Overview

Microeconomics: Theory & Applications, 13th Edition teaches students how fundamental tools of analysis are used explain and predict market phenomena. Designed for both economics and business students, this thorough yet accessible textbook describes basic microeconomic principles using various applications to clarify complicated economic concepts and provides an essential foundation of microeconomics knowledge. Clear and engaging chapters discuss cutting-edge models and explore numerous real-world examples of microeconomic theory in action. Comprehensive and topically relevant, this textbook offers greater coverage of input market analysis and applications than other texts on the subject. In-depth applications, such as consumer choice theory and noncompetitive market models, complement over 100 shorter applications that reinforce the graphical and logical techniques developed in the theory chapters. The authors’ innovative use of relatable applications promotes student engagement and comprehension, and facilitates a case-based, active-learning approach. Discussion of globalization, ethics, sustainability, and other important contemporary themes helps students understand how economics impacts their lives in various, often unexpected ways.

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:   13th Revised edition
Dimensions:   Width: 20.30cm , Height: 2.80cm , Length: 25.40cm
Weight:   0.998kg
ISBN:  

9781119368922

ISBN 10:   1119368928
Pages:   592
Publication Date:   09 January 2020
Audience:   College/higher education ,  Tertiary & Higher Education
Format:   Paperback
Publisher's Status:   Active
Availability:   Out of stock  
The supplier is temporarily out of stock of this item. It will be ordered for you on backorder and shipped when it becomes available.

Table of Contents

Preface iii Acknowledgments viii 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 3 1.4 Market Analysis and Real versus Nominal Prices 4 1.5 Basic Assumptions about Market Participants 5 1.6 Opportunity Cost 6 1.7 Production Possibility Frontier 9 Chapter 2: Supply and Demand 13 2.1 Demand and Supply Curves 14 2.2 Determination of Equilibrium Price and Quantity 21 2.3 Adjustment to Changes in Demand or Supply 22 2.4 Government Intervention in Markets: Price Controls 25 2.5 Elasticities 30 Chapter 3: The Theory of Consumer Choice 42 3.1 Consumer Preferences 43 3.2 The Budget Constraint 52 3.3 The Consumer's Choice 56 3.4 Changes in Income and Consumption Choices 61 3.5 Are People Selfish? 67 3.6 The Utility Approach to Consumer Choice 69 Chapter 4: Individual and Market Demand 75 4.1 Price Changes and Consumption Choices 76 4.2 Income and Substitution Effects of a Price Change 80 4.3 Income and Substitution Effects: Inferior Goods 85 4.4 From Individual to Market Demand 88 4.5 Consumer Surplus 89 4.6 Price Elasticity and the Price-Consumption Curve 95 4.7 Network Effects 97 4.8 The Basics of Demand Curve Estimation 100 Chapter 5: Using Consumer Choice Theory 107 5.1 Excise Subsidies, Health Care, and Consumer Welfare 108 5.2 Subsidizing Health Insurance: ObamaCare 112 5.3 Public Schools and the Voucher Proposal 116 5.4 Paying for Garbage 121 5.5 The Consumer's Choice to Save or Borrow 124 5.6 Investor Choice 130 Chapter 6: Exchange, Efficiency, and Prices 140 6.1 Two-Person Exchange 141 6.2 Efficiency in the Distribution of Goods 147 6.3 Competitive Equilibrium and Efficient Distribution 151 6.4 Price and Nonprice Rationing and Efficiency 154 Chapter 7: Production 160 7.1 Relating Output to Inputs 161 7.2 Production When Only One Input is Variable: The Short Run 161 7.3 Production When All Inputs are Variable: The Long Run 167 7.4 Returns to Scale 173 7.5 Functional Forms and Empirical Estimation of Production Functions 176 Chapter 8: The Cost of Production 182 8.1 The Nature of Cost 183 8.2 Short-Run Cost of Production 183 8.3 Short-Run Cost Curves 186 8.4 Long-Run Cost of Production 192 8.5 Input Price Changes and Cost Curves 197 8.6 Long-Run Cost Curves 199 8.7 Learning by Doing 202 8.8 Importance of Cost Curves to Market Structure 204 8.9 Using Cost Curves: Controlling Pollution 206 8.10 Economies of Scope 208 8.11 Estimating Cost Functions 209 Chapter 9: Profit Maximization in Perfectly Competitive Markets 213 9.1 The Assumptions of Perfect Competition .214 9.2 Profit Maximization 215 9.3 The Demand Curve for a Competitive Firm 217 9.4 Short-Run Profit Maximization 218 9.5 The Perfectly Competitive Firm's Short-Run Supply Curve 223 9.6 The Short-Run Industry Supply Curve 226 9.7 Long-Run Competitive Equilibrium 227 9.8 The Long-Run Industry Supply Curve 231 9.9 When Does the Competitive Model Apply? 239 Chapter 10: Using the Competitive Model 244 10.1 The Evaluation of Gains and Losses 244 10.2 Excise Taxation 250 10.3 Airline Regulation and Deregulation 258 10.4 City Taxicab Markets 263 10.5 Consumer and Producer Surplus, and the Net Gains from Trade 267 10.6 Government Intervention in Markets: Quantity Controls 271 Chapter 11: Monopoly 279 11.1 The Monopolist's Demand and Marginal Revenue Curves 280 11.2 Profit-Maximizing Output of a Monopoly 282 11.3 Further Implications of Monopoly Analysis 287 11.4 The Measurement and Sources of Monopoly Power 290 11.5 The Efficiency Effects of Monopoly 297 11.6 Public Policy toward Monopoly 300 Chapter 12: Product Pricing with Monopoly Power 308 12.1 Price Discrimination 309 12.2 Three Necessary Conditions for Price Discrimination 313 12.3 Price and Output Determination with Price Discrimination 315 12.4 Intertemporal Price Discrimination and Peak-Load Pricing 318 12.5 Two-Part Tariffs 324 Chapter 13: Monopolistic Competition and Oligopoly 332 13.1 Price and Output under Monopolistic Competition 333 13.2 Oligopoly and the Cournot Model 338 13.3 Other Oligopoly Models 342 13.4 Cartels and Collusion 347 Chapter 14: Game Theory and the Economics of Information 360 14.1 Game Theory 361 14.2 The Prisoner's Dilemma Game 364 14.3 Repeated Games 369 14.4 Asymmetric Information 373 14.5 Adverse Selection and Moral Hazard 377 14.6 Limited Price Information 381 14.7 Advertising 383 Chapter 15: Using Noncompetitive Market Models 389 15.1 The Size of the Deadweight Loss of Monopoly 389 15.2 Do Monopolies Suppress Inventions? 393 15.3 Natural Monopoly 396 15.4 More on Game Theory: Iterated Dominance and Commitment 400 Chapter 16: Employment and Pricing of Inputs 406 16.1 The Input Demand Curve of a Competitive Firm 407 16.2 Industry and Market Demand Curves for an Input 412 16.3 The Supply of Inputs 415 16.4 Industry Determination of Price and Employment of Inputs 417 16.5 Input Price Determination in a Multi-Industry Market 420 16.6 Input Demand and Employment by an Output Market Monopoly 422 16.7 Monopsony in Input Markets 424 Chapter 17: Wages, Rent, Interest, and Profit 429 17.1 The Income-Leisure Choice of the Worker 429 17.2 The Supply of Hours of Work 432 17.3 The General Level of Wage Rates 437 17.4 Why Wages Differ 439 17.5 Economic Rent 443 17.6 Monopoly Power in Input Markets: The Case of Unions 445 17.7 Borrowing, Lending, and the Interest Rate 448 17.8 Investment and the Marginal Productivity of Capital 449 17.9 Saving, Investment, and the Interest Rate 452 17.10 Why Interest Rates Differ 454 Chapter 18: Using Input Market Analysis 457 18.1 The Minimum Wage 458 18.2 Who Really Pays for Social Security? 464 18.3 The Hidden Cost of Social Security 467 18.4 The NCAA Cartel 470 18.5 Discrimination in Employment 476 18.6 The Benefits and Costs of Immigration 480 Chapter 19: General Equilibrium Analysis and Economic Efficiency 486 19.1 Partial and General Equilibrium Analysis Compared 487 19.2 Economic Efficiency 490 19.3 Conditions for Economic Efficiency 492 19.4 Efficiency in Production 492 19.5 The Production Possibility Frontier and Efficiency in Output 496 19.6 Competitive Markets and Economic Efficiency 501 19.7 The Causes of Economic Inefficiency 504 Chapter 20: Public Goods and Externalities 509 20.1 What are Public Goods? 510 20.2 Efficiency in the Provision of a Public Good 512 20.3 Externalities 516 20.4 Externalities and Property Rights 522 20.5 Controlling Pollution, Revisited 524 The Market for Los Angeles Smog 527 Answers to Selected Problems 532 Glossary G-1 Index 1

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