Top

Amazon no longer offers textbook rentals. We do!

Microeconomic: Theory and Applications, 11th Edition

by: Edgar K. Browning (Texas A & M University); Mark A. Zupan (Univ. of Arizona)

Microeconomic: Theory and Applications, 11th Edition

by: Edgar K. Browning (Texas A & M University); Mark A. Zupan (Univ. of Arizona)

ISBN 13:
9781118065549
ISBN 10:
1118065549
Edition: 11th
Format: Hardcover
Copyright: 11/01/2011
Publisher: Wiley
Newer Edition

Rent

Sorry, this item is currently unavailable.

Free Shipping On Every Order

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

Extend or Purchase Your Rental at Any Time

Need to keep your rental past your due date? At any time before your due date you can extend or purchase your rental through your account.

Microeconomic: Theory and Applications, 11th Edition > ISBN13: 9781118065549

Summary

Brown and Zupan's revision plan for Microeconomics: Theory & Application, 11th Edition, includes general updates and revisions throughout including new information on behavioral economics, game theory, price theory, and problems for every chapter. The text features a new "solved" problems section in applicable chapters, and a new feature for WRK. In addition, Browning and Zupan use text and graphs, nearly without any math at all to teach microeconomic concepts. This edition is also enhanced with large clear graphs with simple exposition explaining the dynamic make learning very simple; new real-world applications which are up to date and help readers engage with the book; and international applications acknowledge that everything happens today in a global environment.

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 6

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 28

2.5 Elasticities 33

2.6 The Mathematics Associated with Elasticities 42

Chapter 3: The Theory of Consumer Choice 48

3.1 Consumer Preferences 50

3.2 The Budget Constraint 59

3.3 The Consumer’s Choice 63

3.4 Changes in Income and Consumption Choices 68

3.5 Are People Selfish? 74

3.6 The Utility Approach to Consumer Choice 77

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 91

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 Subsidizing Health Insurance: ObamaCare 128

5.3 Public Schools and the Voucher Proposal 133

5.4 Paying for Garbage 137

5.5 The Consumer’s Choice to Save or Borrow 141

5.6 Investor Choice 147

Chapter 6: Exchange, Efficiency, and Prices 158

6.1 Two-Person Exchange 159

6.2 Efficiency in the Distribution of Goods 165

6.3 Competitive Equilibrium and Efficient Distribution 169

6.4 Price and Nonprice Rationing and Efficiency 173

*6.5 Some of the Mathematics behind Efficiency in Exchange 176

Chapter 7: Production 180

7.1 Relating Output to Inputs 181

7.2 Production When Only One Input Is Variable: The Short Run 182

7.3 Production When All Inputs Are Variable: The Long Run 189

7.4 Returns to Scale 194

7.5 Functional Forms and Empirical Estimation of Production Functions 197

*7.6 The Mathematics behind Production Theory 201

Chapter 8: The Cost of Production 207

8.1 The Nature of Cost 208

8.2 Short-Run Cost of Production 209

8.3 Short-Run Cost Curves 213

8.4 Long-Run Cost of Production 218

8.5 Input Price Changes and Cost Curves 224

8.6 Long-Run Cost Curves 227

8.7 Learning by Doing 230

8.8 Importance of Cost Curves to Market Structure 232

8.9 Using Cost Curves: Controlling Pollution 234

8.10 Economies of Scope 237

8.11 Estimating Cost Functions 238

*8.12 The Mathematics behind Production Cost 240

Chapter 9: Profit Maximization in Perfectly Competitive Markets 245

9.1 The Assumptions of Perfect Competition 246

9.2 Profit Maximization 248

9.3 The Demand Curve for a Competitive Firm 250

9.4 Short-Run Profit Maximization 252

9.5 The Perfectly Competitive Firm’s Short-Run Supply Curve 257

9.6 The Short-Run Industry Supply Curve 260

9.7 Long-Run Competitive Equilibrium 262

9.8 The Long-Run Industry Supply Curve 266

9.9 When Does the Competitive Model Apply? 274

*9.10 The Mathematics behind Perfect Competition 276

Chapter 10: Using the Competitive Model 280

10.1 The Evaluation of Gains and Losses 281

10.2 Excise Taxation 287

10.3 Airline Regulation and Deregulation 296

10.4 City Taxicab Markets 301

10.5 Consumer and Producer Surplus, and the Net Gains from Trade 304

10.6 Government Intervention in Markets: Quantity Controls 310

Chapter 11: Monopoly 316

11.1 The Monopolist’s Demand and Marginal Revenue Curves 317

11.2 Profit-Maximizing Output of a Monopoly 319

11.3 Further Implications of Monopoly Analysis 325

11.4 The Measurement and Sources of Monopoly Power 329

11.5 The Efficiency Effects of Monopoly 335

11.6 Public Policy toward Monopoly 339

*11.7 The Math behind Monopoly 343

Chapter 12: Product Pricing with Monopoly Power 348

12.1 Price Discrimination 350

12.2 Three Necessary Conditions for Price Discrimination 354

12.3 Price and Output Determination with Price Discrimination 356

12.4 Intertemporal Price Discrimination and Peak-Load Pricing 360

12.5 Two-Part Tariffs 366

*12.6 The Mathematics behind Price Discrimination 371

Chapter 13: Monopolistic Competition and Oligopoly 375

13.1 Price and Output under Monopolistic Competition 376

13.2 Oligopoly and the Cournot Model 382

13.3 Other Oligopoly Models 386

13.4 Cartels and Collusion 392

Chapter 14: Game Theory and the Economics of Information 405

14.1 Game Theory 407

14.2 The Prisoner’s Dilemma Game 411

14.3 Repeated Games 416

14.4 Asymmetric Information 421

14.5 Adverse Selection and Moral Hazard 425

14.6 Limited Price Information 430

14.7 Advertising 431

Chapter 15: Using Noncompetitive Market Models 437

15.1 The Size of the Deadweight Loss of Monopoly438

15.2 Do Monopolies Suppress Inventions? 442

15.3 Natural Monopoly 445

15.4 More on Game Theory: Iterated Dominance and Commitment 449

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 493

17.5 Economic Rent 497

17.6 Monopoly Power in Input Markets: The Case of Unions 499

17.7 Borrowing, Lending, and the Interest Rate 503

17.8 Investment and the Marginal Productivity of Capital 504

17.9 Saving, Investment, and the Interest Rate 507

17.10 Why Interest Rates Differ 509

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 546

19.2 Economic Efficiency 550

19.3 Conditions for Economic Efficiency 552

19.4 Efficiency in Production 552

19.5 The Production Possibility Frontier and Efficiency in Output 556

19.6 Competitive Markets and Economic Efficiency 562

19.7 The Causes of Economic Inefficiency 565

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 589

Answers to Selected Problems 596

Glossary 604

Index 611

Supplemental Materials

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.