Microeconomics (8th Global Edition) – Jeffrey Perloff

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book-author

Jeffrey Perloff

publisher

Pearson; 8th edition global

file-type

PDF

pages

816 pages

language

English

isbn10

1292215623

isbn13

9781292215624


Book Description

Exploring Microeconomics: Formal Theory and Practical Problems – Significantly updated and revised with new real-world examples; exercises; and applications; Jeffrey Perloff’s Microeconomics: Theory and Applications with Calculus; 8th Global Edition; (PDF) remains the premiere microeconomics textbook to marry formal theory with strong; thoroughly analyzed real-world problems.

Designed as an intermediate microeconomics textbook; Perloff introduces economic theory through a combination of algebra; calculus; and graphs. The PDF textbook incorporates estimated; real-world problems and applications; using a step-by-step approach to show how microeconomic theory can be applied to solve policy issues and practical problems. Compared to other similar textbooks; the expert author also places a greater focus on using contemporary theories–such as contract theory and game theory – to analyze markets.

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P.P.S. Contact us if you want Perloff’s Microeconomics: Theory and Applications with Calculus; 8th Global Edition; TestBank or other instructor resources.

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Additional information

book-author

Jeffrey Perloff

publisher

Pearson; 8th edition global

file-type

PDF

pages

816 pages

language

English

isbn10

1292215623

isbn13

9781292215624

Table of contents


Table of contents :
Cover
Half Title Page
Title Page
Copyright Page
Brief Contents
Contents
Preface
Chapter 1: Introduction
1.1 Microeconomics: The Allocation of Scarce Resources
Trade-Offs
Who Makes the Decisions
Prices Determine Allocations
APPLICATION Twinkie Tax
1.2 Models
APPLICATION Income Threshold Model and China
Simplifications by Assumption
Testing Theories
Maximizing Subject to Constraints
Positive Versus Normative
1.3 Uses of Microeconomic Models
Summary
Chapter 2: Supply and Demand
CHALLENGE Quantities and Prices of Genetically Modified Foods
2.1 Demand
The Demand Curve
APPLICATION Calorie Counting
The Demand Function
Solved Problem 2.1
Summing Demand Curves
APPLICATION Aggregating Corn Demand Curves
2.2 Supply
The Supply Curve
The Supply Function
Summing Supply Curves
How Government Import Policies Affect Supply Curves
Solved Problem 2.2
2.3 Market Equilibrium
Using a Graph to Determine the Equilibrium
Using Math to Determine the Equilibrium
Forces That Drive the Market to Equilibrium
2.4 Shocking the Equilibrium
Effects of a Shock to the Supply Curve
Solved Problem 2.3
Effects of a Shock to the Demand Curve
2.5 Effects of Government Interventions
Policies That Shift Supply Curves
APPLICATION Occupational Licensing
Solved Problem 2.4
Policies That Cause the Quantity Demanded to ­Differ from the Quantity Supplied
APPLICATION Venezuelan Price Ceilings and Shortages
Solved Problem 2.5
Why the Quantity Supplied Need Not Equal the Quantity Demanded
2.6 When to Use the Supply-and-Demand Model
CHALLENGE SOLUTION Quantities and Prices of Genetically Modified Foods
Summary
Questions
Chapter 3: Applying the Supply-and-Demand Model
CHALLENGE Who Pays the Gasoline Tax?
3.1 How Shapes of Supply and Demand Curves Matter
3.2 Sensitivity of the Quantity Demanded to Price
Price Elasticity of Demand
Solved Problem 3.1
APPLICATION The Demand Elasticities for Google Play and Apple Apps
Elasticity Along the Demand Curve
Demand Elasticity and Revenue
Solved Problem 3.2
APPLICATION Amazon Prime
Demand Elasticities over Time
Other Demand Elasticities
APPLICATION Anti-Smoking Policies May Reduce Drunk Driving
3.3 Sensitivity of the Quantity Supplied to Price
Elasticity of Supply
Elasticity Along the Supply Curve
Supply Elasticities over Time
APPLICATION Oil Drilling in the Arctic National Wildlife Refuge
Solved Problem 3.3
3.4 Effects of a Sales Tax
Effects of a Specific Tax on the Equilibrium
The Equilibrium Is the Same No Matter Whom the Government Taxes
Solved Problem 3.4
Firms and Customers Share the Burden of the Tax
APPLICATION Taxes to Prevent Obesity
Solved Problem 3.5
Ad Valorem and Specific Taxes Have Similar Effects
Solved Problem 3.6
Subsidies
APPLICATION Subsidizing Ethanol
CHALLENGE SOLUTION Who Pays the Gasoline Tax?
Summary
Questions
Chapter 4: Consumer Choice
CHALLENGE Why Americans Buy More Ebooks Than Do Germans
4.1 Preferences
Properties of Consumer Preferences
APPLICATION You Can’t Have Too Much Money
Preference Maps
Solved Problem 4.1
APPLICATION Indifference Curves Between Food and Clothing
4.2 Utility
Utility Function
Ordinal Preferences
Utility and Indifference Curves
Marginal Utility
Utility and Marginal Rates of Substitution
4.3 Budget Constraint
Slope of the Budget Constraint
Solved Problem 4.2
Effect of a Change in Price on the Opportunity Set
Effect of a Change in Income on the Opportunity Set
Solved Problem 4.3
4.4 Constrained Consumer Choice
The Consumer’s Optimal Bundle
APPLICATION Substituting Alcohol for Marijuana
Solved Problem 4.4
Solved Problem 4.5
Optimal Bundles on Convex Sections of Indifference Curves
Buying Where More Is Better
Food Stamps
APPLICATION Benefiting from Food Stamps
4.5 Behavioral Economics
Tests of Transitivity
Endowment Effect
APPLICATION Opt In Versus Opt Out
Salience and Bounded Rationality
APPLICATION Unaware of Taxes
CHALLENGE SOLUTION Why Americans Buy More Ebooks Than Do Germans
Summary
Questions
Chapter 5: Applying Consumer Theory
CHALLENGE Per-Hour Versus Lump-Sum Childcare Subsidies
5.1 Deriving Demand Curves
Indifference Curves and a Rotating Budget Line
Price-Consumption Curve
APPLICATION Smoking Versus Eating and Phoning
The Demand Curve Corresponds to the Price-Consumption Curve
Solved Problem 5.1
5.2 How Changes in Income Shift Demand Curves
Effects of a Rise in Income
Solved Problem 5.2
Consumer Theory and Income Elasticities
APPLICATION Fast-Food Engel Curve
5.3 Effects of a Price Change
Income and Substitution Effects with a Normal Good
Solved Problem 5.3
Solved Problem 5.4
Income and Substitution Effects with an Inferior Good
Solved Problem 5.5
Compensating Variation and Equivalent Variation
APPLICATION What’s Your Smart Phone Worth to You?
5.4 Cost-of-Living Adjustments
Inflation Indexes
Effects of Inflation Adjustments
APPLICATION Paying Employees to Relocate
5.5 Deriving Labor Supply Curves
Labor-Leisure Choice
Income and Substitution Effects
Solved Problem 5.6
Shape of the Labor Supply Curve
APPLICATION Working After Winning the Lottery
Income Tax Rates and Labor Supply
CHALLENGE SOLUTION Per-Hour Versus Lump-Sum Childcare Subsidies
Summary
Questions
Chapter 6: Firms and Production
CHALLENGE More Productive Workers During Downturns
6.1 The Ownership and Management of Firms
Private, Public, and Nonprofit Firms
APPLICATION Chinese State-Owned Enterprises
The Ownership of For-Profit Firms
The Management of Firms
What Owners Want
6.2 Production
Production Functions
Varying Inputs over Time
6.3 Short-Run Production
Total Product
Marginal Product of Labor
Solved Problem 6.1
Average Product of Labor
Graphing the Product Curves
Law of Diminishing Marginal Returns
APPLICATION Malthus and the Green Revolution
6.4 Long-Run Production
Isoquants
APPLICATION A Semiconductor Integrated Circuit Isoquant
Substituting Inputs
Solved Problem 6.2
6.5 Returns to Scale
Constant, Increasing, and Decreasing Returns to Scale
Solved Problem 6.3
APPLICATION Returns to Scale in Various ­Industries
Varying Returns to Scale
6.6 Productivity and Technical Change
Relative Productivity
Innovations
APPLICATION Robots and the Food You Eat
APPLICATION A Good Boss Raises Productivity
CHALLENGE SOLUTION Labor Productivity During Downturns
Summary
Questions
Chapter 7: Costs
CHALLENGE Technology Choice at Home Versus Abroad
7.1 The Nature of Costs
Opportunity Costs
APPLICATION The Opportunity Cost of an MBA
Solved Problem 7.1
Opportunity Cost of Capital
Sunk Costs
7.2 Short-Run Costs
Short-Run Cost Measures
APPLICATION The Sharing Economy and the Short Run
Short-Run Cost Curves
Production Functions and the Shape of Cost Curves
APPLICATION A Beer Manufacturer’s Short-Run Cost Curves
Effects of Taxes on Costs
Solved Problem 7.2
Short-Run Cost Summary
7.3 Long-Run Costs
All Costs Are Avoidable in the Long Run
Minimizing Cost
Isocost Line
Combining Cost and Production Information
Solved Problem 7.3
Factor Price Changes
Solved Problem 7.4
The Long-Run Expansion Path and the Long-Run Cost Function
Solved Problem 7.5
The Shape of Long-Run Cost Curves
APPLICATION 3D Printing
Estimating Cost Curves Versus Introspection
7.4 Lower Costs in the Long Run
Long-Run Average Cost as the Envelope of Short-Run Average Cost Curves
APPLICATION A Beer Manufacturer’s Long-Run Cost Curves
APPLICATION Should You Buy an Inkjet or a Laser Printer?
Short-Run and Long-Run Expansion Paths
The Learning Curve
7.5 Cost of Producing Multiple Goods
APPLICATION Medical Economies of Scope
CHALLENGE SOLUTION Technology Choice at Home Versus Abroad
Summary
Questions
Chapter 8: Competitive Firms and Markets
CHALLENGE The Rising Cost of Keeping On Truckin’
8.1 Perfect Competition
Price Taking
Why the Firm’s Demand Curve Is Horizontal
Deviations from Perfect Competition
Derivation of a Competitive Firm’s Demand Curve
Solved Problem 8.1
Why We Study Perfect Competition
8.2 Profit Maximization
Profit
Two Decisions for Maximizing Profit
8.3 Competition in the Short Run
Short-Run Output Decision
Solved Problem 8.2
Short-Run Shutdown Decision
APPLICATION Fracking and Shutdowns
Solved Problem 8.3
Short-Run Firm Supply Curve
Short-Run Market Supply Curve
Short-Run Competitive Equilibrium
Solved Problem 8.4
8.4 Competition in the Long Run
Long-Run Competitive Profit Maximization
Long-Run Firm Supply Curve
APPLICATION The Size of Ethanol Processing Plants
Long-Run Market Supply Curve
APPLICATION Entry and Exit of Solar Power Firms
APPLICATION Upward-Sloping Long-Run Supply Curve for Cotton
APPLICATION Reformulated Gasoline Supply Curves
Solved Problem 8.5
Long-Run Competitive Equilibrium
CHALLENGE SOLUTION The Rising Cost of Keeping On Truckin’
Summary
Questions
Chapter 9: Applying the Competitive Model
CHALLENGE Liquor Licenses
9.1 Zero Profit for Competitive Firms in the Long Run
Zero Long-Run Profit with Free Entry
Zero Long-Run Profit When Entry Is Limited
APPLICATION What’s a Name Worth?
The Need to Maximize Profit
9.2 Consumer Welfare
Measuring Consumer Welfare Using a Demand Curve
APPLICATION Willingness to Pay on eBay
Effect of a Price Change on Consumer Surplus
APPLICATION Goods with a Large Consumer ­Surplus Loss from Price Increases
Solved Problem 9.1
9.3 Producer Welfare
Measuring Producer Surplus Using a Supply Curve
Using Producer Surplus
Solved Problem 9.2
9.4 Competition Maximizes Welfare
Solved Problem 9.3
APPLICATION Deadweight Loss of Christmas ­Presents
9.5 Policies That Shift Supply and Demand Curves
Entry Barrier
APPLICATION Welfare Effects of Allowing Fracking
9.6 Policies That Create a Wedge Between Supply and Demand
Welfare Effects of a Sales Tax
APPLICATION The Deadweight Loss from Gas Taxes
Solved Problem 9.4
Welfare Effects of a Subsidy
Solved Problem 9.5
Welfare Effects of a Price Floor
Solved Problem 9.6
APPLICATION How Big Are Farm Subsidies and Who Gets Them?
Welfare Effects of a Price Ceiling
Solved Problem 9.7
APPLICATION The Social Cost of a Natural Gas Price Ceiling
9.7 Comparing Both Types of Policies: Imports
Free Trade Versus a Ban on Imports
APPLICATION Russian Food Ban
Free Trade Versus a Tariff
Free Trade Versus a Quota
Rent Seeking
CHALLENGE SOLUTION Liquor Licenses
Summary
Questions
Chapter 10: General Equilibrium and Economic Welfare
CHALLENGE Anti-Price Gouging Laws
10.1 General Equilibrium
Feedback Between Competitive Markets
Solved Problem 10.1
Minimum Wages with Incomplete Coverage
Solved Problem 10.2
APPLICATION Urban Flight
10.2 Trading Between Two People
Endowments
Mutually Beneficial Trades
Solved Problem 10.3
Bargaining Ability
10.3 Competitive Exchange
Competitive Equilibrium
The Efficiency of Competition
Obtaining Any Efficient Allocation Using Competition
10.4 Production and Trading
Comparative Advantage
Solved Problem 10.4
Efficient Product Mix
Competition
10.5 Efficiency and Equity
Role of the Government
APPLICATION The 1% Grow Wealthier
Efficiency
Equity
APPLICATION How You Vote Matters
Efficiency Versus Equity
CHALLENGE SOLUTION Anti-Price Gouging Laws
Summary
Questions
Chapter 11: Monopoly
CHALLENGE Brand-Name and Generic Drugs
11.1 Monopoly Profit Maximization
Marginal Revenue
Solved Problem 11.1
Choosing Price or Quantity
Graphical Approach
Mathematical Approach
APPLICATION Apple’s iPad
Solved Problem 11.2
Effects of a Shift of the Demand Curve
11.2 Market Power
Market Power and the Shape of the Demand Curve
APPLICATION Cable Cars and Profit Maximization
Lerner Index
Solved Problem 11.3
Sources of Market Power
11.3 Market Failure Due to Monopoly Pricing
Solved Problem 11.4
11.4 Causes of Monopoly
Cost-Based Monopoly
Solved Problem 11.5
Government Creation of a Monopoly
APPLICATION Botox Patent Monopoly
11.5 Government Actions That Reduce Market Power
Regulating Monopolies
Solved Problem 11.6
APPLICATION Natural Gas Regulation
Increasing Competition
APPLICATION Movie Studios Attacked by 3D Printers!
Solved Problem 11.7
11.6 Networks, Dynamics, and Behavioral Economics
Network Externalities
Network Externalities and Behavioral Economics
Network Externalities as an Explanation for Monopolies
APPLICATION eBay’s Critical Mass
A Two-Period Monopoly Model
CHALLENGE SOLUTION Brand-Name and Generic Drugs
Summary
Questions
Chapter 12: Pricing and Advertising
CHALLENGE Sale Prices
12.1 Conditions for Price Discrimination
Why Price Discrimination Pays
APPLICATION Disneyland Pricing
Which Firms Can Price Discriminate
Preventing Resale
APPLICATION Preventing Resale of Designer Bags
Not All Price Differences Are Price Discrimination
Types of Price Discrimination
12.2 Perfect Price Discrimination
How a Firm Perfectly Price Discriminates
Perfect Price Discrimination Is Efficient but Harms Some Consumers
APPLICATION Botox and Price Discrimination
Solved Problem 12.1
APPLICATION Google Uses Bidding for Ads to Price Discriminate
Transaction Costs and Perfect Price Discrimination
12.3 Group Price Discrimination
APPLICATION Warner Brothers Sets Prices for a Harry Potter DVD
Solved Problem 12.2
Prices and Elasticities
Solved Problem 12.3
Preventing Resale
APPLICATION Reselling Textbooks
Solved Problem 12.4
Identifying Groups
APPLICATION Buying Discounts
Welfare Effects of Group Price Discrimination
12.4 Nonlinear Price Discrimination
12.5 Two-Part Pricing
Two-Part Pricing with Identical Customers
Two-Part Pricing with Nonidentical Consumers
APPLICATION iTunes for a Song
12.6 Tie-In Sales
Requirement Tie-In Sale
APPLICATION Ties That Bind
Bundling
Solved Problem 12.5
12.7 Advertising
The Decision Whether to Advertise
How Much to Advertise
APPLICATION Super Bowl Commercials
CHALLENGE SOLUTION Sale Prices
Summary
Questions
Chapter 13: Oligopoly and Monopolistic Competition
CHALLENGE Government Aircraft Subsidies
13.1 Market Structures
13.2 Cartels
Why Cartels Form
Why Cartels Fail
Laws Against Cartels
APPLICATION The Apple-Google-Intel-Adobe-Intuit-Lucasfilms-Pixar Wage Cartel
Maintaining Cartels
APPLICATION Cheating on the Maple Syrup Cartel
Mergers
APPLICATION Mergers to Monopolize
13.3 Cournot Oligopoly
The Duopoly Nash-Cournot Equilibrium
Equilibrium, Elasticity, and the Number of Firms
APPLICATION Mobile Number Portability
Nonidentical Firms
Solved Problem 13.1
Solved Problem 13.2
13.4 Stackelberg Oligopoly
Graphical Model
Solved Problem 13.3
Why Moving Sequentially Is Essential
Comparison of Competitive, Stackelberg, Cournot, and Collusive Equilibria
13.5 Bertrand Oligopoly
Identical Products
Differentiated Products
APPLICATION Bottled Water
13.6 Monopolistic Competition
APPLICATION Monopolistically Competitive Food Truck Market
Equilibrium
Solved Problem 13.4
Fixed Costs and the Number of Firms
Solved Problem 13.5
APPLICATION Zoning Laws as a Barrier to Entry by Hotel Chains
CHALLENGE SOLUTION Government Aircraft ­Subsidies
Summary
Questions
Chapter 14: Game Theory
CHALLENGE Intel and AMD’s Advertising ­Strategies
14.1 Static Games
Normal-Form Games
Failure to Maximize Joint Profits
APPLICATION Strategic Advertising
Multiple Equilibria
Solved Problem 14.1
Mixed Strategies
APPLICATION Tough Love
Solved Problem 14.2
14.2 Repeated Dynamic Games
Strategies and Actions in Dynamic Games
Cooperation in a Repeated Prisoners’ Dilemma Game
Solved Problem 14.3
14.3 Sequential Dynamic Games
Game Tree
Subgame Perfect Nash Equilibrium
Credibility
Dynamic Entry Game
Solved Problem 14.4
APPLICATION Keeping Out Casinos
Solved Problem 14.5
14.4 Auctions
Elements of Auctions
Bidding Strategies in Private-Value Auctions
Winner’s Curse
APPLICATION Bidder’s Curse
14.5 Behavioral Game Theory
APPLICATION GM’s Ultimatum
An Experiment
Reciprocity
CHALLENGE SOLUTION Intel and AMD’s Advertising Strategies
Summary
Questions
Chapter 15: Factor Markets
CHALLENGE Athletes’ Salaries and Ticket Prices
15.1 Competitive Factor Market
Short-Run Factor Demand of a Firm
Solved Problem 15.1
Solved Problem 15.2
Long-Run Factor Demand
Factor Market Demand
Competitive Factor Market Equilibrium
15.2 Effects of Monopolies on Factor Markets
Market Structure and Factor Demands
A Model of Market Power in Input and Output Markets
APPLICATION Unions and Profits
Solved Problem 15.3
15.3 Monopsony
Monopsony Profit Maximization
APPLICATION Monopsony and the Gender Wage Gap
Welfare Effects of Monopsony
Solved Problem 15.4
CHALLENGE SOLUTION Athletes’ Salaries and Ticket Prices
Summary
Questions
Chapter 16: Interest Rates, Investments, and Capital Markets
CHALLENGE Does Going to College Pay?
16.1 Comparing Money Today to Money in the Future
Interest Rates
Using Interest Rates to Connect the Present and Future
APPLICATION Power of Compounding
Stream of Payments
Solved Problem 16.1
APPLICATION Saving for Retirement
Inflation and Discounting
APPLICATION Winning the Lottery
16.2 Choices over Time
Investing
Solved Problem 16.2
Solved Problem 16.3
Rate of Return on Bonds
Behavioral Economics: Time-Varying Discounting
APPLICATION Falling Discount Rates and Self-Control
16.3 Exhaustible Resources
When to Sell an Exhaustible Resource
Price of a Scarce Exhaustible Resource
APPLICATION Redwood Trees
Why Price May Be Constant or Fall
16.4 Capital Markets, Interest Rates, and Investments
Solved Problem 16.4
CHALLENGE SOLUTION Does Going to College Pay?
Summary
Questions
Chapter 17 Uncertainty
CHALLENGE BP and Limited Liability
17.1 Assessing Risk
Probability
Expected Value
Solved Problem 17.1
Variance and Standard Deviation
17.2 Attitudes Toward Risk
Expected Utility
Risk Aversion
Solved Problem 17.2
APPLICATION Stocks’ Risk Premium
Risk Neutrality
Risk Preference
APPLICATION Gambling
17.3 Reducing Risk
Just Say No
Obtain and Use Information
Diversify
APPLICATION Failure to Diversify
Buy Insurance
Solved Problem 17.3
APPLICATION Flight Insurance
APPLICATION Limited Insurance for Natural Disasters
17.4 Investing Under Uncertainty
Risk-Neutral Investing
Risk-Averse Investing
Solved Problem 17.4
17.5 Behavioral Economics of Uncertainty
Biased Assessment of Probabilities
APPLICATION Biased Estimates
Violations of Expected Utility Theory
Prospect Theory
APPLICATION Loss Aversion Contracts
CHALLENGE SOLUTION BP and Limited Liability
Summary
Questions
Chapter 18: Externalities, Open-Access, and Public Goods
CHALLENGE Trade and Pollution
18.1 Externalities
APPLICATION Negative Externalities from Spam
18.2 The Inefficiency of Competition with Externalities
APPLICATION Global Warming
18.3 Regulating Externalities
Emissions Standard
Emissions Fee
Solved Problem 18.1
APPLICATION Why Tax Drivers
Benefits Versus Costs from Controlling Pollution
APPLICATION Protecting Babies
18.4 Market Structure and Externalities
Monopoly and Externalities
Monopoly Versus Competitive Welfare with Externalities
Solved Problem 18.2
Taxing Externalities in Noncompetitive Markets
18.5 Allocating Property Rights to Reduce Externalities
Coase Theorem
APPLICATION Buying a Town
Markets for Pollution
APPLICATION Acid Rain Cap-and-Trade Program
Markets for Positive Externalities
18.6 Rivalry and Exclusion
Open-Access Common Property
APPLICATION Road Congestion
Club Goods
APPLICATION Software Piracy
Public Goods
Solved Problem 18.3
APPLICATION Free Riding on Measles Vaccinations
APPLICATION What’s Their Beef?
CHALLENGE SOLUTION Trade and Pollution
Summary
Questions
Chapter 19: Asymmetric Information
CHALLENGE Dying to Work
19.1 Adverse Selection
Insurance Markets
Products of Unknown Quality
Solved Problem 19.1
Solved Problem 19.2
19.2 Reducing Adverse Selection
Equalizing Information
APPLICATION Discounts for Data
APPLICATION Adverse Selection and ­Remanufactured Goods
Restricting Opportunistic Behavior
19.3 Price Discrimination Due to False Beliefs About Quality
APPLICATION Reducing Consumers’ Information
19.4 Market Power from Price Ignorance
Tourist-Trap Model
Solved Problem 19.3
Advertising and Prices
19.5 Problems Arising from Ignorance When Hiring
Cheap Talk
APPLICATION Cheap Talk in eBay’s Best Offer Market
Education as a Signal
Solved Problem 19.4
Screening in Hiring
CHALLENGE SOLUTION Dying to Work
Summary
Questions
Chapter 20: Contracts and Moral Hazards
CHALLENGE Clawing Back Bonuses
20.1 The Principal-Agent Problem
Efficiency
Symmetric Information
Asymmetric Information
Solved Problem 20.1
APPLICATION Honest Cabbie?
20.2 Using Contracts to Reduce Moral Hazard
Fixed-Fee Contracts
Contingent Contracts
APPLICATION Health Insurance and Moral Hazard
Solved Problem 20.2
Solved Problem 20.3
APPLICATION Sing for Your Supper
Solved Problem 20.4
Choosing the Best Contract
20.3 Monitoring to Reduce Moral Hazard
Bonding
Solved Problem 20.5
APPLICATION Capping Oil and Gas Bankruptcies
Deferred Payments
Efficiency Wages
Monitoring Outcomes
20.4 Checks on Principals
APPLICATION Layoffs Versus Pay Cuts
20.5 Contract Choice
CHALLENGE SOLUTION Clawing Back Bonuses
Summary
Questions
Chapter Appendixes
Appendix 2A: Regressions
Appendix 3A: Effects of a Specific Tax on Equilibrium
Appendix 4A: Utility and Indifference Curves
Appendix 4B: Maximizing Utility
Appendix 5A: The Slutsky Equation
Appendix 5B: Labor-Leisure Model
Appendix 6A: Properties of Marginal and Average Product Curves
Appendix 6B: The Slope of an Isoquant
Appendix 6C: Cobb-Douglas Production Function
Appendix 7A: Minimum of the Average Cost Curve
Appendix 7B: Japanese Beer Manufacturer’s Short-Run Cost Curves
Appendix 7C: Minimizing Cost
Appendix 8A: The Elasticity of the Residual Demand Curve
Appendix 8B: Profit Maximization
Appendix 9A: Demand Elasticities and Surplus
Appendix 11A: Relationship Between a Linear Demand Curve and Its Marginal Revenue Curve
Appendix 11B: Incidence of a Specific Tax on a Monopoly
Appendix 12A: Perfect Price Discrimination
Appendix 12B: Group Price Discrimination
Appendix 12C: Block Pricing
Appendix 12D: Two-Part Pricing
Appendix 12E: Profit-Maximizing Advertising and Production
Appendix 13A: Nash-Cournot Equilibrium
Appendix 13B: Nash-Stackelberg Equilibrium
Appendix 13C: Nash-Bertrand Equilibrium
Appendix 15A: Factor Demands
Appendix 15B: Monopsony
Appendix 16A: The Present Value of Payments over Time
Appendix 18A: Welfare Effects of Pollution in a Competitive Market
Appendix 20A: Nonshirking Condition
Answers to Selected Questions and Problems
Sources for Challenges and Applications
References
Definitions
Index
Credits

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