Daniel l. Rubinfeld

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xii Contents Contents xiii 7 The Slopes of the Product Curve 183 The AI'emge Product of Labor CurI'e 184 The lvlargiilal Prodllct of Labor Curve 185 The Law of Diminishil1g Nlarginal Retllms 185 Labor Prodllctivity 188 6.4 Production with Two Variable Inputs 191 Diminishing Marginal Retllnls 191 Sllbstitlltion Among Inpllts 192 Prodllction FUl1ctions- Two Special Cases 194 6.5 Returns to Scale 197 Increasing Retllrns to Scnle 198 Constant Returns to Scnle 198 Decreasing Retums to Scnle 198 Describing Returns to Scale 198 Summary 201 Questions for Review 201 Exercises 202 Cost of Production 203 7.1 Measuring Cost: Which Costs Matter 203 Ecol1omic Cost versus Accolll1ting Cost 204 Opportllnity Cost 204 Sllnk Costs 205 Fixed Costs and Variable Costs 206 Fixed I'ersus Sunk Costs 207 7.2 Cost in the Short Rlm 208 The Determil1al1ts of Short-Rlln Cost 210 The Shapes of the Cost Cllrves 211 7.3 Cost in the long Run 215 The User Cost of Capital 215 The Cost-Minimizing Inpllt Choice 216 The Isocost Line 217 Choosing Inputs 218 Cost Minimization with Varying OUtpllt Levels 222 The Expansion Path and Long-Run Costs 222 7.4 long-Run versus Short-Run Cost Curves 224 The Inflexibility of Short-RllI1 Production 224 Long-Run AI'emge Cost 225 Economies and Diseconomies of Scale 227 The Relationship Between Short-Run and LOl1g-Rlln Cost 227 7.5 Production ·with Two Outputs-Economies of Scope 229 Product Trllllsformation Cllrves 230 Economies and Diseconomies of Scope 231 The Degree of Economies of Scope 231 *7.6 Dynamic Changes in Costs-The learning Curve 232 Gmphing the Leaming Cllrve 234 Leanzing verSllS Economies of Scnle 234 *7.7 Estimating and Predicting Cost 237 Cost Fllnctions and the NleaSliremellt of Scale Ecollomies 239 Summary 242 Questions for Review 243 Exercises 243 Appendix to Chapter 1: Production and Cost Theory A Mathematical Treahnent 246 Cost lvlinimization 246 Marginal Rate of Tecllllical Sllbstitution 247 Duality in Production and Cost Theory 248 The Cobb-Douglas Cost and Production Functions 248 Exercises 250 8 8.1 Perfectly Competitive Markets 252 When Is a Market Highly Competitive 253 8.2 Profit Maximization 254 Do Finl1s Nlaximize Profit 254 8.3 Marginal Revenue, Marginal Cost, and Profit Maximization 255 Demal1d IlIld Marginal Revenue for a CompetitiI'e Firm 256 Profit Maximization by a Competitive Firm 257 8.4 Choosing Output in the Short Run 258 Short-RIIlI Profit Maximization by a Competitive Firm 258 The Short-Rlln Profit of a Competitive Firm 259 8.5 The Competitive Firm's Short-Rim Supply Curve 263 The Firm's Response to 1lI1 Input Price Change 264 8.6 TIle Short-Run Market Supply Curve 266 Elasticity of Market Supply 266 Prodllcer Surplus in the Short Rlln 269 8.7 Choosing Output in the long Run 271 Long-Rlln Profit Maximization 271 Long-Run Competitive EquilibriulIl 272 Economic ReI1t 275 Producer Surplus in the Long Run 276 8.8 The Industry'S long-Run Supply Curve 277 Constallt-Cost Industry 277 Increasing-Cost Industry 279 Decreasing-Cost Industry 280 The Effects of a Tax 280 Long-Run Elasticity of Supply 281 Summary 283 Questions for Review 284 Exercises 284 9 The Analysis of Competitive Marl
xiv Contents Contents 3 9.2 111e Efficiency of a Competitive Market 294 9.3 Minimum Prices 298 9.4 Price Supports and Production Quotas 302 Price Supports 302 Production Quotas 304 9.5 Import Quotas and Tariffs 309 9.6 The Impact of a Tax or Subsidy 313 The Effects of a Subsidy 317 Summary 320 Questions for Review 320 Exercises 321 Market Structure and Competitive Strategy 325 10 10.1 Monopoly 328 Average Revenlle and Marginal Revenlle 328 The Monopolist's Olltpllt Decision 329 All Example 331 A RlIle of Thllmb for Pricing 333 Shifts in Del/wnd 335 The Effect of a Tax 335 'The MlIltiplant Firm 337 10.2 Monopoly Power 339 Measllring Monopoly Power 340 The RlIle of Thllmb for Pricing 341 10.3 Sources of Monopoly Power 345 The Elasticity of Market Demand 345 The NlImber of Firms 345 The Intemction Among Firms 346 10.4 111e Social Costs of Monopoly Power 347 Rent Seeking 348 Price Reglliation 348 Natllml Monopoly 350 Reglliations in Practice 351 10.5 Monopsony 352 Monopsony and Monopoly Compared 354 10.6 Monopsony Power 355 SOllrces of Monopsony Power 356 The Social Costs of Monopsony Power 357 Bilateml Monopoly 358 10.7 Limiting Market Power: The Antitrust Laws 359 Enforcement of the Antitrust Laws 361 Summary 364 Questions for Review 365 Exercises 365 1 11.1 Capturing Consumer Surplus 370 11.2 Price Discrimination 371 First-Degrl'e Price Discrimiilation 371 Second-Degree Price Discrimii1ation 374 Third-Degree Price Discrimination 375 11.3 Intertemporal Price Discrimination and Peak-Load Pricing 382 Interlempoml Pricl' Discrimii1ation 382 Peak-Load Pricing 383 11.4 The Two-Part Tariff 385 *11.5 Bundling 392 Relatil'e Vailialioils 393 Mixed Blindling 397 Blindling in Pmctice 399 TIling 402 *11.6 Ad\-ertising 403 A RIlle ~r Til1llllb f(lr AdI1l'rtising 405 Summary 407 Questions for Review 408 Exercises 408 Appendix to Chapter 1111: Transfer Pricing in the Integrated Firm -n3 Transfer Pricing When There Is No Olltside lvIarket 413 Transfer Pricing «(lith a CompetitiI1e Olitside Market 415 Transfer Pricing with tl Noncolllpetitil'e Olitside Market 411 A NlI/1/eriCilI Extlmple 420 Exercises 421 12 12.1 Monopolistic Competition 424 The jVIakings of Monopolistic Competition 424 EqIlilibrill1ll in the Short RlIn and the Long RlIn 425 lvIonopolistic Competitiol1 al1d Ecol1omic Efficieilcy 426 12.2 Oligopoly 429 Equilibriulll ill all Oligopolistic Market 430 The Coumol Model 431 The Lillear Delllalld Curue-All Extllllple 433 First lvIoucr AdI'tllltage-The Stackelberg Model 436 12.3 Price Competition 437 Price COlllpetitioll with HOlllogelleolls Products-The Bertmlld iVIodcl 437 Price COlllpetitioll with Differelltiated Prodlicts 438 12.4 Competition versus Collusion: The Prisoners' Dilemma 442 12.5 Implications of the Prisoners' Dilemma for Oligopolistic Pricing 445 Price Rigidity 446 Price Signalillg alld Price Leadership 447 The Domillant Finll iVIodel 450 12.6 Cartels 451 Allalysis ~r Cartel Pricing 452
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Daniel l. Rubinfeld

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