Buch, Englisch, 768 Seiten, Format (B × H): 208 mm x 260 mm, Gewicht: 1801 g
Theory and Applications
Buch, Englisch, 768 Seiten, Format (B × H): 208 mm x 260 mm, Gewicht: 1801 g
ISBN: 978-0-19-533610-8
Verlag: Oxford University Press
Fully revised and expanded, this fifth edition of Microeconomics: Theory and Applications presents all the standard topics of traditional microeconomic theory while offering a modern approach that reflects the many exciting recent developments in the field. With its student-friendly writing style and clear presentation of graphs, this is an ideal text for undergraduate courses in intermediate microeconomics and business programs.
Features of the Fifth Edition
*Offers a balance of traditional microeconomic topics while addressing contemporary issues and concerns
*Introduces an important international dimension to microeconomics, reflecting the strong trend toward globalization in tastes, production, and distribution in today's world
*Presents an "at the Frontier" section in each chapter that highlights the most exciting recent examples of more advanced theoretical developments in microeconomics
New and Expanded Treatment in the Fifth Edition
*Includes electronic commerce, behavioral economics, auctioning airwaves, effect of outsourcing on employment and wages in the United States, fields of education and lifetime earnings, effect of taxation on business decisions
*Provides more than 130 new and updated real-world examples of how microeconomic theory can be used to analyze and possibly resolve important present-day economic problems
*Offers expanded treatment of important topics such as game theory; financial microeconomics; the new international economies of scale; economics of information; and market structure, efficiency, and regulation
*Features Internet site addresses for the most important topics in each chapter
Website A companion website is now available at www.oup.com/us/salvatore. This practical learning tool offers updated material, additional examples, and PowerPointR lecture slides for each textbook chapter
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
- Each chapter ends with at least one of the following: summary, key terms, review questions, problems, and Internet site addresses.
- PART ONE: INTRODUCTION TO MICROECONOMICS
- CHAPTER 1: INTRODUCTION
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- Can Human Wants Ever Be Fully Satisfied?
- Scarcity: The Pervasive Economic Problem
- Example 1-1: More Health Care Means Less of Other Goods and Services
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- The Circular Flow of Economic Activity
- Determination and Function of Prices
- Example 1-2: Bad Weather and High Demand Send Wheat Prices Soaring
- What Role for the Government?
- Example 1-3: Economic Inefficiencies Cause Collapse of Communist Regimes
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- The Crucial Importance of the Concept of the Margin
- Example 1-4: Marginal Analysis in TV Advertising
- Some Clarifications on the Use of the Margin
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- Specialization and Exchange
- The International Framework of Microeconomics
- Example 1-5: Dell and Other PCs Sold in the United States Are Everything but American!
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- Models and Methodology
- Positive and Normative Analysis
- At the Frontier: Do Economists Ever Agree on Anything?
- CHAPTER 2: BASIC DEMAND AND SUPPLY ANALYSIS
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- Demand Schedule and Demand Curve
- Changes in Demand
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- Supply Schedule and Supply Curve
- Changes in Supply
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- Example 2-1: Equilibrium Price by Auction
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- Adjustment to Changes in Demand
- Adjustment to Changes in Supply
- Example 2-2: Changes in Demand and Supply and Coffee Prices
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- Example 2-3: The Large U.S. Automotive Trade Deficit Keeps U.S. Auto Prices Down
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- Example 2-4: Rent Control Harms the Housing Market
- Example 2-5: The Economics of U.S. Farm Support Programs
- Example 2-6: Working Through the Market with an Excise Tax
- Example 2-7: Fighting the Drug War by Reducing Demand and Supply
- At the Frontier: Nonclearing Markets Theory
- Appendix: The Algebra of Demand, Supply, and Equilibrium
- Market Equilibrium Algebraically
- Shifts in Demand and Supply and in Equilibrium
- The Effect of an Excise Tax
- PART TWO: THEORY OF CONSUMER BEHAVIOR AND DEMAND
- CHAPTER 3: CONSUMER PREFERENCES AND CHOICE
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- Total and Marginal Utility
- Cardinal or Ordinal Utility
- Example 3-1: Does Money Buy Happiness?
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- Indifference Curves-What Do They Show?
- Characteristics of Indifference Curves
- The Marginal Rate of Substitution
- Some Special Types of Indifference Curves
- Example 3-2: How Ford Decided on the Characteristics of Its Taurus
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- Example 3-3: Gillette Introduces the Sensor and Mach3 Razors-Two Truly Global Products
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- Definition of the Budget Line
- Changes in Income and Prices and the Budget Line
- Example 3-4: Time as a Constraint
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- Utility Maximization
- Example 3-5: Uility Maximization and Government Warnings on Junk Food Corner Solutions
- Example 3-6: Water Rationing in the West
- Marginal Utility Approach to Utility Maximization
- At the Frontier: The Theory of Revealed Preference
- CHAPTER 4: CONSUMER BEHAVIOR AND INDIVIDUAL DEMAND
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- Income-Consumption Curve and Engel Curve
- Example 4-1: Engel's Law After a Century
- Normal and Inferior Goods
- Example 4-2: Many People Are Blowing Their Pension Money Long Before Retirement
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- Example 4-3: Higher Alcohol Prices Would Sharply Reduce Youth Alcohol Use and Traffic Deaths
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- How Are the Substitution Effect and the Income Effect Separated?
- Example 4-4: Substitution and Income Effect of a Gasoline Tax
- Substitution Effect and Income Effect for Inferior Goods
- Example 4-5: Giffen Behavior Found!
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- Example 4-6: What Is an "American" Car?
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- Is a Cash Subsidy Better Than Food Stamps?
- Consumer Surplus Measures Unpaid Benefits
- Benefits from Exchange
- At the Frontier: The Characteristics Approach to Consumer Theory
- Appendix: Index Numbers and Changes in Consumer Welfare
- Expenditure, Laspeyres, and Paasche Indices
- How Are Changes in Consumer Wealth Measured?
- Example 4-7: The Consumer Price Index, Inflation, and Changes in the Standard of Living
- Example 4-8: Comparing the Standard of Living of Various Countries
- CHAPTER 5: MARKET DEMAND AND ELASTICITIES
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- Example 5-1: Demand for Big Macs
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- Measuring the Price Elasticity of Demand
- Price Elasticity Graphically
- Price Elasticity and Total Expenditures
- What Determines Price Elasticity?
- Example 5-2: Price Elasticity for Clothing Increases with Time
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- Example 5-3: European Cars Are Luxuries, Flour Is an Inferior Good
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- Example 5-4: Margarine and Butter Are Substitutes, Entertainment and Food Are Complements
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- Example 5-5: Price Elasticity and Income Elasticity for Imports and Exports in the Real World
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- Demand, Total Revenue, and Marginal Revenue
- Geometry of Marginal Revenue Determination
- Marginal Revenue, Price, and Elasticity
- Example 5-6: U.S. Consumer Demand for Alcoholic Beverages
- At the Frontier: The Marketing Revolution with Micromarketing
- Appendix: Empirical Estimation of Demand by Regression Analysis
- Example 5-7: Estimating and Forecasting U.S. Demand for Electricity
- CHAPTER 6: CHOICE UNDER UNCERTAINTY
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- Example 6-1: The Risk Faced by Coca-Cola in Changing Its Secret Formula
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- Probability Distributions
- The Standard Deviation
- Example 6-2: Risk and Crime Deterrence
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- Different Preferences Toward Risk
- Maximizing Expected Utility
- Example 6-3: America's Gambling Craze
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- Why Do Some Individuals Buy Insurance?
- Why Do Some Individuals Gamble?
- Example 6-4: Gambling and Insuring by the Same Individual-A Seeming Contradiction
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- Example 6-5: Spreading Risks in the Choice of a Portfolio
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- Gathering More Information
- Diversification
- Insurance
- Example 6-6: Some Disasters as Nondiversifiable Risks
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- Example 6-7: Behavioral Economics in Finance
- At the Frontier: Foreign-Exchange Risks and Hedging
- PART THREE: PRODUCTION, COSTS, AND COMPETITIVE MARKETS
- CHAPTER 7: PRODUCTION THEORY
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- Organization of Production
- Classification of Inputs
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- Total, Average, and Marginal Product
- The Geometry of Average and Marginal Product Curves
- The Law of Diminishing Returns
- Example 7-1: Economics-The Dismal Science Because of Diminishing Returns
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- What do Isoquants Show?
- Derivation of Total Product Curves from the Isoquant Map
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- Characteristics of Isoquants
- Economic Reign of Production
- Fixed-Proportions Production Functions
- Example 7-2: Trading Traveling Time for Gasoline Consumption on the Nation's Highways
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- Example 7-3: General Motors Decides Smaller Is Better
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- Meaning and Importance of Innovations
- Example 7-4: How Do Firms Get New Technology?
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- Example 7-5: Open Innovations at Procter and Gamble
- Innovations and the International Competitiveness of U.S. Firms
- Example 7-6: How Xerox Lost and Regained Market Share but Is Now Struggling to Remain Internationally Competitive
- At the Frontier: The New Computer-Aided Production Revolution and the International Competitiveness of U.S. Firms
- Appendix: The Cobb-Douglas Production Function
- The Formula
- Illustration
- Empirical Estimation
- Example 7-7: Output Elasticity of Labor and Capital and Returns to Scale in U.S. and Canadian Manufacturing
- CHAPTER 8 COSTS OF PRODUCTION
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- Example 8-1: Cost of Attending College
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- Total Costs
- Per-Unit Costs
- Geometry of Per-Unit Cost Curves
- Example 8-2: Per-Unit Cost Curves in Corn Production and in Traveling
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- Isocost Lines
- Least-Cost Input Combination
- Cost Minimization in the Long Run and in the Short Run
- Example 8-3: Least-Cost Combination of Gasoline and Driving Time
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- Expansion Path and the Long-Run Total Cost Curve
- Derivation of the Long-Run Average and Marginal Cost Curves
- The Relationship Between Short- and Long-Run Average Cost Curves
- Example 8-4: Long-Run Average Cost Curve in Electricity Generation
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- Example 8-5: Shape of the Long-Run Average Curves in Various Industries
- Example 8-6: Minimum Efficient Scale in Various U.S. Food Industries
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- Economies of Scope
- The Learning Curve
- Example 8-7: Learning Curve for the Lockheed L-1011 Aircraft and for Semiconductors
- At the Frontier: Minimizing Costs Internationally-The New Economies of Scale
- Appendix: Extensions and Uses of Production and Cost Analysis
- Derivation of the Total Variable Cost Curve from the Total Product Curve
- Input Substitution in Production to Minimize Costs
- Example 8-8: Elasticity of Substitution in Japanese Manufacturing Industries
- Input Prices and the Firm's Cost Curves
- CHAPTER 9 PRICE AND OUTPUT UNDER PERFECT COMPETITION
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- Example 9-1: Competition in the New York Stock Market
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- Total Approach: Maximizing the Positive Difference Between Total Revenue and Total Costs
- Marginal Approach: Equating Marginal Revenue and Marginal Cost
- Profit Maximization or Loss Minimization?
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- Short-Run Supply Curve of the Firm and the Industry
- Example 9-2: Supply Curve of Petroleum from Tar Sands
- Example 9-3: Short-Run World Supply Curve of Copper
- Short-Run Equilibrium of the Industry and the Firm
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- Long-Run Equilibrium of the Firm
- Long-Run Equilibrium of the Industry and the Firm
- Efficiency Implications of Perfect Competition
- Example 9-4: Long-Run Adjustment in the U.S. Cotton Textile Industry
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- Constant-Cost Industries
- Increasing-Cost Industries
- Decreasing-Cost Industries
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- Producer Surplus
- Consumers' and Producers' Surplus, and the Efficiency of Perfect Competition
- Welfare Effects of an Excise Tax
- Effects of an Import Tariff
- At the Frontier (1): New Markets and New Competition on the Internet
- At the Frontier (2): Auctioning Airwaves
- Appendix: The Foreign-Exchange Market and the Dollar Exchange Rate
- PART FOUR: IMPERFECTLY COMPETITIVE MARKETS
- CHAPTER 10 PRICE AND OUTPUT UNDER PURE MONOPOLY
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- Definition and Sources of Monopoly
- Example 10-1: Barriers to Entry and Monopoly by Alcoa
- The Monopolist Faces the Market Demand Curve for the Commodity
- Example 10-2: De Beers Abandons Its Diamond Monopoly
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- Total Approach: Maximizing the Positive Difference Between Total Revenue and Total Costs
- Marginal Approach: Equating Marginal Revenue and Marginal Cost
- Profit Maximization or Loss Minimization?
- Short-Run Marginal Cost and Supply
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- Profit Maximization in the Long Run
- Example 10-3: Monopoly Profits in the New York City Taxi Industry
- Comparison with Perfect Competition: The Social Cost of Monopoly
- Example 10-4: Estimates of the Social Cost of Monopoly in the United States
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- Short-Run Equilibrium
- Long-Run Equilibrium
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- Changing Different Prices for Different Quantities
- Example 10-5: First-Degree Price Discrimination in Undergraduate Financial Aid at American Colleges
- Changing Different Prices in Different Markets
- Example 10-6: Price Discrimination by Con Edison
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- Example 10-7: Kodak Antidumping Victory over Fuji-But Kodak Still Faces Competitive Problems
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- Two-Part Tariffs
- Tying and Bundling
- Example 10-8: Bundling in the Leasing of Movies
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- Per-Unit Tax: Perfect Competition and Monopoly compared
- Price Discrimination and the Existence of the Industry
- Do Monopolists Suppress Inventions?
- At the Frontier: Near-Monopoly Lands Microsoft in the Courts
- CHAPTER 11 PRICE AND OUTPUT UNDER MONOPOLISTIC COMPETITION AND OLIGOPOLY
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- Price and Output Decisions Under Monopolistic Competition
- Product Variation and Selling Expenses
- Example 11-1: Advertisers Are Taking on Competitors by Name and Are Being Sued
- How Useful Is the Theory of Monopolistic Competition?
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- Example 11-2: Industrial Concentration in the United States
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- The Cournot Model: Interdependence Not Recognized
- The Kinked-Demand Curve Model: Interdependence Recognized
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- A Centralized Cartel Operates as a Monopolist
- Example 11-3: The Organization of Petroleum Exporting Countries (OPEC) Cartel
- Market-Sharing Cartel
- Example 11-4: The Market-Sharing Ivy League Cartel and Financial-Aid Leveraging
- Price Leadership
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- Long-Run Adjustments in Oligopoly
- Nonprice Competition Among Oligopolists
- Welfare Effects of Oligopoly
- Example 11-5: Firm Size and Profitability
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- Limit Pricing as a Barrier to Entry
- Cost-Plus Pricing: A Common Shortcut Pricing Practice
- At the Frontier: The Art of Devising Airfares
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- Example 11-6: Globalization of the Automobile Industry
- Example 11-7: Rising Competition in Global Banking
- Example 11-8: Globalization of the Pharmaceutical Industry
- Appendix: The Cournot and Stackelberg Models
- The Cournot Model-An Extended Treatment
- The Stackelberg Model
- CHAPTER 12 GAME THEORY AND OLIGOPOLISTIC BEHAVIOR
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- Example 12.1: Military Strategy and Strategic Business Decisions
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- Dominant Strategy
- Nash Equilibrium
- Example 12-2: Dell Computers and Nash Equilibrium
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- The Prisoners' Dilemma: Definition and Importance
- Price and nonprice Competition, Cartel Cheating, and the Prisoners' Dilemma
- Example 12-3: The Airlines' Fare War and the Prisoners' Dilemma
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- Threats, Commitments, and Credibility
- Entry Deterrence
- Example 12-4: Wal-Mart's Preemptive Expansion Marketing Strategy
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- Example 12-5: Strategic Moves and Countermoves by Airbus and Boeing
- Example 12-6: Companies' Strategic Mistakes and Failures
- At the Frontier: The Virtual Corporation
- CHAPTER 13 MARKET STRUCTURE, EFFICIENCY, AND REGULATION
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- The Lerner Index as a Measure of Monopoly Power
- Concentration and Monopoly Power: The Herfindahl Index
- Contestable Markets: Effective Competition Even with Few Firms
- At the Frontier: Functioning of Markets and Experimental Economics
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- Example 13-1: Antitrust Policy in Action-The Breakup of ATandT and the Creation of Competition in Long-Distance Telephone Service
- Example 13-2: Regulation and the Price of International Telephone Calls in Europe
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- Public Utilities as Natural Monopolies
- Difficulties in Public-Utility Regulation
- Example 13-3: Regulated Electricity Rates for Con Edison
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- Example 13-4: Deregulation of the Airline Industry: An Assessment
- Example 13-5: Antitrust and the new Merger Boom
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- Example 13-6: Voluntary Restraints on Export of Japanese Automobiles to the United States
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- Regulating Monopoly Price
- Regulation and Peak-Load Pricing
- Regulation and Transfer Pricing
- PART FIVE PRICING AND EMPLOYMENT OF INPUTS
- CHAPTER 14 INPUT PRICE AND EMPLOYMENT UNDER PERFECT COMPETITION
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- The Demand Curve of a Firm for One Variable Input
- The Demand Curve of a Firm for One of Several Variable Inputs
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- The Market Demand Curve for an Input
- Example 14-1: The Increase in the demand for Temporary Workers
- Determinants of the Price Elasticity of Demand for an Input
- Example 14-2: Price Elasticity of Demand for Inputs in Manufacturing Industries
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- The Supply of Labor by an Individual
- Example 14-3: Leisure Time in the United States over the Past Century
- Substitution and Income Effects of a Wage Increase
- Example 14-4: Labor Force Participation Rates
- The Market Supply Curve for an Input
- Example 14-5: Backward-Bending Supply Curve of Physicians' Services and Other Labor
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- Example 14-6: Labor Productivity and Total Compensation in the United States and Abroad
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- Input Price Equalization Among Industries and Regions of a Country
- Input Price Equalization Among Countries
- Example 14-7: Convergence in Hourly Compensation in the Leading Industrial Countries
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- Substitution and Income Effects of a Wage Rate Change
- Overtime Pay and the Supply of Labor Services
- Example 14-8: Higher Tax Rates Reduce Hours of Work and Wage Differentials
- Effect of Minimum Wages
- At the Frontier: Do Minimum Wages Really Reduce Employment?
- CHAPTER 15 INPUT PRICE AND EMPLOYMENT UNDER IMPERFECT COMPETITION
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- The Demand Curve of a Firm for One Variable Input
- The Demand Curve of a Firm for One of Several Variable Inputs
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- Example 15-1: The Dynamics of the Engineers Shortage
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- Example 15-2: Occupational Licensing, Mobility, and Imperfect Labor Markets
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- Example 15-3: Monopsonistic Exploitation in Major League Baseball
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- Example 15-4: Imperfect Competition in Labor markets and the Pay of the Top Executives
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- Example 15-5: British and Russian Brain Drain Is U.S. Brain Gain
- Example 15-6: The Debate Over U.S. Immigration Policy
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- Regulation of Monopsony
- Bilateral Monopoly: A Monopsonistic Buyer Facing a Monopolistic Seller
- Effect of Labor Unions on Wages
- Economics of Discrimination in Employment
- At the Frontier: Discrimination, and Gender and Race Wage Differentials
- CHAPTER 16 FINANCIAL MICROECONOMICS: INTEREST, INVESTMENT, AND THE COST OF CAPITAL
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- Lending
- Borrowing
- The Market Rate of Interest with Borrowing and Lending
- Example 16-1: Personal Savings in the United States
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- Saving-Investment Equilibrium Without Borrowing and Lending
- Saving-Investment Equilibrium with Borrowing and Lending
- The Market Rate of Interest with Saving and Investment, Borrowing and Lending
- Example 16-2: Personal and Business Savings and Gross and Net Private Domestic Investment in the United States
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- Net Present Value Rule for Investment Decisions: The Two-Period Case
- Net Present Value Rule for Investment Decisions: The Multiperiod Case
- Example 16-3: Fields of Education and Higher Lifetime Earnings in the United States
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- Example 16-4: Nominal and Real Interest Rates in the United States: 1990-2006
- Example 16-5: Investment Risks and Returns in the United States
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- Cost of Debt
- Cost of Equity Capital: The Risk-Free Rate Plus Premium
- Cost of Equity Capital: The Dividend Valuation Model
- Cost of Equity Capital: The Capital Asset Pricing Model (CAPM)
- Weighted Cost of Capital
- At the Frontier: Derivatives: Useful but Dangerous
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- Example 16-6: Fluctuations in the Flow of Foreign Direct Investments to the United States
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- Investment in Human Capital
- Investment in Human Capital and Hours of Work
- Pricing of Exhaustible Resources
- Management of Nonexhaustible Resources
- PART SIX GENERAL EQUILIBRIUM, EFFICIENCY, AND PUBLIC GOODS
- CHAPTER 17 GENERAL EQUILIBRIUM AND WELFARE ECONOMICS
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- Example 17-1: Effect of a Reduction in Demand for Domestically Produced Automobiles in the United States
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- General Equilibrium of Exchange
- General Equilibrium of Production
- Derivation of the Production-Possibilities Frontier
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- Simultaneous General Equilibrium of Production and Exchange
- Marginal Conditions for Economic Efficiency and Pareto Optimality
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- Perfect Competition and Economic Efficiency
- Efficiency and Equity
- Example 17-2: Watering Down Efficiency in the Pricing of Water
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- Example 17-3: The Basics of the Gains from International Trade
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- The Meaning of Welfare Economics
- Example 17-4: "The Painful Prescription: Rationing Hospital Care"
- Utility-Possibilities Frontier
- Grand Utility-Possibilities Frontier
- Example 17-5: From Welfare to Work-The Success of Welfare Reform in the United States
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- Measuring Changes in Social Welfare
- Arrow's Impossibility Theorem
- At the Frontier: The Hot Issue of Income Inequality in the United States
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- Example 17-6: Welfare Effects of Removing U.S. Trade Restrictions
- CHAPTER 18 EXTERNALITIES, PUBLIC GOODS, AND THE ROLE OF THE GOVERNMENT
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- Externalities Defined
- Externalities and Market Failure
- Example 18-1: The Case for Government Support for Basic Research
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- Example 18-2: Commercial Fishing: Fewer Boats but Exclusive Rights?
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- Nature of Public Goods
- Example 18-3: The Economics of a Lighthouse and Other Public Goods
- Provision of Public Goods
- At the Frontier: Efficiency Versus Equity in the U.S. Tax System
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- Example 18-4: Benefit-Cost Analysis and the SST
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- Meaning and Importance of Public-Choice Theory
- The Public-Choice Process
- Policy Implications of the Public Choice Theory
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- Example 18-5: Strategic Trade and Industrial Policies in the United States
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- Environmental Pollution
- Optimal Pollution Control
- Direct Regulation and Effluent Fees for Optimal Pollution Control
- Example 18-6: The Market for Dumping Rights
- Example 18-7: Congestion Pricing
- CHAPTER 19 THE ECONOMICS OF INFORMATION
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- Search Costs
- Searching for the Lowest Price
- Search and Advertising
- Example 19-1: No-Haggling Value Pricing in Car Buying
- At the Frontier: The Internet and the Information Revolution
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- Asymmetric Information and the Market for Lemons
- The Insurance Market and Adverse Selection
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- Example 19-2: Increased Disability Payments Reduce Labor Force Participation
- Example 19-3: Medicare and Medicaid and Moral Hazard
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- Example 19-4: Do Golden Parachutes Reward Failure?
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- Example 19-5: The Efficiency Wage at Ford
- Appendix A: Mathematical Appendix
- Appendix B: Answers to Selected Problems
- Appendix C: Glossary
