Microeconomics - Theory and Applications, Emea Edition

Microeconomics: Theory & Applications, 13th Edition teaches students how fundamental tools of analysis are used explain and predict market phenomena. Designed for both economics and business students, this thorough yet accessible textbook describes basic microeconomic principles using various applications to clarify complicated economic concepts and provides an essential foundation of microeconomics knowledge. Clear and engaging chapters discuss cutting-edge models and explore numerous real-world examples of microeconomic theory in action.
 
Comprehensive and topically relevant, this textbook offers greater coverage of input market analysis and applications than other texts on the subject. In-depth applications, such as consumer choice theory and noncompetitive market models, complement over 100 shorter applications that reinforce the graphical and logical techniques developed in the theory chapters. The authors' innovative use of relatable applications promotes student engagement and comprehension, and facilitates a case-based, active-learning approach. Discussion of globalization, ethics, sustainability, and other important contemporary themes helps students understand how economics impacts their lives in various, often unexpected ways.

List of contents

Preface iii
 
Acknowledgments viii
 
Chapter 1: An Introduction to Microeconomics 1
 
1.1 The Scope of Microeconomic Theory 2
 
1.2 The Nature and Role of Theory 2
 
1.3 Positive versus Normative Analysis 3
 
1.4 Market Analysis and Real versus Nominal Prices 4
 
1.5 Basic Assumptions about Market Participants 5
 
1.6 Opportunity Cost 6
 
1.7 Production Possibility Frontier 9
 
Chapter 2: Supply and Demand 13
 
2.1 Demand and Supply Curves 14
 
2.2 Determination of Equilibrium Price and Quantity 21
 
2.3 Adjustment to Changes in Demand or Supply 22
 
2.4 Government Intervention in Markets: Price Controls 25
 
2.5 Elasticities 30
 
Chapter 3: The Theory of Consumer Choice 42
 
3.1 Consumer Preferences 43
 
3.2 The Budget Constraint 52
 
3.3 The Consumer's Choice 56
 
3.4 Changes in Income and Consumption Choices 61
 
3.5 Are People Selfish? 67
 
3.6 The Utility Approach to Consumer Choice 69
 
Chapter 4: Individual and Market Demand 75
 
4.1 Price Changes and Consumption Choices 76
 
4.2 Income and Substitution Effects of a Price Change 80
 
4.3 Income and Substitution Effects: Inferior Goods 85
 
4.4 From Individual to Market Demand 88
 
4.5 Consumer Surplus 89
 
4.6 Price Elasticity and the Price-Consumption Curve 95
 
4.7 Network Effects 97
 
4.8 The Basics of Demand Curve Estimation 100
 
Chapter 5: Using Consumer Choice Theory 107
 
5.1 Excise Subsidies, Health Care, and Consumer Welfare 108
 
5.2 Subsidizing Health Insurance: ObamaCare 112
 
5.3 Public Schools and the Voucher Proposal 116
 
5.4 Paying for Garbage 121
 
5.5 The Consumer's Choice to Save or Borrow 124
 
5.6 Investor Choice 130
 
Chapter 6: Exchange, Efficiency, and Prices 140
 
6.1 Two-Person Exchange 141
 
6.2 Efficiency in the Distribution of Goods 147
 
6.3 Competitive Equilibrium and Efficient Distribution 151
 
6.4 Price and Nonprice Rationing and Efficiency 154
 
Chapter 7: Production 160
 
7.1 Relating Output to Inputs 161
 
7.2 Production When Only One Input is Variable: The Short Run 161
 
7.3 Production When All Inputs are Variable: The Long Run 167
 
7.4 Returns to Scale 173
 
7.5 Functional Forms and Empirical Estimation of Production Functions 176
 
Chapter 8: The Cost of Production 182
 
8.1 The Nature of Cost 183
 
8.2 Short-Run Cost of Production 183
 
8.3 Short-Run Cost Curves 186
 
8.4 Long-Run Cost of Production 192
 
8.5 Input Price Changes and Cost Curves 197
 
8.6 Long-Run Cost Curves 199
 
8.7 Learning by Doing 202
 
8.8 Importance of Cost Curves to Market Structure 204
 
8.9 Using Cost Curves: Controlling Pollution 206
 
8.10 Economies of Scope 208
 
8.11 Estimating Cost Functions 209
 
Chapter 9: Profit Maximization in Perfectly Competitive Markets 213
 
9.1 The Assumptions of Perfect Competition .214
 
9.2 Profit Maximization 215
 
9.3 The Demand Curve for a Competitive Firm 217
 
9.4 Short-Run Profit Maximization 218
 
9.5 The Perfectly Competitive Firm's Short-Run Supply Curve 223
 
9.6 The Short-Run Industry Supply Curve 226
 
9.7 Long-Run Competitive Equilibrium 227
 
9.8 The Long-Run Industry Supply Curve 231
 
9.9 When Does the Competitive Model Apply? 239
 
Chapter 10: Using the Competitive Model 244
 
10.1 The Evaluation of Gains and Lo

Summary

Microeconomics: Theory & Applications, 13th Edition teaches students how fundamental tools of analysis are used explain and predict market phenomena. Designed for both economics and business students, this thorough yet accessible textbook describes basic microeconomic principles using various applications to clarify complicated economic concepts and provides an essential foundation of microeconomics knowledge. Clear and engaging chapters discuss cutting-edge models and explore numerous real-world examples of microeconomic theory in action.

Comprehensive and topically relevant, this textbook offers greater coverage of input market analysis and applications than other texts on the subject. In-depth applications, such as consumer choice theory and noncompetitive market models, complement over 100 shorter applications that reinforce the graphical and logical techniques developed in the theory chapters. The authors' innovative use of relatable applications promotes student engagement and comprehension, and facilitates a case-based, active-learning approach. Discussion of globalization, ethics, sustainability, and other important contemporary themes helps students understand how economics impacts their lives in various, often unexpected ways.

Product details

• Authors: Browning, Edgar Browning, Edgar K Browning, Edgar K. Browning, Edgar K. (Texas a & M University) Zupan Browning, Edgar K. Zupan Browning, Browning Edgar K., Mark A Zupan, Mark A. Zupan, Mark A. (University of Arizona) Browning Zupan, Zupan Mark A.
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Paperback / Softback
• Released: 31.12.2020
• EAN: 9781119668749
• ISBN: 978-1-119-66874-9
• No. of pages: 592
• Subjects: Social sciences, law, business > Business > Economics; Mikroökonomie, Volkswirtschaftslehre, Economics, Economics Special Topics, Spezialthemen Volkswirtschaftslehre