Test Bank for Intermediate Microeconomics A Modern Approach 9th Edition Hal R Varian Download
Product details:
- ISBN-10 : 0393123979
- ISBN-13 : 978-0393123975
- Author: Hal R. Varian
Rigorous and modern―the #1 text for Intermediate Microeconomics from the chief economist at Google.
This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
Table contents:
- 1. The Market
- 1.1 Constructing a Model
- 1.2 Optimization and Equilibrium
- 1.3 The Demand Curve
- 1.4 The Supply Curve
- 1.5 Market Equilibrium
- 1.6 Comparative Statics
- 1.7 Other Ways to Allocate Apartments
- The Discriminating Monopolist
- The Ordinary Monopolist
- Rent Control
- 1.8 Which Way Is Best?
- 1.9 Pareto Efficiency
- 1.10 Comparing Ways to Allocate Apartments
- 1.11 Equilibrium in the Long Run
- Summary
- Review Questions
- 2. Budget Constraint
- 2.1 The Budget Constraint
- 2.2 Two Goods Are Often Enough
- 2.3 Properties of the Budget Set
- 2.4 How the Budget Line Changes
- 2.5 The Numeraire
- 2.6 Taxes, Subsidies, and Rationing
- Example: The Food Stamp Program
- 2.7 Budget Line Changes
- Summary
- Review Questions
- 3. Preferences
- 3.1 Consumer Preferences
- 3.2 Assumptions about Preferences
- 3.3 Indifference Curves
- 3.4 Examples of Preferences
- Perfect Substitutes
- Perfect Complements
- Bads
- Neutrals
- Satiation
- Discrete Goods
- 3.5 Well-Behaved Preferences
- 3.6 The Marginal Rate of Substitution
- 3.7 Other Interpretations of the MRS
- 3.8 Behavior of the MRS
- Summary
- Review Questions
- 4. Utility
- 4.1 Cardinal Utility
- 4.2 Constructing a Utility Function
- 4.3 Some Examples of Utility Functions
- Example: Indifference Curves from Utility
- Perfect Substitutes
- Perfect Complements
- Quasilinear Preferences
- Cobb-Douglas Preferences
- 4.4 Marginal Utility
- 4.5 Marginal Utility and MRS
- 4.6 Utility for Commuting
- Summary
- Review Questions
- Appendix
- Example: Cobb-Douglas Preferences
- 5. Choice
- 5.1 Optimal Choice
- 5.2 Consumer Demand
- 5.3 Some Examples
- Perfect Substitutes
- Perfect Complements
- Neutrals and Bads
- Discrete Goods
- Concave Preferences
- Cobb-Douglas Preferences
- 5.4 Estimating Utility Functions
- 5.5 Implications of the MRS Condition
- 5.6 Choosing Taxes
- Summary
- Review Questions
- Appendix
- Example: Cobb-Douglas Demand Functions
- 6. Demand
- 6.1 Normal and Inferior Goods
- 6.2 Income Offer Curves and Engel Curves
- 6.3 Some Examples
- Perfect Substitutes
- Perfect Complements
- Cobb-Douglas Preferences
- Homothetic Preferences
- Quasilinear Preferences
- 6.4 Ordinary Goods and Giffen Goods
- 6.5 The Price Offer Curve and the Demand Curve
- 6.6 Some Examples
- Perfect Substitutes
- Perfect Complements
- A Discrete Good
- 6.7 Substitutes and Complements
- 6.8 The Inverse Demand Function
- Summary
- Review Questions
- Appendix
- 7. Revealed Preference
- 7.1 The Idea of Revealed Preference
- 7.2 From Revealed Preference to Preference
- 7.3 Recovering Preferences
- 7.4 The Weak Axiom of Revealed Preference
- 7.5 Checking WARP
- 7.6 The Strong Axiom of Revealed Preference
- 7.7 How to Check SARP
- 7.8 Index Numbers
- 7.9 Price Indices
- EXAMPLE: Indexing Social Security Payments
- Summary
- Review Questions
- 8. Slutsky Equation
- 8.1 The Substitution Effect
- EXAMPLE: Calculating the Substitution Effect
- 8.2 The Income Effect
- EXAMPLE: Calculating the Income Effect
- 8.3 Sign of the Substitution Effect
- 8.4 The Total Change in Demand
- 8.5 Rates of Change
- 8.6 The Law of Demand
- 8.7 Examples of Income and Substitution Effects
- Example: Rebating a Tax
- Example: Voluntary Real Time Pricing
- 8.8 Another Substitution Effect
- 8.9 Compensated Demand Curves
- Summary
- Review Questions
- Appendix
- Example: Rebating a Small Tax
- 9. Buying and Selling
- 9.1 Net and Gross Demands
- 9.2 The Budget Constraint
- 9.3 Changing the Endowment
- 9.4 Price Changes
- 9.5 Offer Curves and Demand Curves
- 9.6 The Slutsky Equation Revisited
- 9.7 Use of the Slutsky Equation
- Example: Calculating the Endowment Income Effect
- 9.8 Labor Supply
- The Budget Constraint
- 9.9 Comparative Statics of Labor Supply
- Example: Overtime and the Supply of Labor
- Summary
- Review Questions
- Appendix
- 10. Intertemporal Choice
- 10.1 The Budget Constraint
- 10.2 Preferences for Consumption
- 10.3 Comparative Statics
- 10.4 The Slutsky Equation and Intertemporal Choice
- 10.5 Inflation
- 10.6 Present Value: A Closer Look
- 10.7 Analyzing Present Value for Several Periods
- 10.8 Use of Present Value
- Example: Valuing a Stream of Payments
- Example: The True Cost of a Credit Card
- Example: Extending Copyright
- 10.9 Bonds
- Example: Installment Loans
- 10.10 Taxes
- EXAMPLE: Scholarships and Savings
- 10.11 Choice of the Interest Rate
- Summary
- Review Questions
- 11. Asset Markets
- 11.1 Rates of Return
- 11.2 Arbitrage and Present Value
- 11.3 Adjustments for Differences among Assets
- 11.4 Assets with Consumption Returns
- 11.5 Taxation of Asset Returns
- 11.6 Market Bubbles
- 11.7 Applications
- Depletable Resources
- When to Cut a Forest
- Example: Gasoline Prices during the Gulf War
- 11.8 Financial Institutions
- Summary
- Review Questions
- Appendix
- 12. Uncertainty
- 12.1 Contingent Consumption
- Example: Catastrophe Bonds
- 12.2 Utility Functions and Probabilities
- Example: Some Examples of Utility Functions
- 12.3 Expected Utility
- 12.4 Why Expected Utility Is Reasonable
- 12.5 Risk Aversion
- Example: The Demand for Insurance
- 12.6 Diversification
- 12.7 Risk Spreading
- 12.8 Role of the Stock Market
- Summary
- Review Questions
- Appendix
- Example: The Effect of Taxation on Investment in Risky Assets
- 13. Risky Assets
- 13.1 Mean-Variance Utility
- 13.2 Measuring Risk
- 13.3 Counterparty Risk
- 13.4 Equilibrium in a Market for Risky Assets
- 13.5 How Returns Adjust
- EXAMPLE: Value at Risk
- EXAMPLE: Ranking Mutual Funds
- Summary
- Review Questions
- 14. Consumer’s Surplus
- 14.1 Demand for a Discrete Good
- 14.2 Constructing Utility from Demand
- 14.3 Other Interpretations of Consumer’s Surplus
- 14.4 From Consumer’s Surplus to Consumers’ Surplus
- 14.5 Approximating a Continuous Demand
- 14.6 Quasilinear Utility
- 14.7 Interpreting the Change in Consumer’s Surplus
- Example: The Change in Consumer’s Surplus
- 14.8 Compensating and Equivalent Variation
- Example: Compensating and Equivalent Variations
- Example: Compensating and Equivalent Variation for Quasilinear Preferences
- 14.9 Producer’s Surplus
- 14.10 Benefit-Cost Analysis
- Rationing
- 14.11 Calculating Gains and Losses
- Summary
- Review Questions
- Appendix
- Example: A Few Demand Functions
- Example: CV, EV, and Consumer’s Surplus
- 15. Market Demand
- 15.1 From Individual to Market Demand
- 15.2 The Inverse Demand Function
- Example: Adding Up “Linear” Demand Curves
- 15.3 Discrete Goods
- 15.4 The Extensive and the Intensive Margin
- 15.5 Elasticity
- Example: The Elasticity of a Linear Demand Curve
- 15.6 Elasticity and Demand
- 15.7 Elasticity and Revenue
- Example: Strikes and Profits
- 15.8 Constant Elasticity Demands
- 15.9 Elasticity and Marginal Revenue
- Example: Setting a Price
- 15.10 Marginal Revenue Curves
- 15.11 Income Elasticity
- Summary
- Review Questions
- Appendix
- Example: The Laffer Curve
- Example: Another Expression for Elasticity
- 16. Equilibrium
- 16.1 Supply
- 16.2 Market Equilibrium
- 16.3 Two Special Cases
- 16.4 Inverse Demand and Supply Curves
- Example: Equilibrium with Linear Curves
- 16.5 Comparative Statics
- Example: Shifting Both Curves
- 16.6 Taxes
- Example: Taxation with Linear Demand and Supply
- 16.7 Passing Along a Tax
- 16.8 The Deadweight Loss of a Tax
- Example: The Market for Loans
- Example: Food Subsidies
- Example: Subsidies in Iraq
- 16.9 Pareto Efficiency
- EXAMPLE: Waiting in Line
- Summary
- Review Questions
- 17. Measurement
- 17.1 Summarize data
- Example: Simpson’s paradox
- 17.2 Test
- 17.3 Estimating demand using experimental data
- 17.4 Effect of treatment
- 17.5 Estimating demand using observational data
- Functional form
- Statistical model
- Estimation
- 17.6 Identification
- 17.7 What can go wrong?
- 17.8 Policy evaluation
- Example: Crime and police
- Summary
- Review Questions
- 18. Auctions
- 18.1 Classification of Auctions
- Bidding Rules
- 18.2 Auction Design
- Example: Goethe’s auction
- 18.3 Other Auction Forms
- Example: Late Bidding on eBay
- 18.4 Position Auctions
- Two Bidders
- More Than Two Bidders
- Quality Scores
- 18.5 Should you advertise on your brand?
- 18.6 Auction revenue and number of bidders
- 18.7 Problems with Auctions
- Example: Taking Bids Off the Wall
- 18.8 The Winner’s Curse
- 18.9 Stable Marriage Problem
- 18.10 Mechanism Design
- Summary
- Review Questions
- 19. Technology
- 19.1 Inputs and Outputs
- 19.2 Describing Technological Constraints
- 19.3 Examples of Technology
- Fixed Proportions
- Perfect Substitutes
- Cobb-Douglas
- 19.4 Properties of Technology
- 19.5 The Marginal Product
- 19.6 The Technical Rate of Substitution
- 19.7 Diminishing Marginal Product
- 19.8 Diminishing Technical Rate of Substitution
- 19.9 The Long Run and the Short Run
- 19.10 Returns to Scale
- Example: Datacenters
- Example: Copy Exactly!
- Summary
- Review Questions
- 20. Profit Maximization
- 20.1 Profits
- 20.2 The Organization of Firms
- 20.3 Profits and Stock Market Value
- 20.4 The Boundaries of the Firm
- 20.5 Fixed and Variable Factors
- 20.6 Short-Run Profit Maximization
- 20.7 Comparative Statics
- 20.8 Profit Maximization in the Long Run
- 20.9 Inverse Factor Demand Curves
- 20.10 Profit Maximization and Returns to Scale
- 20.11 Revealed Profitability
- Example: How Do Farmers React to Price Supports?
- 20.12 Cost Minimization
- Summary
- Review Questions
- Appendix
- 21. Cost Minimization
- 21.1 Cost Minimization
- Example: Minimizing Costs for Specific Technologies
- 21.2 Revealed Cost Minimization
- 21.3 Returns to Scale and the Cost Function
- 21.4 Long-Run and Short-Run Costs
- 21.5 Fixed and Quasi-Fixed Costs
- 21.6 Sunk Costs
- Summary
- Review Questions
- Appendix
- 22. Cost Curves
- 22.1 Average Costs
- 22.2 Marginal Costs
- 22.3 Marginal Costs and Variable Costs
- Example: Specific Cost Curves
- Example: Marginal Cost Curves for Two Plants
- 22.4 Cost Curves for Online Auctions
- 22.5 Long-Run Costs
- 22.6 Discrete Levels of Plant Size
- 22.7 Long-Run Marginal Costs
- Summary
- Review Questions
- Appendix
- 23. Firm Supply
- 23.1 Market Environments
- 23.2 Pure Competition
- 23.3 The Supply Decision of a Competitive Firm
- 23.4 An Exception
- 23.5 Another Exception
- Example: Pricing Operating Systems
- 23.6 The Inverse Supply Function
- 23.7 Profits and Producer’s Surplus
- Example: The Supply Curve for a Specific Cost Function
- 23.8 The Long-Run Supply Curve of a Firm
- 23.9 Long-Run Constant Average Costs
- Summary
- Review Questions
- Appendix
- 24. Industry Supply
- 24.1 Short-Run Industry Supply
- 24.2 Industry Equilibrium in the Short Run
- 24.3 Industry Equilibrium in the Long Run
- 24.4 The Long-Run Supply Curve
- Example: Taxation in the Long Run and in the Short Run
- 24.5 The Meaning of Zero Profits
- 24.6 Fixed Factors and Economic Rent
- Example: Taxi Licenses in New York City
- 24.7 Economic Rent
- 24.8 Rental Rates and Prices
- Example: Liquor Licenses
- 24.9 The Politics of Rent
- Example: Farming the Government
- 24.10 Energy Policy
- Two-Tiered Oil Pricing
- Price Controls
- The Entitlement Program
- 24.11 Carbon Tax Versus Cap and Trade
- Optimal Production of Emissions
- A Carbon Tax
- Cap and Trade
- Summary
- Review Questions
- 25. Monopoly
- 25.1 Maximizing Profits
- 25.2 Linear Demand Curve and Monopoly
- 25.3 Markup Pricing
- Example: The Impact of Taxes on a Monopolist
- 25.4 Inefficiency of Monopoly
- 25.5 Deadweight Loss of Monopoly
- Example: The Optimal Life of a Patent
- Example: Patent Thickets
- Example: Managing the Supply of Potatoes
- 25.6 Natural Monopoly
- 25.7 What Causes Monopolies?
- Example: Diamonds Are Forever
- Example: Pooling in Auction Markets
- Example: Price Fixing in Computer Memory Markets
- Summary
- Review Questions
- Appendix
- 26. Monopoly Behavior
- 26.1 Price Discrimination
- 26.2 First-Degree Price Discrimination
- Example: First-degree Price Discrimination in Practice
- 26.3 Second-Degree Price Discrimination
- Example: Price Discrimination in Airfares
- Example: Prescription Drug Prices
- 26.4 Third-Degree Price Discrimination
- Example: Linear Demand Curves
- Example: Calculating Optimal Price Discrimination
- Example: Price Discrimination in Academic Journals
- 26.5 Bundling
- Example: Software Suites
- 26.6 Two-Part Tariffs
- 26.7 Monopolistic Competition
- 26.8 A Location Model of Product Differentiation
- 26.9 Product Differentiation
- 26.10 More Vendors
- Summary
- Review Questions
- 27. Factor Markets
- 27.1 Monopoly in the Output Market
- 27.2 Monopsony
- Example: The Minimum Wage
- 27.3 Upstream and Downstream Monopolies
- Summary
- Review Questions
- Appendix
- 28. Oligopoly
- 28.1 Choosing a Strategy
- Example: Pricing Matching
- 28.2 Quantity Leadership
- The Follower’s Problem
- The Leader’s Problem
- 28.3 Price Leadership
- 28.4 Comparing Price Leadership and Quantity Leadership
- 28.5 Simultaneous Quantity Setting
- 28.6 An Example of Cournot Equilibrium
- 28.7 Adjustment to Equilibrium
- 28.8 Many Firms in Cournot Equilibrium
- 28.9 Simultaneous Price Setting
- 28.10 Collusion
- 28.11 Punishment Strategies
- Example: Price Matching and Competition
- Example: Voluntary Export Restraints
- 28.12 Comparison of the Solutions
- Summary
- Review Questions
- 29. Game Theory
- 29.1 The Payoff Matrix of a Game
- 29.2 Nash Equilibrium
- 29.3 Mixed Strategies
- Example: Rock Paper Scissors
- 29.4 The Prisoner’s Dilemma
- 29.5 Repeated Games
- 29.6 Enforcing a Cartel
- Example: Tit for Tat in Airline Pricing
- 29.7 Sequential Games
- 29.8 A Game of Entry Deterrence
- Summary
- Review Questions
- 30. Game Applications
- 30.1 Best Response Curves
- 30.2 Mixed Strategies
- 30.3 Games of Coordination
- Battle of the Sexes
- Prisoner’s Dilemma
- Assurance Games
- Chicken
- How to Coordinate
- 30.4 Games of Competition
- 30.5 Games of Coexistence
- 30.6 Games of Commitment
- The Frog and the Scorpion
- The Kindly Kidnapper
- When Strength Is Weakness
- Savings and Social Security
- Example: Dynamic inefficiency of price discrimination
- Hold Up
- The Ultimatum Game
- 30.7 Bargaining
- The Ultimatum Game
- Summary
- Review Questions
- 31. Behavioral Economics
- 31.1 Framing Effects in Consumer Choice
- The Disease Dilemma
- Anchoring Effects
- Bracketing
- Too Much Choice
- Constructed Preferences
- 31.2 Uncertainty
- Law of Small Numbers
- Asset Integration and Loss Aversion
- 31.3 Time
- Discounting
- Self-control
- Example: Overconfidence
- 31.4 Strategic Interaction and Social Norms
- Ultimatum Game
- Fairness
- 31.5 Assessment of Behavioral Economics
- Summary
- Review Questions
- 32. Exchange
- 32.1 The Edgeworth Box
- 32.2 Trade
- 32.3 Pareto Efficient Allocations
- 32.4 Market Trade
- 32.5 The Algebra of Equilibrium
- 32.6 Walras’ Law
- 32.7 Relative Prices
- Example: An Algebraic Example of Equilibrium
- 32.8 The Existence of Equilibrium
- 32.9 Equilibrium and Efficiency
- 32.10 The Algebra of Efficiency
- Example: Monopoly in the Edgeworth Box
- 32.11 Efficiency and Equilibrium
- 32.12 Implications of the First Welfare Theorem
- 32.13 Implications of the Second Welfare Theorem
- Summary
- Review Questions
- Appendix
- 33. Production
- 33.1 The Robinson Crusoe Economy
- 33.2 Crusoe, Inc.
- 33.3 The Firm
- 33.4 Robinson’s Problem
- 33.5 Putting Them Together
- 33.6 Different Technologies
- 33.7 Production and the First Welfare Theorem
- 33.8 Production and the Second Welfare Theorem
- 33.9 Production Possibilities
- 33.10 Comparative Advantage
- 33.11 Pareto Efficiency
- 33.12 Castaways, Inc.
- 33.13 Robinson and Friday as Consumers
- 33.14 Decentralized Resource Allocation
- Summary
- Review Questions
- Appendix
- 34. Welfare
- 34.1 Aggregation of Preferences
- 34.2 Social Welfare Functions
- 34.3 Welfare Maximization
- 34.4 Individualistic Social Welfare Functions
- 34.5 Fair Allocations
- 34.6 Envy and Equity
- Summary
- Review Questions
- Appendix
- 35. Externalities
- 35.1 Smokers and Nonsmokers
- 35.2 Quasilinear Preferences and the Coase Theorem
- 35.3 Production Externalities
- Example: Pollution Vouchers
- 35.4 Interpretation of the Conditions
- 35.5 Market Signals
- Example: Bees and Almonds
- 35.6 The Tragedy of the Commons
- Example: Overfishing
- Example: New England Lobsters
- 35.7 Automobile Pollution
- Summary
- Review Questions
- 36. Information Technology
- 36.1 Systems Competition
- 36.2 The Problem of Complements
- Relationships among Complementors
- Example: Apple’s iPod and iTunes
- Example: Who Makes an iPod?
- Example: AdWords and AdSense
- 36.3 Lock-In
- A Model of Competition with Switching Costs
- Example: Online Bill Payment
- Example: Number Portability on Cell Phones
- 36.4 Network Externalities
- 36.5 Markets with Network Externalities
- 36.6 Market Dynamics
- Example: Network Externalities in Computer Software
- 36.7 Implications of Network Externalities
- Example: The Yellow Pages
- Example: Radio Ads
- 36.8 Two-sided Markets
- A Model of Two-sided Markets
- 36.9 Rights Management
- Example: Video Rental
- 36.10 Sharing Intellectual Property
- Example: Online Two-sided Markets
- Summary
- Review Questions
- 37. Public Goods
- 37.1 When to Provide a Public Good?
- 37.2 Private Provision of the Public Good
- 37.3 Free Riding
- 37.4 Different Levels of the Public Good
- 37.5 Quasilinear Preferences and Public Goods
- EXAMPLE: Pollution Revisited
- 37.6 The Free Rider Problem
- 37.7 Comparison to Private Goods
- 37.8 Voting
- Example: Agenda Manipulation
- 37.9 The Vickrey-Clarke-Groves Mechanism
- Groves Mechanism
- The VCG Mechanism
- 37.10 Examples of VCG
- Vickrey Auction
- Clarke-Groves Mechanism
- 37.11 Problems with the VCG
- Summary
- Review Questions
- Appendix
- 38. Asymmetric Information
- 38.1 The Market for Lemons
- 38.2 Quality Choice
- Choosing the Quality
- 38.3 Adverse Selection
- 38.4 Moral Hazard
- 38.5 Moral Hazard and Adverse Selection
- 38.6 Signaling
- Example: The Sheepskin Effect
- 38.7 Incentives
- Example: Voting Rights in the Corporation
- Example: Chinese Economic Reforms
- 38.8 Asymmetric Information
- Example: Monitoring Costs
- Example: The Grameen Bank
- Summary
- Review Questions
- Mathematical Appendix
- A.1 Functions
- A.2 Graphs
- A.3 Properties of Functions
- A.4 Inverse Functions
- A.5 Equations and Identities
- A.6 Linear Functions
- A.7 Changes and Rates of Change
- A.8 Slopes and Intercepts
- A.9 Absolute Values and Logarithms
- A.10 Derivatives
- A.11 Second Derivatives
- A.12 The Product Rule and the Chain Rule
- A.13 Partial Derivatives
- A.14 Optimization
- A.15 Constrained Optimization
- Answers
- Index
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