微观经济学 英文版PDF电子书下载

1 PRELIMINARIES 3

PART I Introduction: Markets and Prices 3

1.1 The Use and Limitations of Microeconomic Theory 4

1.2 Positive Versus Normative Analysis 5

LIST OF EXAPLES 6

1.1 Unemployment and the Labor Force Participation of Women 6

Corporate Decision Making: Ford Introduces the Taurus 8

1.3 Why Study Microeconomics? 8

Public Policy Design: Automobile Emission Standards 9

1.4 What Is a Market? 10

ComPetitive Versus Noncompetitive Markets 11

Market Price 11

The Extent of a Market 12

1.5 Real Versus Nominal Prices 13

1.2 The Price of Eggs and the Price of a College Education 14

2 THE BASICS OF SUPPLY AND DEMAND 17

2.1 The Market Mechanism 18

2.2 Shifts in Supply and Demand 20

2.1 The Price of Eggs and the Price of a College Education 24

2.2 The Long-Run Behavior of Mineral Prices 25

2.3 The Market for Wheat 27

2.3 Elasticities of Supply and Demand 28

Demand 32

2.4 Short-Run Versus Long-Run Elasticities 32

2.4 The Demands for Gasoline and Automobiles 36

Supply 37

2.5 The Weather in Brazil and the Price of Coffee in New York 39

*2.5 Understanding and Predicting the Effects of Changing Market Conditions 41

2.6 Declining Demand and the Behavior of Copper Prices 45

2.7 The World Oil Market on the Back of an Envelope 46

2.6 Effects of Government Intervention-Price Controls 49

2.8 Price Controls and the Natural Gas Shortage 50

PART II Producers, Consumers, and Competitive Markets 58

3 CONSUMER BEHAVIOR 58

3.1 Consumer Preferences 58

Some Basic Assumptions 59

Indifference Curves 59

Ordinal Versus Cardinal Rankings 63

The Marginal Rate of Substitution 64

Perfect Substitutes and Perfect Complements 66

3.1 Designing New Automobiles 67

3.2 Budget Constraints 69

The Budget Line 69

The Effects of Changes in Income and Prices 71

3.3 Consumer Choice 73

3.2 Designing New Automobiles 75

3.3 The Decision Making of a Local Public Official 77

A Corner Solution 79

3.4 A College Trust Fund 80

3.4 Revealed Preference 81

3.5 Revealed Preference for Recreation 84

3.5 The Concept of Utility 85

Utility and Satisfaction 85

Marginal Utility 87

3.6 Gasoline Rationing 88

4 INDMUAL AND MARKET DEMAND 93

4.1 Individual Demand 93

Price Changes 94

The Demand Curve 95

Income Changes 96

Engel Curves 99

4.1 Consumer Expenditures in the United States 100

SubstituteS and Complements 100

4.2 Income and Substitution Effects 101

Substitution Effect 103

A Special Case-The Giffen Good 104

Income Effect 104

4.2 The Effects of a Gasoline Tax 105

From Individual to Market Demand 107

4.3 Market Demand 107

Point and Arc Elasticities Of Demand 109

4.3 The Aggregate Demand for Wheat 111

4.4 The Demand for Housing 112

4.4 Consumer Surplus 113

4.5 The Value of Clean Air 116

4.5 NetWork Externalities 118

The Bandwagon Effect 118

The Snob Effect 120

4.6 Network Externalities and the Demands for Computers and Fax Machines 121

*4.6 Empirical Estimation of Demand 122

The Statistical Approach to Demand Estimation 123

Interview and Experimental Approaches to Demand Determination 123

The Form of the Demand Relationship 125

Utility Maximization 130

Appendix to 4 Demand Theory-A Mathematical Treatment 130

Marginal Rate of Substitution 131

The Consumer's Optimum 131

An Example 132

Marginal Utility of Income 133

Duality in Consumer Theory 134

Income and Substitution Effects 135

5 CHOICE UNDER UNCERTAINTY 138

5.1 Describing Risk 139

Probability 139

Expected Value 140

Variability 140

Decision Making 143

5.2 Preferences Toward Risk 144

Different Preferences Toward Risk 146

5.1 Business Executives and the Choice of Risk 148

5.2 Deterring Crime 149

Diversification 150

5.3 Reducing Risk 150

Insurance 151

5.3 The Value of Title Insurance When Buying a Home 153

The Value of Information 154

*5.4 The Demand for Risky Assets 155

5.4 The Value of Information in the Dairy Industry 155

Assets 156

Asset Returns 157

The Trade-off Between Risk and Return 158

The Investor's Choice Problem 159

6 PRODUCTION 167

6.1 The Technology of Production 167

6.2 lsoquants 168

6.3 Production with One Variable Input (Labor) 170

The Short Run Versus the Long Run 170

Averaage and Marginal Products 171

The Law of Diminishing Returns 174

6.1 Malthus and the Food Crisis 176

Labor Productivity 177

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

Diminishing Returns 180

Substitution Among Inputs 181

Production Functions-Two Special Cases 183

6.3 A Production Function for Wheat 185

6.5 Returns to Scale 187

6.4 Returns to Scale in the Rail Industry 189

7 THE COST OF PRODUCTION 194

7.1 Measuring Cost: Which Costs Matter? 194

Economic Cos Versus Accounting Cost 194

Sunk Costs 195

7.2 The Opportunity Cost of Waiting in a Gasoline Line 196

7.1 Choosing the Location for a New Law School Building 196

7.2 Cost in the Short Run 198

The Determinants of Short-Run Cost 199

The Shapes of the Cost Curves 201

The Cost-Minimizing Input Choice 204

The Isocost Line 204

7.3 Costs in the Long Run 204

Choosing Inputs 205

7.3 The Effect of Effluent Fees on Firms' Input Choices 207

COst Minimization with Varying Output Levels 209

7.4 Long-Run Versus Short-Run Cost Curves 210

The Inflexibility of Short-Run Production 210

Long-Run Average Cost 211

Economies and Diseconomies of Scale 212

The Relationship Between Short-Run and Long-Run Cost 213

7.5 Production with Two Outputs-Economies of Scope 216

7.4 Economies of Scope in the Trucking Industry 218

*7.6 Dynamic Changes in Cost-The Learning Curve 219

7.5 The Learning Curve in the Chemical Processing Industry 223

*7.7 Estmating and Predicting Cost 224

Cost Functions and the Measurement of Scale Economies 227

7.6 Cost Functions for Electric Power 227

7.7 A Cost Function for the Savings and Loan Industry 229

Appendix to 7 Production and Cost Theory-A Mathematical Treatment 233

COst Minimization 233

Marginal Rate of Technical Substitution 234

Duality in Production and Cost Theory 235

The Cobb-Douglas Cost and Production functions 236

8 PROFIT WAXIMIZATION AND COMPETITIVE SUPPLY 238

8.1 Profit Maximization 239

Do Firms Maximize Profit? 239

8.2 Marginal Revenue, Marginal Cost, and Profit Maximization 240

Demand and Marginal Revenue for a Competitive Firm 241

Short-Run Profit Maximization by a Competitive Firm 243

8.3 Choosing Output in the Short Run 243

Profit Maximization by a Competitive Firm 243

The Short-Run Profitability of a Competitive Firm 245

8.1 Some Cost Considerations for Managers 246

8.4 The Competitive Firm's Short-Run Supply Curve 248

The Firm's Response to an Input Price Change 249

8.2 The Short-Run Production of Petroleum Products 250

8.5 The Short-Run Market Supply Curve 251

8.3 The Short-Run World Supply of Copper 253

Elasticity of Market Supply 253

Producer Surplus in the Short Run 255

8.6 Choosing Output in the Long Run 256

Zero Profit 258

Long-Run Competitive Equilibrium 259

Economic Rent 261

Producer Surplus in the Long Run 262

8.7 The Industry's Long-Run Supply Curve 263

Constant-Cost Industry 264

Increasing-Cost Industry 265

The Short-Run and Long-Run Effects of a Tax 267

Decreasing-Cost Industry 267

8.4 The Long-Run Supply of Housing 270

Long-Run Elasticity of Supply 270

8.8 When Is a Market Perfectly Competitive? 271

Contestable Markets 272

9 THE ANLYSIS OF COMPETITIVE MARKETS 276

9.1 Evaluating the Gains and Losses from Government Policies--Consumer and Producer Surplus 277

Review of Consumer and Producer Surplus 277

Application of Consumer and Producer Surplus 279

9.1 Price Controls and the Natural Gas Shortage 281

9.2 The Efficiency of a Competitive Market 283

9.2 The Market for Human Kidneys 285

9.3 Minimum Prices 288

9.3 Airline RegUlation 290

9.4 Price Supports and Production Quotas 292

Price Supports 293

Production Quotas 294

9.4 Supporting the Price of Wheat 296

9.5 Import Quotas and Tariffs 300

9.5 The Sugar Quota 303

9.6 The Impact of a Tax or Subsidy 305

9.6 A Tax on Gasoline 310

10 MARKET POWER: MONOPOLY AND MONOPSONY 319

PART III Market Structure and Competitive Strategy 319

10.1 Monopoly 320

Average Revenue and Marginal Revenue 321

The Monopolist's Output Decision 322

An Example 324

A Rule of Thumb for Pricing 326

Shifts in Demand 327

The Effect of a Tax 328

*The Multiplant Firm 330

10.2 Monopoly Power 332

Measuring Monopoly Power 333

The Rule of Thumb for Pricing 334

10.1 Markup Pricing: Supermarkets to Designer Jeans 335

10.2 The Pricing of Prerecorded Videocassettes 336

10.3 Sources of Monopoly Power 337

The Number of firms 338

The Elasticity of Market Demand 338

The Interaction Among Firms 339

10.4 The Social Costs of Monopoly Power 340

Price Regulation 341

Regulation in Practice 344

10.5 Monopsony 345

Monopsony and Monopoly Compared 348

10.6 Monopsony Power 349

Sources of Monopsony Power 350

The Social Costs of MonoPsony POwer 350

10.3 Monopsony Power in U.S. Manufacturing 352

Bilateral Monopoly 352

10.7 Limiting Market Power: The Antitrust Laws 353

Enforcement of the Antitrust Laws 355

10.4 A Phone Call About Prices 356

11 PRICING WITH MARKET POWER 361

11.1 CaptUring Consumer Surplus 362

11.2 Price Discrimination 364

First-Degree price Discrimination 364

Second-Degree Price Discrimination 366

Third-Degree Price Discrimination 368

11.1 The Economics of Coupons and Rebates 372

11.2 How to Set Airline Fares 374

11.3 Intertemporal Price Discrimination and Peak-Load Pricing 375

11.3 How to Price a Best-Selling Novel 378

11.4 The Two-Part Tariff 379

11.4 Polaroid Cameras 383

*11.5 Bundling 384

Mixed Bundling 389

11.5 The Complete Dinner vs. a la Carte: A Restaurant's Pricing Problem 391

Tying 392

*11.6 Advertising 392

A Rule of Thumb for Advertising 395

11.6 Advertising: Supermarkets to Designer Jeans 396

Transfer Pricing When There Is No Outside Market 402

Appendix to 11 Transfer Pricing in the Integrated Firm 402

Transfer Pricing with a Competitive Outside Market 405

A Numerical Example 408

Transfer Pricing with a Noncompetitive Outside Market 408

12 MONOPOLISTIC COMPETITION AND OLIGOPOLY 413

12.1 Monopolistic Competition 414

The Makings of Monopolistic Competition 414

Equilibrium in the Short Run and the Long Run 415

MonoPoliStic Competition and Economic Efficiency 416

12.1 Monopolistic Competition in the Markets for Colas and Coffee 418

12.2 Oligopoly 419

Equilibrium in an Oligopolistic Market 420

The Cournot Model 421

Example: A Linear Demand Curve 424

12.3 First Mover Advantage-The Stackelberg Model 427

Price Competition with Homogeneous Products-The Bertrand Model 428

12.4 Price Competition 428

Price Competition with Differtiated Products 430

12.2 A Pricing Problem for Procter Gamble 432

12.5 Competition Versus Collusion: The Prisoners' Dilemma 433

12.3 Procter Gamble in a Prisoners' Dilemma 436

12.6 Implications of the Prisoners' Dilemma for Oligopolistic Pricing 437

Price Rigidity 438

Price Signaling and Price Leadership 439

12.4 Price Leadership and Price Rigidity in Commercial Banking 440

The Dominant Firm Model 442

12.7 Cartels 444

The Analysis of Cartel Pricing 445

12.5 The Cartelization of Intercollegiate Athletics 447

13 GAME THEORY AND COMPETITIVE STRATEGY 453

Noncooperative Versus Cooperative Games 454

13.1 Gaming and Strategic Decisions 454

13.1 Acquiring a Company 455

13.2 Dominant Strategies 456

13.3 The Nash Equilibrium Revisited 458

Maxim in Strategies 460

*Mixed Strategies 461

13.4 Repeated Games 463

13.2 Oligopolistic Cooperation in the Water Meter Industry 467

13.3 Competition and Collusion in the Airline Industry 468

13.5 Sequential Games 469

The Advantage of Moving First 470

The Extensive Form OF a Game 470

13.6 Threats, Commitments, and Credibility 472

Commitment and Credibility 473

Empty Threats 473

13.4 Wal-Mart Stores' Investment Strategy 475

13.7 Entry Deterrence 477

Strategic Trade Policy and International Competition 479

13.5 Du Pont Deters Entry in Titanium Dioxide Industry 481

13.6 Diaper Wars 482

13.8 Bargaining Strategy 484

14 MARKETS FOR FACTOR INPUTS 491

14.1 Competitive Factor Markets 491

Demand fOr a Factor Input When Only One Input Is Variable 492

Demand for a Factor Input When Sereral Inputs Are Variable 495

The market Demand Curve 496

14.1 The Demand for Jet Fuel 498

The Supply of Inputs to a Firm 500

The Market Supply of Inputs 502

14.2 Labor Supply for One-and Two-Earner Households 504

14.2 Equilibrium in a Competitive Factor Market 506

Economic Rent 507

14.3 Pay in the Military 509

14.3 Factor Markets with Monopsony Power 511

Marginal and Average Expenditure 511

The Input PurChasing Decision of the Firm 512

14.4 Monopsony Power in the Market for Baseball Players 513

14.4 Factor Markets with Monopoly Power 514

Monopoly Power over the Wage Rate 514

A Two-Sector Model of Labor Employment 516

Bilateral Monopoly in the Labor Market 517

14.5 The Decline of Private Sector Unionism 518

15 INVESTMENT, TIME, AND CAPITAL MARKETS 522

15.1 Stocks Versus Flows 523

15.2 Present Discounted Value 524

Valuing payment Streams 525

15.1 The Value of Lost Earnings 526

15.3 The Value of a Bond 528

Perpetuities 529

The Effective Yield on a Bond 529

15.2 The Yields on Corporate Bonds 531

15.4 The Net Present Value Criterion for Capital Investment Decisions 532

The Electric Motor Factory 533

Real Versus Nominal Discount Rates 534

Negative Future Cash flows 535

15.5 Adjustments for Risk 536

Diversifiable Versus Nondiversifiable Risk 536

The Capital Asset Pricing Model 538

15.3 Capital Investment in the Disposable Diaper Industry 539

15.6 Investment Decisions by Consumers 541

15.4 Choosing an Air Conditioner 542

*15.7 Intertemporal Production Decisions-Depletable Resources 543

The ProductiOn Decision of an Individual Resource Producer 543

The Behavior of Market Price 544

User Cost 545

Resource Production by a Monopolist 546

15.5 How Depletable Are Depletable Resources? 546

15.8 How Are Interest Rates Determined? 548

A Variety of Interest Rates 549

16 GENERAL EQUILIBRIUM AND ECONOMIC EFFICIENCY 557

Two Interdependent Markets-Moving to General Equilibrium 558

16.1 General Equilibrium Analysis 558

The Attainment of General Equilibrium 560

16.1 The Interdependence of International Markets 561

16.2 Efficiency in Exchange 562

The Advantages of Trade 563

The Edgeworth Box Diagram 564

Efficient Allocations 564

The Contract Curve 566

Consumer Equilibrium in a Competitive Market 568

16.3 Equity and Efficiency 570

The Utility Possibilities Frontier 571

Equity and Perfect Competition 573

16.4 Efficiency in Production 573

Production in the Edgeworth Box 574

Input Efficiency 575

Producer Equilibrium in a Competitive Input Market 576

The Production Possibilities Frontier 577

Output Efficiency 579

Efficiency in Output Markets 580

Comparative Advantage 582

16.5 The Gains from Free Trade 582

An Expanded Production Possibilities Frontier 583

16.2 The Effects of Automobile Import Quotas 585

16.3 The Costs and Benefits of Special Protection 586

16.6 An Overview--The Efficiency of Competitive Markets 587

16.7 Why Markets Fail 588

Incomplete Information 589

INDEX 589

Market Power 589

Externalities 590

Public Goods 590

17 MRKETS WITH ASYWMETRIC INFORMATION 593

17.1 Quality Uncertainty and the Market for "Lemons" 594

The Market for Used Cars 594

Implications of Asymmetric Information 596

Insurdnce 596

The Market for Credit 597

17.1 Lemons in Major League Baseball 598

The Importance of Reputation and Standardization 598

17.2 Market Signaling 600

A Simple Model of Job Market Signaling 601

Guarantees and Warranties 604

17.3 Moral Hazard 604

17.2 Reducing Moral Hazard-Warranties of Animal Health 606

17.3 Crisis in the Savings and Loan Industry 607

The Principal-Agent Problem in Private Enterprises 608

17.4 The Principal-Agent Problem 608

The Principal-Agent Problem in Public Enterprises 609

17.4 The'Managers of Nonprofit Hospitals as Agents 610

Incentives in the Principal-Agent Framework 611

*17.5 Managerial Incentives in an Integrated Firm 613

Asymmetric Information and Incentive Design in the Integrated Firm 613

Applications 616

17.6 Asymmetric Information in Labor Markets: Efficiency Wage Theory 616

17.5 Efficiency Wages at Ford Motor Company 619

18 EXTERNALITIES AND PUBLIC GOODS 623

Negative Externalities and Inefficiency 624

18.1 Externalities 624

Positive Externalities and Inefficiency 626

18.2 Ways of Correcting Market Failure 627

An Emissions Standard 629

Standards Versus Fee 630

An Emissions Fee 630

Transferable Emissions Permits 633

18.1 The Costs and Benefits of Reduced Sulfur Dioxide Emissions 634

18.2 Emissions Trading and Clean Air 636

Recycling 637

18.3 Regulating Municipal Solid Wastes 640

Bargaining and Economic Efficiency 641

18.3 Externalities and Property Rights 641

Property Rights 641

Costly Bargaining-The Role of Strategic Behavior 643

A Legal Solution-Suing for Damages 643

18.4 The Coase Theorem at Work 644

18.4 Common Property Resources 645

18.5 Crawfish Fishing in Louisiana 647

18.5 Public Goods 648

Efficiency and Public Goods 650

Public Goods and Market Failure 651

18.6 The Demand for Clean Air 652

18.6 Private Preferences for Public Goods 654

An Example 659

APPENDIX THE BASICS OF REGRESSION 659

Estimation 660

Statistical Tests 662

Goodness of Fit 663

Economic Forecasting 664

A.1 The Demand for Coal 665

GLOSSARY 669