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1 PRELIMINARIES3

PART I Introduction: Markets and Prices3

1.1 The Use and Limitations of Microeconomic Theory4

1.2 Positive Versus Normative Analysis5

LIST OF EXAPLES6

1.1 Unemployment and the Labor Force Participation of Women6

Corporate Decision Making: Ford Introduces the Taurus8

1.3 Why Study Microeconomics?8

Public Policy Design: Automobile Emission Standards9

1.4 What Is a Market?10

ComPetitive Versus Noncompetitive Markets11

Market Price11

The Extent of a Market12

1.5 Real Versus Nominal Prices13

1.2 The Price of Eggs and the Price of a College Education14

2 THE BASICS OF SUPPLY AND DEMAND17

2.1 The Market Mechanism18

2.2 Shifts in Supply and Demand20

2.1 The Price of Eggs and the Price of a College Education24

2.2 The Long-Run Behavior of Mineral Prices25

2.3 The Market for Wheat27

2.3 Elasticities of Supply and Demand28

Demand32

2.4 Short-Run Versus Long-Run Elasticities32

2.4 The Demands for Gasoline and Automobiles36

Supply37

2.5 The Weather in Brazil and the Price of Coffee in New York39

*2.5 Understanding and Predicting the Effects of Changing Market Conditions41

2.6 Declining Demand and the Behavior of Copper Prices45

2.7 The World Oil Market on the Back of an Envelope46

2.6 Effects of Government Intervention-Price Controls49

2.8 Price Controls and the Natural Gas Shortage50

PART II Producers, Consumers, and Competitive Markets58

3 CONSUMER BEHAVIOR58

3.1 Consumer Preferences58

Some Basic Assumptions59

Indifference Curves59

Ordinal Versus Cardinal Rankings63

The Marginal Rate of Substitution64

Perfect Substitutes and Perfect Complements66

3.1 Designing New Automobiles67

3.2 Budget Constraints69

The Budget Line69

The Effects of Changes in Income and Prices71

3.3 Consumer Choice73

3.2 Designing New Automobiles75

3.3 The Decision Making of a Local Public Official77

A Corner Solution79

3.4 A College Trust Fund80

3.4 Revealed Preference81

3.5 Revealed Preference for Recreation84

3.5 The Concept of Utility85

Utility and Satisfaction85

Marginal Utility87

3.6 Gasoline Rationing88

4 INDMUAL AND MARKET DEMAND93

4.1 Individual Demand93

Price Changes94

The Demand Curve95

Income Changes96

Engel Curves99

4.1 Consumer Expenditures in the United States100

SubstituteS and Complements100

4.2 Income and Substitution Effects101

Substitution Effect103

A Special Case-The Giffen Good104

Income Effect104

4.2 The Effects of a Gasoline Tax105

From Individual to Market Demand107

4.3 Market Demand107

Point and Arc Elasticities Of Demand109

4.3 The Aggregate Demand for Wheat111

4.4 The Demand for Housing112

4.4 Consumer Surplus113

4.5 The Value of Clean Air116

4.5 NetWork Externalities118

The Bandwagon Effect118

The Snob Effect120

4.6 Network Externalities and the Demands for Computers and Fax Machines121

*4.6 Empirical Estimation of Demand122

The Statistical Approach to Demand Estimation123

Interview and Experimental Approaches to Demand Determination123

The Form of the Demand Relationship125

Utility Maximization130

Appendix to 4 Demand Theory-A Mathematical Treatment130

Marginal Rate of Substitution131

The Consumer's Optimum131

An Example132

Marginal Utility of Income133

Duality in Consumer Theory134

Income and Substitution Effects135

5 CHOICE UNDER UNCERTAINTY138

5.1 Describing Risk139

Probability139

Expected Value140

Variability140

Decision Making143

5.2 Preferences Toward Risk144

Different Preferences Toward Risk146

5.1 Business Executives and the Choice of Risk148

5.2 Deterring Crime149

Diversification150

5.3 Reducing Risk150

Insurance151

5.3 The Value of Title Insurance When Buying a Home153

The Value of Information154

*5.4 The Demand for Risky Assets155

5.4 The Value of Information in the Dairy Industry155

Assets156

Asset Returns157

The Trade-off Between Risk and Return158

The Investor's Choice Problem159

6 PRODUCTION167

6.1 The Technology of Production167

6.2 lsoquants168

6.3 Production with One Variable Input (Labor)170

The Short Run Versus the Long Run170

Averaage and Marginal Products171

The Law of Diminishing Returns174

6.1 Malthus and the Food Crisis176

Labor Productivity177

6.2 Will the Standard of Living in the United States Improve?179

Diminishing Returns180

Substitution Among Inputs181

Production Functions-Two Special Cases183

6.3 A Production Function for Wheat185

6.5 Returns to Scale187

6.4 Returns to Scale in the Rail Industry189

7 THE COST OF PRODUCTION194

7.1 Measuring Cost: Which Costs Matter?194

Economic Cos Versus Accounting Cost194

Sunk Costs195

7.2 The Opportunity Cost of Waiting in a Gasoline Line196

7.1 Choosing the Location for a New Law School Building196

7.2 Cost in the Short Run198

The Determinants of Short-Run Cost199

The Shapes of the Cost Curves201

The Cost-Minimizing Input Choice204

The Isocost Line204

7.3 Costs in the Long Run204

Choosing Inputs205

7.3 The Effect of Effluent Fees on Firms' Input Choices207

COst Minimization with Varying Output Levels209

7.4 Long-Run Versus Short-Run Cost Curves210

The Inflexibility of Short-Run Production210

Long-Run Average Cost211

Economies and Diseconomies of Scale212

The Relationship Between Short-Run and Long-Run Cost213

7.5 Production with Two Outputs-Economies of Scope216

7.4 Economies of Scope in the Trucking Industry218

*7.6 Dynamic Changes in Cost-The Learning Curve219

7.5 The Learning Curve in the Chemical Processing Industry223

*7.7 Estmating and Predicting Cost224

Cost Functions and the Measurement of Scale Economies227

7.6 Cost Functions for Electric Power227

7.7 A Cost Function for the Savings and Loan Industry229

Appendix to 7 Production and Cost Theory-A Mathematical Treatment233

COst Minimization233

Marginal Rate of Technical Substitution234

Duality in Production and Cost Theory235

The Cobb-Douglas Cost and Production functions236

8 PROFIT WAXIMIZATION AND COMPETITIVE SUPPLY238

8.1 Profit Maximization239

Do Firms Maximize Profit?239

8.2 Marginal Revenue, Marginal Cost, and Profit Maximization240

Demand and Marginal Revenue for a Competitive Firm241

Short-Run Profit Maximization by a Competitive Firm243

8.3 Choosing Output in the Short Run243

Profit Maximization by a Competitive Firm243

The Short-Run Profitability of a Competitive Firm245

8.1 Some Cost Considerations for Managers246

8.4 The Competitive Firm's Short-Run Supply Curve248

The Firm's Response to an Input Price Change249

8.2 The Short-Run Production of Petroleum Products250

8.5 The Short-Run Market Supply Curve251

8.3 The Short-Run World Supply of Copper253

Elasticity of Market Supply253

Producer Surplus in the Short Run255

8.6 Choosing Output in the Long Run256

Zero Profit258

Long-Run Competitive Equilibrium259

Economic Rent261

Producer Surplus in the Long Run262

8.7 The Industry's Long-Run Supply Curve263

Constant-Cost Industry264

Increasing-Cost Industry265

The Short-Run and Long-Run Effects of a Tax267

Decreasing-Cost Industry267

8.4 The Long-Run Supply of Housing270

Long-Run Elasticity of Supply270

8.8 When Is a Market Perfectly Competitive?271

Contestable Markets272

9 THE ANLYSIS OF COMPETITIVE MARKETS276

9.1 Evaluating the Gains and Losses from Government Policies--Consumer and Producer Surplus277

Review of Consumer and Producer Surplus277

Application of Consumer and Producer Surplus279

9.1 Price Controls and the Natural Gas Shortage281

9.2 The Efficiency of a Competitive Market283

9.2 The Market for Human Kidneys285

9.3 Minimum Prices288

9.3 Airline RegUlation290

9.4 Price Supports and Production Quotas292

Price Supports293

Production Quotas294

9.4 Supporting the Price of Wheat296

9.5 Import Quotas and Tariffs300

9.5 The Sugar Quota303

9.6 The Impact of a Tax or Subsidy305

9.6 A Tax on Gasoline310

10 MARKET POWER: MONOPOLY AND MONOPSONY319

PART III Market Structure and Competitive Strategy319

10.1 Monopoly320

Average Revenue and Marginal Revenue321

The Monopolist's Output Decision322

An Example324

A Rule of Thumb for Pricing326

Shifts in Demand327

The Effect of a Tax328

*The Multiplant Firm330

10.2 Monopoly Power332

Measuring Monopoly Power333

The Rule of Thumb for Pricing334

10.1 Markup Pricing: Supermarkets to Designer Jeans335

10.2 The Pricing of Prerecorded Videocassettes336

10.3 Sources of Monopoly Power337

The Number of firms338

The Elasticity of Market Demand338

The Interaction Among Firms339

10.4 The Social Costs of Monopoly Power340

Price Regulation341

Regulation in Practice344

10.5 Monopsony345

Monopsony and Monopoly Compared348

10.6 Monopsony Power349

Sources of Monopsony Power350

The Social Costs of MonoPsony POwer350

10.3 Monopsony Power in U.S. Manufacturing352

Bilateral Monopoly352

10.7 Limiting Market Power: The Antitrust Laws353

Enforcement of the Antitrust Laws355

10.4 A Phone Call About Prices356

11 PRICING WITH MARKET POWER361

11.1 CaptUring Consumer Surplus362

11.2 Price Discrimination364

First-Degree price Discrimination364

Second-Degree Price Discrimination366

Third-Degree Price Discrimination368

11.1 The Economics of Coupons and Rebates372

11.2 How to Set Airline Fares374

11.3 Intertemporal Price Discrimination and Peak-Load Pricing375

11.3 How to Price a Best-Selling Novel378

11.4 The Two-Part Tariff379

11.4 Polaroid Cameras383

*11.5 Bundling384

Mixed Bundling389

11.5 The Complete Dinner vs. a la Carte: A Restaurant's Pricing Problem391

Tying392

*11.6 Advertising392

A Rule of Thumb for Advertising395

11.6 Advertising: Supermarkets to Designer Jeans396

Transfer Pricing When There Is No Outside Market402

Appendix to 11 Transfer Pricing in the Integrated Firm402

Transfer Pricing with a Competitive Outside Market405

A Numerical Example408

Transfer Pricing with a Noncompetitive Outside Market408

12 MONOPOLISTIC COMPETITION AND OLIGOPOLY413

12.1 Monopolistic Competition414

The Makings of Monopolistic Competition414

Equilibrium in the Short Run and the Long Run415

MonoPoliStic Competition and Economic Efficiency416

12.1 Monopolistic Competition in the Markets for Colas and Coffee418

12.2 Oligopoly419

Equilibrium in an Oligopolistic Market420

The Cournot Model421

Example: A Linear Demand Curve424

12.3 First Mover Advantage-The Stackelberg Model427

Price Competition with Homogeneous Products-The Bertrand Model428

12.4 Price Competition428

Price Competition with Differtiated Products430

12.2 A Pricing Problem for Procter Gamble432

12.5 Competition Versus Collusion: The Prisoners' Dilemma433

12.3 Procter Gamble in a Prisoners' Dilemma436

12.6 Implications of the Prisoners' Dilemma for Oligopolistic Pricing437

Price Rigidity438

Price Signaling and Price Leadership439

12.4 Price Leadership and Price Rigidity in Commercial Banking440

The Dominant Firm Model442

12.7 Cartels444

The Analysis of Cartel Pricing445

12.5 The Cartelization of Intercollegiate Athletics447

13 GAME THEORY AND COMPETITIVE STRATEGY453

Noncooperative Versus Cooperative Games454

13.1 Gaming and Strategic Decisions454

13.1 Acquiring a Company455

13.2 Dominant Strategies456

13.3 The Nash Equilibrium Revisited458

Maxim in Strategies460

*Mixed Strategies461

13.4 Repeated Games463

13.2 Oligopolistic Cooperation in the Water Meter Industry467

13.3 Competition and Collusion in the Airline Industry468

13.5 Sequential Games469

The Advantage of Moving First470

The Extensive Form OF a Game470

13.6 Threats, Commitments, and Credibility472

Commitment and Credibility473

Empty Threats473

13.4 Wal-Mart Stores' Investment Strategy475

13.7 Entry Deterrence477

Strategic Trade Policy and International Competition479

13.5 Du Pont Deters Entry in Titanium Dioxide Industry481

13.6 Diaper Wars482

13.8 Bargaining Strategy484

14 MARKETS FOR FACTOR INPUTS491

14.1 Competitive Factor Markets491

Demand fOr a Factor Input When Only One Input Is Variable492

Demand for a Factor Input When Sereral Inputs Are Variable495

The market Demand Curve496

14.1 The Demand for Jet Fuel498

The Supply of Inputs to a Firm500

The Market Supply of Inputs502

14.2 Labor Supply for One-and Two-Earner Households504

14.2 Equilibrium in a Competitive Factor Market506

Economic Rent507

14.3 Pay in the Military509

14.3 Factor Markets with Monopsony Power511

Marginal and Average Expenditure511

The Input PurChasing Decision of the Firm512

14.4 Monopsony Power in the Market for Baseball Players513

14.4 Factor Markets with Monopoly Power514

Monopoly Power over the Wage Rate514

A Two-Sector Model of Labor Employment516

Bilateral Monopoly in the Labor Market517

14.5 The Decline of Private Sector Unionism518

15 INVESTMENT, TIME, AND CAPITAL MARKETS522

15.1 Stocks Versus Flows523

15.2 Present Discounted Value524

Valuing payment Streams525

15.1 The Value of Lost Earnings526

15.3 The Value of a Bond528

Perpetuities529

The Effective Yield on a Bond529

15.2 The Yields on Corporate Bonds531

15.4 The Net Present Value Criterion for Capital Investment Decisions532

The Electric Motor Factory533

Real Versus Nominal Discount Rates534

Negative Future Cash flows535

15.5 Adjustments for Risk536

Diversifiable Versus Nondiversifiable Risk536

The Capital Asset Pricing Model538

15.3 Capital Investment in the Disposable Diaper Industry539

15.6 Investment Decisions by Consumers541

15.4 Choosing an Air Conditioner542

*15.7 Intertemporal Production Decisions-Depletable Resources543

The ProductiOn Decision of an Individual Resource Producer543

The Behavior of Market Price544

User Cost545

Resource Production by a Monopolist546

15.5 How Depletable Are Depletable Resources?546

15.8 How Are Interest Rates Determined?548

A Variety of Interest Rates549

16 GENERAL EQUILIBRIUM AND ECONOMIC EFFICIENCY557

Two Interdependent Markets-Moving to General Equilibrium558

16.1 General Equilibrium Analysis558

The Attainment of General Equilibrium560

16.1 The Interdependence of International Markets561

16.2 Efficiency in Exchange562

The Advantages of Trade563

The Edgeworth Box Diagram564

Efficient Allocations564

The Contract Curve566

Consumer Equilibrium in a Competitive Market568

16.3 Equity and Efficiency570

The Utility Possibilities Frontier571

Equity and Perfect Competition573

16.4 Efficiency in Production573

Production in the Edgeworth Box574

Input Efficiency575

Producer Equilibrium in a Competitive Input Market576

The Production Possibilities Frontier577

Output Efficiency579

Efficiency in Output Markets580

Comparative Advantage582

16.5 The Gains from Free Trade582

An Expanded Production Possibilities Frontier583

16.2 The Effects of Automobile Import Quotas585

16.3 The Costs and Benefits of Special Protection586

16.6 An Overview--The Efficiency of Competitive Markets587

16.7 Why Markets Fail588

Incomplete Information589

INDEX589

Market Power589

Externalities590

Public Goods590

17 MRKETS WITH ASYWMETRIC INFORMATION593

17.1 Quality Uncertainty and the Market for "Lemons"594

The Market for Used Cars594

Implications of Asymmetric Information596

Insurdnce596

The Market for Credit597

17.1 Lemons in Major League Baseball598

The Importance of Reputation and Standardization598

17.2 Market Signaling600

A Simple Model of Job Market Signaling601

Guarantees and Warranties604

17.3 Moral Hazard604

17.2 Reducing Moral Hazard-Warranties of Animal Health606

17.3 Crisis in the Savings and Loan Industry607

The Principal-Agent Problem in Private Enterprises608

17.4 The Principal-Agent Problem608

The Principal-Agent Problem in Public Enterprises609

17.4 The'Managers of Nonprofit Hospitals as Agents610

Incentives in the Principal-Agent Framework611

*17.5 Managerial Incentives in an Integrated Firm613

Asymmetric Information and Incentive Design in the Integrated Firm613

Applications616

17.6 Asymmetric Information in Labor Markets: Efficiency Wage Theory616

17.5 Efficiency Wages at Ford Motor Company619

18 EXTERNALITIES AND PUBLIC GOODS623

Negative Externalities and Inefficiency624

18.1 Externalities624

Positive Externalities and Inefficiency626

18.2 Ways of Correcting Market Failure627

An Emissions Standard629

Standards Versus Fee630

An Emissions Fee630

Transferable Emissions Permits633

18.1 The Costs and Benefits of Reduced Sulfur Dioxide Emissions634

18.2 Emissions Trading and Clean Air636

Recycling637

18.3 Regulating Municipal Solid Wastes640

Bargaining and Economic Efficiency641

18.3 Externalities and Property Rights641

Property Rights641

Costly Bargaining-The Role of Strategic Behavior643

A Legal Solution-Suing for Damages643

18.4 The Coase Theorem at Work644

18.4 Common Property Resources645

18.5 Crawfish Fishing in Louisiana647

18.5 Public Goods648

Efficiency and Public Goods650

Public Goods and Market Failure651

18.6 The Demand for Clean Air652

18.6 Private Preferences for Public Goods654

An Example659

APPENDIX THE BASICS OF REGRESSION659

Estimation660

Statistical Tests662

Goodness of Fit663

Economic Forecasting664

A.1 The Demand for Coal665

GLOSSARY669