Microeconomics

Microeconomics : Theory and Application

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This fully-revised text provides robust coverage of intermediate microeconomics within a global context. Building on the success of previous editions, the text presents a judicious blend of all the standard topics of traditional microeconomic theory and the many exciting recent developments in the field. It includes new material on risk analysis, economics of information, game theory, market structure, efficiency and regulation, and financial microeconomics. In addition, the text brings more realism to the study of microeconomics by including numerous examples of how theory can be used to analyze and yield possible solutions to present-day problems.show more

Product details

  • Hardback | 768 pages
  • 193 x 228.6 x 33mm | 1,315.43g
  • Oxford University Press Inc
  • New York, United States
  • English
  • Revised
  • 4th Revised edition
  • numerous figures and tables
  • 019513995X
  • 9780195139952

Table of contents

PART ONE: INTRODUCTION TO MICROECONOMICS; 1.1 Wants and Scarcity; 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; 1.2 Functions of an Economic System; 1.3 Microeconomic Theory and the Price System; The Circular Flow of Economic Activity; Determination and Function of Prices; Example 1-2 Drought in Kansas Sends Wheat Prices Soaring; What Role for the Government?; Example 1-3 Economic Inefficiencies Cause Collapse of Communist Regimes; 1.4 The Margin: The Key Unifying Concept in Microeconomics; The Crucial Importance of the Concept of the Margin; Example 1-4 Marginal Analysis in TV Advertising; Some Clarification on the Use of the Margin; 1.5 Specializing, Exchange, and the International Framework of Microeconomics; Specialization and Exchange; The International Framework of Miocroeconomics; Example 1-5 Even the IBM PC and the Boeing 777 Are Not All American!; 1.6 Models, Methodology, and Value Judgments; Models and Methodology; Positive and Normative Analysis; At the Frontier Do Economists Ever Agree on Anything?; 2 BASIC DEMAND AND SUPPLY ANALYSIS; 2.1 Market Analysis; 2.2 Market Demand; Demand Schedule and Demand Curve; Changes in Demand; 2.3 Market Supply; Supply Schedule and Supply Curve; Changes in Supply; 2.4 When Is a Market in Equilibrium?; 2.5 Adjustment to Changes in Demand and Supply: Comparative Static Analysis; Adjustments to Changes in Demand; Adjustments to Changes in Supply; Example 2-1 Changes in Demand and Supply and Coffee Prices; 2.6 Domestic Demand and Supply, Imports, and Prices; Example 2-2 The Large U.S. Automotive Trade Deficit and U.S. Auto Prices; Example 2-3 Rent Control Harms the Housing Market; Example 2-4 The Economics of U.S. Farm Support Programs; Example 2-5 Working Through the Market with an Excise Tax; Example 2-6 Fighting the Drug War by Reducing Demand and Supply; At the Frontier Nonclearing Market Theory; PART TWO: THEORY OF CONSUMER BEHAVIOR AND DEMAND; 3 CONSUMER PREFERENCES AND CHOICE; 3.1 Utility Analysis; Total and Marginal Utility; Cardinal or Ordinal Utility?; Example 3-1 Does Money Buy Happiness?; 3.2 Consumer's Tastes: Indifference Curves; Indifference Curves--What Do They Show?; Characteristics of Indifference Curves; The Marginal Rate of Subsititution; Some Special Types of Indifference Curves; Example 3-2 How Ford Decided on the Characteristics of Its Taurus; 3.3 International Convergence of Tastes; Example 3-3 Gillette Introduces the Sensor and Mach3 Razors--Two Truly Global Products; 3.4 The Consumer's Income and Price Constraints: The Budget Line; Definition of the Budget Line; Changes in Income and Prices and the Budget Line; Example 3-4 Time as a Constraint; 3.5 Consumer's Choice; Utility Maximization; Example 3-5 Utility 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; 4 CONSUMER BEHAVIOR AND INDIVIDUAL DEMAND; 4.1 Changes in Income and the Engel Curve; 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; 4.2 Changes in Price and the Individual Demand Curve; Example 4-3 Higher Alcohol Prices Would Sharply Reduce Youth Alcohol Use and Traffic Deaths; 4.3 Substitution and Income Effects; How Are the Substitution and Income Effects Separated?; Example 4-4 The Substitution and Income Effects of a Gasoline Tax; Substitution and Income Effects for Inferior Goods; 4.4 Substitution Between Domestic and Foreign Goods; Example 4-5 What Is an "American" car?; 4.5 Some Applications of Indifference Curve Analysis; 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; 5 MARKET DEMAND AND ELASTICITIES; 5.1 The Market Demand for a Commodity; Example 5.1 The Demand for Big Macs; Measuring the Price Elasticity of Demand; Price Elasticity Graphically; Price Elasticity and Total Expenditures; What Determines Price Elasticity?; Example 5.2 The Price Elasticity of Demand for Clothing Increaces with Time; 5.3 Income Elasticity of Demand; Example 5.3 Transatlantic Air Travel Is a Luxury, Flour an Inferior Good; 5.4 Cross Elasticity of Demand; Example 5.4 Margarine and Butter are Substitutes, Cereals and Fresh Fish Complements; 5.5 Price and Income Elasticities of Imports and Exports; Example 5.5 Price and Income Elasticities of Imports and Exports in the Real World; 5.6 Marginal Revenue and Elasticity; Demand, Total Revenue, and Marginal Revenue; Geometry of Marginal Revenue Determination; Marginal Revenue, Price, and Elasticity; Example 5.6 The U.S. Consumer Demand for Alcoholic Beverages; At the Frontier The Marketing Revolution with Micromarketing; 6 CHOICE UNDER UNCERTAINTY; 6.1 Risk and Uncertainty in Demand Choices; Example 6.1 The Risk that Coca Cola Faced in Chaning Its Secret Formula; Probability Distributions; The Standard Deviation; Example 6.2 Risk and Crime Deterrence; 6.3 Utility Theory and Risk Aversion; Different Preferences Toward Risk; Maximizing Expected Utility; Example 6.3 America's Gambling Craze; 6.4 Insurance and Gambling; Why Do Some Individuals Buy Insurance?; Why Do Some Individuals Gamble?; Example 6.4 Gambling and Insuring by the Same Individual--A Seeming Contradiction; 6.5 Risk Aversion and Indefference Curves; Example 6.5 Spreading Risks in the Choice of a Portfolio; 6.6 Reducing Risk; Gathering More Information; Diversification; Insurance; Example 6.6 Some Disasters Are Non-Diversifiable; At the Frontier Foreign Exchange Risk and Hedging; PART THREE: PRODUCTION, COSTS, AND COMPETITIVE MARKETS; 7 PRODUCTION THEORY; 7.1 Relating Outputs to Inputs; Organization of Production; Classification of Inputs; 7.2 Production with One Variable Input; 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; 7.3 Production with Two Variable Inputs; What Do Isoquants Show?; Derivation of Total Product Curves from the Isoquant Map; 7.4 The Shape of Isoquants; Characteristics of Isoquants; Economic Region of Production; Fixed-Proportions Production Functions; Example 7-2 Trading Traveling Time for Gasoline Consumption on the Nation's Highways; Example 7-3 General Motors Decides Smaller is Better; 7.6 Technological Progress and International Competitiveness; Meaning and Importance of Innovations; Example 7-4 How Do Firms Get New Technology?; Innovations and the International Competitiveness of U.S. Firms; Example 7-5 How Xerox Lost, Regained, but Is now Struggling to Remain Internationally Competitive; Example 7-6 Score Card on American Industry; At the Frontier The New Computer-Aided Production Revolution and the International Competitiveness of U.S. Firms; 8 COSTS OF PRODUCTION; 8.1 The Nature of Production Costs; Example 8-1 The Cost of Attending College; 8.2 Cost in the Short Run; Total Costs; Per-Unit Costs; Geometry of Per-Unit Cost Curves; Example 8-2 Per-Unit Cost Curves in Corn Production; 8.3 Cost in the Long Run; Isocost Lines; Least-Cost Input Combination; Cost Minimization in the Long Run and in the Short Run; Example 8-3 The Least-Cost Combination of Gasoline and Driving Time; 8.4 Expansion Path and Long Run Cost Curves; Expansion Path and Long-Run Total Cost Curves; 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; 8.5 Shape of the Long-Run Average Cost Curve; Example 8-5 L-Shaped Long-Run Average cost Curves in Various Industries; Example 8-6 The Minimum Efficient Scale in Various U.S. Food Industries; 8.6 Multiproduct Firms and Dynamic Changes in Costs; Economies of Scope; The Learning Curve; Example 8-7 The Learning Curve for the Lockheed L-1011 Aircraft and for Semiconductors; At the Frontier Minimizing Costs Internationally--The New Economies of Scale; 9 PRICE AND OUTPUT UNDER PERFECT COMPETITION; 9.1 Market Structure: Perfect Competition; Example 9-1show more

Review quote

"Microeconomics is an excellent text . . . Salvatore has done a great job integrating the more traditional with the 'newer' topics in the field."--Rosemary Thomas Cunningham, Agnes Scott College"Excellent writing style, coverage, applications, and extensions . . . much superior to the other texts I have examined."--John P. Cochran, Metropolitan State College of Denver"Salvatore excels in explaining the fundamentals . . . This book does a great job at teaching the 'meat and potatoes' of intermediate microeconomics in a friendly way."--Anne E. Winkler, University of Missouri-St. Louis "Microeconomics is an excellent text . . . Salvatore has done a great job integrating the more traditional with the 'newer' topics in the field."--Rosemary Thomas Cunningham, Agnes Scott College "Excellent writing style, coverage, applications, and extensions . . . much superior to the other texts I have examined."--John P. Cochran, Metropolitan State College of Denver "Salvatore excels in explaining the fundamentals . . . This book does a great job at teaching the 'meat and potatoes' of intermediate microeconomics in a friendly way."--Anne E. Winkler, University of Missouri-St. Louis "Microeconomics is an excellent text . . . Salvatore has done a great job integrating the more traditional with the 'newer' topics in the field."--Rosemary Thomas Cunningham, Agnes Scott College "Excellent writing style, coverage, applications, and extensions . . . much superior to the other texts I have examined."--John P. Cochran, Metropolitan State College of Denver "Salvatore excels in explaining the fundamentals . . . This book does a great job at teaching the 'meat and potatoes' of intermediate microeconomics in a friendly way."--Anne E. Winkler, University of Missouri-St. Louis "Microeconomics is an excellent text . . . Salvatore has done a great job integrating the more traditional with the 'newer' topics in the field."--Rosemary Thomas Cunningham, Agnes Scott College"Excellent writing style, coverage, applications, and extensions . . . much superior to the other texts I have examined."--John P. Cochran, Metropolitan State College of Denver"Salvatore excels in explaining the fundamentals . . . This book does a great job at teaching the 'meat and potatoes' of intermediate microeconomics in a friendly way."--Anne E. Winkler, University of Missouri-St. Louisshow more

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