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MODERN MICROECONOMICS A. KOUTSOYIANNIS Professor of Economics University of Waterloo, Ontario M © A. Koutsoyiannis 1975 All rights reserved. No part of this publication may be reproduced or transmitted, in any form or by any means, without permission. First edition 1975 Reprinted 1976 (twice), 1977 (twice) Published by THE MACMILLAN PRESS LTD London and Basin!{stoke Associated companies in Delhi Dublin Hong Kong Johannesburg Lagos Melbourne New YorkS ingapore and Tokyo ISBN 978-0-333-18285-7 ISBN 978-1-349-15603-0 (eBook) DOI 10.1007/978-1-349-15603-0 By the same author THEORY OF ECONOMETRICS (Second Edition) This book is sold subject to the standard conditions of the Net Book Agreement. The paperback edition of this book is sold subject to the condition that it shall not, by way of trade or otherwise, be lent, resold, hired out, or otherwise circulated without the publisher's prior consent in any form of binding or cover other than that in which it is published and without a similar condition including this condition being imposed upon the subsequent purchaser. To Charles F. Carter and Janet Carter Contents Preface xi PART ONE THE BASIC TOOLS OF ANALYSIS INTRODUCTION 3 I Economic Models 3 II Classification of Markets 4 III The Concept of an 'Industry' 7 A. The Importance of the Concept of an 'Industry' 7 B. Criteria for the Classification of Firms into Industries 8 2 THEORY OF DEMAND 13 I Theory of Consumer Behaviour 13 A. The Cardinal Utility Theory 14 B. The Indifference Curves Theory 17 C. The Revealed Preference Hypothesis 28 D. The Consumers' Surplus 32 E. Some Applications of Indifference Curves Analysis 35 II The Market Demand 44 A. Derivation of the Market Demand 44 B. Determinants of Demand 45 C. Elasticities of Demand 46 D. Market Demand, Total Revenue and Marginal Revenue 50 III Recent Developments in the Theory of Market Demand 53 A. The Pragmatic Approach to Demand Analysis 53 B. Linear Expenditure Systems 58 IV The Demand for the Product of a Firm 60 3 THEORY OF PRODUCTION 67 I The Production Function for a Single Product 67 II Laws of Production 76 A. Laws of Returns to Scale 76 B. The Law of Variable Proportions 82 III Technological Progress and the Production Function 85 IV Equilibrium of the Firm: Choice of Optimal Combination of Factors of Production 86 A. Single Decision of the Firm 86 B. Choice of Optimal Expansion Path 92
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