MICROECONOMICS SECOND EDITION - GBV
8 / Calailus Problems 1606 Demand and Weifare 1626.1 Measuring Changes in Consumer Weifare Using Demand Curves 163 / CompensatingVariation 163 / Consumer Surplus 165 / Using Consumer Surplus to Measure Changes inWeifare 1676.2 Dissecting The Effects of a Price Change 169 / Compensated Price Changes 169 /Substitution and Income Effects 171 / The Direction of Substitution and IncomeEffects 174 / Why Do Demand Curves Usually Slope Downward? 1766.3 Labor Supply and the Demand for Leisure 177 / The Effect of Wages on Hours ofWork 179 / The Effect of Wages on Labor Force Participation 181*6.4 Another Type of Demand Curve 183 / The Relalionship between the Two Types ofDemand Curves 184 / Exact Consumer Surplus 188*6.5 Measuring Changes in Consumer Weifare Using Cost-of-Living Indexes 192 / WlialIs a Cost-of-Living Index? 192 / A Perfect Cost-of-Living Index 193 / Fixed-Weight PriceIndexes 193Chapter Summary 196! Discussion Questions 1981 Problems 198 I Cti/atlus Problems 200II-B: Production Decisions 2027 Technology and Production 2037.1 Production Technologies 204 / The Production Possibilities Set and the EfficieniProduction Frontier 207 / Production Functions 208 / Production in the Short Run and theLong Run 2087.2 Production with One Variable Input 210 / Avcrage Produet 210 / Marginal Product 211/The Relationship between Average and Marginal Product 213 / Using the Marginal Productof Labor to Make Production Decisions 2147.3 Production with Two Variable Inputs 217 / Isoquants 218 / Average and MarginalProducts with More than One Input 222 / Substitution between Inputs 223 /
ContentsThe MRTS and Marginal Products 225 / Input Substitution for Three Special ProductionTechnologies 2267.4 Returns to Scale 228 / Reasons for Increasing and Decreasing Returns to Scale 230 /Implications of Returns to Scale 2317.5 Productivity Differences and Technological Change 232 / Productivity Differences andTechnologieI Change with Two Inputs 232 / Reasons for Productivity Differences 233C/M/pfcr Sww/Hwn' 2 j/) / D/.H'w.t.tmn gwwf/ww 2# / froA/enw 2# /froA/emj 2378 Cost 2398.1 Types of Cost 240 / What Do Economic Costs Include? 2428.2 Cost with One Variable Input 2448.3 Cost Minimization with Two Variable Inputs 247 / Isocost Lines 248 / Least-CostProduction 249 / Interior Solutions and the Tangency Condition 251 / BoundarySolutions 252 / Finding the Least-Cost Input Combination 254 / The Firm's CostFunction 2558.4 Average and Marginal Costs 258 / Average and Marginal Cost Curves 259 / TheRelationship between Average and Marginal Costs 262 / Three Kinds of Average Cost 263 /Marginal Costs and Variable Cost 2658.5 Effects of Input Price Changes 2658.6 Short-Run versus Long-Run Costs 2688.7 Economies and Diseconomies of Scale and Scope 271 / Economies of Scope 273Cliaptcr Simimarv 275 / Diseussion Questions 276 I Problems 276 / Calculus Problems 2789 Profit Maximization 2799.1 Profit-Maximizing Quantities and Prices 280 / Choosing Price versus ChoosingQuantity 281 / Maximizing Profit 2829.2 Marginal Revenue, Marginal Cost, and Profit Maximization 285 / Marginal Revenue 285 /The Profit-Maximizing Sales Quantity 2889.3 Supply Decisions by Price-Taking Firms 288 / The Profit-Maximizing Sales Quantity ofa Price-Taking Firm 289 / The Supply Function of a Price-Taking Firm 291 / The Law ofSupply 293 / Changes in Input Prices and Shifts in the Supply Function 2949.4 Short-Run versus Long-Run Supply by Price-Taking Firms 2979.5 Producer Surplus 301*9.6 Supply by Multiproduct Price-Taking Firms 302Chaplcr Swumarv 304 / Diseussion Questions 305 / Problems 305 / Calculus Problems 306ll-C: Additional Topics Concerning Decisions 30810 Choices Involving Time 30910.1 Transactions Involving Time 310 / Interest Rates and Compound Interest 310/PresentValite and the Price of a I uturc Dollar 312/ Valuing Streams of Future Payments orReceipt* 315/Why Do Interest Rates Diflcr? 319 / Real versus Nominal Interest 32010.2 Saving and ßorrow ing by Consumers 322 / The Timing ot Consumption 322 / Saving,Borrowing, and the Interest Rate 327 / Saving and Consumption over the Life Cycle 32910.3 Investment 333 / Measuring the Profitability of Investments. Net Present Value 334/The Internal Rate of Return 336 / Investment and the Interest Rate 338 / Choosing betweenMutually Exclusive Projects 339 / Investing in Human Capital 342C/,w/wr.%,,,,/,w,T/ ßnrw.s.sm,, ßw.s/wmfxxiii
xxivContents11 Choices Involving Risk 34911.1 WhatlsRisk? 350 / Possibilities 350 / Probability 351 / Uncerlam Payofls 3.- l /Expected Payoff 353 / Variability 35511.2 Risk Preferences 356 / Consumption Bundles 356 / Prcfcrcnccs and IndifferenteCurves 358 / The Concept of Risk Aversion 359 / Alternatives to Risk Aversion 363 /Expected Utility 36411.3 Insurance 368 / The Nature of Insurance 368 / The Demand for Insurance 369 / TheValue of Insurance 37211.4 Other Methods of Managing Risk 375 / Risk Sharing 375 / Hedgin» andDiversification 378 / Information Acquisition 382Chapter Summary 383 / Discussion Questions 384 I Problems 384 1 Calculus Problems JX( 12 Choices Involving Strategy 38712.1 What Is a Game? 388 / Two Types of Games 389 / How to Describe a Cianie 3X912.2 Thinking Strategically in One-Stage Games 391 / Dominant Strategies 392 /Dominated Strategies 395 / Weakly Dominated Strategies 39812.3 Nash Equilibrium in One-Stage Games 400 / The Concept of Nash hqnilibrium 400/Nash Equilibria in Games with Finely Divisible Choices 404 / Mixed Strategies 40612.4 Games with Multiple Stages 411 / Credible Threats in Games with Perl'ectInformation 411 / Cooperation in Repeated Games 418*12.5 Games in Which Different People Have Different Information 422 / The Winnei 'sCurse 422 / Reputation 424Chapter Summary 425 I Discussion Questions 426 / Problems 427 I Calculus Problems 42913 Behavioral Economics 43013.1 Objectives and Methods of Behavioral Economics 431 / Motivations and ()bjccti\cs 431 /Methods 432 / How to Evaluate Behavioral Evidence 43413.2 Departures from Perfect Rationality 435 / Incohcrent Choices 435 / Bias toward theStatus Quo 438 / Narrow Framing 442/Salience 445 / Rules of Tluimb 44513.3 Choices Involving Time 447 / Maintaining Self-Control 447 / Ignoring Sunk Costs 453 /Forecasting Future Tastes and Needs 45513.4 Choices Involving Risk 455 / Trouble Asscssing Probabilities 456 / Prcfcrcnccs towardRisk 45813.5 Choices Involving Strategy 463 / Possible Shortcomings of Game Theory 463 /The Importance of Social Motives 466Chapter Summary 468 / Discussion Questions 470 / Problems 470 / Calculus Problems 4 2partEH#Markets 473INA: Competitive Markets 47414 Equilibrium and Efficiency 47514.1 What Makes a Market Competitive? 47614.2 Market Demand and Market Supply 478/Market Demand 478 / Market Supply 47914.3 Short-Run and Long-Run Competitive Equilibrium 484/ Long-Rim CompciiiivcEquilibiium with Free Entry 485 / Short-Run and Long-Run Responscs to Chanues inDemand 486/ Demand-Induced Changes in Input Costs 491
Contents14.4 Efficiency of Perfectly Competitive Markets 492 / Aggregate Surplus and EconomicEfficiency 492 / How Perfectly Competitive Markets Maximize Aggregate Surplus 49414.5 Measuring Surplus Using Market Demand and Supply Curves 500 / DeadweightLoss 503 / Consumer and Producer Surpluses 504Appendix: Competitive Equilibrium in Factor Markets 50915 Market Interventions 51315.1 Taxes (and Subsidies) 514 / The Bürden of a Tax 514 / The Weifare Effects of aTax 520 / Which Goods Should the Government Tax? 523 / Government Subsidies andTheir Effects 52515.2 Policies Designed to Raise Prices 527 / Price Floors 527 / Price Supports 529/Production Quotas 531 / Voluntary Production Reduction Programs 531 / Policies thatLower Prices 53315.3 Import Tariffs and Quotas 534/TarifTs 535 / Quotas 536 / Beneficial TradeBarners 537Chapter Summary 539 I Diseussion Questions 540 / Problems 540 / Calculus Problems 54116 General Equilibrium, Efficiency, and Equity 54316.1 The Nature of General Equilibrium 54416.2 Positive Analysis of General Equilibrium 546 / Market-Clearing Curves 546/A General Equilibrium in Two Markets 548 / The Effects of a Sales Tax 54916.3 Normative Criteria for Evaluating Economic Performance 554 / Efficiency 554/Equity 555 / Social Weifare Functions 55716.4 General Equilibrium and Efficient Exchange 558 / General Equilibrium in ExchangeEconomies 558 / The First Weifare Theorem 561 / Efficiency in Exchange 56216.5 General Equilibrium and Efficient Production 567 / Efficiency in Production 567 /The First Weifare Theorem, Again 573 / Efficiency as a Justification for Free Markets 57616.6 Equity and Redistribution 578 / The Second Weifare Theorem 578 / The Conflictbetween Equity and Efficiency 579Cliaptcr Summary 583 / Diseussion Questions 584 / Problems 585 I Calculus Problems 586HIB: Market Failures 58717 Monopoly 58817.1 Market Power 589 / How Do Firms Become Monopolists? 59117.2 Monopoly Pricing 593 / Marginal Revenue for a Monopolist 593 / Monopoly ProfitMaximization 597 / Markup: A Measure of Market Power 59917.3 Weifare Effects of Monopoly Pricing 60117.4 Nonprice Effects of Monopoly 604 / Product Quality 604 / Advertising 607/Investments Made to Become a Monopolist 60917.5 Monopsony 610 / Marginal Expenditure 611 / Monopsony Profit Maximization 612/The Weifare Effects of Monopsony Pricing 61317.6 Regulation of Monopolies 614 / Why Are Some Monopolies Regulated? 614 / FirstBest versus Second-Best Price Regulation 616 / Nonprice Effects of Price Regulation 616 /Regulatory Failure 617 / The Trend toward Deregulation 617 / Government Ownership ofMonopolies 619*17.7 Multiproduct Monopoly 619xxv
xxviContents18 Pricing Policies 62618.1 Price Discrimination: Pricing to Extract Surplus 62718.2 Perfect Price Discrimination 629 / Two-Part Tarifls 63118.3 Price Discrimination Based on Observable Customer Characteristics 634 / WellareEffects of Imperfect Price Discrimination 63918.4 Price Discrimination Based on Self-Selection 641 / Quantity-Dcpcndcnl Pricing andSelf-Selection 642 / The Profit-Maximizing Two-Part Tarifl' 644 / Using Menüs lo InereaseProfit 648*18.5 Bundling 653 / Mixed Bundling 655Chapter Summary 657I Discussion Questions 657 / Problems 658 I C aleulus Problems 65V19 Oligopoly 66019.1 Oligopoly and Game Theory 66119.2 The Bertrand Model: Price Competition with Homogeneous Goods 66319.3 Cournot Quantity Competition 666/ Nash Equilibrium in a Cournot Market 667 /Oligopoly versus Monopoly Deadweight Loss 672 / Oligopoly Prices and the Nuniber o!Competitors 672 / Markups in a Cournot Market 67419.4 Price Competition with Differentiated Products 67719.5 Collusion 683 / Factors that Inhibit Collusion 685 / Tacit versus Explicit Collusion 68619.6 Market Entry and Monopolistic Competition 688 / Market Entry, ProductDifferentiation, and Monopolistic Competition 691*19.7 Strategie Behavior that Shapes Future Competition 692 / Raising Rivals' Costs 693 iStrategie Precommitment 69419.8 Antitrust Policy 698 / U.S. Antitrust Law 699 / Antitrust Violations 699Chapter Summary 702 / Discussion Questions 704 / Problems 704 / Calculus Problems 70620 Externalities and Public Goods 70720.1 Externalities and Inefficiency 708 / What Is an Extcrnality? 708 / Negative Lxternaliliesand Inefficiency in Competitive Markcts 710 / Positive Externalities and Inefficiency inCompetitive Markets 714 / Externalities in Imperfectly Competitive Markcts 71 520.2 Remedies for Externalities: The Private Sector 717 / Pro per ty Rights andNegotiation 718 / Limitations of Bargaining 72120.3 Remedies for Externalities: The Public Sector 722 / Policies that Support Markcts 722 /Quantity Controls 722 / Policies that Corrcct Private Incentives 724 / Controlling Quantitiesversus Correcting Incentives 730 / Hybrid Market Approachcs 73420.4 Common Property Risources 73520.5 Public Goods 737 / The Efficient Provision of Public Goods 739 / Public Goods andMarket Failure 740 / Public Policy toward Public Goods 741747 / D/.tYw.uv'o/;7*%//WV vw.v 74V / f V,/n//m21 Asymmetrie Information 75121.1 Adverse Selection 752/ Adverse Sclection and Lemo
MICROECONOMICS SECOND EDITION B. Douglas Bernheim Stanford University Michael D. Whinston Northwestern University BS# McGraw-Hill mm Irwin . part Introduction 1 PRELIMINARIES 2 . 1.2 Tools of Microeconomics 10 / The Scientific Method 11 / Models and Mathematics 12/File Size: 351KB
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