Microeconomics2nd EditionAustan Goolsbee, Steven Levitt, Chad Syverson Publisher: Worth PublishersISBN: 9781464187025
Microeconomics
Browse All Chapters of This Textbook
Chapter 1 - Adventures In MicroeconomicsChapter 2 - Supply And DemandChapter 3 - Using Supply And Demand To Analyze MarketsChapter 4 - Consumer BehaviorChapter 4.A - The Calculas Of Utility Maximization And Expendiutre MinimizationChapter 5 - Individual And Market DemandChapter 5.A - The Calculas Of Income And Substitution EffectsChapter 6 - Producer BehaviorChapter 6.A - The Caclculas Of Cost MinimizationChapter 7 - Cost
Chapter 7.A - The Calculas Of A Firm's Cost StructureChapter 8 - Supply In A Competitive MarketChapter 9 - Market Power And MonopolyChapter 9.A - The Calculas Of Profit MaximizationChapter 10 - Pricing Strategies For Firms With Market PowerChapter 11 - Imperfect CompetitionChapter 12 - Game TheoryChapter 13 - Factor MarketsChapter 14 - Investment, Time And InsuranceChapter 15 - General EquilibriumChapter 16 - Asymetric InformationChapter 17 - Externalities And Public GoodsChapter 18 - Behavioral Experimental Economics
Book Details
Microeconomics bridges the gap between today's theory and practice, with a strong empirical dimension that lets students tests theory and successfully apply it.
Sample Solutions for this Textbook
We offer sample solutions for Microeconomics homework problems. See examples below:
Microeconomics and macroeconomics are the two important branches of economics. The study areas are...The supply and demand model explains the price determination by the interactions of the supply and...Given information: Demand function for organic carrots:QDO=75−5PO+PC+2I (1) In Equation (1), “PO” is...Given information: The supply function of wheat:QSW=−6+4PW−2PC−PF (1) In Equation (1), “QSW” is the...Given information: Demand function for towel:QD=100−5P (1) Supply function for towel:QS=10P (2)...Consumer surplus is the difference between the maximum willing price of a consumer and the actual...Given information: Demand function of scuba diving:QD =6,000−20P (1) Supply function of scuba...Given information: Demand function of labor:QD =240−20W (1) Supply function of labor:QS =10W (2)...The given information: Demand equation for ice cream is QD=20−2P (1) Supply equation for ice cream...
There are mainly four assumptions or properties which help the consumers to determine their...Budget equation can be written as follows:...The income effect shows the changes in the consumption choices of the consumers due to the changes...The production economies state that the short-run is the period of time during which one or more...A production function of a firm shows the relationship between the output and two inputs, capital...In this case, the labor (L) costs $12 per hour and the capital (K) costs rent is $7 per hour. Now...The returns to scale shows the changes in the amount of output in response to a proportional...The direct cost of running a business is known as accounting cost. The economic cost includes the...The production function of the firm is given by Equation (1) as follows: Q=2KL (1) The marginal...The marginal product is the additional output produced due to the employment of an additional unit...A perfectly competitive industry has large number of firms. The firms in the industry sell identical...The variable cost is calculated as the sum of marginal cost up to a particular level of output using...It is given the marginal cost of rainy season growers is MC=.02Q and the marginal cost of dry season...The long-run total cost function using extra ordinary operation managers is given by Equation (1) as...A firm has market power when it has the ability to fix the price for goods and services it provides...The competitive price in the given situation is equal to the marginal cost. Thus, the competitive...From the given data, the inverse demand function can be calculated using Equation (1) as follows:...The inverse demand function calculated using Equation (1) is as follows: P=100−0.01Q (1) The...Price discrimination is practiced by those firms that have the market power with them. The market...The demand from the adults is given as Qad=5,000−10P. The inverse demand function of the adults can...The demand from the frequent golfer is given by QF=24−0.3P. Thus, the inverse demand function of the...The average total cost of production of the seller is $0.50. The inverse demand function of the firm...Any market has a large number of sellers in the market and the sellers are price takers and there is...The market demand curve for Otters is given as P=100−0.5Q. This means that the vertical intercept of...When the market is competitive, the price will be determined such that the marginal cost equals...The total revenue of the firm is the price multiplied with the quantity of the firm. The demand for...When there are many players in the market, each one will be different from one another. The payoffs...When both produce 2,000 otters, each one would receive only the profit of $400, whereas when both...When the marginal revenue of labor equals to marginal cost of labor, it is the optimal situation to...Given information: The marginal revenue product of flour is MRPF=60−0.01Q (1) Calculation: The...To derive the mathematical expression of marginal revenue product of labor, it is necessary to...An investment is considered as an asset which has acquired the goal of generating income to the...Given information: Rate of interest (r) is 10%. Cost is 30,000. Calculation: The general formula for...The given information: Miles traveled per year is 1000. Milles per gallon is 15. Price per gallon is...The general equilibrium analysis is a study used to explain the behavior of the market. This general...The quantity demanded of cheese is Qcd=30−PC−PW and the quantity demanded of wine is given as...The new quantity demanded of wine can represented as follows: Qcd=20−PC−PW The supply of wine is...The general equilibrium price and quantity is determined at the point where the quantity demand...Every market has a large number of sellers in the market and the sellers are price takers and there...The problem of lemon arises when the quality of the used cars are not known to the buyers. This...When a cost is imposed on the third party who is not directly involved in an economic transaction is...Figure 1 illustrates the demand curve, marginal cost (MC) curve, and the external marginal cost...Figure 1 illustrates the private demand curve and the MC curve. In Figure 1, the vertical axis...The total marginal benefit (MB) is the sum total of individual marginal benefits. There are two...Homeo economicus follows each and every economic principle as well as prediction exactly as the...
More Editions of This Book
Corresponding editions of this textbook are also available below:
MICROECONOMICS (LL+SAPLING)
3rd Edition
ISBN: 9781319357436
EBK MICROECONOMICS
3rd Edition
ISBN: 9781319105570
Microeconomics
3rd Edition
ISBN: 9781319105556
MICROECONOMICS -ACHIEVE (LL)
3rd Edition
ISBN: 9781319526337
Loose-leaf Version For Microeconomics
3rd Edition
ISBN: 9781319105587
Microeconomics
3rd Edition
ISBN: 9781319105563
MICROECONOMICS (LL) W/ACCESS
3rd Edition
ISBN: 9781319443542
MICROECONOMICS-ACCESS
3rd Edition
ISBN: 9781319386054
MICROECONOMICS
3rd Edition
ISBN: 9781319464233
MICROECONOMICS >I<
3rd Edition
ISBN: 9781319105617
Microeconomics 2e & LaunchPad for Goolsbee's Microeconomics 2e (Six Month Access)
2nd Edition
ISBN: 9781319075781
LaunchPad for Goolsbee's Microeconomics (Six Month Access)
2nd Edition
ISBN: 9781319063115
Microeconomics (Instructor's)
2nd Edition
ISBN: 9781319045661
Loose-leaf Version for Microeconomics 2e & LaunchPad for Goolsbee's Microeconomics 2e (Six Month Access)
2nd Edition
ISBN: 9781319075798
EBK MICROECONOMICS
2nd Edition
ISBN: 8220103601795
Loose-leaf Version For Microeconomics
2nd Edition
ISBN: 9781464189104
Microeconomics
2nd Edition
ISBN: 9781319116989
Study Guide For Microeconomics
13th Edition
ISBN: 9781429267243
Microeconomics
1st Edition
ISBN: 9780716759751
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