Microeconomics_4__Besanko

Microeconomics_4__Besanko


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Houston State University; Tina A. Carter, Florida State
University; Carl Davidson, Michigan State University; Helen Knudsen, University of
Pittsburgh; Robert P. McComb, Texas Tech University; Zuohong Pan, Western
Connecticut State University; Irene Trela, University of Western Ontario; and 
several others who wish to remain anonymous.
THIRD EDITION REVIEWERS:
Javad Amid, Uppsala University, Sweden; Shahina Amin, University of Northern
Iowa; Eihab Fathelrahman, Washington State University, Vancouver; Thomas Gresik,
University of Notre Dame; Eric Jamelske, University of Wisconsin, Eau Claire; Dean
Karlan, Yale University; Mark Killingsworth, Rutgers University, Qihong Liu, The
University of Oklahoma; Robert P. McComb, Texas Technical University; Brian
McManus, Washington University; Silve Parviainen, University of Illinois; Francisca
G. C. Richter, Cleveland State University; Brain Simboli, Lehigh University; Charles
N. Steele, Montana State University.
SECOND EDITION REVIEWERS:
James Burnell, College of Wooster; Whewon Cho, Tennessee Technological
University; Paul Cowgill, Duke University; Ron Deiter, Iowa State University;
Martine Duchatelet, Barry University; Otis W. Gilley, California State University,
L.A.; Marvin A. Gordon, University of Illinois at Chicago; Gregory Green, Indiana
State University; Umit Gurun, Michigan State University; Russell F. Hardy,
University of New Mexico at Carlsbad; Dr. Naphtali Hoffman, Elmira University;
Don Holley, Boise State University; Jiandong Ju, University of Oklahoma; Mary
Kassis, State University of West Georgia; Sang H. Lee, Southeastern Louisiana
University; Charles Mason, University of Wyoming; John J. Nader, Grand Valley
State University; Charles M. North, Baylor University; Richard M. Peck, University
of Illinois-Chicago; Brian Peterson, Manchester College; Thomas Pogue, University
of Iowa; Malcolm Robinson, Thomas More College; Philip Rothman, East Carolina
University; Christopher S. Ruebeck, Lafayette College; Barbara Schone, Georgetown
University; Konstantinos Serfes, SUNY-Stony Brook; Mark Thoma, University of
Oregon; Michele T. Villinski, DePauw University; Robert O. Weagley, Missouri State
University.
FIRST EDITION REVIEWERS:
Anas Alhajji, Colorado School of Mines; Scott Atkinson, University of Georgia; Doris
Bennett, Jacksonville State University; Arlo Biere, Kansas State University; Douglas
Blair, Rutgers University; Michael Bognanno, Temple University; Stephen Bronars,
University of Texas, Austin; Douglas Brown, Georgetown University; Kenneth
Brown, University of Northern Iowa; Don Bumpass, Sam Houston State University;
Colin Campbell, Ohio State University; Corey S. Capps, University of Illinois;
Manual Carvajal, Florida International University; Kousik Chakrabarti, University of
Michigan, Ann Arbor; Myong-Hun Chang, Cleveland State University; Ken
Chapman, California State University; Yongmin Chen, University of Colorado-
Boulder; Kui Kwon (Alice) Chong, University of North Carolina-Charlotte; Peter
FMTOC.qxd 8/30/10 5:33 PM Page xiv
ACKNOWLEDGMENTS xv
Coughlin, University of Maryland; Steven Craig, University of Houston; Mike
Curme, Miami University; Rudolph Daniels, Florida A & M University; James
Dearden, Lehigh University; Stacey Deirgerconlin, Syracuse University; John
Edwards, Tulane University; Matthew Eichner, Johns Hopkins University; Ronel
Elul, Brown University; Maxim Engers, University of Virginia; Raymond Fisman,
Columbia University; Eric Friedman, Rutgers University; Susan Gensemer, Syracuse
University; Steven Marc Goldman, University of California, Berkeley; Barnali Gupta,
Miami University; Claire Hammond, Wake Forest University; Shawkat Hammoudeh,
Drexel University; Lyn Holmes, Temple University; Michael Jerison, SUNY-Albany;
Jiandong Ju, University of Oklahoma; David Kamerschen, University of Georgia;
Donald Keenan, University of Georgia; Mark Killingsworth, Rutgers University;
Philip King, San Francisco State University; Charles Lamberton, South Dakota State
University; Donald Lien, University of Kansas; Leonard Loyd, University of
Houston; Mark Machina, University of California at San Diego; Mukul K.
Manjumdar, Cornell University; Gilbert Mathis, Murray State University; Michael
Mckee, University of New Mexico; Claudio Mezzetti, University of North Carolina;
Peter Morgan, University of Michigan; John Moroney, Texas A & M; Wilhelm
Neuefeind, Washington University; Peter Norman, University of Wisconsin,
Madison; Mudziviri Nziramasanga, Washington State University; Iyatokunbo
Okediji, University of Oklahoma; Ken Parzych, Eastern Connecticut State
University; Donald Pursell, University of Nebraska-Lincoln; Michael Raith,
University of Chicago; Sunder Ramaswamy, Middlebury College; Jeanne Ringel,
Louisiana State University; Robert Rosenman, Washington State University; Santanu
Roy, Florida International University; Jolyne Sanjak, SUNY-Albany; David Schmidt,
Indiana University; Mark Schupack, Brown University; Richard Sexton, University of
California, Davis; Jason Shachat, University of California, San Diego; Maxwell
Stinchcombe, University of Texas, Austin; Beck Taylor, Baylor University; Curtis
Taylor, Texas A & M University; Thomas TenHoeve, Iowa State University; John
Thompson, Louisiana State University; Paul Thistle, Western Michigan University;
Guogiang Tian, Texas A & M; Theofanis Tsoulouhas, North Carolina State
University; Geoffrey Turnbull, Louisiana State University; Mich Tvede, University of
Pennsylvania; Mark Walbert, Illinois University; Mark Walker, University of Arizona;
Larry Westphal, Swarthmore College; Kealoha Widdows, Wabash College;
Chiounan Yeh, Alabama State University.
FMTOC.qxd 8/30/10 5:33 PM Page xv
PART 1 INTRODUCTION TO MICROECONOMICS
CHAPTER 1 Analyzing Economic Problems 1
CHAPTER 2 Demand and Supply Analysis 26
APPENDIX: Price Elasticity of Demand Along a Constant Elasticity Demand Curve 72
PART 2 CONSUMER THEORY
CHAPTER 3 Consumer Preferences and the Concept of Utility 73
CHAPTER 4 Consumer Choice 103
APPENDIX 1: The Mathematics of Consumer Choice 143
APPENDIX 2: The Time Value of Money 144
CHAPTER 5 The Theory of Demand 150
PART 3 PRODUCTION AND COST THEORY
CHAPTER 6 Inputs and Production Functions 200
APPENDIX: The Elasticity of Substitution for a Cobb\u2013Douglas Production Function 243
CHAPTER 7 Costs and Cost Minimization 245
APPENDIX: Advanced Topics in Cost Minimization 281
CHAPTER 8 Cost Curves 285
APPENDIX: Shephard\u2019s Lemma and Duality 323
PART 4 PERFECT COMPETITION
CHAPTER 9 Perfectly Competitive Markets 327
APPENDIX: Profit Maximization Implies Cost Minimization 384
CHAPTER 10 Competitive Markets: Applications 386
PART 5 MARKET POWER
CHAPTER 11 Monopoly and Monopsony 438
CHAPTER 12 Capturing Surplus 485
PART 6 IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR
CHAPTER 13 Market Structure and Competition 528
APPENDIX: The Cournot Equilibrium and the Inverse Elasticity Pricing Rule 570
CHAPTER 14 Game Theory and Strategic Behavior 571
PART 7 SPECIAL TOPICS
CHAPTER 15 Risk and Information 604
CHAPTER 16 General Equilibrium Theory 648
APPENDIX: Deriving the Demand and Supply Curves for General Equilibrium 692
CHAPTER 17 Externalities and Public Goods 697
Mathematical Appendix 729
Solutions to Selected Problems 749
Glossary 771
Photo Credits 781
Index 783
xvi
B R I E F C O N T E N T S
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CHAPTER 1 Analyzing Economic Problems 1
Microeconomics and Climate Change
1.1 Why Study Microeconomics? 4
1.2 Three Key Analytical Tools 5
Constrained Optimization 6
Equilibrium Analysis 12
Comparative Statics 13
1.3 Positive and Normative Analysis 18
LEARNING-BY-DOING EXERCISES
1.1 Constrained Optimization: The Farmer\u2019s Fence 7
1.2 Constrained Optimization: Consumer Choice 8
1.3 Comparative Statics with Market Equilibrium in the
U.S. Market for Corn 16
1.4