Microeconomics_4__Besanko

Microeconomics_4__Besanko


DisciplinaMicroeconomia I7.527 materiais205.511 seguidores
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Optimum 258
7.3 Finding a Corner Point Solution with Perfect
Substitutes 259
7.4 Deriving the Input Demand Curves from a Production
Function 267
7.5 Short-Run Cost Minimization with One 
Fixed Input 274
7.6 Short-Run Cost Minimization with Two Variable 
Inputs 275
CHAPTER 8 Cost Curves 285
How Can HiSense Get a Handle on Costs?
8.1 Long-Run Cost Curves 287
Long-Run Total Cost Curve 287
How Does the Long-Run Total Cost Curve Shift When 
Input Prices Change? 289
Long-Run Average and Marginal Cost Curves 292
8.2 Short-Run Cost Curves 302
Short-Run Total Cost Curve 302
Relationship Between the Long-Run and the Short-Run
Total Cost Curves 303
Short-Run Average and Marginal Cost Curves 305
Relationships Between the Long-Run and the Short-Run
Average and Marginal Cost Curves 306
When Are Long-Run and Short-Run Average and Marginal
Costs Equal, and When Are They Not? 307
8.3 Special Topics in Cost 310
Economies of Scope 310
Economies of Experience: The Experience 
Curve 313
8.4 Estimating Cost Functions 315
Constant Elasticity Cost Function 316
Translog Cost Function 316
APPENDIX Shephard\u2019s Lemma and Duality 323
LEARNING-BY-DOING EXERCISES
8.1 Finding the Long-Run Total Cost Curve from a
Production Function 288
8.2 Deriving Long-Run Average and Marginal Cost 
Curves from a Long-Run Total Cost Curve 294
8.3 Deriving a Short-Run Total Cost Curve 303
8.4 The Relationship between Short-Run and Long-Run
Average Cost Curves 308
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xx CONTENTS
PART 4 PERFECT COMPETITION
CHAPTER 9 Perfectly Competitive Markets 327
A Rose Is a Rose Is a Rose
9.1 What Is Perfect Competition? 330
9.2 Profit Maximization by a Price-Taking Firm 332
Economic Profit versus Accounting Profit 333
The Profit-Maximizing Output Choice for a 
Price-Taking Firm 334
9.3 How the Market Price Is Determined: 
Short-Run Equilibrium 337
The Price-Taking Firm\u2019s Short-Run Cost Structure 337
Short-Run Supply Curve for a Price-Taking Firm 
When All Fixed Costs Are Sunk 339
Short-Run Supply Curve for a Price-Taking Firm When 
Some Fixed Costs Are Sunk and Some 
Are Nonsunk 341
Short-Run Market Supply Curve 344
Short-Run Perfectly Competitive Equilibrium 348
Comparative Statics Analysis of the Short-Run 
Equilibrium 349
9.4 How the Market Price Is Determined: 
Long-Run Equilibrium 352
Long-Run Output and Plant-Size Adjustments by
Established Firms 352
The Firm\u2019s Long-Run Supply Curve 353
Free Entry and Long-Run Perfectly Competitive 
Equilibrium 354
Long-Run Market Supply Curve 356
Constant-Cost, Increasing-Cost, and Decreasing-Cost
Industries 358
What Does Perfect Competition Teach Us? 363
9.5 Economic Rent and Producer Surplus 367
Economic Rent 367
Producer Surplus 370
Economic Profit, Producer Surplus, Economic Rent 376
APPENDIX Profit Maximization Implies Cost 
Minimization 384
LEARNING-BY-DOING EXERCISES
9.1 Deriving the Short-Run Supply Curve for a 
Price-Taking Firm 341
9.2 Deriving the Short-Run Supply Curve for a Price-Taking
Firm with Some Nonsunk Fixed Costs 343
9.3 Short-Run Market Equilibrium 349
9.4 Calculating a Long-Run Equilibrium 356
9.5 Calculating Producer Surplus 375
CHAPTER 10 Competitive Markets:
Applications 386
Is Support a Good Thing?
10.1 The Invisible Hand, Excise Taxes and 
Subsidies 388
The Invisible Hand 389
Excise Taxes 390
Incidence of a Tax 394
Subsidies 397
10.2 Price Ceilings and Floors 400
Price Ceilings 400
Price Floors 408
10.3 Production Quotas 413
10.4 Price Supports in the Agricultural Sector 417
Acreage Limitation Programs 418
Government Purchase Programs 418
10.5 Import Quotas and Tariffs 422
Quotas 422
Tariffs 425
LEARNING-BY-DOING EXERCISES
10.1 Impact of an Excise Tax 393
10.2 Impact of a Subsidy 400
10.3 Impact of a Price Ceiling 407
10.4 Impact of a Price Floor 412
10.5 Comparing the Impact of an Excise Tax, a Price Floor,
and a Production Quota 417
10.6 Effects of an Import Tariff 428
PART 5 MARKET POWER
CHAPTER 11 Monopoly and Monopsony 438
How Do Firms Play Monopoly?
11.1 Profit Maximization by a Monopolist 440
The Profit-Maximization Condition 440
A Closer Look at Marginal Revenue: Marginal Units and
Inframarginal Units 444
Average Revenue and Marginal Revenue 445
The Profit-Maximization Condition Shown 
Graphically 447
A Monopolist Does Not Have a Supply Curve 449
11.2 The Importance of Price Elasticity 
of Demand 450
Price Elasticity of Demand and the Profit-Maximizing
Price 450
Marginal Revenue and Price Elasticity of Demand 451
Marginal Cost and Price Elasticity of Demand: The Inverse
Elasticity Pricing Rule 453
The Monopolist Always Produces on the Elastic Region 
of the Market Demand Curve 454
The IEPR Applies Not Only to Monopolists 456
Quantifying Market Power: The Lerner Index 457
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CONTENTS xxi
11.3 Comparative Statics for Monopolists 458
Shifts in Market Demand 458
Shifts in Marginal Cost 461
11.4 Monopoly with Multiple Plants 
and Markets 463
Output Choice with Two Plants 463
Output Choice with Two Markets 465
Profit Maximization by a Cartel 466
11.5 The Welfare Economics of Monopoly 469
The Monopoly Equilibrium Differs from the Perfectly
Competitive Equilibrium 469
Monopoly Deadweight Loss 471
Rent-Seeking Activities 471
11.6 Why Do Monopoly Markets Exist? 471
Natural Monopoly 472
Barriers to Entry 473
11.7 Monopsony 475
The Monopsonist\u2019s Profit-Maximization Condition 475
An Inverse Elasticity Pricing Rule for Monopsony 477
Monopsony Deadweight Loss 478
LEARNING-BY-DOING EXERCISES
11.1 Marginal and Average Revenue for a Linear Demand
Curve 447
11.2 Applying the Monopolist\u2019s Profit-Maximization
Condition 449
11.3 Computing the Optimal Monopoly Price for a
Constant Elasticity Demand Curve 453
11.4 Computing the Optimal Monopoly Price for a Linear
Demand Curve 454
11.5 Computing the Optimal Price Using the Monopoly
Midpoint Rule 460
11.6 Determining the Optimal Output, Price, and Division
of Production for a Multiplant Monopolist 465
11.7 Determining the Optimal Output and Price for a
Monopolist Serving Two Markets 466
11.8 Applying the Monopsonist\u2019s Profit-Maximization
Condition 476
11.9 Applying the Inverse Elasticity Rule for a 
Monopsonist 478
CHAPTER 12 Capturing Surplus 485
Why Did Your Ticket Cost So Much Less Than Mine?
12.1 Capturing Surplus 487
12.2 First-Degree Price Discrimination: Making the
Most from Each Consumer 490
12.3 Second-Degree Price Discrimination: 
Quantity Discounts 495
Block Pricing 495
Subscription and Usage Charges 498
12.4 Third-Degree Price Discrimination: Different
Prices for Different Market Segments 501
Two Different Segments, Two Different Prices 501
Screening 504
Third-Degree Price Discrimination with Capacity 
Constraints 506
Implementing the Scheme of Price Discrimination: 
Building \u201cFences\u201d 508
12.5 Tying (Tie-In Sales) 512
Bundling 513
Mixed Bundling 515
12.6 Advertising 518
LEARNING-BY-DOING EXERCISES
12.1 Capturing Surplus: Uniform Pricing versus 
First-Degree Price Discrimination 492
12.2 Where Is the Marginal Revenue Curve with 
First-Degree Price Discrimination? 493
12.3 Increasing Profits with a Block Tariff 497
12.4 Third-Degree Price Discrimination in Railroad
Transport 503
12.5 Third-Degree Price Discrimination for Airline Tickets 505
12.6 Price Discrimination Subject to Capacity Constraints 507
12.7 Markup and Advertising-to-Sales Ratio 520
PART 6 IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR
CHAPTER 13 Market Structure and
Competition 528
Is Competition Always the Same? If Not, Why Not?
13.1 Describing and Measuring Market 
Structure 530
13.2 Oligopoly with Homogeneous Products 533
The Cournot Model of Oligopoly 533
The Bertrand Model of Oligopoly