Microeconomics_4__Besanko

Microeconomics_4__Besanko


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MICROECONOMICS
FOURTH EDITION
DAVID A. BESANKO
Northwestern University,
Kellogg School of Management
RONALD R. BRAEUTIGAM
Northwestern University,
Department of Economics
with Contributions from
Michael J. Gibbs
The University of Chicago,
Booth School of Business
JOHN WILEY & SONS, INC.
FMTOC.qxd 8/30/10 5:33 PM Page iii
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Library of Congress Cataloging-in-Publication Data
Besanko, David, 1955-
Microeconomics / David Besanko, Ronald Braeutigam. \u20144th ed.
p. cm.
Includes index.
ISBN 978-0-470-56358-8 (hardback)
1. Microeconomics. I. Braeutigam, Ronald R. (Ronald Ray) II. Title.
HB172.B49 2010
338.5\u2014dc22
2010032314
To order books or for customer service, please call 1-800-CALL WILEY (225-5945).
Main Book ISBN: 978-0-470-56358-8
Binder-Ready Version ISBN: 978-0-470-91756-5
Printed in the United States of America
10 9 8 7 6 5 4 3 2 1
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DAVID BESANKO is the Alvin J. Huss Distinguished Professor of Management and
Strategy at the Kellogg School of Management at Northwestern University. From 2007 to 2009
he served as Senior Associate Dean for Academic Affairs: Strategy and Planning and from 2001
to 2003 served as Senior Associate Dean for Academic Affairs: Curriculum and Teaching.
Professor Besanko received his AB in Political Science from Ohio University in 1977, his MS
in Managerial Economics and Decision Sciences from Northwestern University in 1980, and
his PhD in Managerial Economics and Decision Sciences from Northwestern University in
1982. Before joining the Kellogg faculty in 1991, Professor Besanko was a member of the fac-
ulty of the School of Business at Indiana University from 1982 to 1991. In addition, in 1985, he
held a postdoctorate position on the Economics Staff at Bell Communications Research.
Professor Besanko teaches courses in the fields of Management and Strategy, Competitive
Strategy, and Managerial Economics. In 1995 and 2010, the graduating classes at Kellogg
awarded Professor Besanko the L.G. Lavengood Professor of the Year, the highest teaching
honor a faculty member at Kellogg can receive. He is only one of two faculty members of
Kellogg to have received this award twice. At the Kellogg School, he has also received the
Alumni Choice Teaching Award in 2006, the Sidney J. Levy Teaching Award (1998, 2000, 2009)
and the Chair\u2019s Core Teaching Award (1999, 2001, 2003, 2005).
Professor Besanko does research on topics relating to competitive strategy, industrial or-
ganization, the theory of the firm, and economics of regulation. He has published two books
and over 40 articles in leading professional journals in economics and business, including the
American Economic Review, Econometrica, the Quarterly Journal of Economics, the RAND Journal of
Economics, the Review of Economic Studies, and Management Science. Professor Besanko is a
co-author of Economics of Strategy with David Dranove, Mark Shanley, and Scott Schaefer.
RONALD R. BRAEUTIGAM is the Harvey Kapnick Professor of Business Institutions
in the Department of Economics at Northwestern University. He is currently Associate Provost
for Undergraduate Education, and he has served as Associate Dean for Undergraduate Studies
in the Weinberg College of Arts and Sciences. He received a BS in Petroleum Engineering
from the University of Tulsa in 1970 and then attended Stanford University, where he received
an MS in engineering and a PhD in Economics in 1976. He has taught at Stanford University
and the California Institute of Technology, and he has also held an appointment as a Senior
Research Fellow at the Wissenschaftszentrum Berlin (Science Center Berlin). He has also
worked in both government and industry, beginning his career as a petroleum engineer with
Standard Oil of Indiana. He served