微观经济学 英文本PDF电子书下载

PART1 Introduction:Markets and Prices 1

第1部分 引言：市场与价格 1

第1章 绪论 3

1 Preliminaries 3

1.1 The Themes of Microeconomics 4

Theories and Models 5

Positive versus Normative Analysis 6

1.2 What Is a Market? 7

Market Price 8

Competitive versus Noncompetitive Markets 8

Market Definition-The Extent of a Market 9

List of Examples 10

Example 1.1 Markets for Prescription Drugs 10

1.3 Real versus Nominal Prices 11

Example 1.2 The Price of Eggs and the Price of a Collage Education 12

Example 1.3 The Minimum Wage 13

Corporate Decision Making:Ford s Sport Utility Vehicles 15

1.4 Why Study Microeconomics? 15

Public Policy Design:Automobile Emission Standards for the Twenty-first Century 16

Questions for Review 17

Summary 17

Exercises 18

2 The Basics of Supply and Demand 19

第2章 供给与需求的基本原理 19

The Supply Curve 20

2.1 Supply and Demand 20

The Demand Curve 21

2.2 The Market Mechanism 23

2.3 Changes in Market Equilibrium 24

Example 2.1 The Price of Eggs and the Price of a Collage Educa Revisited 26

Example 2.2 Wage Inequality in the United States 27

Example 2.3 The Long-Run Behavior of Natural Resource Prices 28

2.4 Elasticities of Supply and Demand 30

Example 2.4 The Market for Wheat 33

Demand 35

2.5 Short-Run Versus Long-Run Elasticities 35

Example 2.5 The Demand for Gasoline and Automobiles 39

Supply 40

Example 2.6 the Weather in Brazil and the Price of coffee in New York 41

2.6 Understanding and Predicting the Effects of Changing Market Conditions 44

Example 2.7 Declining Demand and the Behavior of copper Prices 47

Example 2.8 Upheaval in the World Oil Market 49

2.7 Effects of Government Intervention-Price Controls 53

Example 2.9 Price Controls and Natural Gas Shortages 54

Summary 55

questions for Review 56

Exercises 57

PART2 Producers,Consumers,and Competitive Markets 59

第2部分 生产者、消费者与竞争性市场 59

第3章 消费者行为 61

3 Consumer Behavior 61

Consumer Behavior 61

3.1 Consumer Preferences 62

Market Baskets 62

Some Basic Assumptions About Preferences 63

Indifference Curves 64

Indifference Maps 66

The Shapes of Indifference Curves 67

The Marginal Rate of Substitution 68

Perfect Substitutes and Perfect Complements 69

Example 3.1 Designing New Automobiles(Ⅰ) 71

The Budget Line 75

3.2 Budget Constraints 75

The Effects of Changes in Income and Prices 77

3.3 Consumer Choice 79

Example 3.2 Designing New Automobiles(Ⅱ) 81

Example 3.3 Decision Making and Public Policy 82

Corner Solutions 84

Example 3.4 A College Trust Fund 85

3.4 Revealed Preference 86

Example 3.5 Revealed Preference for Recreation 88

3.5 Marginal Utility and Consumer Choice 89

Example 3.6 Gasoline Rationing 91

3.6 Cost-of-Living Indexes 92

Ideal Cost-of-Living Index 93

Laspeyres Index 94

Paasche Index 95

Chain-Weighted Indexes 96

Example 3.7 The Bias in the CPI 97

Summary 98

Questions for Review 99

Exercises 99

4 Individual and Market Demand 101

第4章 个体需求与市场需求 101

The Individual Demand Curve 102

4.1 Individual Demand 102

Price Changes 102

Income Changes 104

Normal Versus Inferior Goods 106

Engel Curves 106

Example 4.1 Consumer Expenditures in the United States 108

Substitutes and Complements 109

4.2 Income and Substitution Effects 110

Substitution Effect 111

Income Effect 112

A Special Case:The Giffen Good 113

Example 4.2 The Effects of a Gasoline Tax 114

4.3 Market Demand 116

From Individual to Market Demand 116

Elasticity of Demand 117

Example 4.3 The Aggregate Demand for Wheat 120

Example 4.4 The Demand for Housing 122

Consumer Surplus and Demand 123

4.4 Consumer Surplus 123

Example 4.5 The Value of clean Air 125

The Bandwagon Effect 127

4.5 Network Externalities 127

The Snob Effect 129

Example 4.6 Network Externalities and the Demands for Computers and E-Mail 130

4.6 Empirical Estimation of Demand 131

Interview and Experimental Approaches to Demand Determination 131

The Statistical Approach to Demand Estimation 132

The Form of the Demand Relationship 133

Example 4.7 The Demand for Ready-to-Eat Cereal 134

Summary 135

Questions for Review 136

Exercises 136

Uiility Maximization 139

Appendix to chapter 4:Demand Theory-A Mathematical Treatment 139

The Method of Lagrange Multipliers 140

Marginal Rate of Substitution 141

The Equal Marginal Principle 141

Marginal Utility of Income 142

An Example 143

Duality in Consumer Theory 144

Income and Substitution Effects 145

Exercises 147

5 Choice Under Uncertainty 149

第5章 不确定条件下的选择 149

Probability 150

5.1 Describing Risk 150

Expected Value 150

Variability 151

Decision Making 153

Example 5.1 Deterring Crime 154

5.2 Preferences Toward Risk 155

Different Preferences Toward Risk 157

Example 5.2 Business Executives and the Choice of Risk 160

5.3 Reducing Risk 161

Diversification 161

Insurance 162

Example 5.3 The Value of Title Insurance When Buying a House 163

The Value of Information 164

Example 5.4 The Value of Information in the Dairy Industry 165

5.4 The Demand for Risky Assets 166

Risky and Riskless Assets 166

Assets 166

Asset Returns 167

The Trade-Off Between Risk and Return 168

The Investor s Choice Problem 169

Example 5.5 Investing in the Stock Market 173

Summary 174

Questions for Review 175

Exercises 175

第6章 生产 177

6 Production 177

The Production Function 178

6.1 The Technology of Production 178

6.2 Isoquatnts 179

Input Flexibility 180

The Short Run versus the Long Run 180

6.3 Production with One Variable Input(Labor) 181

Average and Marginal Products 182

The Slopes of the Product Curve 183

The Average Product of Labor Curve 184

The Law of Diminishing Marginal Returns 185

The Marginal Product of Labor Curve 185

Example 6.1 Malthus and the Food Crisis 187

Labor Productivity 188

Example 6.2 Labor Productivity and the Standard of Living 189

Diminishing Marginal Returns 191

6.4 Production with Two Variable Inputs 191

Substitution Among Inputs 192

Production Functions-Two Special Cases 194

Example 6.3 A Production Function for Wheat 196

6.5 Returns to Scale 197

Increasing Returns to Scale 198

Constant Returns to Scale 198

Describing Returns to Scale 198

Decreasing Returns to Scale 198

Example 6.4 Returns to Scale in the Carpet Industry 199

Summary 201

Questions for Review 201

Exercises 202

第7章 生产成本 203

7 The Cost of Production 203

7.1 Measuring Cost:Which Costs Matter? 203

Opportunity Cost 204

Economic Cost versus Accounting Cost 204

Sunk Costs 205

Example 7.1 Choosing the Location for a New Law School Building 205

Fixed Costs and Variable Costs 206

Example 7.2 Sunk,Fixed,and Variable Costs:Computers,Software,and Pizzas 207

Fixed versus Sunk Costs 207

7.2 Cost in the Short Run 208

The Determinants of Short-Run Cost 210

The Shapes of the Cost Curves 211

Example 7.3 The Short-Run Cost of Aluminum Smelting 213

The User Cost of Capital 215

7.3 Cost in the Long Run 215

The Cost-Minimizing Input Choice 216

The Isocost Ling 217

Choosing Inputs 218

Example 7.4 The Effect of Effluent Fees on Input Choices 220

The Expansion Path and Long-Run Costs 222

Cost Minimization with Varying Output Levels 222

The Inflexibility of Short-Run Production 224

7.4 Long-Run versus Short-Run Cost Curves 224

Long-Run Average Cost 225

The Relationship Between Short-Run and Long-Run Cost 227

Economies and Diseconomies of Scale 227

7.5 Production with Two Outputs-Economies of Scope 229

Product Transformation Curves 230

The Degree of Economies of Scope 231

Economies and Diseconomies of Scope 231

Example 7.5 Economies of Scope in the Trucking Industry 232

7.6 Dynamic Changes in Costs-The Learning Curve 232

Graphing the Learning Curve 234

Learning versus Economies of Scale 234

Example 7.6 The Learning Curve in Practice 236

7.7 Estimating and Predicting Cost 237

Cost Functions and the Measurement of Scale Economies 239

Example 7.7 Cost Functions for Electric Power 240

Example 7.8 A Cost Function for the Savings and Loan Industry 241

Summary 242

Questions for Review 243

Exercises 243

Appendix to Chapter 7:Production and Cost Theory-A Mathematical Treatment 246

Cost Minimization 246

Marginal Rate of Technical Substitution 247

Duality in Production and Cost Theory 248

The Cobb-Douglas Cost and Production Functions 248

Exercises 250

第8章 利润最大化与竞争性供给 251

8 Profit Maximization and Competitive Supply 251

8.1 Perfectly Competitive Markets 252

When Is a Market Highly Competitive? 253

Do Firms Maximize Profit? 254

8.2 Profit Maximization 254

8.3 Marginal Revenue,Marginal Cost,and Profit Maximization 255

Demand and Marginal Revenue for a Competitive Firm 256

Profit Maximization by a Competitive Firm 257

Short-Run Profit Maximization by a Competitive Firm 258

8.4 Choosing Output in the Short Run 258

The Short-Run Profit of a Competitive Firm 259

Example 8.1 The Short-Run Output Decision of an Aluminum Smelting Plant 260

Example 8.2 Some Cost Considerations for Managers 261

8.5 The Competitive Firm s Short-Run Supply Curve 263

The Firm s Response to an Input Price Change 264

Example 8.3 The Short-Run Production of Petroleum Products 265

Elasticity of Market Supply 266

8.6 The Short-Run Market Supply Curve 266

Example 8.4 The Short-Run World Supply of Copper 268

Producer Surplus in the Short Run 269

Long-Run Profit Maximization 271

8.7 Choosing Output in the Long Run 271

Long-Run Competitive Equilibrium 272

Economic Rent 275

Producer Surplus in the Long Run 276

8.8 The Industry s Long-Run Supply Curve 277

Constant-Cost Industry 277

Increasing-Cost Industry 279

Decreasing-Cost Industry 280

The Effects of a Tax 280

Long-Run Elasticity of Supply 281

Example 8.5 The Long-Run Supply of Housing 282

Summary 283

Questions for Review 284

Exercises 284

9 The Analysis of Competitive Markets 287

第9章 竞争性市场分析 287

Review of Consumer and Producer Surplus 288

9.1 Evaluating the Gains and Losses form Government Policies-Consumer and Producer Surplus 288

Application of Consumer and Producer Surplus 289

Example 9.1 Price Controls and Natural Gas Shortages 292

9.2 The Efficiency of a Competitive Market 294

Example 9.2 The Market for Human Kidneys 295

9.3 Minimun Prices 298

Example 9.3 Airline Regulation 300

9.4 Price Supports and Production Quotas 302

Price Supports 302

Production Quotas 304

Example 9.4 Supporting the Price of Wheat 306

9.5 Import Quotas and Tariffs 309

Example 9.5 The Sugar Quota 312

9.6 The Impact of a Tax or Subsidy 313

The Effects of a Subsidy 317

Example 9.6 A Tax on Gasoline 318

Summary 320

Questions for Review 320

Exercises 321

PART3 Market Structure and Competitive Strategy 325

第3部分 市场结构与竞争策略 325

第10章 市场热力：卖方垄断与买方垄断 327

10 Markey Power:Monopoly and Monopsony 327

10.1 Monopoly 328

Average Revenue and Marginal Revenue 328

The Monopolist s Output Decision 329

An Example 331

A Rule of Thumb for Pricing 333

Example 10.1 Astra-Merck Prices Prilosec 334

Shifts in Demand 335

The Effect of a Tax 335

The Multiplant Firm 337

10.2 Monopoly Power 339

Measuring Monopoly Power 340

The Rule of Thumb for Pricing 341

Example 10.2 Markup Pricing:Supermarkets to Designer Jeans 342

Example 10.3 The Pricing of Prerecorded Videocassettes 343

10.3 Sources of Monopoly Power 345

The Number of Firms 345

The Elasticity of Market Demand 345

The Interaction Among Firms 346

10.4 The Social Costs of Monopoly Power 347

Price Regulation 348

Rent Seeking 348

Natural Monopoly 350

Regulations in Practice 351

10.5 Monopsony 352

Monopsony and Monopoly Compared 354

10.6 Monopsony Power 355

Sources of Monopsony Power 356

The Social Costs of Monopsony Power 357

Example 10.4 Monopsony Power in U.S.Manufacturing 358

Bilateral Monopoly 358

10.7 Limiting Market Power:The Antitrust Laws 359

Enforcement of the Antitrust Laws 361

Example 10.5 A Phone Call About Prices 362

Example 10.6 The United States versus Microsoft 363

Summary 364

Questions for Review 365

Exercises 365

11 Pricing with Market Power 369

第11章 有市场势力条件下的定价 369

11.1 Capturing Consumer Surplus 370

First-Degree Price Discrimination 371

11.2 Price Discriminaton 371

Second-Degree Price Discrimination 374

Third-Degree Price Discrimination 375

Example 11.1 The Economics of Coupons and Rebates 379

Example 11.2 Airline Fares 380

11.3 Intertemporal Price Discrimination and Peak-Load Pricing 382

Intertemporal Price Discrimination 382

Peak-Load Pricing 383

Example 11.3 How to Price a Best-Selling Novel 384

11.4 The Two-Part Tariff 385

Example 11.4 Polaroid Cameras 389

Example 11.5 Pricing Cellular Phone Service 390

11.5 Bundling 392

Relative Valuations 393

Mixed Bundling 397

Bundling in Practice 399

Example 11.6 The Complete Dinner versus a la Carte:A Restaurant s Pricing Problem 401

Tying 402

11.6 Advertising 403

A Rule of Thumb for Advertising 405

Example 11.7 Advertising in Practice 406

Summary 407

Exercises 408

Questions for Review 408

Transfer Pricing When There Is No Outside Market 413

Appendix to Chapter 11:Transfer Pricing in the Integrated Firm 413

Transfer Pricing with a Competitive Outside Market 415

Transfer Pricing with a Noncompetitive Outside Market 417

A Numerical Example 420

Exercises 421

第12章 垄断竞争与寡头 423

12 Monopolistic Competition and Oligopoly 423

12.1 Monopolistic Competition 424

The Makings of Monopolistic Competition 424

Equilibrium in the Short Run and the Long Run 425

Monopolistic Competition and Economic Efficiency 426

Example 12.1 Monopolistic Competition in the Markets for Colas and Coffee 428

12.2 Oligopoly 429

Equilibrium in an Oligopolistic Market 430

The Cournot Model 431

The Linear Demand Curve-An Example 433

First Mover Advantage-The Stackelberg Model 436

Price Competition with Homogeneous Products-The Bertrand Model 437

12.3 Price Competition 437

Price Competition with Differentiated Products 438

Example 12.2 A Pricing Problem for Procter Gamble 440

12.4 Competition Versus Collusion:The Prisoners Dilemma 442

Example 12.3 Procter Gamble in a Prisoners Dilemma 444

12.5 Implications of the Prisoners Dilemma for Oligopolistic Pricing 445

Price Rigidity 446

Price Signaling and Price Leadership 447

Example 12.4 Price Leadership and Price Rigidity in Commercial Banking 448

The Dominant Firm Model 450

12.6 Cartels 451

Analysis of Cartel Pricing 452

Example 12.5 The Cartelization of Intercollegiate Athletics 455

Example 12.6 The Milk Cartel 456

Summary 456

Exercises 457

Questions for Review 457

13.1 Gaming and Strategic Decisions 461

第13章 博弈论与竞争策略 461

13 Game Theory and Competitive Strategy 461

Noncooperative versus Cooperative Games 462

Example 13.1 Acquiring a Company 463

13.2 Dominant Strategies 464

13.3 The Nash Equilibrium Revisited 466

Maximin Strategies 468

Mixed Strategies 470

13.4 Repeated Games 472

Example 13.2 Oligopolistic Cooperation in the Water Meter Industry 474

Example 13.3 Competition and Collusion in the Airline Industry 475

13.5 Sequential Games 476

The Extensive Form of a Game 477

The Advantage of Moving First 478

13.6 Threats,Commitments,and Credibility 479

Commitment and Credibility 480

Empty Threats 480

Example 13.4 Wal-Mart Stores Preemptive Investment Strategy 482

13.7 Entry Deterrence 483

Strategic Trand Policy and International Competition 485

Example 13.5 Dupont Deters Entry in the Titanium Dioxide Industry 487

Example 13.6 Diaper Wars 488

13.8 Bargaining Strategy 489

13.9 Auctions 491

Auction Formats 491

Valuation and Information 492

Private -Value Auctions 492

Common-Value Auctions 494

Maximizing Auction Revenue 495

Example 13.7 Internet Auctions 495

Summary 496

Questions for Review 497

Exercises 498

第14章 要素市场 501

14.1 Competitive Factor Markets 501

14 Markets for Factor Inputs 501

Demand for a Factor Input When Only One Input Is Variable 502

Demand for a Factor Input When Several Inputs Are Variable 505

The Market Demand Curve 506

Example 14.1 The Demand for Jet Fuel 508

The Supply of Inputs to a Firm 509

The Market Supply of Inputs 511

Example 14.2 Labor Supply for One-and Two-Earner Households 513

4.2 Equilibrium in a Competitive Factor Market 514

Economic Rent 515

Example 14.3 Pay in the Military 517

14.3 Factor Markets with Monopsony Power 518

Marginal and Average Expenditure 519

Example 14.4 Monopsony Power in the Market for Baseball Players 520

The Input Purchasing Decision of the Firm 520

Example 14.5 Teenage Labor Markets and the Minimum Wage 521

Monopoly Power over the Wage Rate 523

14.4 Factor Markets with Monopoly Power 523

Unionized and Nonunionized Workers 524

Bilateral Monopoly in the Labor Market 525

Example 14.6 The Decline of Private-Sector Unionism 527

Example 14.7 Wage Inequality-Have Computers Changed the Labor Market? 528

Summary 529

Exercises 530

Questions for Review 530

第15章 投资、时间与资本市场 533

15 Investment,Time,and Capital Markets 533

15.1 Stocks versus Flows 534

15.2 Present Discounted Value 534

Valuing Payment Streams 535

Example 15.1 The Value of Lost Earnings 537

15.3 The Value of a Bond 538

Perpetuities 538

The Effective Yield on a Bond 539

Example 15.2 The Yields on Corporate Bonds 541

15.4 The Net Present Value Criterion for Capital Investment Decisions 542

The Electric Motor Factory 543

Real versus Nominal Discount Rates 543

Negative Future Cash Flows 545

15.5 Adjustments for Risk 545

Diversifiable versus Nondiversifiable Risk 546

The Capital Asset Pricing Model 547

Example 15.3 Capital Investment in the Disposable Diaper Industry 548

15.6 Investment Decisions by Consumers 549

Example 15.4 Choosing and Air Conditioner and a New Car 550

15.7 Intertemporal Production Decisions-Depletable Resources 551

The Production Decision of an Individual Resource Producer 552

The Behavior of Market Price 553

User Cost 553

Resource Production by a Monopolist 554

Example 15.5 How Depletable Are Depletable Resources? 554

15.8 How Are Interest Rates Determined? 555

A Variety of Interest Rates 557

Questions for Review 558

Summary 558

Exercises 559

PART4 Information,Market Failure,and the Role of Government 561

第4部分 信息、市场失灵与政府的角色 561

第16章 一般均衡与经济效率 563

16.1 General Equilibrium Analysis 563

16 General Equilibrium and Economic Efficiency 563

Two Interdependent Markets-Moving to General Equilibrium 564

The Attainment of General Equilibrium 565

Example 16.1 The Interdependence of International Markets 566

16.2 Efficiency in Exchange 567

The Advantages of Trade 568

The Edgeworth Box Diagram 569

Efficient Allocations 570

The Contract Curve 571

Consumer Equilibrium in a Competitive Market 572

The Economic Efficiency of Competitive Markets 574

16.3 Equity and Efficiency 575

The Utility Possibilities Frontier 575

Equity and Perfect Competition 577

16.4 Efficiency in Production 578

Production in the Edgeworth Box 578

Input Efficiency 579

Producer Equilibrium in a Competitive Input Market 580

The Production Possibilities Frontier 581

Output Efficiency 583

Efficiency in Output Markets 584

16.5 The Gains from Free Trade 585

Comparative Advantage 585

An Expanded Production Possibilities Frontier 587

Example 16.2 The Effects of Automobile Import Quotas 588

Example 16.3 The Costs and Benefits of Special Protection 589

16.6 An Overview-The Efficiency of Competitve Markets 590

16.7 Why Markets Fail 591

Market Power 592

Incomplete Information 592

Externalities 592

Summary 593

Public Goods 593

Exercises 594

Questions for Review 594

17 Markets with Asymmetric Information 595

第17章 不对称信息条件的市场 595

17.1 Quality Uncertainty and the Market for Lemons 596

The Market for Used Cars 596

Implications of Asymmetric Information 598

The Importance of Reputation and Standardization 599

Example 17.1 Lemons in Major League Baseball 600

17.2 Market signaling 601

A Simple Model of Job Market Signaling 602

Guarantees and Warranties 604

Example 17.2 Working into the Night 605

17.3 Moral Hazard 606

Example 17.4 Crisis in the Savings and Loan Industry 608

Example 17.3 Reducing Moral Hazard-Warranties of Animal Health 608

17.4 The Principal-Agent Problem 609

The Principal-Agent Problem in Private Enterprises 610

The Principal-Agent Problem in Pubilic Enterprises 610

Example 17.5 Managers of Nonprofit Hospitals as Agents 611

Incentives in the Principal-Agent Framework 612

17.5 Managerial Incentives in an Integrated Firm 613

Asymmetric Information and Incentive Design in the Integrated Firm 614

Applications 616

17.6 Asymmetric Information in Labor Markets:Efficiency Wage Theory 616

Example 17.6 Efficiency Wages at Ford Motot Company 618

Exercises 619

Summary 619

Questions for Review 619

18.1 Externalities 621

第18章 外部性与公共品 621

18 Externalities and Public Goods 621

Negative Externalities and Inefficiency 622

Positive Externalities and Inefficiency 623

18.2 Ways of Correcting Market Failure 625

An Emissions Standard 626

An Emissions Fee 626

Standards Versus Fees 627

Transferable Emissions Permits 630

Example 18.1 The Costs and Benefits of Reduced Sulfur Dioxide Emissions 631

Example 18.2 Emissions Trading and Clean Air 632

Recycling 634

Example 18.3 Regulating Municipal Solid Wastes 637

18.3 Externalities and Property Rights 638

Property Rights 638

Bargaining and Economic Efficiency 638

Costly Bargaining-The Role of Strategic Behavior 640

A Legal Solution-Suing for Damages 640

Example 18.4 The Coase Theorem at Work 641

18.4 Common Property Resources 642

Example 18.5 Crawfish Fishing in Louisiana 643

18.5 Public Goods 644

Efficiency and Public Goods 646

Example 18.6 The Demand for Clear Air 647

Public Goods and Market Failure 647

18.6 Private Preferences for Public Goods 649

Summary 651

Questions for Review 651

Exercises 652

The Basics of Regression 655

An Example 655

附录：回归分析的基本知识 655

Estimation 656

Statistical Tests 657

Goodness of Fit 659

Economic Forecasting 660

Example A.1 The Demand for Coal 661

Glossary 663

术语表 663

Answers to Selected Exercises 675

部分习题答案 675

Index 687

索引 687