Intermediate Microeconomics with Applications
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Intermediate Microeconomics with Applications describes the methods and practicality of microeconomics, specifically the actual empirical models. This book is divided into 17 chapters and begins with discussions of the principles and concept of utility, preference, indifference and revenue analysis, demand, and production. The succeeding chapters deal with the production theory, the applications of linear programming, theory of costs, and profits. Other chapters explore the fundamentals of perfect and imperfect competition, the issues of pricing, and decision making under uncertainty. The final chapters discuss some factors of production and marketing, the link between the so-called “general equilibrium” and welfare economics, and some economic regulation. This book will be of value to economists and business managers.
Table of Contents
Preface
1 Introduction to Microeconomics
A Simple Microeconomic Model
Microeconomics and the Theory of Price
Normative and Positive Microeconomics
Assumptions and Microeconomics
A Brief Review of Supply and Demand
Applications
Suggested Applications
Exercises
Suggested Readings
2 Utility and Preference
Utility and Rationality
Utility Maximization Under Constraints
The Income-Price Budget Constraint and Utility Maximization
Applications
Exercises
Suggested Readings
3 Utility and Indifference Analysis
Multicommodity Utility Function
The Budget Constraint or the Isocost Function
The Consumer "Optimum"
Consumer Equilibrium with Changes in Income and Prices
Utility and Consumer Demand—The Price-Consumption Locus
Applications
Exercises
Suggested Readings
4 The Theory of Demand
Demand Functions
Demand Variables
Elasticity of Demand
Determinants of Price Elasticity
Consumer Expenditures and Price Elasticity
Cross-Price Elasticity of Demand
Income Elasticity of Demand
Some Other Elasticities
Comments
Applications
Exercises
Suggested Readings
5 Revenue Analysis
Total, Marginal, and Incremental Revenue
Revenue and Demand
Revenue with Constant Price
Revenues when Price Varies with Quantity Purchased
Revenues and Multipart Tariffs
Revenues and Discounts
Revenues from Multiple Markets
Revenues from Competing Products
"Net" Revenues: Commissions, Transportation Costs, and Taxes
Revenues and "Joint" Products
Revenues and the Price Elasticity of Demand
Revenues, Markup, and Elasticity
Revenues and Nonprice Competition
Applications
Exercises
Suggested Readings
6 Theory of Production
Production Functions, Output, and Inputs
The Production Environment
Production with One Variable Input
Applications
Exercises
Suggested Readings
7 Further Considerations in Production Theory
Production with Two Variable Inputs
Economies and Diseconomies of Scale
The Firm's Optimal Choice of Inputs
Choice of Inputs with Price Variations
The Firm's Expansion Path
Changes in Technology
Applications
Exercises
Suggested Readings
8 Linear Programming
Solution with Graphs
A Numerical Example Involving Profits
The Algebraic Solution
Integer Programming
Limitations to Linear Programming
Applications
Suggested Applications
Exercises
Suggested Readings
9 Theory of Costs
Costs of Production in the Short Run
Cost Minimization with Multiple Plants
Cost Minimization with Several Variable Inputs
Cost Variation with Rate and Quality of Output
An Empirical Cost Function
Costs in the Long Run
Other Types of Cost Functions
Applications
Exercises
Suggested Readings
10 Profits
Profits and Profit Maximization
Some Other Indicators of Profitability
The Firm's Break-Even Points
Revenue Maximization and the Internal Profit Constraint
Profits and the Managerial Function
Do Firms Maximize Profits?
Applications
Exercises
Suggested Readings
11 Perfect Competition
Determinants of Market Structure
Perfect Competition
The Firm in the Short Run
The Firm in the Long Run
Long-Run Cost (Supply) in the Industry
Pure Competition
Applications
Exercises
Suggested Readings
12 Firms Under Imperfect Competition
Monopolistic Competition
Monopoly
Measurement of Monopoly Power
Oligopoly
Two Models of Oligopoly
Barriers to Entry in Oligopoly
Oligopoly and Concentration Indexes
Applications
Exercises
Suggested Readings
13 Pricing Topics
Price Discrimination
Profit Maximization with Multiple Products
Profit Maximization and Cost Considerations
Oligopoly Behavior Models
Some Special Models
Applications
Exercises
Suggested Readings
14 Decisions Under Uncertainity
Theory of Games
Decision Tree Analysis
Applications
Exercises
Suggested Readings
15 The Market for Resources
The Factors of Production
Market Structure and Input Price
Demand for Variable Inputs with Exogenous Changes
A Model of Derived Demand
Applications
Exercises
Suggested Readings
16 More About Resources
Imperfect Competition in the Resource Market
Supply of Inputs
The Labor Market
The Capital Market
Distribution of Income and Factor Prices
Applications
Exercises
Suggested Readings
17 General Equilibrium and Welfare Economics
Economic Efficiency
Efficiency in Consumption
Welfare Economics
Welfare Criteria
Benefit-Cost Analysis
The Public Sector
Applications
Exercises
Suggested Readings
18 Economic Regulation
Regulation of Price
Regulation of the Rate of Return
The Ramsey Pricing and Inverse Elasticity Rule
The Cost of Regulation
Exercises
Suggested Readings
Chapter 1 Appendix
Chapter 2 Appendix
Chapter 3 Appendix
Chapter 4 Appendix
Chapter 5 Appendix
Chapter 6 Appendix
Chapter 7 Appendix
Chapter 8 Appendix
Chapter 9 Appendix
Chapter 10 Appendix
Chapter 11 Appendix
Chapter 12 Appendix
Chapter 13 Appendix
Chapter 14 Appendix
Chapter 15 Appendix
Chapter 16 Appendix
Chapter 17 Appendix
Glossary
Index
Product details
- No. of pages: 528
- Language: English
- Copyright: © Academic Press 1980
- Published: January 1, 1980
- Imprint: Academic Press
- eBook ISBN: 9781483268798
About the Author
Aroop K. Mahanty
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