PART1 Introduction:Markets and Prices

第1部分 引言：市场与价格

第1章 绪论

1 Preliminaries

1.1 The Themes of Microeconomics

Theories and Models

Positive versus Normative Analysis

1.2 What Is a Market?

Market Price

Competitive versus Noncompetitive Markets

Market Definition-The Extent of a Market

List of Examples

Example 1.1 Markets for Prescription Drugs

1.3 Real versus Nominal Prices

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

Example 1.3 The Minimum Wage

Corporate Decision Making:Ford s Sport Utility Vehicles

1.4 Why Study Microeconomics?

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

Questions for Review

Summary

Exercises

2 The Basics of Supply and Demand

第2章 供给与需求的基本原理

The Supply Curve

2.1 Supply and Demand

The Demand Curve

2.2 The Market Mechanism

2.3 Changes in Market Equilibrium

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

Example 2.2 Wage Inequality in the United States

Example 2.3 The Long-Run Behavior of Natural Resource Prices

2.4 Elasticities of Supply and Demand

Example 2.4 The Market for Wheat

Demand

2.5 Short-Run Versus Long-Run Elasticities

Example 2.5 The Demand for Gasoline and Automobiles

Supply

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

2.6 Understanding and Predicting the Effects of Changing Market Conditions

Example 2.7 Declining Demand and the Behavior of copper Prices

Example 2.8 Upheaval in the World Oil Market

2.7 Effects of Government Intervention-Price Controls

Example 2.9 Price Controls and Natural Gas Shortages

Summary

questions for Review

Exercises

PART2 Producers,Consumers,and Competitive Markets

第2部分 生产者、消费者与竞争性市场

第3章 消费者行为

3 Consumer Behavior

Consumer Behavior

3.1 Consumer Preferences

Market Baskets

Some Basic Assumptions About Preferences

Indifference Curves

Indifference Maps

The Shapes of Indifference Curves

The Marginal Rate of Substitution

Perfect Substitutes and Perfect Complements

Example 3.1 Designing New Automobiles(Ⅰ)

The Budget Line

3.2 Budget Constraints

The Effects of Changes in Income and Prices

3.3 Consumer Choice

Example 3.2 Designing New Automobiles(Ⅱ)

Example 3.3 Decision Making and Public Policy

Corner Solutions

Example 3.4 A College Trust Fund

3.4 Revealed Preference

Example 3.5 Revealed Preference for Recreation

3.5 Marginal Utility and Consumer Choice

Example 3.6 Gasoline Rationing

3.6 Cost-of-Living Indexes

Ideal Cost-of-Living Index

Laspeyres Index

Paasche Index

Chain-Weighted Indexes

Example 3.7 The Bias in the CPI

Summary

Questions for Review

Exercises

4 Individual and Market Demand

第4章 个体需求与市场需求

The Individual Demand Curve

4.1 Individual Demand

Price Changes

Income Changes

Normal Versus Inferior Goods

Engel Curves

Example 4.1 Consumer Expenditures in the United States

Substitutes and Complements

4.2 Income and Substitution Effects

Substitution Effect

Income Effect

A Special Case:The Giffen Good

Example 4.2 The Effects of a Gasoline Tax

4.3 Market Demand

From Individual to Market Demand

Elasticity of Demand

Example 4.3 The Aggregate Demand for Wheat

Example 4.4 The Demand for Housing

Consumer Surplus and Demand

4.4 Consumer Surplus

Example 4.5 The Value of clean Air

The Bandwagon Effect

4.5 Network Externalities

The Snob Effect

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

4.6 Empirical Estimation of Demand

Interview and Experimental Approaches to Demand Determination

The Statistical Approach to Demand Estimation

The Form of the Demand Relationship

Example 4.7 The Demand for Ready-to-Eat Cereal

Summary

Questions for Review

Exercises

Uiility Maximization

Appendix to chapter 4:Demand Theory-A Mathematical Treatment

The Method of Lagrange Multipliers

Marginal Rate of Substitution

The Equal Marginal Principle

Marginal Utility of Income

An Example

Duality in Consumer Theory

Income and Substitution Effects

Exercises

5 Choice Under Uncertainty

第5章 不确定条件下的选择

Probability

5.1 Describing Risk

Expected Value

Variability

Decision Making

Example 5.1 Deterring Crime

5.2 Preferences Toward Risk

Different Preferences Toward Risk

Example 5.2 Business Executives and the Choice of Risk

5.3 Reducing Risk

Diversification

Insurance

Example 5.3 The Value of Title Insurance When Buying a House

The Value of Information

Example 5.4 The Value of Information in the Dairy Industry

5.4 The Demand for Risky Assets

Risky and Riskless Assets

Assets

Asset Returns

The Trade-Off Between Risk and Return

The Investor s Choice Problem

Example 5.5 Investing in the Stock Market

Summary

Questions for Review

Exercises

第6章 生产

6 Production

The Production Function

6.1 The Technology of Production

6.2 Isoquatnts

Input Flexibility

The Short Run versus the Long Run

6.3 Production with One Variable Input(Labor)

Average and Marginal Products

The Slopes of the Product Curve

The Average Product of Labor Curve

The Law of Diminishing Marginal Returns

The Marginal Product of Labor Curve

Example 6.1 Malthus and the Food Crisis

Labor Productivity

Example 6.2 Labor Productivity and the Standard of Living

Diminishing Marginal Returns

6.4 Production with Two Variable Inputs

Substitution Among Inputs

Production Functions-Two Special Cases

Example 6.3 A Production Function for Wheat

6.5 Returns to Scale

Increasing Returns to Scale

Constant Returns to Scale

Describing Returns to Scale

Decreasing Returns to Scale

Example 6.4 Returns to Scale in the Carpet Industry

Summary

Questions for Review

Exercises

第7章 生产成本

7 The Cost of Production

7.1 Measuring Cost:Which Costs Matter?

Opportunity Cost

Economic Cost versus Accounting Cost

Sunk Costs

Example 7.1 Choosing the Location for a New Law School Building

Fixed Costs and Variable Costs

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

Fixed versus Sunk Costs

7.2 Cost in the Short Run

The Determinants of Short-Run Cost

The Shapes of the Cost Curves

Example 7.3 The Short-Run Cost of Aluminum Smelting

The User Cost of Capital

7.3 Cost in the Long Run

The Cost-Minimizing Input Choice

The Isocost Ling

Choosing Inputs

Example 7.4 The Effect of Effluent Fees on Input Choices

The Expansion Path and Long-Run Costs

Cost Minimization with Varying Output Levels

The Inflexibility of Short-Run Production

7.4 Long-Run versus Short-Run Cost Curves

Long-Run Average Cost

The Relationship Between Short-Run and Long-Run Cost

Economies and Diseconomies of Scale

7.5 Production with Two Outputs-Economies of Scope

Product Transformation Curves

The Degree of Economies of Scope

Economies and Diseconomies of Scope

Example 7.5 Economies of Scope in the Trucking Industry

7.6 Dynamic Changes in Costs-The Learning Curve

Graphing the Learning Curve

Learning versus Economies of Scale

Example 7.6 The Learning Curve in Practice

7.7 Estimating and Predicting Cost

Cost Functions and the Measurement of Scale Economies

Example 7.7 Cost Functions for Electric Power

Example 7.8 A Cost Function for the Savings and Loan Industry

Summary

Questions for Review

Exercises

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

Cost Minimization

Marginal Rate of Technical Substitution

Duality in Production and Cost Theory

The Cobb-Douglas Cost and Production Functions

Exercises

第8章 利润最大化与竞争性供给

8 Profit Maximization and Competitive Supply

8.1 Perfectly Competitive Markets

When Is a Market Highly Competitive?

Do Firms Maximize Profit?

8.2 Profit Maximization

8.3 Marginal Revenue,Marginal Cost,and Profit Maximization

Demand and Marginal Revenue for a Competitive Firm

Profit Maximization by a Competitive Firm

Short-Run Profit Maximization by a Competitive Firm

8.4 Choosing Output in the Short Run

The Short-Run Profit of a Competitive Firm

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

Example 8.2 Some Cost Considerations for Managers

8.5 The Competitive Firm s Short-Run Supply Curve

The Firm s Response to an Input Price Change

Example 8.3 The Short-Run Production of Petroleum Products

Elasticity of Market Supply

8.6 The Short-Run Market Supply Curve

Example 8.4 The Short-Run World Supply of Copper

Producer Surplus in the Short Run

Long-Run Profit Maximization

8.7 Choosing Output in the Long Run

Long-Run Competitive Equilibrium

Economic Rent

Producer Surplus in the Long Run

8.8 The Industry s Long-Run Supply Curve

Constant-Cost Industry

Increasing-Cost Industry

Decreasing-Cost Industry

The Effects of a Tax

Long-Run Elasticity of Supply

Example 8.5 The Long-Run Supply of Housing

Summary

Questions for Review

Exercises

9 The Analysis of Competitive Markets

第9章 竞争性市场分析

Review of Consumer and Producer Surplus

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

Application of Consumer and Producer Surplus

Example 9.1 Price Controls and Natural Gas Shortages

9.2 The Efficiency of a Competitive Market

Example 9.2 The Market for Human Kidneys

9.3 Minimun Prices

Example 9.3 Airline Regulation

9.4 Price Supports and Production Quotas

Price Supports

Production Quotas

Example 9.4 Supporting the Price of Wheat

9.5 Import Quotas and Tariffs

Example 9.5 The Sugar Quota

9.6 The Impact of a Tax or Subsidy

The Effects of a Subsidy

Example 9.6 A Tax on Gasoline

Summary

Questions for Review

Exercises

PART3 Market Structure and Competitive Strategy

第3部分 市场结构与竞争策略

第10章 市场热力：卖方垄断与买方垄断

10 Markey Power:Monopoly and Monopsony

10.1 Monopoly

Average Revenue and Marginal Revenue

The Monopolist s Output Decision

An Example

A Rule of Thumb for Pricing

Example 10.1 Astra-Merck Prices Prilosec

Shifts in Demand

The Effect of a Tax

The Multiplant Firm

10.2 Monopoly Power

Measuring Monopoly Power

The Rule of Thumb for Pricing

Example 10.2 Markup Pricing:Supermarkets to Designer Jeans

Example 10.3 The Pricing of Prerecorded Videocassettes

10.3 Sources of Monopoly Power

The Number of Firms

The Elasticity of Market Demand

The Interaction Among Firms

10.4 The Social Costs of Monopoly Power

Price Regulation

Rent Seeking

Natural Monopoly

Regulations in Practice

10.5 Monopsony

Monopsony and Monopoly Compared

10.6 Monopsony Power

Sources of Monopsony Power

The Social Costs of Monopsony Power

Example 10.4 Monopsony Power in U.S.Manufacturing

Bilateral Monopoly

10.7 Limiting Market Power:The Antitrust Laws

Enforcement of the Antitrust Laws

Example 10.5 A Phone Call About Prices

Example 10.6 The United States versus Microsoft

Summary

Questions for Review

Exercises

11 Pricing with Market Power

第11章 有市场势力条件下的定价

11.1 Capturing Consumer Surplus

First-Degree Price Discrimination

11.2 Price Discriminaton

Second-Degree Price Discrimination

Third-Degree Price Discrimination

Example 11.1 The Economics of Coupons and Rebates

Example 11.2 Airline Fares

11.3 Intertemporal Price Discrimination and Peak-Load Pricing

Intertemporal Price Discrimination

Peak-Load Pricing

Example 11.3 How to Price a Best-Selling Novel

11.4 The Two-Part Tariff

Example 11.4 Polaroid Cameras

Example 11.5 Pricing Cellular Phone Service

11.5 Bundling

Relative Valuations

Mixed Bundling

Bundling in Practice

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

Tying

11.6 Advertising

A Rule of Thumb for Advertising

Example 11.7 Advertising in Practice

Summary

Exercises

Questions for Review

Transfer Pricing When There Is No Outside Market

Appendix to Chapter 11:Transfer Pricing in the Integrated Firm

Transfer Pricing with a Competitive Outside Market

Transfer Pricing with a Noncompetitive Outside Market

A Numerical Example

Exercises

第12章 垄断竞争与寡头

12 Monopolistic Competition and Oligopoly

12.1 Monopolistic Competition

The Makings of Monopolistic Competition

Equilibrium in the Short Run and the Long Run

Monopolistic Competition and Economic Efficiency

Example 12.1 Monopolistic Competition in the Markets for Colas and Coffee

12.2 Oligopoly

Equilibrium in an Oligopolistic Market

The Cournot Model

The Linear Demand Curve-An Example

First Mover Advantage-The Stackelberg Model

Price Competition with Homogeneous Products-The Bertrand Model

12.3 Price Competition

Price Competition with Differentiated Products

Example 12.2 A Pricing Problem for Procter Gamble

12.4 Competition Versus Collusion:The Prisoners Dilemma

Example 12.3 Procter Gamble in a Prisoners Dilemma

12.5 Implications of the Prisoners Dilemma for Oligopolistic Pricing

Price Rigidity

Price Signaling and Price Leadership

Example 12.4 Price Leadership and Price Rigidity in Commercial Banking

The Dominant Firm Model

12.6 Cartels

Analysis of Cartel Pricing

Example 12.5 The Cartelization of Intercollegiate Athletics

Example 12.6 The Milk Cartel

Summary

Exercises

Questions for Review

13.1 Gaming and Strategic Decisions

第13章 博弈论与竞争策略

13 Game Theory and Competitive Strategy

Noncooperative versus Cooperative Games

Example 13.1 Acquiring a Company

13.2 Dominant Strategies

13.3 The Nash Equilibrium Revisited

Maximin Strategies

Mixed Strategies

13.4 Repeated Games

Example 13.2 Oligopolistic Cooperation in the Water Meter Industry

Example 13.3 Competition and Collusion in the Airline Industry

13.5 Sequential Games

The Extensive Form of a Game

The Advantage of Moving First

13.6 Threats,Commitments,and Credibility

Commitment and Credibility

Empty Threats

Example 13.4 Wal-Mart Stores Preemptive Investment Strategy

13.7 Entry Deterrence

Strategic Trand Policy and International Competition

Example 13.5 Dupont Deters Entry in the Titanium Dioxide Industry

Example 13.6 Diaper Wars

13.8 Bargaining Strategy

13.9 Auctions

Auction Formats

Valuation and Information

Private -Value Auctions

Common-Value Auctions

Maximizing Auction Revenue

Example 13.7 Internet Auctions

Summary

Questions for Review

Exercises

第14章 要素市场

14.1 Competitive Factor Markets

14 Markets for Factor Inputs

Demand for a Factor Input When Only One Input Is Variable

Demand for a Factor Input When Several Inputs Are Variable

The Market Demand Curve

Example 14.1 The Demand for Jet Fuel

The Supply of Inputs to a Firm

The Market Supply of Inputs

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

4.2 Equilibrium in a Competitive Factor Market

Economic Rent

Example 14.3 Pay in the Military

14.3 Factor Markets with Monopsony Power

Marginal and Average Expenditure

Example 14.4 Monopsony Power in the Market for Baseball Players

The Input Purchasing Decision of the Firm

Example 14.5 Teenage Labor Markets and the Minimum Wage

Monopoly Power over the Wage Rate

14.4 Factor Markets with Monopoly Power

Unionized and Nonunionized Workers

Bilateral Monopoly in the Labor Market

Example 14.6 The Decline of Private-Sector Unionism

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

Summary

Exercises

Questions for Review

第15章 投资、时间与资本市场

15 Investment,Time,and Capital Markets

15.1 Stocks versus Flows

15.2 Present Discounted Value

Valuing Payment Streams

Example 15.1 The Value of Lost Earnings

15.3 The Value of a Bond

Perpetuities

The Effective Yield on a Bond

Example 15.2 The Yields on Corporate Bonds

15.4 The Net Present Value Criterion for Capital Investment Decisions

The Electric Motor Factory

Real versus Nominal Discount Rates

Negative Future Cash Flows

15.5 Adjustments for Risk

Diversifiable versus Nondiversifiable Risk

The Capital Asset Pricing Model

Example 15.3 Capital Investment in the Disposable Diaper Industry

15.6 Investment Decisions by Consumers

Example 15.4 Choosing and Air Conditioner and a New Car

15.7 Intertemporal Production Decisions-Depletable Resources

The Production Decision of an Individual Resource Producer

The Behavior of Market Price

User Cost

Resource Production by a Monopolist

Example 15.5 How Depletable Are Depletable Resources?

15.8 How Are Interest Rates Determined?

A Variety of Interest Rates

Questions for Review

Summary

Exercises

PART4 Information,Market Failure,and the Role of Government

第4部分 信息、市场失灵与政府的角色

第16章 一般均衡与经济效率

16.1 General Equilibrium Analysis

16 General Equilibrium and Economic Efficiency

Two Interdependent Markets-Moving to General Equilibrium

The Attainment of General Equilibrium

Example 16.1 The Interdependence of International Markets

16.2 Efficiency in Exchange

The Advantages of Trade

The Edgeworth Box Diagram

Efficient Allocations

The Contract Curve

Consumer Equilibrium in a Competitive Market

The Economic Efficiency of Competitive Markets

16.3 Equity and Efficiency

The Utility Possibilities Frontier

Equity and Perfect Competition

16.4 Efficiency in Production

Production in the Edgeworth Box

Input Efficiency

Producer Equilibrium in a Competitive Input Market

The Production Possibilities Frontier

Output Efficiency

Efficiency in Output Markets

16.5 The Gains from Free Trade

Comparative Advantage

An Expanded Production Possibilities Frontier

Example 16.2 The Effects of Automobile Import Quotas

Example 16.3 The Costs and Benefits of Special Protection

16.6 An Overview-The Efficiency of Competitve Markets

16.7 Why Markets Fail

Market Power

Incomplete Information

Externalities

Summary

Public Goods

Exercises

Questions for Review

17 Markets with Asymmetric Information

第17章 不对称信息条件的市场

17.1 Quality Uncertainty and the Market for Lemons

The Market for Used Cars

Implications of Asymmetric Information

The Importance of Reputation and Standardization

Example 17.1 Lemons in Major League Baseball

17.2 Market signaling

A Simple Model of Job Market Signaling

Guarantees and Warranties

Example 17.2 Working into the Night

17.3 Moral Hazard

Example 17.4 Crisis in the Savings and Loan Industry

Example 17.3 Reducing Moral Hazard-Warranties of Animal Health

17.4 The Principal-Agent Problem

The Principal-Agent Problem in Private Enterprises

The Principal-Agent Problem in Pubilic Enterprises

Example 17.5 Managers of Nonprofit Hospitals as Agents

Incentives in the Principal-Agent Framework

17.5 Managerial Incentives in an Integrated Firm

Asymmetric Information and Incentive Design in the Integrated Firm

Applications

17.6 Asymmetric Information in Labor Markets:Efficiency Wage Theory

Example 17.6 Efficiency Wages at Ford Motot Company

Exercises

Summary

Questions for Review

18.1 Externalities

第18章 外部性与公共品

18 Externalities and Public Goods

Negative Externalities and Inefficiency

Positive Externalities and Inefficiency

18.2 Ways of Correcting Market Failure

An Emissions Standard

An Emissions Fee

Standards Versus Fees

Transferable Emissions Permits

Example 18.1 The Costs and Benefits of Reduced Sulfur Dioxide Emissions

Example 18.2 Emissions Trading and Clean Air

Recycling

Example 18.3 Regulating Municipal Solid Wastes

18.3 Externalities and Property Rights

Property Rights

Bargaining and Economic Efficiency

Costly Bargaining-The Role of Strategic Behavior

A Legal Solution-Suing for Damages

Example 18.4 The Coase Theorem at Work

18.4 Common Property Resources

Example 18.5 Crawfish Fishing in Louisiana

18.5 Public Goods

Efficiency and Public Goods

Example 18.6 The Demand for Clear Air

Public Goods and Market Failure

18.6 Private Preferences for Public Goods

Summary

Questions for Review

Exercises

The Basics of Regression

An Example

附录：回归分析的基本知识

Estimation

Statistical Tests

Goodness of Fit

Economic Forecasting

Example A.1 The Demand for Coal

Glossary

术语表

Answers to Selected Exercises

部分习题答案

Index

索引