E-Book Overview
Bernheim and Whinston’s Microeconomics focuses on the core principles of the intermediate microeconomic course: individuals and firms making decisions, competitive markets, and market failures. An accessible text that does not require knowledge of calculus, Microeconomics utilizes examples and integrates topics that will stimulate and motivate students.
Key advantages of Bernheim and Whinston’s approach are:
1) A fresh, up-to-date treatment of modern microeconomic theory. 2) A clear and engaging writing style, along with innovative pedagogy that provides students with more accessible ways to understand and master difficult concepts. 3) Numerous real-world applications that are closely tied to the theoretical material developed in the text. 4) Teaches students to solve a wide range of quantitative problems without requiring calculus.
E-Book Content
Microeconomics
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Microeconomics B. Douglas Bernheim Stanford University
Michael D. Whinston Northwestern University
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MICROECONOMICS Published by McGraw-Hill/Irwin, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY, 10020. Copyright © 2008 by The McGraw-Hill Companies, Inc. All rights reserved. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of The McGraw-Hill Companies, Inc., including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning. Some ancillaries, including electronic and print components, may not be available to customers outside the United States. This book is printed on acid-free paper. 1 2 3 4 5 6 7 8 9 0 DOC/DOC 0 9 8 7 ISBN MHID
978-0-07-290027-9 0-07-290027-X
Editorial director: Brent Gordon Executive editor: Douglas Reiner Developmental editor: Karen Fisher Senior marketing manager: Melissa Larmon Lead project manager: Pat Frederickson Senior production supervisor: Debra R. Sylvester Lead designer: Matthew Baldwin Senior photo research coordinator: Jeremy Cheshareck Photo researcher: Jennifer Blankenship Media project manager: Suresh Babu, Hurix Systems Pvt. Ltd. Cover design: Artemio Ortiz, Jr. Interior design: Artemio Ortiz, Jr. Typeface: 10.5/12.6 Times New Roman Compositor: Lachina Publishing Services Printer: R. R. Donnelley Library of Congress Cataloging-in-Publication Data Bernheim, B. Douglas. Microeconomics / by B. Douglas Bernheim, Michael D. Whinston. p. cm. ISBN-13: 978-0-07-290027-9 (alk. paper) ISBN-10: 0-07-290027-X (alk. paper) 1. Microeconomics. I. Whinston, Michael Dennis. II. Title. HB172.B485 2008 338.5--dc22 2007044523
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Dedication To our families
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Microeconomics
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B. Douglas Bernheim is the Edward Ames Edmonds Professor of Economics at Stanford University. He has also taught in the Department of Finance at Northwestern University’s J.L. Kellogg Graduate School of Management and the Department of Economics at Princeton University. He received his A.B. from Harvard University in 1979, and Ph.D. from M.I.T. in 1982. Professor Bernheim’s work has spanned a number of fields, including public economics, political economy,