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PART1 Introduction:Markets and Prices1

第1部分 引言：市场与价格1

第1章 绪论3

1 Preliminaries3

1.1 The Themes of Microeconomics4

Theories and Models5

Positive versus Normative Analysis6

1.2 What Is a Market?7

Market Price8

Competitive versus Noncompetitive Markets8

Market Definition-The Extent of a Market9

List of Examples10

Example 1.1 Markets for Prescription Drugs10

1.3 Real versus Nominal Prices11

Example 1.2 The Price of Eggs and the Price of a Collage Education12

Example 1.3 The Minimum Wage13

Corporate Decision Making:Ford s Sport Utility Vehicles15

1.4 Why Study Microeconomics?15

Public Policy Design:Automobile Emission Standards for the Twenty-first Century16

Questions for Review17

Summary17

Exercises18

2 The Basics of Supply and Demand19

第2章 供给与需求的基本原理19

The Supply Curve20

2.1 Supply and Demand20

The Demand Curve21

2.2 The Market Mechanism23

2.3 Changes in Market Equilibrium24

Example 2.1 The Price of Eggs and the Price of a Collage Educa Revisited26

Example 2.2 Wage Inequality in the United States27

Example 2.3 The Long-Run Behavior of Natural Resource Prices28

2.4 Elasticities of Supply and Demand30

Example 2.4 The Market for Wheat33

Demand35

2.5 Short-Run Versus Long-Run Elasticities35

Example 2.5 The Demand for Gasoline and Automobiles39

Supply40

Example 2.6 the Weather in Brazil and the Price of coffee in New York41

2.6 Understanding and Predicting the Effects of Changing Market Conditions44

Example 2.7 Declining Demand and the Behavior of copper Prices47

Example 2.8 Upheaval in the World Oil Market49

2.7 Effects of Government Intervention-Price Controls53

Example 2.9 Price Controls and Natural Gas Shortages54

Summary55

questions for Review56

Exercises57

PART2 Producers,Consumers,and Competitive Markets59

第2部分 生产者、消费者与竞争性市场59

第3章 消费者行为61

3 Consumer Behavior61

Consumer Behavior61

3.1 Consumer Preferences62

Market Baskets62

Some Basic Assumptions About Preferences63

Indifference Curves64

Indifference Maps66

The Shapes of Indifference Curves67

The Marginal Rate of Substitution68

Perfect Substitutes and Perfect Complements69

Example 3.1 Designing New Automobiles(Ⅰ)71

The Budget Line75

3.2 Budget Constraints75

The Effects of Changes in Income and Prices77

3.3 Consumer Choice79

Example 3.2 Designing New Automobiles(Ⅱ)81

Example 3.3 Decision Making and Public Policy82

Corner Solutions84

Example 3.4 A College Trust Fund85

3.4 Revealed Preference86

Example 3.5 Revealed Preference for Recreation88

3.5 Marginal Utility and Consumer Choice89

Example 3.6 Gasoline Rationing91

3.6 Cost-of-Living Indexes92

Ideal Cost-of-Living Index93

Laspeyres Index94

Paasche Index95

Chain-Weighted Indexes96

Example 3.7 The Bias in the CPI97

Summary98

Questions for Review99

Exercises99

4 Individual and Market Demand101

第4章 个体需求与市场需求101

The Individual Demand Curve102

4.1 Individual Demand102

Price Changes102

Income Changes104

Normal Versus Inferior Goods106

Engel Curves106

Example 4.1 Consumer Expenditures in the United States108

Substitutes and Complements109

4.2 Income and Substitution Effects110

Substitution Effect111

Income Effect112

A Special Case:The Giffen Good113

Example 4.2 The Effects of a Gasoline Tax114

4.3 Market Demand116

From Individual to Market Demand116

Elasticity of Demand117

Example 4.3 The Aggregate Demand for Wheat120

Example 4.4 The Demand for Housing122

Consumer Surplus and Demand123

4.4 Consumer Surplus123

Example 4.5 The Value of clean Air125

The Bandwagon Effect127

4.5 Network Externalities127

The Snob Effect129

Example 4.6 Network Externalities and the Demands for Computers and E-Mail130

4.6 Empirical Estimation of Demand131

Interview and Experimental Approaches to Demand Determination131

The Statistical Approach to Demand Estimation132

The Form of the Demand Relationship133

Example 4.7 The Demand for Ready-to-Eat Cereal134

Summary135

Questions for Review136

Exercises136

Uiility Maximization139

Appendix to chapter 4:Demand Theory-A Mathematical Treatment139

The Method of Lagrange Multipliers140

Marginal Rate of Substitution141

The Equal Marginal Principle141

Marginal Utility of Income142

An Example143

Duality in Consumer Theory144

Income and Substitution Effects145

Exercises147

5 Choice Under Uncertainty149

第5章 不确定条件下的选择149

Probability150

5.1 Describing Risk150

Expected Value150

Variability151

Decision Making153

Example 5.1 Deterring Crime154

5.2 Preferences Toward Risk155

Different Preferences Toward Risk157

Example 5.2 Business Executives and the Choice of Risk160

5.3 Reducing Risk161

Diversification161

Insurance162

Example 5.3 The Value of Title Insurance When Buying a House163

The Value of Information164

Example 5.4 The Value of Information in the Dairy Industry165

5.4 The Demand for Risky Assets166

Risky and Riskless Assets166

Assets166

Asset Returns167

The Trade-Off Between Risk and Return168

The Investor s Choice Problem169

Example 5.5 Investing in the Stock Market173

Summary174

Questions for Review175

Exercises175

第6章 生产177

6 Production177

The Production Function178

6.1 The Technology of Production178

6.2 Isoquatnts179

Input Flexibility180

The Short Run versus the Long Run180

6.3 Production with One Variable Input(Labor)181

Average and Marginal Products182

The Slopes of the Product Curve183

The Average Product of Labor Curve184

The Law of Diminishing Marginal Returns185

The Marginal Product of Labor Curve185

Example 6.1 Malthus and the Food Crisis187

Labor Productivity188

Example 6.2 Labor Productivity and the Standard of Living189

Diminishing Marginal Returns191

6.4 Production with Two Variable Inputs191

Substitution Among Inputs192

Production Functions-Two Special Cases194

Example 6.3 A Production Function for Wheat196

6.5 Returns to Scale197

Increasing Returns to Scale198

Constant Returns to Scale198

Describing Returns to Scale198

Decreasing Returns to Scale198

Example 6.4 Returns to Scale in the Carpet Industry199

Summary201

Questions for Review201

Exercises202

第7章 生产成本203

7 The Cost of Production203

7.1 Measuring Cost:Which Costs Matter?203

Opportunity Cost204

Economic Cost versus Accounting Cost204

Sunk Costs205

Example 7.1 Choosing the Location for a New Law School Building205

Fixed Costs and Variable Costs206

Example 7.2 Sunk,Fixed,and Variable Costs:Computers,Software,and Pizzas207

Fixed versus Sunk Costs207

7.2 Cost in the Short Run208

The Determinants of Short-Run Cost210

The Shapes of the Cost Curves211

Example 7.3 The Short-Run Cost of Aluminum Smelting213

The User Cost of Capital215

7.3 Cost in the Long Run215

The Cost-Minimizing Input Choice216

The Isocost Ling217

Choosing Inputs218

Example 7.4 The Effect of Effluent Fees on Input Choices220

The Expansion Path and Long-Run Costs222

Cost Minimization with Varying Output Levels222

The Inflexibility of Short-Run Production224

7.4 Long-Run versus Short-Run Cost Curves224

Long-Run Average Cost225

The Relationship Between Short-Run and Long-Run Cost227

Economies and Diseconomies of Scale227

7.5 Production with Two Outputs-Economies of Scope229

Product Transformation Curves230

The Degree of Economies of Scope231

Economies and Diseconomies of Scope231

Example 7.5 Economies of Scope in the Trucking Industry232

7.6 Dynamic Changes in Costs-The Learning Curve232

Graphing the Learning Curve234

Learning versus Economies of Scale234

Example 7.6 The Learning Curve in Practice236

7.7 Estimating and Predicting Cost237

Cost Functions and the Measurement of Scale Economies239

Example 7.7 Cost Functions for Electric Power240

Example 7.8 A Cost Function for the Savings and Loan Industry241

Summary242

Questions for Review243

Exercises243

Appendix to Chapter 7:Production and Cost Theory-A Mathematical Treatment246

Cost Minimization246

Marginal Rate of Technical Substitution247

Duality in Production and Cost Theory248

The Cobb-Douglas Cost and Production Functions248

Exercises250

第8章 利润最大化与竞争性供给251

8 Profit Maximization and Competitive Supply251

8.1 Perfectly Competitive Markets252

When Is a Market Highly Competitive?253

Do Firms Maximize Profit?254

8.2 Profit Maximization254

8.3 Marginal Revenue,Marginal Cost,and Profit Maximization255

Demand and Marginal Revenue for a Competitive Firm256

Profit Maximization by a Competitive Firm257

Short-Run Profit Maximization by a Competitive Firm258

8.4 Choosing Output in the Short Run258

The Short-Run Profit of a Competitive Firm259

Example 8.1 The Short-Run Output Decision of an Aluminum Smelting Plant260

Example 8.2 Some Cost Considerations for Managers261

8.5 The Competitive Firm s Short-Run Supply Curve263

The Firm s Response to an Input Price Change264

Example 8.3 The Short-Run Production of Petroleum Products265

Elasticity of Market Supply266

8.6 The Short-Run Market Supply Curve266

Example 8.4 The Short-Run World Supply of Copper268

Producer Surplus in the Short Run269

Long-Run Profit Maximization271

8.7 Choosing Output in the Long Run271

Long-Run Competitive Equilibrium272

Economic Rent275

Producer Surplus in the Long Run276

8.8 The Industry s Long-Run Supply Curve277

Constant-Cost Industry277

Increasing-Cost Industry279

Decreasing-Cost Industry280

The Effects of a Tax280

Long-Run Elasticity of Supply281

Example 8.5 The Long-Run Supply of Housing282

Summary283

Questions for Review284

Exercises284

9 The Analysis of Competitive Markets287

第9章 竞争性市场分析287

Review of Consumer and Producer Surplus288

9.1 Evaluating the Gains and Losses form Government Policies-Consumer and Producer Surplus288

Application of Consumer and Producer Surplus289

Example 9.1 Price Controls and Natural Gas Shortages292

9.2 The Efficiency of a Competitive Market294

Example 9.2 The Market for Human Kidneys295

9.3 Minimun Prices298

Example 9.3 Airline Regulation300

9.4 Price Supports and Production Quotas302

Price Supports302

Production Quotas304

Example 9.4 Supporting the Price of Wheat306

9.5 Import Quotas and Tariffs309

Example 9.5 The Sugar Quota312

9.6 The Impact of a Tax or Subsidy313

The Effects of a Subsidy317

Example 9.6 A Tax on Gasoline318

Summary320

Questions for Review320

Exercises321

PART3 Market Structure and Competitive Strategy325

第3部分 市场结构与竞争策略325

第10章 市场热力：卖方垄断与买方垄断327

10 Markey Power:Monopoly and Monopsony327

10.1 Monopoly328

Average Revenue and Marginal Revenue328

The Monopolist s Output Decision329

An Example331

A Rule of Thumb for Pricing333

Example 10.1 Astra-Merck Prices Prilosec334

Shifts in Demand335

The Effect of a Tax335

The Multiplant Firm337

10.2 Monopoly Power339

Measuring Monopoly Power340

The Rule of Thumb for Pricing341

Example 10.2 Markup Pricing:Supermarkets to Designer Jeans342

Example 10.3 The Pricing of Prerecorded Videocassettes343

10.3 Sources of Monopoly Power345

The Number of Firms345

The Elasticity of Market Demand345

The Interaction Among Firms346

10.4 The Social Costs of Monopoly Power347

Price Regulation348

Rent Seeking348

Natural Monopoly350

Regulations in Practice351

10.5 Monopsony352

Monopsony and Monopoly Compared354

10.6 Monopsony Power355

Sources of Monopsony Power356

The Social Costs of Monopsony Power357

Example 10.4 Monopsony Power in U.S.Manufacturing358

Bilateral Monopoly358

10.7 Limiting Market Power:The Antitrust Laws359

Enforcement of the Antitrust Laws361

Example 10.5 A Phone Call About Prices362

Example 10.6 The United States versus Microsoft363

Summary364

Questions for Review365

Exercises365

11 Pricing with Market Power369

第11章 有市场势力条件下的定价369

11.1 Capturing Consumer Surplus370

First-Degree Price Discrimination371

11.2 Price Discriminaton371

Second-Degree Price Discrimination374

Third-Degree Price Discrimination375

Example 11.1 The Economics of Coupons and Rebates379

Example 11.2 Airline Fares380

11.3 Intertemporal Price Discrimination and Peak-Load Pricing382

Intertemporal Price Discrimination382

Peak-Load Pricing383

Example 11.3 How to Price a Best-Selling Novel384

11.4 The Two-Part Tariff385

Example 11.4 Polaroid Cameras389

Example 11.5 Pricing Cellular Phone Service390

11.5 Bundling392

Relative Valuations393

Mixed Bundling397

Bundling in Practice399

Example 11.6 The Complete Dinner versus a la Carte:A Restaurant s Pricing Problem401

Tying402

11.6 Advertising403

A Rule of Thumb for Advertising405

Example 11.7 Advertising in Practice406

Summary407

Exercises408

Questions for Review408

Transfer Pricing When There Is No Outside Market413

Appendix to Chapter 11:Transfer Pricing in the Integrated Firm413

Transfer Pricing with a Competitive Outside Market415

Transfer Pricing with a Noncompetitive Outside Market417

A Numerical Example420

Exercises421

第12章 垄断竞争与寡头423

12 Monopolistic Competition and Oligopoly423

12.1 Monopolistic Competition424

The Makings of Monopolistic Competition424

Equilibrium in the Short Run and the Long Run425

Monopolistic Competition and Economic Efficiency426

Example 12.1 Monopolistic Competition in the Markets for Colas and Coffee428

12.2 Oligopoly429

Equilibrium in an Oligopolistic Market430

The Cournot Model431

The Linear Demand Curve-An Example433

First Mover Advantage-The Stackelberg Model436

Price Competition with Homogeneous Products-The Bertrand Model437

12.3 Price Competition437

Price Competition with Differentiated Products438

Example 12.2 A Pricing Problem for Procter Gamble440

12.4 Competition Versus Collusion:The Prisoners Dilemma442

Example 12.3 Procter Gamble in a Prisoners Dilemma444

12.5 Implications of the Prisoners Dilemma for Oligopolistic Pricing445

Price Rigidity446

Price Signaling and Price Leadership447

Example 12.4 Price Leadership and Price Rigidity in Commercial Banking448

The Dominant Firm Model450

12.6 Cartels451

Analysis of Cartel Pricing452

Example 12.5 The Cartelization of Intercollegiate Athletics455

Example 12.6 The Milk Cartel456

Summary456

Exercises457

Questions for Review457

13.1 Gaming and Strategic Decisions461

第13章 博弈论与竞争策略461

13 Game Theory and Competitive Strategy461

Noncooperative versus Cooperative Games462

Example 13.1 Acquiring a Company463

13.2 Dominant Strategies464

13.3 The Nash Equilibrium Revisited466

Maximin Strategies468

Mixed Strategies470

13.4 Repeated Games472

Example 13.2 Oligopolistic Cooperation in the Water Meter Industry474

Example 13.3 Competition and Collusion in the Airline Industry475

13.5 Sequential Games476

The Extensive Form of a Game477

The Advantage of Moving First478

13.6 Threats,Commitments,and Credibility479

Commitment and Credibility480

Empty Threats480

Example 13.4 Wal-Mart Stores Preemptive Investment Strategy482

13.7 Entry Deterrence483

Strategic Trand Policy and International Competition485

Example 13.5 Dupont Deters Entry in the Titanium Dioxide Industry487

Example 13.6 Diaper Wars488

13.8 Bargaining Strategy489

13.9 Auctions491

Auction Formats491

Valuation and Information492

Private -Value Auctions492

Common-Value Auctions494

Maximizing Auction Revenue495

Example 13.7 Internet Auctions495

Summary496

Questions for Review497

Exercises498

第14章 要素市场501

14.1 Competitive Factor Markets501

14 Markets for Factor Inputs501

Demand for a Factor Input When Only One Input Is Variable502

Demand for a Factor Input When Several Inputs Are Variable505

The Market Demand Curve506

Example 14.1 The Demand for Jet Fuel508

The Supply of Inputs to a Firm509

The Market Supply of Inputs511

Example 14.2 Labor Supply for One-and Two-Earner Households513

4.2 Equilibrium in a Competitive Factor Market514

Economic Rent515

Example 14.3 Pay in the Military517

14.3 Factor Markets with Monopsony Power518

Marginal and Average Expenditure519

Example 14.4 Monopsony Power in the Market for Baseball Players520

The Input Purchasing Decision of the Firm520

Example 14.5 Teenage Labor Markets and the Minimum Wage521

Monopoly Power over the Wage Rate523

14.4 Factor Markets with Monopoly Power523

Unionized and Nonunionized Workers524

Bilateral Monopoly in the Labor Market525

Example 14.6 The Decline of Private-Sector Unionism527

Example 14.7 Wage Inequality-Have Computers Changed the Labor Market?528

Summary529

Exercises530

Questions for Review530

第15章 投资、时间与资本市场533

15 Investment,Time,and Capital Markets533

15.1 Stocks versus Flows534

15.2 Present Discounted Value534

Valuing Payment Streams535

Example 15.1 The Value of Lost Earnings537

15.3 The Value of a Bond538

Perpetuities538

The Effective Yield on a Bond539

Example 15.2 The Yields on Corporate Bonds541

15.4 The Net Present Value Criterion for Capital Investment Decisions542

The Electric Motor Factory543

Real versus Nominal Discount Rates543

Negative Future Cash Flows545

15.5 Adjustments for Risk545

Diversifiable versus Nondiversifiable Risk546

The Capital Asset Pricing Model547

Example 15.3 Capital Investment in the Disposable Diaper Industry548

15.6 Investment Decisions by Consumers549

Example 15.4 Choosing and Air Conditioner and a New Car550

15.7 Intertemporal Production Decisions-Depletable Resources551

The Production Decision of an Individual Resource Producer552

The Behavior of Market Price553

User Cost553

Resource Production by a Monopolist554

Example 15.5 How Depletable Are Depletable Resources?554

15.8 How Are Interest Rates Determined?555

A Variety of Interest Rates557

Questions for Review558

Summary558

Exercises559

PART4 Information,Market Failure,and the Role of Government561

第4部分 信息、市场失灵与政府的角色561

第16章 一般均衡与经济效率563

16.1 General Equilibrium Analysis563

16 General Equilibrium and Economic Efficiency563

Two Interdependent Markets-Moving to General Equilibrium564

The Attainment of General Equilibrium565

Example 16.1 The Interdependence of International Markets566

16.2 Efficiency in Exchange567

The Advantages of Trade568

The Edgeworth Box Diagram569

Efficient Allocations570

The Contract Curve571

Consumer Equilibrium in a Competitive Market572

The Economic Efficiency of Competitive Markets574

16.3 Equity and Efficiency575

The Utility Possibilities Frontier575

Equity and Perfect Competition577

16.4 Efficiency in Production578

Production in the Edgeworth Box578

Input Efficiency579

Producer Equilibrium in a Competitive Input Market580

The Production Possibilities Frontier581

Output Efficiency583

Efficiency in Output Markets584

16.5 The Gains from Free Trade585

Comparative Advantage585

An Expanded Production Possibilities Frontier587

Example 16.2 The Effects of Automobile Import Quotas588

Example 16.3 The Costs and Benefits of Special Protection589

16.6 An Overview-The Efficiency of Competitve Markets590

16.7 Why Markets Fail591

Market Power592

Incomplete Information592

Externalities592

Summary593

Public Goods593

Exercises594

Questions for Review594

17 Markets with Asymmetric Information595

第17章 不对称信息条件的市场595

17.1 Quality Uncertainty and the Market for Lemons596

The Market for Used Cars596

Implications of Asymmetric Information598

The Importance of Reputation and Standardization599

Example 17.1 Lemons in Major League Baseball600

17.2 Market signaling601

A Simple Model of Job Market Signaling602

Guarantees and Warranties604

Example 17.2 Working into the Night605

17.3 Moral Hazard606

Example 17.4 Crisis in the Savings and Loan Industry608

Example 17.3 Reducing Moral Hazard-Warranties of Animal Health608

17.4 The Principal-Agent Problem609

The Principal-Agent Problem in Private Enterprises610

The Principal-Agent Problem in Pubilic Enterprises610

Example 17.5 Managers of Nonprofit Hospitals as Agents611

Incentives in the Principal-Agent Framework612

17.5 Managerial Incentives in an Integrated Firm613

Asymmetric Information and Incentive Design in the Integrated Firm614

Applications616

17.6 Asymmetric Information in Labor Markets:Efficiency Wage Theory616

Example 17.6 Efficiency Wages at Ford Motot Company618

Exercises619

Summary619

Questions for Review619

18.1 Externalities621

第18章 外部性与公共品621

18 Externalities and Public Goods621

Negative Externalities and Inefficiency622

Positive Externalities and Inefficiency623

18.2 Ways of Correcting Market Failure625

An Emissions Standard626

An Emissions Fee626

Standards Versus Fees627

Transferable Emissions Permits630

Example 18.1 The Costs and Benefits of Reduced Sulfur Dioxide Emissions631

Example 18.2 Emissions Trading and Clean Air632

Recycling634

Example 18.3 Regulating Municipal Solid Wastes637

18.3 Externalities and Property Rights638

Property Rights638

Bargaining and Economic Efficiency638

Costly Bargaining-The Role of Strategic Behavior640

A Legal Solution-Suing for Damages640

Example 18.4 The Coase Theorem at Work641

18.4 Common Property Resources642

Example 18.5 Crawfish Fishing in Louisiana643

18.5 Public Goods644

Efficiency and Public Goods646

Example 18.6 The Demand for Clear Air647

Public Goods and Market Failure647

18.6 Private Preferences for Public Goods649

Summary651

Questions for Review651

Exercises652

The Basics of Regression655

An Example655

附录：回归分析的基本知识655

Estimation656

Statistical Tests657

Goodness of Fit659

Economic Forecasting660

Example A.1 The Demand for Coal661

Glossary663

术语表663

Answers to Selected Exercises675

部分习题答案675

Index687

索引687