MICROECONOMICS. Judy A. Whitehead C A global text. Routledge. Taylor &. Francis Group LONDON AND NEW YORK
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1 MICROECONOMICS A global text Judy A. Whitehead C Routledge Taylor &. Francis Group LONDON AND NEW YORK
2 Contents Preface x Acknowledgements xii List of Figures xiv List of Tables xix List ofboxed Examples xx Chapter 1 Introduction to Microeconomics Scenario Definition of microeconomics Tools, gadgets and gizmos The methodology of microeconomic theory The methodological controversy - scientific validity 20 Review questions for Chapter 1 25 Recommended reading for Chapter 1 26 Chapter 2 Theory of the Consumer The individual consumer and utility maximization The Cardinal utility theory The Ordinal utility theory (indifference curves) The Revealed Preference (RP) theory 51 Review questions for Chapter 2 56 Recommended reading for Chapter 2 57 Chapter 3 Market Demand and Elasticity From individual demand to market demand The price elasticity of demand 60
3 3.3 The income elasticity of demand Cross price elasticity of demand 85 Review questions for Chapter 3 87 Recommended reading for Chapter 3 88 Chapter 4 Topics in Demand Analysis Consumer and producer surplus Price indices The characteristics approach to demand theory Price and rent controls ^ _ External effects on demand The Neumann-Morgenstern (NM) utility index Empirical demand functions 117 Review questions for Chapter Recommended reading for Chapter Chapter 5 The Producer and Optimal Production Choices Technology and the production function Optimizing behaviour in the short-run Optimizing behaviour of the producer in the long-run The multi-product firm 149 Review questions for Chapter Recommended reading for Chapter Chapter 6 Costs and Scale Traditional cost theory - the short-run Long-run costs in the traditional theory The modern theory of cost Economies of scale Cobb-Douglas production and cost functions 186 Review questions for Chapter Recommended reading for Chapter Chapter 7 Linear and Dynamic Programming and X-efficiency Linear programming Dynamic programming for multi-stage processes The concept of X-efficiency 224 Review questions for Chapter 7, 232 Recommended reading for Chapter Chapter 8 Equilibrium in an Isolated Market Existence of market equilibrium Uniqueness of market equilibrium The stability of equilibrium - static stability 240 VI
4 8.4 Dynamic stability and the Cobweb model Application of dynamic stability conditions 259 Review questions for Chapter Recommended reading for Chapter Chapter 9 The Perfectly Competitive Market Assumptions and fundamentals of the model Short-run equilibrium Long-run equilibrium, Predictions of the model ^ 271 Review questions for Chapter Recommended reading for Chapter Chapter 10 Monopoly Assumptions and behavioural conditions Short-ran equilibrium of the firm/industry Long-run equilibrium Predictions - the dynamics of the model Multi-plant monopoly Price discrimination Bilateral monopoly Regulation of monopoly 312 Review questions for Chapter Recommended reading for Chapter Chapter 11 Monopolistic Competition Basic features and assumptions of the monopolistic competition model Demand and costs Equilibrium in the short-run Equilibrium in the long-run Monopolistic competition and excess capacity Reflections on the model 329 Review questions for Chapter Recommended reading for Chapter Chapter 12 Oligopoly Assumptions, definitions and summary of models The Cournot model The Bertrand/Edgeworth duopoly model Chamberlin and stability in duopoly The kinked demand model The Stackleberg sophisticated duopolist model The cartel 350 VII
5 12.8 The price leadership model Game theory and oligopoly 359 Review questions for Chapter Recommended reading for Chapter Chapter 13 Alternative Theories of the Firm Major issues and alternatives Baumol's sales revenue maximization model The mark-up pricing model of;the firm The behavioural theories v The economics of information 390 Review questions for Chapter Recommended reading for Chapter Chapter 14 The Factor Market Introduction to distribution theory Short-run factor demand under marginal productivity theory Long-run factor demand under marginal productivity theory Market demand for a single input The supply curve of labour Factor market equilibrium under the marginal productivity theory Monopsony in the factor market The labour unions, exploitation and unemployment Product exhaustion theorems and distribution 426 Review questions for Chapter Recommended reading for Chapter Appendix - The marginal expenditure of input curve 429 Chapter 15 General Equilibrium and Welfare Maximization The nature and tools of general equilibrium General equilibrium of exchange or consumption - efficiency in distribution of the product General equilibrium of production - efficiency in the allocation of factors Efficiency of the product mix -joint efficiency in production and consumption Features of the equilibrium position Welfare maximization, Factors affecting a welfare maximum Postscript 459 Review questions for Chapter Recommended reading for Chapter Appendix - MRPT and marginal costs 461 viii
6 Chapter 16 Investment Criteria Definition of a project Cash flow analysis Discounted cash flow analysis Investment criteria choices Choice of investment criteria 488 Review questions for Chapter Recommended reading for Chapter Index V ix
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