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Introduction to Economic Analysis
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- Description
- Table of Contents
- Supplements
Publication Date: Mar 2009
License: Creative Commons
ISBN 10: 0-9820430-9-0
ISBN 13: 978-0-9820430-9-7
Listen to a podcast here of Preston discussing his textbook and the Microeconomics course to gain perspective on this text.
This book presents standard intermediate microeconomics material and some material that, in the authors' view, ought to be standard but is not. Introductory economics material is integrated. Standard mathematical tools, including calculus, are used throughout. The book easily serves as an intermediate microeconomics text, and can be used for a relatively sophisticated undergraduate who has not taken a basic university course in economics.
The focus of this book is on the conceptual tools and not on fluff. As such, it reflects the approach actually adopted by the majority of economists for understanding economic activity. There are lots of models and equations, and no pictures of economists ;-)
Economic analysis is used in many situations. When British Petroleum sets the price for Alaskan crude oil, it uses an estimated demand model, both for gasoline consumers and also for the refineries to which BP sells. Economic analysis was used by experts in the antitrust suit brought by the U.S. Department of Justice both to understand Microsoft’s incentive to foreclose (eliminate from the market) rival Netscape and consumer behavior in the face of alleged foreclosure. Stock market analysts use economic models to forecast the profits of companies to predict the price of their stocks. When the government forecasts the budget deficit or considers a change in environmental regulations, it uses economic models. This book presents the building blocks of the models in common use by an army of economists thousands of times per day.
This book, plus econometrics, provides most of the economic analysis tools to take upper division economics courses of any type.
- About the Authors
R. Preston McAfee
R. Preston McAfee is Vice President and Research Fellow at Yahoo! Research, where he heads the Microeconomics Group. He is on leave from his position as the J. Stanley Johnson Professor of Business, Economics and Management at the California Institute of Technology. He is one of the most influential and regularly cited economists in the world today.
McAfee regularly teaches business strategy, managerial economics and principles of economics. He is the author of over eighty articles published in scholarly economics journals, many of them on auctions and bidding, and co-author of a book Incentives in Government Procurement. He is currently the editor of Economic Inquiry. McAfee served as one of four economists who edit the American Economic Review, the most prominent economics journal, for over nine years, and helped found Theoretical Economics, a new open access journal. He is a Fellow of the Econometric Society. McAfee taught business strategy at the University of Chicago's Graduate School of Business in 2000-1, and is the author of Competitive Solutions: The Strategist's Toolkit, published by Princeton University Press in 2003.
McAfee is a recognized expert in industrial organization, and has been hired as a consultant by the U.S. Department of Justice, Antitrust Division and the Federal Trade Commission. McAfee has advised on matters concerning mergers, collusion, price-fixing, electricity pricing, bidding, procurement, sales of government property. In 1995, McAfee extensively advised the Federal Communications Commission on the design of auctions for spectrum to be used for personal communications services. McAfee advised the Federal Trade Commission on the mergers of Exxon and Mobil, and BP and Arco, and testified in the FTC v. Rambus and U.S. versus Oracle on the competitive effects of the Peoplesoft-Oracle merger.
Prior to joining Caltech, McAfee was the Murray S. Johnson Chair in Economics at the University of Texas at Austin, and served as department chair in 1998. Previously, McAfee was a visiting professor at Caltech and a professor at the University of Western Ontario. McAfee received the Ph.D. in economics from Purdue University in 1980, Master's degrees in both mathematics and economics in 1978, and the Bachelor's degree in economics, summa cum laude and Phi Beta Kappa, from the University of Florida in 1976.
Tracy R. Lewis
Tracy R. Lewis is the Martin L Black Professor of Business Administration at the Fuqua School of Business, Duke University, and Director of the Duke University Innovation Center.
Other positions held by Dr. Lewis include: James Walter Eminent Scholar in Economics, University of Florida, and Associate Director of Energy Studies, Public Utilities Research Center, Director, Program on Workable Energy Regulation (POWER), Professor of Economics, University of California, Davis, Professor of Economics, University of British Columbia, Assistant Director, Program in Natural Resource Economics, Visiting Associate Professor of Economics, California Institute of Technology, Associate Professor of Economics, University of British Columbia, Brookings Fellow, Washington, DC, Visiting Assistant Professor, University of British Columbia, Assistant Professor, University of Arizona.
In addition to the roles above, Dr. Lewis has served as Economic Advisor for the National Research Council, Academy of Sciences. He has been a consultant to numerous organizations including the Florida Attorney General’s Office, the World Bank Project on Abatement of Greenhouse Gases, Florida Power and Light Company, FTC, Department of Energy, the Rand Corporation, and many others.
Dr. Lewis has published two books, numerous articles, and has served as editor on a wide range of journals including: the Journal of Law Economics and Organization, The B. E. Journals in Industrial Organization, and Review of Network Economics—to name a few. He has been awarded over 15 grants, fellowships and awards.
Tracy earned his BA and PhD at the University of California, San Diego.
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Instructor Manual
The Instructor Manual will help guide you through the main concepts of each chapter such as learning objectives, key terms and takeaways. Many also include explanations and answers to chapter exercises.
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Solutions Manual - Coming Soon!
For exercises that need a little more explanation, our Solutions Manual will take you step by step through solving the problem and offer explanations on the answer.
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PowerPoint Lecture Notes
A PowerPoint presentation highlighting key learning objectives and the main concepts for each chapter are available for you to use in your classroom. You can either cut and paste sections or use the presentation as a whole.
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Test Item File
Need assistance in supplementing your quizzes and tests? Our test item files (in Word format) contain many true/false, multiple choice, fill in the blanks, and short essay questions.