 285
• LongRun Average and Marginal Cost Curves: 292
• Relationship Between the LongRun and the ShortRun: 303
• The Experience: 313
• APPENDIX Shephards Lemma and Duality: 323
• PERFECT COMPETITION: 327
• Economic Profit versus Accounting Profit: 333
• ShortRun Supply Curve for a PriceTaking Firm: 339
• ShortRun Perfectly Competitive Equilibrium: 348
• Free Entry and LongRun Perfectly Competitive: 354
• What Does Perfect Competition Teach Us?: 363
• Producer Surplus: 370
• Economic Profit Producer Surplus Economic Rent: 376
• APPENDIX Profit Maximization Implies Cost: 384
• Applications: 386
• Excise Taxes: 390
• Subsidies: 397
• Price Floors: 408
• Acreage Limitation Programs: 418
• Tariffs: 425
• MARKET POWER: 438
• Marginal Revenue and Price Elasticity of Demand: 451
• The Lerner Index: 457
• Shifts in Marginal Cost: 461
• Monopoly Deadweight Loss: 471
• An Inverse Elasticity Pricing Rule for Monopsony: 477
• Capturing Surplus: 485
• Subscription and Usage Charges: 498
• Screening: 504
• Bundling: 513
• IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR: 528
• The Bertrand Model of Oligopoly: 541
• Price Elasticity of Demand Margins and Number of Firms: 560
• Game Theory and Strategic Behavior: 571
• SPECIAL TOPICS: 604
• Utility Functions and Risk Preferences: 611
• When Would a RiskAverse Person Choose to Eliminate: 620
• Decision Trees with a Sequence of Decisions: 629
• Auctions When Bidders Have Private Values: 635
• General Equilibrium Theory: 648
• The General Equilibrium in Our Simple Economy: 660
• Exchange Efficiency: 670
• Input Efficiency: 676
• Comparative Advantage: 686
• APPENDIX Deriving the Demand and Supply Curves: 692
• Externalities and Public Goods: 697
• Positive Externalities and Economic Efficiency: 711
• LEARNINGBYDOING EXERCISES: 727
• Mathematical Appendix: 729
• LEARNINGBYDOING EXERCISES: 744
• Solutions to Selected Problems: 749
• Glossary: 771
• Photo Credits: 781

Bibliographic information

• Title: Microeconomics
• Authors: David Besanko, Ronald Braeutigam
• Edition: 4
• Publisher: John Wiley & Sons, 2010
• ISBN: 0470563583, 9780470563588
• Length: 768 pages
• Subjects: Business & Economics / Economics / Microeconomics