Price Theory and Applications / Edition 2

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Rich with examples, this reality-based economics book continues its pioneering approach at integrating theory and applications, showing how macroeconomic analysis sheds light on market behavior, guides personal and financial decisions, and explains behavior in such areas as politics, crime, and the family. Presents over 100 topically varied, boxed 'Examples' which illustrate how economic models and principles help explain real-world phenomena, and intersperses more in-depth 'Applications' throughout, extending basic theory to topics of special interest, such as the economics of charitable contributions, the effects of import quotas, and minimum wage laws. Includes discussions and applications of economic analysis to historical phenomena; numerous non-US examples and illustrations; studies of topics and data from anthropology, law, biology, psychology, and other social sciences. Sixth Edition now analyzes time as a constraint upon consumption, provides a systematic introduction to the theory of games, and updates extensively throughout, with many new examples.For economists.
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Editorial Reviews

In this updated economics text, J. Hirshleifer (UCLA) and D. Hirshleifer (U. of Michigan) examine market decisions in a psychosocial context, and present boxed examples drawing upon recent research for discussion purposes. They designate challenging starred material beyond the core readings in the areas of: an introduction to the field, utility and preference (including measures of life satisfaction related to income), the business firm, factor markets and income distribution, exchange, the economics of time, and political economy. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9780136997108
  • Publisher: Prentice Hall
  • Publication date: 1/1/1980
  • Edition number: 2
  • Pages: 620

Table of Contents

Ch. 1 The Nature and Scope of Economics 1
Ch. 2 Working Tools 25
Ch. 3 Utility and Preference 65
Ch. 4 Consumption and Demand 91
Ch. 5 Applications and Extensions of Demand Theory 129
Ch. 6 The Business Firm 159
Ch. 7 Equilibrium in the Product Market - Competitive Industry 193
Ch. 8 Monopolies and Cartels 225
Ch. 9 The Product as a Variable 257
Ch. 10 Oligopoly and Strategic Behavior 283
Ch. 11 Demand for Factors of Production 309
Ch. 12 Resource Supply and Factor-Market Equilibrium 347
Ch. 13 Exchange, Transaction Costs, and Money 387
Ch. 14 The Economics of Time 427
Ch. 15 Welfare Economics: The Market and the State 473
Ch. 16 Government, Conflict, and Cooperation 513
Answers to Selected Questions 549
Name Index 577
Subject Index 581
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