Microeconomics With Calculus,9780321012258

Microeconomics With Calculus

by ;
Edition: 2nd
ISBN13: 9780321012258
ISBN10: 0321012259
Format: Paperback
Pub. Date: 1998-01-01
Publisher(s): Addison Wesley
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Summary

Microeconomics with Calculus integrates the graphical and mathematical development of basic microeconomic theory and stresses the relationships between the two approaches. Numerous numerical, mathematical, and graphical examples relating to real-world economic decisions and policy issues appear throughout, providing a meaningful context for microeconomic students.

Table of Contents

INTRODUCTION xxi
Chapter 1 BASIC MATHEMATICAL CONCEPTS
1(27)
1.1 What You Should Learn from This Chapter
1(1)
1.2 Functions
1(4)
1.3 Functions of One Independent Variable: Slopes and Derivatives
5(6)
1.4 Functions of Two or More Independent Variables: Partial and Total Derivatives
11(7)
1.5 Second Partial Derivatives and Second Total Differentials
18(1)
1.6 More Worked Problems Involving Partial and Total Derivatives
19(1)
1.7 Simple Integration
20(4)
1.8 Review of Key Concepts
24(1)
1.9 Questions for Discussion
25(1)
1.10 Problems
25(1)
1.11 Appendix: Review of Differentiation Rules and Simple Formulas
25(3)
Chapter 2 UNCONSTRAINED MAXIMIZATION AND MINIMIZATION
28(28)
2.1 What You Should Learn from This Chapter
28(1)
2.2 Functions of One Independent Variable: Unconstrained Maximization and Minimization
29(5)
2.3 Total, Average, and Marginal Functions of One Variable
34(7)
2.4 Functions of Several Independent Variables: Unconstrained Maximization and Minimization
41(5)
2.5 One Variable Comparative Statics, Implicit Functions, and the Unconstrained Envelope Theorem
46(4)
2.6 More Worked Problems Involving Optimization of Functions of Two Independent Variables
50(2)
2.7 Review of Key Concepts
52(1)
2.8 Problems
53(1)
2.9 Appendix: Relationships Among the Second Total Differential and the Second Partial and Cross Partial Derivatives for Maxima and Minima for Two-variable Functions
54(2)
Chapter 3 CONSTRAINED OPTIMIZATION
56(36)
3.1 What You Should Learn from This Chapter
56(1)
3.2 One-variable Constrained Optimization
56(1)
3.3 One-variable Constrained Optimization with a Nonnegativity Constraint
57(2)
3.4 Two-variable Problems with Equality Constraints
59(6)
3.5 Techniques for Solving Two-variable Constrained Optimization Problems
65(4)
3.6 The Lagrange Method
69(10)
3.7 Nonnegativity and Inequality Constraints: Kuhn-Tucker Conditions for Constrained Optimization with Two Choice Variables and One Constraint
79(7)
3.8 More Worked Problems Involving Constrained Optimization
86(2)
3.9 Review of Key Concepts
88(2)
3.10 Problems
90(1)
3.11 Appendix: Second-order Conditions for Two-variable Constrained Optimization
90(2)
Chapter 4 INTRODUCTION TO ECONOMIC THEORY AND THE MARKET ECONOMY
92(15)
4.1 What You Should Learn from This Chapter
92(1)
4.2 The Role of Models in Economics
92(3)
4.3 The Economic Problem: Resource Allocation
95(2)
4.4 The Market Economy
97(4)
4.5 The Model of Perfect Competition
101(1)
4.6 Monopoly, Externalities, and Public Goods
102(2)
4.7 Review of Key Concepts
104(1)
4.8 Questions for Discussion
105(2)
Chapter 5 CONSUMER PREFERENCE THEORY
107(29)
5.1 What You Should Learn from This Chapter
107(1)
5.2 Cardinal Versus Ordinal Utility: An Historical Introduction
107(2)
5.3 The Modern Theory of Consumer Preference
109(9)
5.4 Two Utility Functions That Satisfy Axioms 1-6
118(1)
5.5 Utility Maximization
119(4)
5.6 The Revealed Preference Approach
123(2)
5.7 Lump-sum and Per-unit Taxes and Subsidies: An Application of Revealed Preference
125(5)
5.8 Using Revealed Preference to Derive Indifference Curves: A Case Study from Experiments with Rats
130(2)
5.9 Review of Key Concepts
132(2)
5.10 Questions for Discussion
134(1)
5.11 Problems
134(1)
5.12 Logical and Mathematical Applications
135(1)
Chapter 6 INTRODUCTION TO INDIVIDUAL CONSUMER AND MARKET DEMAND THEORY
136(24)
6.1 What You Should Learn from This Chapter
136(1)
6.2 Consumer Demand Functions: Graphical Development
136(9)
6.3 The Ordinary Demand Function: Changes in Demand and Changes in Quantity Demanded
145(1)
6.4 Generalized Demand Functions
146(5)
6.5 Cobb-Douglas Utility Functions
151(2)
6.6 Market Demand Functions
153(1)
6.7 Changes in the Parameters of Market Demand: The Case of the Baby Boom
154(2)
6.8 Another Worked Problem: Finding the Generalized Demand Function
156(1)
6.9 Review of Key Concepts
157(1)
6.10 Questions for Discussion
158(1)
6.11 Problems
158(1)
6.12 Logical and Mathematical Applications
159(1)
Chapter 7 ELASTICITY OF INDIVIDUAL AND MARKET DEMAND FUNCTIONS
160(14)
7.1 What You Should Learn from This Chapter
160(1)
7.2 Elasticity Defined
160(3)
7.3 Elasticity of Demand Along Linear and Nonlinear Demand Curves
163(2)
7.4 Elasticity and Total Revenue
165(3)
7.5 Total, Average, and Marginal Revenue Along Nonlinear Demand Curves
168(1)
7.6 Examples of Linear and Nonlinear Demand Functions
168(1)
7.7 The Farm Problem in Historical Perspective: The Effect of Price and Income Inelasticity
169(1)
7.8 How Estimates of Elasticity Are Used for Policy Analysis
170(1)
7.9 Review of Key Concepts
171(1)
7.10 Questions for Discussion
172(1)
7.11 Problems
172(1)
7.12 Logical and Mathematical Applications
173(1)
Chapter 8 COMPENSATED DEMAND FUNCTIONS AND INCOME AND SUBSTITUTION EFFECTS
174(41)
8.1 What You Should Learn from This Chapter
174(1)
8.2 The Compensated Demand Function
175(2)
8.3 Income and Substitution Effects
177(6)
8.4 The Expenditure Minimization Problem
183(3)
8.5 Deriving Compensated Demand Functions and the Expenditure Function: An Example
186(5)
8.6 Mathematical Treatment of Income and Substitution Effects
191(1)
8.7 The Slutsky Equation
192(4)
8.8 Substitution Elasticity and the Size of the Substitution Effect
196(3)
8.9 Consumer's Surplus Analysis
199(5)
8.10 Practical Applications of Consumer's Surplus Analysis
204(5)
8.11 Another Worked Problem Involving Expenditure Minimization
209(1)
8.12 Review of Key Concepts
210(2)
8.13 Questions for Discussion
212(1)
8.14 Problems
212(1)
8.15 Logical and Mathematical Applications
213(2)
Chapter 9 EFFICIENCY AND TRADE: AN APPLICATION OF CONSUMER DEMAND THEORY
215(27)
9.1 What You Should Learn in This Chapter
215(1)
9.2 Efficiency
216(7)
9.3 Trade in the Edgeworth Box
223(9)
9.4 Solving for a Competitive Equilibrium in a Two-person, Two-good Economy: An Example
232(3)
9.5 The Distributional Problem
235(3)
9.6 Other Resource Allocation Processes and Pareto Optimality
238(1)
9.7 Review of Key Concepts
239(1)
9.8 Questions for Discussion
240(1)
9.9 Problems
241(1)
Chapter 10 PRODUCTION THEORY
242(19)
10.1 What You Should Learn from This Chapter
242(1)
10.2 The Production Function
242(4)
10.3 Recovering Isoquants by Observing Production Choices
246(3)
10.4 Output Expansion in the Long Run
249(1)
10.5 Output Expansion in the Short Run
250(5)
10.6 Diminishing Returns
255(2)
10.7 Review of Key Concepts
257(1)
10.8 Questions for Discussion
258(1)
10.9 Problems
258(1)
10.10 Logical and Mathematical Applications
258(1)
10.11 Appendix: Proof of the Proposition That Constant Returns Imply Diminishing Marginal Products
259(2)
Chapter 11 COST FUNCTIONS
261(41)
11.1 What You Should Learn from This Chapter
261(1)
11.2 Economic Costs
262(2)
11.3 Cost Minimization
264(2)
11.4 Elasticity of Substitution
266(2)
11.5 Long-run Cost Functions
268(3)
11.6 Long-run Cost Functions and Returns to Scale
271(5)
11.7 Using the Cobb-Douglas Production Function: One Way Economists Estimate Long-run Cost Functions
276(3)
11.8 Short-run Costs with One Variable Input
279(9)
11.9 Short-run Costs with Two or More Variable Inputs
288(2)
11.10 Multiproduct Firms
290(2)
11.11 The Relationship Between Short-run and Long-run Costs
292(6)
11.12 Review of Key Concepts
298(2)
11.13 Questions for Discussion
300(1)
11.14 Problems
300(1)
11.15 Logical and Mathematical Applications
301(1)
Chapter 12 PROFIT MAXIMIZATION BY A COMPETIVE FIRM: SUPPLY OF GOODS AND DEMAND FOR INPUTS
302(28)
12.1 What You Should Learn from This Chapter
302(1)
12.2 Competitive Profit Maximization and Short-run Supply
302(3)
12.3 Changes in Short-run Supply
305(6)
12.4 Profits and Short-run Shutdown
311(4)
12.5 Short-run Demand for One Variable Input
315(5)
12.6 Sort-run Input Demand with Two or More Variable Inputs
320(1)
12.7 Shifts in Short-run Input Demand Functions
321(1)
12.8 The Computer Software Company's Short-run Supply Curve and Short-run Labor Demand Curve
322(3)
12.9 "Sunk" Costs and Economic Decision Making
325(1)
12.10 Review of Key Concepts
326(2)
12.11 Questions for Discussion
328(1)
12.12 Problems
329(1)
12.13 Logical and Mathematical Applications
329(1)
Chapter 13 COMPETITIVE MARKET SUPPLY, MARKET EQUILIBRIUM, AND COMPARATIVE STATICS
330(30)
13.1 What You Should Learn from This Chapter
330(1)
13.2 Short-run Market Supply Functions
330(2)
13.3 Short-run Competitive Equilibrium
332(3)
13.4 Experimental Markets: An Illustration of Competitive Equilibrium
335(2)
13.5 From Short-run to Long-run Equilibrium
337(6)
13.6 Long-run Market Supply Under Competition
343(3)
13.7 Short-run and Long-run Adjustments to Changes in Demand and Supply Parameters: Comparative Statics in Competitive Markets
346(3)
13.8 The Comparative Statics and Incidence of a Per-unit Tax
349(5)
13.9 Deadweight Loss from a Per-unit Tax
354(2)
13.10 Review of Key Concepts
356(2)
13.11 Questions for Discussion
358(1)
13.12 Problems
358(1)
13.13 Logical and Mathematical Applications
359(1)
Chapter 14 PRODUCTION EFFICIENCY AND GENERAL EQUILIBRIUM OF COMPETITIVE MARKETS
360(31)
14.1 What You Should Learn from This Chapter
360(1)
14.2 Efficiency in Production
360(10)
14.3 Utility Maximization over the Production Possibilities Frontier
370(6)
14.4 Pareto Optimality with More Than One Consumer
376(3)
14.5 General Equilibrium in a Competitive Economy
379(5)
14.6 Comparative Statics in a General Equilibrium Framework
384(3)
14.7 Review of Key Concepts
387(2)
14.8 Questions for Discussion
389(1)
14.9 Problems
389(1)
14.10 Logical and Mathematical Applications
390(1)
Chapter 15 MONOPOLY
391(29)
15.1 What You Should Learn from This Chapter
391(1)
15.2 Profit-maximizing Output and Input Decisions Under Monopoly
392(6)
15.3 Welfare Loss from Monopoly
398(4)
15.4 Price Discrimination
402(6)
15.5 Peak-load Pricing
408(2)
15.6 Natural Monopoly and Regulation
410(6)
15.7 Review of Key Concepts
416(1)
15.8 Questions for Discussion
417(1)
15.9 Problems
418(1)
15.10 Logical and Mathematical Applications
419(1)
Chapter 16 OLIGOPOLY AND IMPERFECT COMPETITION
420(35)
16.1 What You Should Learn from This Chapter
420(1)
16.2 Interdependent Firms and Nonzero Sum Games
421(6)
16.3 The Cournot Duopoly Model and Extensions
427(7)
16.4 Conjectural Variation
434(4)
16.5 Consistent Conjectural Variations
438(1)
16.6 The Stackelberg Model
439(1)
16.7 The Model of Monopolistic Competition
440(5)
16.8 The Theory of Contestable Markets
445(1)
16.9 Repeated Games and Tacit Collusion
446(1)
16.10 Monopoly and Oligopoly Experiments
447(3)
16.11 Review of Key Concepts
450(3)
16.12 Questions for Discussion
453(1)
16.13 Problems
453(1)
16.14 Logical and Mathematical Applications
453(2)
Chapter 17 TIME ALLOCATION, LABOR SUPPLY, AND LABOR MARKETS
455(27)
17.1 What You Should Learn from This Chapter
455(1)
17.2 The Simple Model of Time Allocation and Labor Supply
455(7)
17.3 The Backward-bending Labor Supply Curve
462(2)
17.4 Overtime Pay: An Application of the Labor Supply Model
464(1)
17.5 The Household Theory of the Allocation of Time
465(3)
17.6 Competitive Labor Market Equilibria
468(1)
17.7 Wage Differentials in a Competitive Market
469(2)
17.8 Imperfect Labor Markets: Monopsony
471(2)
17.9 Economic Rent and the Welfare Implications of Monopsony
473(2)
17.10 Unions
475(3)
17.11 Unique Factor Endowments
478(1)
17.12 Review of Key Concepts
478(2)
17.13 Questions for Discussion
480(1)
17.14 Problems
481(1)
17.15 Logical and Mathematical Applications
481(1)
Chapter 18 INTERTEMPORAL DECISIONS AND COMPETITIVE CAPITAL MARKETS
482(29)
18.1 What You Should Learn from This Chapter
482(1)
18.2 The Two-period Intertemporal Decision Model
483(6)
18.3 The Supply Function for Savings
489(3)
18.4 Discounted Present Value
492(3)
18.5 Determining the Equilibrium Rate of Interest
495(2)
18.6 Human Capital and the Demand for Educational Services
497(2)
18.7 Exploitation of Nonrenewable Natural Resources
499(2)
18.8 Renewable Natural Resources: Trees
501(3)
18.9 Optimal Management of a Fishery
504(3)
18.10 Review of Key Concepts
507(2)
18.11 Questions for Discussion
509(1)
18.12 Problems
509(1)
18.13 Logical and Mathematical Applications
510(1)
Chapter 19 UNCERTAINTY: THE BASICS
511(27)
19.1 What You Should Learn from This Chapter
511(1)
19.2 Introduction to Probability Theory and Risk Preference
512(4)
19.3 Expected Utility and the von Neumann-Morgenstern Utility Function
516(5)
19.4 Insurance Markets
521(5)
19.5 Futures Contracts and Other Long-term Contracts as Insurance
526(1)
19.6 Contingent Claims and the State-preference Model
527(7)
19.7 Review of Key Concepts
534(2)
19.8 Questions for Discussion
536(1)
19.9 Problems
537(1)
19.10 Logical and Mathematical Applications
537(1)
Chapter 20 APPLICATIONS OF UNCERTAINTY MODELS
538(24)
20.1 What You Should Learn from This Chapter
538(1)
20.2 Moral Hazard in Insurance Markets
539(5)
20.3 Adverse Selection
544(4)
20.4 The Principal-Agent Problem
548(3)
20.5 Risk Sharing and the Principal-Agent Problem in Labor Contracts
551(2)
20.6 The Market for Lemons
553(2)
20.7 Reputations, Signaling, and Warranties
555(3)
20.8 Review of Key Concepts
558(2)
20.9 Questions for Discussion
560(2)
Chapter 21 EXTERNALITIES, PUBLIC GOODS, AND PUBLIC DECISION MAKING
562(46)
21.1 What You Should Learn from This Chapter
562(1)
21.2 Optimal Levels of Externalities When Only Firms Are Affected by the Externalities
563(5)
21.3 Optimal Allocation of an Externality That Affects Consumer Utility
568(2)
21.4 Optimal Provision of Pure Public Goods
570(6)
21.5 Externalities and Public Goods in Competitive Markets
576(1)
21.6 Pigouvian Taxes and Lindahl Prices
577(3)
21.7 Problems with the Implementation of Optimal Taxes
580(2)
21.8 Evidence on Free Riding
582(2)
21.9 Coasian Bargaining
584(5)
21.10 Evidence on the Usefulness of the Coase Theorem
589(4)
21.11 Incentive-compatible Allocation Mechanisms
593(5)
21.12 Experiments on Incentive-compatible Allocation Mechanisms
598(2)
21.13 The Arrow Problem in Public Decision Making
600(3)
21.14 Review of Key Concepts
603(3)
21.15 Questions for Discussion
606(1)
21.16 Problems
607(1)
21.17 Logical and Mathematical Applications
607(1)
ANSWERS TO SELECTED ODD-NUMBERED PROBLEMS 608(5)
AUTHOR INDEX 613(2)
SUBJECT INDEX 615

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