Instructor’s Manual Duncan n n n
M. Holthausen
n
North Carolina State University
n n n
Microeconomics
7th edition
n
Robert S. Pindyck Dan n n
niel L. Rubinfeld
n n
PrenticenHall
UppernSaddlenRiver,nNewnJerseyn07458
NewnYorkn Bostonn SannFrancisco
Londonn Toronton Sydneyn Tokyon Singaporen MadridnMexi
conCityn Munichn Parisn CapenTownn HongnKongn Montreal
www.elsolucionario.net
,ThisnworknisnprotectednbynUnitednStatesncopyrightnlawsnandnisnprovidednsolel
ynfornthenusenofninstructorsninnteachingntheirncoursesnandnassessingnstudentn
learning.n Disseminationnornsalenofnanynpartnofnthisnworkn(includingnonnthenW
orldnWidenWeb)nwillndestroynthenintegritynofnthenworknandnisnnotnpermitted.
Thenworknandnmaterialsnfromnitnshouldnnevernbenmadenavailablenton
studentsnexceptnbyninstructorsnusingnthenaccompanyingntextninntheirnclasses
.
Allnrecipientsnofnthisnworknarenexpectedntonabidenbynthesenrestricti
onsnandntonhonornthenintendednpedagogicalnpurposesnandnthenneedsnofnother
ninstructorsnwhonrelynonnthesenmaterials.
Editor-in-Chief:n EricnSvendsen
ExecutivenEditor:n ChrisnRogers
EditorialnProjectnManager:n SusienAbrahamnProd
uctionnEditor:nSuzannenDeWorkennOperationsnS
pecialist:nArnoldnVila
Copyrightn©n2009nbynPearsonnEducation,nInc.,nUppernSaddlenRiver,nNewnJersey,n07458.
PearsonnPrenticenHall.nAllnrightsnreserved.nPrintedninnthenUnitednStatesnofnAmerica.nThisnp
ublicationnisnprotectednbynCopyrightnandnpermissionnshouldnbenobtainednfromnthenpublish
ernpriorntonanynprohibitednreproduction,nstorageninnanretrievalnsystem,norntransmissionninna
nynformnornbynanynmeans,nelectronic,nmechanical,nphotocopying,nrecording,nornlikewise.nF
orninformationnregardingnpermission(s),nwritento:nRightsnandnPermissionsnDepartment.
PearsonnPrenticenHall™nisnantrademarknofnPearsonnEducation,nInc.
Pearson®nisnanregisteredntrademarknofnPearsonnplc
PrenticenHall®nisnanregisteredntrademarknofnPearsonnEducation,nInc.
PearsonnEducationnLtd.,nLondon
PearsonnEducationnNorthnAsia,nLtd.,nHongnKong
n
n PearsonnEducationnSingapore,nPte.nLtd
PearsonnEducaciónndenMexico,nS.A.ndenC.V.nPea
rsonnEducation,nCanada,nInc. PearsonnEducationnMalaysia,nPte.nLtd
PearsonnEducation–Japan
PearsonnEducationnUppernSaddlenRiver,nNewnJersey
n PearsonnEducationnAustralianPTY,nLimited
10 9 8 7 6 5 4 3 2 1
ISBN-13:n 978-0-13-208025-5
ISBN-10:n 0-13-208025-7
www.elsolucionario.net
,www.elsolucionario.net
, CONTENTS
Pn An Rn Tn 1: Introduction:nMarketsnandnPrices
Chaptern 1 Preliminaries 1
Chaptern 2 ThenBasicsnofnSupplynandnDemand 6
Pn An Rn Tn 2: Producers,nConsumers,nandnCompetitivenMarkets
Chaptern 3 ConsumernBehavior 26
Chaptern 4 Individualn andn Marketn Demand 49
Chaptern 4 Appendix 69
Chaptern 5 UncertaintynandnConsumernBehavior 76
Chaptern 6 Production 88
Chaptern 7 Then Costn ofn Production 99
Chaptern 7 Appendix 115
Chaptern 8 ProfitnMaximizationnandnCompetitivenSupply 119
Chaptern 9 ThenAnalysisnofnCompetitivenMarkets 137
Pn An Rn Tn 3: MarketnStructurenandnCompetitivenStrategy
Chaptern 10 Marketn Power:n Monopolyn andn Monopsony 158
Chaptern 11 PricingnwithnMarketnPower 182
Chaptern 11 Appendix 209
Chaptern 12 Monopolisticn Competitionn andn Oligopoly 216
Chaptern 13 GamenTheorynandnCompetitivenStrategy 245
Chaptern 14 MarketsnfornFactornInputs 262
Chaptern 15 Investment,n Time,n andn Capitaln Markets 274
Pn An Rn Tn 4: Information,nMarketnFailure,nandnthenRolenofnGovernment
Chaptern 16 GeneralnEquilibriumnandnEconomicnEfficiency 289
Chaptern 17 MarketsnwithnAsymmetricnInformation 303
Chaptern 18 Externalitiesnandn Publicn Goods 315
www.elsolucionario.net
M. Holthausen
n
North Carolina State University
n n n
Microeconomics
7th edition
n
Robert S. Pindyck Dan n n
niel L. Rubinfeld
n n
PrenticenHall
UppernSaddlenRiver,nNewnJerseyn07458
NewnYorkn Bostonn SannFrancisco
Londonn Toronton Sydneyn Tokyon Singaporen MadridnMexi
conCityn Munichn Parisn CapenTownn HongnKongn Montreal
www.elsolucionario.net
,ThisnworknisnprotectednbynUnitednStatesncopyrightnlawsnandnisnprovidednsolel
ynfornthenusenofninstructorsninnteachingntheirncoursesnandnassessingnstudentn
learning.n Disseminationnornsalenofnanynpartnofnthisnworkn(includingnonnthenW
orldnWidenWeb)nwillndestroynthenintegritynofnthenworknandnisnnotnpermitted.
Thenworknandnmaterialsnfromnitnshouldnnevernbenmadenavailablenton
studentsnexceptnbyninstructorsnusingnthenaccompanyingntextninntheirnclasses
.
Allnrecipientsnofnthisnworknarenexpectedntonabidenbynthesenrestricti
onsnandntonhonornthenintendednpedagogicalnpurposesnandnthenneedsnofnother
ninstructorsnwhonrelynonnthesenmaterials.
Editor-in-Chief:n EricnSvendsen
ExecutivenEditor:n ChrisnRogers
EditorialnProjectnManager:n SusienAbrahamnProd
uctionnEditor:nSuzannenDeWorkennOperationsnS
pecialist:nArnoldnVila
Copyrightn©n2009nbynPearsonnEducation,nInc.,nUppernSaddlenRiver,nNewnJersey,n07458.
PearsonnPrenticenHall.nAllnrightsnreserved.nPrintedninnthenUnitednStatesnofnAmerica.nThisnp
ublicationnisnprotectednbynCopyrightnandnpermissionnshouldnbenobtainednfromnthenpublish
ernpriorntonanynprohibitednreproduction,nstorageninnanretrievalnsystem,norntransmissionninna
nynformnornbynanynmeans,nelectronic,nmechanical,nphotocopying,nrecording,nornlikewise.nF
orninformationnregardingnpermission(s),nwritento:nRightsnandnPermissionsnDepartment.
PearsonnPrenticenHall™nisnantrademarknofnPearsonnEducation,nInc.
Pearson®nisnanregisteredntrademarknofnPearsonnplc
PrenticenHall®nisnanregisteredntrademarknofnPearsonnEducation,nInc.
PearsonnEducationnLtd.,nLondon
PearsonnEducationnNorthnAsia,nLtd.,nHongnKong
n
n PearsonnEducationnSingapore,nPte.nLtd
PearsonnEducaciónndenMexico,nS.A.ndenC.V.nPea
rsonnEducation,nCanada,nInc. PearsonnEducationnMalaysia,nPte.nLtd
PearsonnEducation–Japan
PearsonnEducationnUppernSaddlenRiver,nNewnJersey
n PearsonnEducationnAustralianPTY,nLimited
10 9 8 7 6 5 4 3 2 1
ISBN-13:n 978-0-13-208025-5
ISBN-10:n 0-13-208025-7
www.elsolucionario.net
,www.elsolucionario.net
, CONTENTS
Pn An Rn Tn 1: Introduction:nMarketsnandnPrices
Chaptern 1 Preliminaries 1
Chaptern 2 ThenBasicsnofnSupplynandnDemand 6
Pn An Rn Tn 2: Producers,nConsumers,nandnCompetitivenMarkets
Chaptern 3 ConsumernBehavior 26
Chaptern 4 Individualn andn Marketn Demand 49
Chaptern 4 Appendix 69
Chaptern 5 UncertaintynandnConsumernBehavior 76
Chaptern 6 Production 88
Chaptern 7 Then Costn ofn Production 99
Chaptern 7 Appendix 115
Chaptern 8 ProfitnMaximizationnandnCompetitivenSupply 119
Chaptern 9 ThenAnalysisnofnCompetitivenMarkets 137
Pn An Rn Tn 3: MarketnStructurenandnCompetitivenStrategy
Chaptern 10 Marketn Power:n Monopolyn andn Monopsony 158
Chaptern 11 PricingnwithnMarketnPower 182
Chaptern 11 Appendix 209
Chaptern 12 Monopolisticn Competitionn andn Oligopoly 216
Chaptern 13 GamenTheorynandnCompetitivenStrategy 245
Chaptern 14 MarketsnfornFactornInputs 262
Chaptern 15 Investment,n Time,n andn Capitaln Markets 274
Pn An Rn Tn 4: Information,nMarketnFailure,nandnthenRolenofnGovernment
Chaptern 16 GeneralnEquilibriumnandnEconomicnEfficiency 289
Chaptern 17 MarketsnwithnAsymmetricnInformation 303
Chaptern 18 Externalitiesnandn Publicn Goods 315
www.elsolucionario.net
