Microeconomics : optimization, experiments, and behavior / John P. Burkett.

Format:

Book

Author/Creator:

Burkett, John P.

Language:

English

Subjects (All):

Microeconomics.

Physical Description:

1 online resource (345 p.)

Edition:

1st ed.

Place of Publication:

Oxford ; New York : Oxford University Press, 2006.

Language Note:

English

Summary:

In this book, John P. Burkett presents microeconomics as an evolving science, interacting with mathematics, psychology, and other disciplines and offering solutions to a growing range of practical problems. The book shows how early contributors such as Xenophon, Ibn Khaldun, and David Humeposed the normative and positive questions central to microeconomics. It expounds constrained optimization techniques, as developed by economists and mathematicians from Daniel Bernoulli to Leonid Kantorovich, emphasizing their value in deriving norms of rational behavior and testable hypothesesabout typical

Contents:

Contents; 1 The Origins and Scope of Microeconomics; 1.1 Definitions of Economics; 1.2 Ancient Origins; 1.3 Classical Concepts; 1.4 Mathematical Methods; 1.5 Interdisciplinary Inquiries; 1.6 Predictive Problems; 1.7 Empirical Endeavors; 1.8 Micro and Macro; 1.9 Summary; 1.10 Solutions to Exercises; 1.11 Problems; 2 Inputs, Outputs, and Costs; 2.1 Basic Concepts; 2.2 Input Substitution; 2.3 Cost Minimization Problem; 2.4 Summary; 2.5 Solutions to Exercises; 2.6 Problems; 2.7 Appendix: Review of Exponents and Logarithms; 3 Cost Minimization Using Linear Programming

3.1 Limitations of Production Experiments3.2 Reformulation of the Least-cost Diet Problem in Terms of Nutrients; 3.3 Linear Programming Techniques; 3.4 Summary; 3.5 Solutions to Exercises; 3.6 Problems: Something to Chew On; 3.7 Appendix: Software for Linear Programming; 4 Production and Costs; 4.1 Inputs and Outputs; 4.2 Production Functions; 4.3 Expansion Paths; 4.4 Returns to Scale; 4.5 Cost Curves; 4.6 Summary; 4.7 Solutions to Exercises; 4.8 Problems; 4.9 Appendix: An Experiment with Economies of Scale and Learning by Doing; 5 The Production Decisions of Competitive Firms

5.1 Revenue and Profit5.2 Perfect Competition; 5.3 Supply Curves; 5.4 Summary; 5.5 Solutions to Exercises; 5.6 Problems; 6 Marginal Products and Factor Proportions; 6.1 Marginal Products; 6.2 Factor Demand; 6.3 Factor Prices and Proportions; 6.4 Summary; 6.5 Solutions to Exercises; 6.6 Problems; 7 Comparative Advantage and Gains from Trade; 7.1 Production and Comparative Advantage; 7.2 Revenue Maximization; 7.3 International Trade; 7.4 Summary; 7.5 Solutions to Exercises; 7.6 Problems; 7.7 Appendix: A Linear Programming Solution to a Space Allocation Problem

8 Allocation of Factors in Competitive Markets8.1 Introduction to General Equilibrium; 8.2 General Equilibrium in Factor Markets; 8.3 Applications; 8.4 Summary; 8.5 Solutions to Exercises; 8.6 Problems; 9 Consumer Choice and Demand; 9.1 Introduction; 9.2 Budget Constraints; 9.3 Consumer Preferences; 9.4 Constrained Optimization; 9.5 Demand; 9.6 Consumer Surplus; 9.7 Summary; 9.8 Solutions to Exercises; 9.9 Problems; 10 Exchange and Product Assortment; 10.1 Exchange; 10.2 Product Assortment; 10.3 Summary; 10.4 Solutions to Exercises; 10.5 Problems

11 Loss Aversion and Reference-dependent Preferences11.1 Evidence That Assets Can Affect Preferences; 11.2 A Theory of Reference Dependence; 11.3 Boundaries of Loss Aversion, the Endowment Effect, and the WTA-WTP Gap; 11.4 Economic Implications of Loss Aversion; 11.5 Summary; 11.6 Solutions to Exercises; 11.7 Problems: Economics Gets Kinky; 12 The Context and Framing of Choice; 12.1 Context; 12.2 Invariance and Framing; 12.3 Value Comparison; 12.4 Summary; 12.5 Solutions to Exercises; 12.6 Problems; 13 Labor Supply; 13.1 Consumption vs. Leisure; 13.2 Labor Supply Curve

13.3 Nonlinear Budget Constraints

Notes:

Description based upon print version of record.

Includes bibliographical references (p. 307-319) and index.

Description based on metadata supplied by the publisher and other sources.

ISBN:

0-19-992409-0

0-19-534591-6

1-280-84600-3

1-4294-0296-2

OCLC:

191924271