Overview

The 10th edition of Browning and Zupan's Microeconomics: Theory and Applications continues to motivate students and introduce them to current thinking in the field. This book appeals to students and instructors alike because of its accessibility, large number of applications, and the clear step-by-step manner in which graphs are introduced. In this new edition, the authors have included more applications and more mathematical material to reinforce students' understanding of basic microeconomic principles. This knowledge of microeconomic theory will serve as an essential foundation for any business major or for those preparing for a future career as a business professional.

Full Product Details

Author:   Edgar K. Browning (Texas A & M University) ,  Mark A. Zupan (University of Arizona)
Publisher:   John Wiley & Sons Inc
Imprint:   John Wiley & Sons Inc
Edition:   10th edition
Dimensions:   Width: 21.10cm , Height: 2.60cm , Length: 25.90cm
Weight:   1.196kg
ISBN:  

9780470128916

ISBN 10:   0470128917
Pages:   640
Publication Date:   22 September 2009
Audience:   Professional and scholarly ,  Professional & Vocational
Replaced By:   9781118065549
Format:   Hardback
Publisher's Status:   Out of Print
Availability:   In Print  
Limited stock is available. It will be ordered for you and shipped pending supplier's limited stock.

Table of Contents

Preface v Acknowledgments x Chapter 1: An Introduction to Microeconomics 1 1.1 The Scope of Microeconomic Theory 2 1.2 The Nature and Role of Theory 2 1.3 Positive Versus Normative Analysis 4 1.4 Market Analysis and Real Versus Nominal Prices 5 1.5 Basic Assumptions about Market Participants 6 1.6 Opportunity Cost 7 1.7 Production Possibility Frontier 10 Chapter 2: Supply and Demand 15 2.1 Demand and Supply Curves 16 2.2 Determination of Equilibrium Price and Quantity 23 2.3 Adjustment to Changes in Demand or Supply 25 2.4 Government Intervention in Markets: Price Controls 29 2.5 Elasticities 34 2.6 The Mathematics Associated with Elasticities 43 Chapter 3: The Theory of Consumer Choice 48 3.1 Consumer Preferences 50 3.2 The Budget Constraint 58 3.3 The Consumer’s Choice 63 3.4 Changes in Income and Consumption Choices 67 3.5 Are People Selfish? 74 3.6 The Utility Approach to Consumer Choice 77 3.7 The Mathematics Behind Consumer Choice 80 Chapter 4: Individual and Market Demand 85 4.1 Price Changes and Consumption Choices 86 4.2 Income and Substitution Effects of a Price Change 90 4.3 Income and Substitution Effects: Inferior Goods 96 4.4 From Individual to Market Demand 99 4.5 Consumer Surplus 101 4.6 Price Elasticity and the Price-Consumption Curve 107 4.7 Network Effects 109 4.8 The Basics of Demand Estimation 113 4.9 Deriving the Consumer’s Demand Curve Mathematically 117 Chapter 5: Using Consumer Choice Theory 122 5.1 Excise Subsidies, Health Care, and Consumer Welfare 123 5.2 Public Schools and the Voucher Proposal 128 5.3 Paying for Garbage 132 5.4 The Consumer’s Choice to Save or Borrow 135 5.5 Investor Choice 142 Chapter 6: Exchange, Efficiency, and Prices 152 6.1 Two-Person Exchange 153 6.2 Efficiency in the Distribution of Goods 159 6.3 Competitive Equilibrium and Efficient Distribution  163 6.4 Price and Nonprice Rationing and Efficiency 167 6.5 Some of the Mathematics Behind Efficiency in Exchange 170 Chapter 7: Production 174 7.1 Relating Output to Inputs 175 7.2 Production When Only One Input Is Variable: The Short Run 176 7.3 Production When All Inputs Are Variable: The Long Run 183 7.4 Returns to Scale 188 7.5 Functional Forms and Empirical Estimation of Production Functions 191 7.6 The Mathematics behind Production Theory 195 Chapter 8: The Cost of Production 201 8.1 The Nature of Cost 202 8.2 Short-Run Cost of Production 203 8.3 Short-Run Cost Curves 206 8.4 Long-Run Cost of Production 212 8.5 Input Price Changes and Cost Curves 218 8.6 Long-Run Cost Curves 221 8.7 Learning by Doing 224 8.8 Importance of Cost Curves to Market Structure 226 8.9 Using Cost Curves: Controlling Pollution 229 8.10 Economies of Scope 232 8.11 Estimating Cost Functions 233 8.12 The Mathematics Behind Production Cost 234 Chapter 9: Profit Maximization in Perfectly Competitive Markets 240 9.1 The Assumptions of Perfect Competition  241 9.2 Profit Maximization 243 9.3 The Demand Curve Facing the Competitive Firm 244 9.4 Short-Run Profit Maximization 246 9.5 The Perfectly Competitive Firm’s Short-Run Supply Curve 251 9.6 The Short-Run Industry Supply Curve 255 9.7 Long-Run Competitive Equilibrium 257 9.8 The Long-Run Industry Supply Curve 261 9.9 When Does the Competitive Model Apply? 269 9.10 The Mathematics Behind Perfect Competition 270 Chapter 10: Using the Competitive Model 275 10.1 The Evaluation of Gains and Losses 276 10.2 Excise Taxation 282 10.3 Airline Regulation and Deregulation 291 10.4 City Taxicab Markets 297 10.5 Consumer and Producer Surplus, and the Net Gains from Trade 300 10.6 Government Intervention in Markets: Quantity Controls 306 Chapter 11: Monopoly 312 11.1 The Monopolist’s Demand and Marginal Revenue Curves 313 11.2 Profit-Maximizing Output of a Monopoly 315 11.3 Further Implications of Monopoly Analysis. 321 11.4 The Measurement and Sources of Monopoly Power 325 11.5 The Efficiency Effects of Monopoly 331 11.6 Public Policy Toward Monopoly 335 11.7 The Mathematics Behind Monopoly 339 Chapter 12: Product Pricing with Monopoly Power 344 12.1 Price Discrimination 346 12.2 Three Necessary Conditions for Price Discrimination 350 12.3 Price and Output Determination with Price Discrimination 352 12.4 Intertemporal Price Discrimination and Peak-Load Pricing 356 12.5 Two-Part Tariffs 362 12.6 The Mathematics Behind Price Discrimination 367 Chapter 13: Monopolistic Competition and Oligopoly 371 13.1 Price and Output under Monopolistic Competition  372 13.2 Oligopoly and the Cournot Model 378 13.3 Other Oligopoly Models 384 13.4 Cartels and Collusion 390 Chapter 14: Game Theory and the Economics of Information 403 14.1 Game Theory 405 14.2 The Prisoner’s Dilemma Game 409 14.3 Repeated Games 414 14.4 Asymmetric Information 419 14.5 Adverse Selection and Moral Hazard 423 14.6 Limited Price Information 428 14.7 Advertising 430 Chapter 15: Using Noncompetitive Market Models 435 15.1 The Size of the Deadweight Loss of Monopoly 436 15.2 Do Monopolies Suppress Inventions? 440 15.3 Natural Monopoly 443 15.4 More on Game Theory: Iterated Dominance and Commitment 447 Chapter 16: Employment and Pricing of Inputs 456 16.1 The Input Demand Curve of a Competitive Firm 457 16.2 Industry and Market Demand Curves for an Input 463 16.3 The Supply of Inputs 466 16.4 Industry Determination of Price and Employment of Inputs 468 16.5 Input Price Determination in a Multi-Industry Market 471 16.6 Input Demand and Employment by an Output Market Monopoly 474 16.7 Monopsony in Input Markets 476 16.8 The Calculus Behind Input Demand by Competitive and Monopoly Firms 478 Chapter 17: Wages, Rent, Interest, and Profit 482 17.1 The Income-Leisure Choice of the Worker 483 17.2 The Supply of Hours of Work 486 17.3 The General Level of Wage Rates 491 17.4 Why Wages Differ 495 17.5 Economic Rent 498 17.6 Monopoly Power in Input Markets: The Case of Unions 500 17.7 Borrowing, Lending, and the Interest Rate 504 17.8 Investment and the Marginal Productivity of Capital 505 17.9 Saving, Investment, and the Interest Rate 508 17.10 Why Interest Rates Differ 510 Chapter 18: Using Input Market Analysis 513 18.1 The Minimum Wage 514 18.2 Who Really Pays for Social Security? 521 18.3 The Hidden Cost of Social Security 524 18.4 The NCAA Cartel 528 18.5 Discrimination in Employment 534 18.6 The Benefits and Costs of Immigration 538 Chapter 19: General Equilibrium Analysis and Economic Efficiency 545 19.1 Partial and General Equilibrium Analysis Compared 547 19.2 Economic Efficiency 550 19.3 Conditions for Economic Efficiency 553 19.4 Efficiency in Production 553 19.5 The Production Possibility Frontier and Efficiency in Output 557 19.6 Competitive Markets and Economic Efficiency 563 19.7 The Causes of Economic Inefficiency 566 Chapter 20: Public Goods and Externalities 571 20.1 What Are Public Goods? 573 20.2 Efficiency in the Provision of a Public Good 575 20.3 Externalities 579 20.4 Externalities and Property Rights 585 20.5 Controlling Pollution, Revisited 590 Glossary 605 Index 612

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Author Information

Edgar K. Browning is the Alfred F. Chalk Professor of Economics at Texas A&M University; his specialty is Public Economics.  He earned a B.A. in Economics from the University of Virginia and a Ph.D. in Economics from Princeton University in 1971. A selected list of his publications include “ A Neglected Welfare Cost of Monopoly- and Most other Product Market Distortions,” Journal of Public Economics, 1997; The Non-Tax Wedge,” Journal of Public Economics, 1994; “The Marginal Cost of Redistribution,” Public Finance Quarterly, 1993; “On the Marginal Welfare Cost of Taxation,” American Economic Review, 1987; “The Trade-Off Between Equality and Efficiency,” Journal of Political Economy, 1984.

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