Using Mathematics in Economic Analysis / Edition 1

Hardcover (Print)
Buy Used
Buy Used from BN.com
$65.00
(Save 25%)
Item is in good condition but packaging may have signs of shelf wear/aging or torn packaging.
Condition: Used – Good details
Used and New from Other Sellers
Used and New from Other Sellers
from $1.99
Usually ships in 1-2 business days
(Save 97%)
Other sellers (Hardcover)
  • All (13) from $1.99   
  • New (4) from $45.95   
  • Used (9) from $1.99   
Close
Sort by
Page 1 of 1
Showing All
Note: Marketplace items are not eligible for any BN.com coupons and promotions
$45.95
Seller since 2006

Feedback rating:

(341)

Condition:

New — never opened or used in original packaging.

Like New — packaging may have been opened. A "Like New" item is suitable to give as a gift.

Very Good — may have minor signs of wear on packaging but item works perfectly and has no damage.

Good — item is in good condition but packaging may have signs of shelf wear/aging or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Acceptable — item is in working order but may show signs of wear such as scratches or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Used — An item that has been opened and may show signs of wear. All specific defects should be noted in the Comments section associated with each item.

Refurbished — A used item that has been renewed or updated and verified to be in proper working condition. Not necessarily completed by the original manufacturer.

New
Upper Saddle River, NJ 2001 Hard cover Revised and 1964/ Special and Updated to Include New Develop. this is HARDCOVER edition-Absolutely brand new(never opened)! ! -No ... international shipping available 604 p. Prentice-Hall Series in Economics. Audience: General/trade. Read more Show Less

Ships from: Northbrook, IL

Usually ships in 1-2 business days

  • Canadian
  • International
  • Standard, 48 States
  • Standard (AK, HI)
  • Express, 48 States
  • Express (AK, HI)
$64.95
Seller since 2010

Feedback rating:

(27)

Condition: New
Absolutely BRAND NEW US edition / Mint condition / Never been read / HARDCOVER / Student Edition/ ISBN: 0130200263. Shipped out in one business day with free tracking.

Ships from: Manvel, TX

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
  • Express, 48 States
  • Express (AK, HI)
$80.00
Seller since 2014

Feedback rating:

(185)

Condition: New
Brand new.

Ships from: acton, MA

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
$88.08
Seller since 2008

Feedback rating:

(194)

Condition: New
0130200263 New. Looks like an interesting title!

Ships from: Naperville, IL

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
Page 1 of 1
Showing All
Close
Sort by

Overview

A first edition that offers a new perspective on mathematical economics. The emphasis throughout the text is not on mathematical theorems and formal proofs, but on how mathematics can enhance our understanding of the economic behavior under study. An efficient and effective writing style, placing a premium on clear explanation, builds confidence as students, move through the text.

Read More Show Less

Product Details

  • ISBN-13: 9780130200266
  • Publisher: Prentice Hall
  • Publication date: 8/28/2001
  • Series: Prentice Hall Series in Economics
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 604
  • Product dimensions: 7.00 (w) x 9.20 (h) x 1.40 (d)

Read an Excerpt

Mathematics in undergraduate economics tends to be underutilized to the detriment of student comprehension of economic principles. Usually introductory texts shy away from even basic algebra, and intermediate theory texts, if using calculus at all, often relegate the mathematical treatment to appendices and footnotes. The traditional mathematical economics texts, in contrast, focus on presenting the mathematical techniques with economic applications interspersed throughout, but with no coherent progression of the economic theories.

With this text I seek to convey the utility of mathematics—the conciseness of expression, preciseness of assumptions, and the advantages in manipulation—for economic analysis. The mathematics employed (including derivative and integral calculus, exponential and logarithmic functions, first order difference and differential equations, matrix algebra, linear and nonlinear programming) are motivated by the economics. Accordingly, the coverage of economic theory is organized into three parts: "Analysis of Markets," "Optimization," and "Macroeconomic Analysis." We progress from models of perfectly competitive markets for single commodities, to the optimizing behaviors of the firms and households operating in markets characterized by perfect and imperfect competition, to the aggregate markets of macroeconomic models. Mathematical concepts and techniques are introduced at appropriate points in the presentation of the economic theories and then reinforced throughout the text. The primary objective of Using Mathematics in Economic Analysis is for students to develop mathematical skills that can open up a new dimension of economic analysis,thereby enhancing their understanding of economic theories. FEATURES

The emphasis throughout the text is not on mathematical theorems and formal proofs, but on how mathematics can enhance our understanding of the economic behavior under study. The careful development of economic topics strives for a coherence not often found in mathematical economic texts. A premium is placed on clear explanation, with a blending of mathematical, verbal, and graphical exposition. Numerical illustrations of the economic models are used extensively to aid understanding. Frequent practice problems are provided throughout each chapter, with answers at the end of the chapter to give immediate feedback to students, bolstering confidence and building a secure foundation as they progress through the material. The end-of-chapter exercises are comprehensive and challenging. Moreover, key terms in economics (in bold) and mathematics (in italics) are listed at the end of the chapter (with page references), and a glossary of concise definitions is provided at the end of the text. ORGANIZATION

In the first chapter, the construct of an economic model and the concept of equilibrium are discussed and illustrated with the example of a competitive market for a commodity. Then Chapter 2 provides a review of some basic mathematics; including sets, derivatives, limits, and integrals.

In Chapter 3, which begins Part I of the text, "Analysis of Markets," we use derivatives to establish conditions for the static stability of market equilibria and for comparative static analysis, inverse functions to illustrate different market adjustment mechanisms, and integral calculus to find consumers' surplus and producers' surplus. We shift to dynamic analysis in Chapter 4, beginning with first order difference equations. As a bridge between the discrete time of period analysis and continuous time we review exponential and logarithmic functions. The discussion of compound interest leads us to natural exponential and natural logarithmic functions, which are part of the solution of the first order differential equations also used in the dynamic modeling of a competitive market. In Chapter 5 we expand beyond a single competitive market to general competitive equilibrium. To build up to the matrix algebra needed for solving systems of linear equations, we first review vectors. A technique known as Cramer's rule is introduced, which will prove especially useful in the comparative static analysis for systems of equations.

In Part II, "Optimization," we look behind the market to the underlying optimizing behavior of firms and consumers. Chapter 6 develops the short run decision rules for a firm in selecting the profit-maximizing levels of output and labor employment. The powerful Implicit Function Theorem is introduced to enhance our ability to do comparative static analysis. Perfectly competitive and monopolistically competitive firms are addressed in Chapter 7, along with the concept of price elasticity of demand. Monopolies and monopsonies—at the other end of the theoretical spectrum—are the topics of Chapter 8. We will see how a monopolist may practice price discrimination to bolster profits and how a union can diminish, if not negate, the power of a monopsonist in a labor market. Chapter 9 completes our modeling of market structures by examining duopolies and oligopolies, where the firms in the market, few in number, are actively engaged in competition. The introduction to game theory follows naturally from the discussion of the firms' interdependent decision-making.

The progression from free optimization with one independent variable (e.g., perfectly competitive firms in Chapter 7) to two and more independent variables (e.g., a monopolist with two plants in Chapter 8) allows us to illustrate partial differentiation and the Implicit Function Theorem for the analysis of systems of equations. We then turn to constrained optimization. In Chapter 10 the long run decision of a firm in selecting the cost-minimizing input combination for producing a given output is modeled using the Lagrange multiplier method. With linear programming and nonlinear programming in Chapter 11, we extend the analysis to incorporate optimization under more than one constraint and to illustrate the concept of duality. Chapter 12 concludes Part II of the text with the application of constrained optimization to the theory of consumer behavior. In particular, the labor-leisure tradeoff of a household is modeled.

Part III, "Macroeconomic Analysis," parallels the first part of the text in that the treatment advances from static analysis to comparative statics to dynamic analysis. Chapter 13 begins with a discussion of input-output models. Then a Simple Keynesian Model is developed and applied to two countries to illustrate a phenomenon known as the foreign repercussions effect. In Chapter 14 we build up from the Simple Keynesian model (product market only), to the IS-LM model (addition of the money market), to the Aggregate Demand-Aggregate Supply Model (incorporation of the labor market and aggregate supply constraints). Again partial differentiation and matrix algebra are extensively used in the derivation of the multipliers associated with the various versions of the macromodels. The policy implications of the derived multipliers are discussed. The coverage of growth rates and growth models in the concluding Chapter 15 reinforces the use of natural exponential and natural logarithmic functions and first order differential equations, as well as derivative and integral calculus. ALTERNATIVE ORGANIZATION

Covering all fifteen chapters in one semester may be challenging. Twelve chapters may be a more reasonable objective. Two basic options for using the text are: (I) Chapters 1-12-which emphasizes the microeconomics (leaving out Part III, "Macroeconomic Analysis"); and (II) Chapters 1-9 and 13-15-which allows for coverage of both microeconomics and macroeconomics (leaving out Chapters 10-12 on constrained optimization). Skipping the dynamic analyses in Chapters 4 and 15 would further reduce options I and II to eleven and ten chapters respectively. INSTRUCTOR'S MANUAL

Available with the text is an Instructor's Manual, which provides answers to all of the end-of-chapter problems. The practice problems in the text are designed for students to work through themselves as they progress through each chapter. The end-of-chapter problems, of varying degrees of difficulty and often with several parts, can be assigned as homework exercises. AUDIENCE

Using Mathematics in Economic Analysis can be adopted effectively for different audiences. I believe the text is most appropriate for an undergraduate coursed in mathematical economics where students have completed a first course in calculus and intermediate microeconomic theory and, perhaps, intermediate macroeconomic theory. The text, or individual chapters, may also serve as a supplement to the standard intermediate microeconomic and macroeconomic theory courses. And, the text might function well in the summer review courses given by graduate programs in economics and in Master's programs in business and public policy.

Read More Show Less

Table of Contents

Preface xv
Chapter 1 Introduction to Economic Models 1
Chapter 2 A Review of Some Basic Mathematics 21
Part I Analysis of Markets 48
Chapter 3 Perfectly Competitive Markets: Static Analysis 48
Chapter 4 Perfectly Competitive Markets: Dynamic Analysis 77
Chapter 5 Systems of Linear Equations and General Equilibrium 113
Part II Optimization 152
Chapter 6 Theory of the Firm: Short-Run Decision Rules 152
Chapter 7 Competition Among Many: Perfectly Competitive Firms and Monopolistically Competitive Firms 193
Chapter 8 Monopolies and Monopsonies 229
Chapter 9 Duopolies and Oligopolies 278
Chapter 10 Theory of the Firm: Constrained Optimization 327
Chapter 11 Theory of the Firm: Inequality Constraints 365
Chapter 12 Theory of Consumer Behavior 412
Part III Macroeconomic Analysis 451
Chapter 13 Basic Macroeconomic Models: Input-Output Analysis and a Simple Keynesian Model 451
Chapter 14 IS-LM and Aggregate Demand-Aggregate Supply Models 489
Chapter 15 Growth Rates and Growth Models 532
Glossary 583
Index 595
Read More Show Less

Preface

Mathematics in undergraduate economics tends to be underutilized to the detriment of student comprehension of economic principles. Usually introductory texts shy away from even basic algebra, and intermediate theory texts, if using calculus at all, often relegate the mathematical treatment to appendices and footnotes. The traditional mathematical economics texts, in contrast, focus on presenting the mathematical techniques with economic applications interspersed throughout, but with no coherent progression of the economic theories.

With this text I seek to convey the utility of mathematics—the conciseness of expression, preciseness of assumptions, and the advantages in manipulation—for economic analysis. The mathematics employed (including derivative and integral calculus, exponential and logarithmic functions, first order difference and differential equations, matrix algebra, linear and nonlinear programming) are motivated by the economics. Accordingly, the coverage of economic theory is organized into three parts: "Analysis of Markets," "Optimization," and "Macroeconomic Analysis." We progress from models of perfectly competitive markets for single commodities, to the optimizing behaviors of the firms and households operating in markets characterized by perfect and imperfect competition, to the aggregate markets of macroeconomic models. Mathematical concepts and techniques are introduced at appropriate points in the presentation of the economic theories and then reinforced throughout the text. The primary objective of Using Mathematics in Economic Analysis is for students to develop mathematical skills that can open up a new dimension of economicanalysis, thereby enhancing their understanding of economic theories.

FEATURES

The emphasis throughout the text is not on mathematical theorems and formal proofs, but on how mathematics can enhance our understanding of the economic behavior under study. The careful development of economic topics strives for a coherence not often found in mathematical economic texts. A premium is placed on clear explanation, with a blending of mathematical, verbal, and graphical exposition. Numerical illustrations of the economic models are used extensively to aid understanding. Frequent practice problems are provided throughout each chapter, with answers at the end of the chapter to give immediate feedback to students, bolstering confidence and building a secure foundation as they progress through the material. The end-of-chapter exercises are comprehensive and challenging. Moreover, key terms in economics (in bold) and mathematics (in italics) are listed at the end of the chapter (with page references), and a glossary of concise definitions is provided at the end of the text.

ORGANIZATION

In the first chapter, the construct of an economic model and the concept of equilibrium are discussed and illustrated with the example of a competitive market for a commodity. Then Chapter 2 provides a review of some basic mathematics; including sets, derivatives, limits, and integrals.

In Chapter 3, which begins Part I of the text, "Analysis of Markets," we use derivatives to establish conditions for the static stability of market equilibria and for comparative static analysis, inverse functions to illustrate different market adjustment mechanisms, and integral calculus to find consumers' surplus and producers' surplus. We shift to dynamic analysis in Chapter 4, beginning with first order difference equations. As a bridge between the discrete time of period analysis and continuous time we review exponential and logarithmic functions. The discussion of compound interest leads us to natural exponential and natural logarithmic functions, which are part of the solution of the first order differential equations also used in the dynamic modeling of a competitive market. In Chapter 5 we expand beyond a single competitive market to general competitive equilibrium. To build up to the matrix algebra needed for solving systems of linear equations, we first review vectors. A technique known as Cramer's rule is introduced, which will prove especially useful in the comparative static analysis for systems of equations.

In Part II, "Optimization," we look behind the market to the underlying optimizing behavior of firms and consumers. Chapter 6 develops the short run decision rules for a firm in selecting the profit-maximizing levels of output and labor employment. The powerful Implicit Function Theorem is introduced to enhance our ability to do comparative static analysis. Perfectly competitive and monopolistically competitive firms are addressed in Chapter 7, along with the concept of price elasticity of demand. Monopolies and monopsonies—at the other end of the theoretical spectrum—are the topics of Chapter 8. We will see how a monopolist may practice price discrimination to bolster profits and how a union can diminish, if not negate, the power of a monopsonist in a labor market. Chapter 9 completes our modeling of market structures by examining duopolies and oligopolies, where the firms in the market, few in number, are actively engaged in competition. The introduction to game theory follows naturally from the discussion of the firms' interdependent decision-making.

The progression from free optimization with one independent variable (e.g., perfectly competitive firms in Chapter 7) to two and more independent variables (e.g., a monopolist with two plants in Chapter 8) allows us to illustrate partial differentiation and the Implicit Function Theorem for the analysis of systems of equations. We then turn to constrained optimization. In Chapter 10 the long run decision of a firm in selecting the cost-minimizing input combination for producing a given output is modeled using the Lagrange multiplier method. With linear programming and nonlinear programming in Chapter 11, we extend the analysis to incorporate optimization under more than one constraint and to illustrate the concept of duality. Chapter 12 concludes Part II of the text with the application of constrained optimization to the theory of consumer behavior. In particular, the labor-leisure tradeoff of a household is modeled.

Part III, "Macroeconomic Analysis," parallels the first part of the text in that the treatment advances from static analysis to comparative statics to dynamic analysis. Chapter 13 begins with a discussion of input-output models. Then a Simple Keynesian Model is developed and applied to two countries to illustrate a phenomenon known as the foreign repercussions effect. In Chapter 14 we build up from the Simple Keynesian model (product market only), to the IS-LM model (addition of the money market), to the Aggregate Demand-Aggregate Supply Model (incorporation of the labor market and aggregate supply constraints). Again partial differentiation and matrix algebra are extensively used in the derivation of the multipliers associated with the various versions of the macromodels. The policy implications of the derived multipliers are discussed. The coverage of growth rates and growth models in the concluding Chapter 15 reinforces the use of natural exponential and natural logarithmic functions and first order differential equations, as well as derivative and integral calculus.

ALTERNATIVE ORGANIZATION

Covering all fifteen chapters in one semester may be challenging. Twelve chapters may be a more reasonable objective. Two basic options for using the text are: (I) Chapters 1-12-which emphasizes the microeconomics (leaving out Part III, "Macroeconomic Analysis"); and (II) Chapters 1-9 and 13-15-which allows for coverage of both microeconomics and macroeconomics (leaving out Chapters 10-12 on constrained optimization). Skipping the dynamic analyses in Chapters 4 and 15 would further reduce options I and II to eleven and ten chapters respectively.

INSTRUCTOR'S MANUAL

Available with the text is an Instructor's Manual, which provides answers to all of the end-of-chapter problems. The practice problems in the text are designed for students to work through themselves as they progress through each chapter. The end-of-chapter problems, of varying degrees of difficulty and often with several parts, can be assigned as homework exercises.

AUDIENCE

Using Mathematics in Economic Analysis can be adopted effectively for different audiences. I believe the text is most appropriate for an undergraduate coursed in mathematical economics where students have completed a first course in calculus and intermediate microeconomic theory and, perhaps, intermediate macroeconomic theory. The text, or individual chapters, may also serve as a supplement to the standard intermediate microeconomic and macroeconomic theory courses. And, the text might function well in the summer review courses given by graduate programs in economics and in Master's programs in business and public policy.

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)