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When I was a student, I discovered that reading Mansfield’s Microeconomics was the only way—in the space of one semester—to learn how to use microeconomics to solve real problems. Gary Yohe’s Tenth Edition only improves upon that tradition. A carefully woven tapestry of text, diagrams, math, worked-out examples, and problems and an innovative set of cross-chapter cases will prepare students to tackle the most challenging economic problems of the day. This book is pleasingly contemporary, eminently readable, and highly motivational."
— John Weyant, Stanford University
"I have used other books, yet I still like Mansfield/Yohe Tenth Edition more than the others. I find the discussion of the material clear; I like the examples and case studies; and I also like the end-of- chapter problems."
— Farahmand Rezvani, Montclair State University
Description: Ever since Edwin Mansfield pioneered the popular theory-and-application approach with the First Edition of Microeconomics, the text has been a perennial leader in the intermediate microeconomics course field. Starting with the Tenth Edition and continuing with the Eleventh, co-author Gary Yohe has thoroughly revised the text while retaining its traditional strengths. Ideas like the roles of risk and uncertainty, strategic behavior, auction design, and asymmetric information were just beginning to take their now significant places on research frontier. Reflecting an evolving contemporary approach, this edition devotes an expanding number of pages to these and other topics. Discussions remain accurate and clear, making use of engaging examples that draw on real-world applications to motivate the presentation of theory. The book explains microeconomic theory in the clearest and most interesting way while offering a wide range of application. This revitalized classic promises to continue to please instructors and their students.
Contents: PART ONE: Introduction • Microeconomics • Introduction • Tasks Performed by an Economic System • Building and Using Economic Models • Evaluating a Model • Positive Analysis versus Normative Analysis • Modeling the Price System—Demand, Supply, and Equilibrium • PART TWO: Consumer Behavior and Market Demand • Consumer Tastes and Preferences • Consumer Preferences • Determinants of Consumer Tastes and Preferences • Indifference Curves • The Concept of Utility • The Marginal Rate of Substitution • Deciphering the Shapes of Indifference Curves • The Budget Line • Equilibrium of the Consumer • Corver solutions • Corner solutions and diminishing marginal rates of substitution • Ordinal and Cardinal Utility • Marginal Utility • Budget Allocation Rule • Ordinal Utility Revisited • Revealed Preference • Consumer Behavior and Individual Demand • Introduction • Effects of Changes in Consumer Money Income • Effects of Changes in Commodity Prices • Substitution and Income Effects • Consumer Surplus • Indexes of the Cost of Living • Derivation of the Market Demand Curve • Introduction • The Price Elasticity of Demand • The Income Elasticity of Demand • The Cross-Price Elasticity of Demand • The Measurement of Demand Curves • ShiftingDemand Curves • The Seller’s Side of the Market and Marginal Revenue • Industry and Firm Demand Curves • Choices Involving Risk • Probability • Investing in an Oil Venture: A Case Study • The Expected Value of Perfect Information • Should a Person Maximize Expected Monetary Value? • Maximizing Expected Utility • Should the Company Really Invest in the Oil Venture? • Preferences regarding risk • Why people buy insurance • Revisiting the value of information when people are averse to risk • Behavior in the Face of Risk • The Precautionary Principle • PART THREE: The Firm: Its Technology Costs • The Firm and Its Technology • Technology and Inputs • The Short Run and the Long Run • The Production Function • The Law of Diminishing Marginal Returns and the Geometry of Average-and Marginal-Product Curves • The Production Function: More Than One Variable Input • Isoquants • Substitution among Inputs • The Long Run and Returns to Scale • The Measurement of Production Functions • Optimal Input Combination and Cost Functions • Introduction • Optimal Combination of Inputs • Costs • Social Costs versus Private Costs • Explicit Costs versus Implicit Costs • Proper Comparison of Alternatives • Cost Functions in the Short Run • Cost Functions in the Long Run • Economies of Scope • Technological Change, Production, and Costs • The Measurement of Cost Functions • PART FOUR: Market Structure, Price, and Output • Perfect Competition • Introduction • Perfect Competition • Price Determination in the Short Run • Price Determination in the Long Run • Applying the Competitive Model • Introduction • Producer Surplus and Total Surplus • Perfect Competition and the Maximization of Total Surplus • The Effect of a Price Ceiling • The Effect of a Price Floor • Protecting Domestic Producers: Tariffs and Quotas • Effects on Price of an Excise Tax • Deadweight Loss from an Excise Tax • Postscript • Monopoly • Introduction • Short-Run Equilibrium Price and Output • Long-Run Equilibrium Price and Output • Multiplant Monopoly • A Comparison of Monopoly with Perfect Competition • Monopoly Power • Price Discrimination • Two-Part Tariffs • Tying • Bundling: Another Pricing Technique • Public Regulation of Monopoly • Monopolistic Competition • Introduction • Monopolistic Competition • Equilibrium Price and Output in the Short and Long Runs • Excess Capacity and Product Diversity • Markup Pricing • Comparisons with Perfect Competition and Monopoly • Advertising Expenditures: A Simple Model • Optimal Advertising Expenditures: A Graphical Analysis • The Social Value of Advertising • Oligopoly and Game Theory • Characteristics of Oligopolies • The Nash Equilibrium • An Example of a Nash Equilibrium: The Cournot Model of Oligopoly • Collusion and Cartels • The Instability of Cartels • The Theory of Games • Game Trees • The Prisoners’ Dilemma • The Repeated Prisoners’ Dilemma and the Tit-for-Tat Strategy • Nash Equilibria: Further Discussion • Strategic Competition • The Stackelberg Model • The Bertrand Model • Price Leadership • Entry and Contestable Markets • Strategic Moves • Threats: Empty and Credible • Deterring Entry • Limit Pricing • Capacity Expansion and Preemption • Nonprice Competition • The Effects of Oligopoly • PART FIVE: Markets for Inputs • Price and Employment of Inputs • Introduction • Profit Maximization and Input Employment • The Firm’s Demand Curve: The Case of One Variable Input • The Firm’s Demand Curve: The Case of Several Variable Inputs • The Market Demand Curve • Determinants of the Price Elasticity of Demand for an Input • The Market Supply Curve • Equilibrium Price and Employment of an Input • Rent • Imperfectly Competitive Output Markets • Monopsony • Efficiency Wage Theory • Investment Decisions • Introduction • Intertemporal Choice: Consumption and Saving • Changes in the Interest Rate • Interest Rates and Investment • The Equilibrium Level of Interest Rates • Present Value • Valuing a Stream of Payments • The Net-Present-Value Rule for Investment Decisions • The Investment Decision: An Example • Real versus Nominal Interest Rates • Internal Rates of Return • Pricing Exhaustible Resources • PART SIX: Information, Efficiency, and Government • General Equilibrium Analysis and Resource Allocation • Introduction • Partial Equilibrium Analysis versus General Equilibrium Analysis • The Existence of General Equilibrium • A Simple Model of General quilibrium • Resource Allocation and the Edgeworth Box Diagram • Exchange • Production • The Production Possibilities Curve • Production and Exchange • Three Conditions for Economic Efficiency • Economic Benefits from Free Trade • A Working Definition of Economic Efficiency • Perfect Competition and Economic Efficiency • The Utility Possibilities Curve • Equity Considerations • Coping with Asymmetric Information • Introduction • Used Cars: The Classic Example of Asymmetric Information • A Graphical Analysis of the Market for Used Cars • Market Signaling • Asymmetric Information and Market Failure • Adverse Selection: A Problem of Hidden Information • Consequences of Adverse Selection • Moral Hazard: A Problem of Hidden Action •Auctions • Principal-Agent Problem: Firm Owners and Managers • Owners and Workers: Another Principal-Agent Problem • Public Goods, Externalities, and the Role of Government • Introduction • Characteristics of a Public Good • Efficient Output of a Public Good • Provision of Public Goods • Positive and Negative Externalities • Economic Consequences of Externalities • Externalities: The Case of Environmental Pollution • Property Rights and the So-Called Coase Theorem • Demonstrating the Coase Theorem from a Game-Theoretic Perspective • Government Intervention and Benefit-Cost Analysis • Limitations of Government Effectiveness • Glossary of Terms • Brief Answers to Odd-Numbered Questions • IndexISBN - 9788130908625
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Pages : 790
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