9788130908625: Microeconomics
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Microeconomics: Theory and Applications-Viva Books-Edwin Mansfield,Gary Wynn Yohe-2014-EDN-11

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Edwin Mansfield Gary Yohe
ISBN 10: 813090862X ISBN 13: 9788130908625
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Edwin Mansfield Gary Yohe
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Edwin Mansfield Gary Yohe
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Edwin Mansfield,Gary Yohe
Published by Viva Books Private Limited (2010)
ISBN 10: 813090862X ISBN 13: 9788130908625
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Book Description Viva Books Private Limited, 2010. Paperback. Condition: New. 5th or later edition. 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 Shifting Demand 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 Mode Printed Pages: 790. Seller Inventory # 5516BV

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