Timothy Van Zandt - Insead

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Firms, Prices, And Markets Timothy Van Zandt Professor of Economics Shell Fellow of Economic Transformation INSEAD Boulevard de Constance 77305 Fontainebleau France http://faculty.insead.edu/vanzandt timothy.van-zandt@insead.edu ©August 2012
Table of Contents Math Review 1 M.1 Whatmath? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 M.2 Functions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 M.3 Graphs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 M.4 Inverseofafunction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 M.5 Theinverseofalinearfunction . . . . . . . . . . . . . . . . . . . . . . . . . 6 M.6 Somenonlinearfunctions . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 M.7 Slopeofalinearfunction . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 M.8 Slopeofanonlinearfunction . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Preliminaries Analytic Methods for Managerial Decision Making 11 P.1 Motivesandobjectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 P.2 Theeconomist’snotionofmodels . . . . . . . . . . . . . . . . . . . . . . . 12 P.3 Smoothapproximations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 P.4 Decompositionofdecisionproblems . . . . . . . . . . . . . . . . . . . . . 14 P.5 Marginalanalysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 P.6 Themathematicsofmarginalanalysis . . . . . . . . . . . . . . . . . . . . . 20 P.7 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 1 Gains from Trade 25 1.1 Motivesandobjectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 1.2 Efficiency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 1.3 Valuation,cost,andsurplus . . . . . . . . . . . . . . . . . . . . . . . . . . 27 1.4 Onebuyerandoneseller . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 1.5 Manybuyersandmanysellers . . . . . . . . . . . . . . . . . . . . . . . . . 28 1.6 Verymanybuyersandverymanysellers . . . . . . . . . . . . . . . . . . . 33 1.7 Sourcesofgainsfromtrade . . . . . . . . . . . . . . . . . . . . . . . . . . 34 1.8 Wrap-up . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 AdditionalExercises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 2 Supply, Demand, and Markets 37 2.1 Motivesandobjectives . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37 2.2 Bargaining: Onebuyerandoneseller . . . . . . . . . . . . . . . . . . . . . 38 2.3 Manybuyersandmanysellers: Equilibrium . . . . . . . . . . . . . . . . . . 39 2.4 Demandandsupply: Graphicalanalysis . . . . . . . . . . . . . . . . . . . . 40 2.5 Consumerandproducersurplus . . . . . . . . . . . . . . . . . . . . . . . . 42 2.6 Gainsfromtradeinequilibrium . . . . . . . . . . . . . . . . . . . . . . . . 45 2.7 Changesincostsorvaluations . . . . . . . . . . . . . . . . . . . . . . . . . 46 2.8 Taxesontransaction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Firms, Prices, and Markets ©August 2012 Timothy Van Zandt
Page 1: Firms, Prices, And Markets Timothy
Page 5 and 6: Table of Contents iii 7 Pricing wit
Page 7: Table of Contents v 16.5 Comparison
Page 11 and 12: M.1 What math? Math Review Microeco
Page 13 and 14: Section 3 Graphs 3 M.3 Graphs To gr
Page 15 and 16: Section 4 Inverse of a function 5 f
Page 17 and 18: Section 6 Some nonlinear functions
Page 19 and 20: Section 8 Slope of a nonlinear func
Page 21 and 22: Preliminaries Analytic Methods for
Page 23 and 24: Section 2 The economist’s notion
Page 25 and 26: Section 4 Decomposition of decision
Page 27 and 28: Section 5 Marginal analysis 17 Marg
Page 29 and 30: Section 5 Marginal analysis 19 •
Page 31 and 32: Section 6 The mathematics of margin
Page 33 and 34: Section 7 Wrap-up 23 Observe that a
Page 35 and 36: 1.1 Motives and objectives Broadly
Page 37 and 38: Section 3 Valuation, cost, and surp
Page 39 and 40: Section 5 Many buyers and many sell
Page 43 and 44: Section 6 Very many buyers and very
Page 45 and 46: Section 8 Wrap-up 35 1.8 Wrap-up Th
Page 47 and 48: Chapter 2 Supply, Demand, and Marke
Page 51 and 52: Section 4 Demand and supply: Graphi
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Section 5 Consumer and producer sur
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Section 6 Gains from trade in equil
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Section7 Changesincostsorvaluations
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Section7 Changesincostsorvaluations
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Section 8 Taxes on transaction 51 s
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Section 9 Wrap-up 53 ation curve (m
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Additional exercises 55 Exercise 2.
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Chapter 3 Consumer Choice and Deman
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Section 3 A model of consumer choic
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Section 4 Interpretation of demand
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Section 4 Interpretation of demand
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Section 5 Wrap-up 65 Linear and log
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Chapter 4 Production and Costs 4.1
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Section 3 What to include in the co
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Section 3 What to include in the co
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Section 4 Economies of scale 73 Sou
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Section 5 A typical cost curve 75 M
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Section 6 When are fixed costs impo
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Section 6 When are fixed costs impo
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Section 7 Pitfalls to avoid regardi
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Section 8 The leading examples of c
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Additional exercises 91 Additional
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94 Competitive Supply and Market Pr
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100 Competitive Supply and Market P
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114 Short-Run Costs and Prices Chap
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Chapter 7 Pricing with Market Power
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Section 3 Profit-maximizing output
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Section 3 Profit-maximizing output
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Section 4 Profit maximization versu
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Section 5 The effect of a long-run
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Additional exercises 145 produces l
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Chapter 8 Elasticity of Demand 8.1
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Section 2 Measuring elasticity 149
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Section 4 Elasticity of special dem
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Section 4 Elasticity of special dem
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Section 6 Wrap-up 155 For example,
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Chapter 9 How Pricing Depends on th
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Section 3 Marginal revenue and elas
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Section 4 The effect of an increase
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Section 5 The price-sensitivity eff
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Section 6 The volume effect 165 Alt
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Section 8 Wrap-up 167 The shift in
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Additional exercises 169 Figure E9.
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172 Explicit Price Discrimination C
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180 Implicit Price Discrimination (
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200 Nonlinear Pricing Chapter 12 On
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202 Nonlinear Pricing Chapter 12 tw
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204 Nonlinear Pricing Chapter 12 fu
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206 Nonlinear Pricing Chapter 12 We
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208 Nonlinear Pricing Chapter 12 Fi
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210 Nonlinear Pricing Chapter 12
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212 Static Games and Nash Equilibri
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230 Imperfect Competition Chapter 1
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Chapter 15 Explicit and Implicit Co
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Section 3 Individual vs. collective
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Section 3 Individual vs. collective
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Section 4 Achieving cooperation thr
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Section 5 Wrap-up 253 of a social n
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256 Strategic Commitment Chapter 16
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Timothy Van Zandt - Insead

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