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INDEX • 735 Discounted present value, 561, 562 Discount rate commercial banks and, 589 determination of, 569–570 real vs nominal, 571–572 risk-adjusted, 575–576 Discounts, quantity, 404 Discrimination, price See Price discrimination Diseconomies of scale, 255–256, 308 Diseconomies of scope, 259 Disequilibrium, market, 608 Disney Channel, 426 Disneyland, 416 Disposable diaper industry, capital investment in, 576–578 DiTella, Raphael, 81n4 Diversifiable risk, 574–575 Diversification risk and, 170–171 stock market and, 171 Dividend yields for S&P 500, 184 Dixit, Avinash, 492n5, 516n19, 570n10 Dollar bill game, 489 Dominant firm model, 476–477 Dominant strategy, 490–491 Double marginalization, 442–443 Dranove, David, 176n9 Dreyfus, Mark K., 580n15 Duality, 154–155 Dulberger, Ellen R., 105n15 Duopoly, 458, 462 DuPont, 514–515 Durability demand and, 40–41 supply and, 45–46 Durable equipment consumption of, 43 investment in, 42–43 Dutch auction, 517 DVD rentals, effect on movie theater tickets, 596–597 E eBay, 522–524 Economic efficiency bargaining and, 685–686 of competitive markets, 323–328, 609–610 equity and, 610–613 exchange and, 602–610, 624 free trade and, 618–623 market failure and, 625–627 monopolistic competition and, 454–455 production and, 613–618, 624 Economic forecasting, 704–705 Economic inefficiency, moral hazard and, 645 Economic rent definition of, 305 factor markets and, 542–544 Economic theories, 5–6 Economies of scale, 255–256 barriers to entry and, 376 learning versus, 262–264 Economies of scope, 258–261 Edgeworth box, 603–604 Education benefits of, 640–642 college costs and, 13–14, 28 determining spending levels of, 694–695 net present value and, 581 public, 691 Effective yield, bond, 566–567 Efficiency, public goods and, 691–692 Efficiency wage theory, 654–656 Efficient allocations, 602, 604–606 Effluent fees, 247–249 Egalitarian view of equity, 611, 612 Eggs, cost of, 13–14, 28 Elasticity in supply and demand, 33–39, 126–128 See also Price elasticity advertising and, 431 arc elasticity of demand, 36–37 cross-price elasticity of demand, 35 definition of, 33 income elasticity of demand, 34–35, 40–43 linear demand curve, 34 long-run, 311–312 monopolies and, 376 monopsony and, 385–389 oil and, 56–58 point vs arc elasticities, 36–37 price markup and, 373 short-run market and, 296–297 short-run vs long-run elasticities, 39–48 soft drinks and, 370 tax impact on, 347 Electric power, cost functions for, 268–269 Ellerman, A.D., 675n10 Ellerman, Denny, 675n10 Elliott, Kimberly Ann, 622n9 Ellis, Gregory M., 587n21 Elobeid, Amani, 598n1 Emissions efficient levels of, 668 emissions trading and clear air, 673–675 marginal external costs of, 666 standards vs fees and, 669–671 stock externalities and, 678–684 sulfur dioxide, 665–666, 672–673 transferable emissions permits, 671–672 Emissions fee, 668–669 Emissions standard, 668 Empty threats, 506 Endowment effect, 190–191 Energy efficiency, 251–253 through capital substitution for labor, 252 through technological change, 252 Energy Independence and Security Act, 17 Engel curves, 116–118 English (or oral) auction, 517 Enomoto, Carl E., 374n9 Entry and exit, competitive equilibrium and, 300, 302–304 Entry barriers competitive strategy and, 376 oligopolies and, 456 Entry deterrence, 510–516 Entry fees, 414 Equal marginal principle, 96, 151 Equilibrium, 25–26, 640 competitive, 301–304, 607–609 consumer, 607–609 Cournot equilibrium, 460–461, 464–465 dominant strategies and, 491 exchange efficiency and, 607–609 factor markets and, 542–545 general analysis and, 595–602 labor market, 542–545 long-run, 301–304, 453–454 market changes and, 26–32 Nash equilibrium, 458, 466, 467, 469, 492–498 oligopoly and, 457–458 short-run, 453–454 Stackelberg equilibrium, 492, 492n6 supply and demand and, 25–26 Equilibrium price, 49 Equilibrium quantity, 49 Equitable allocations, 610–613 egalitarian view of, 611, 612 market-oriented view of, 611, 612 perfect competition and, 612–613 Rawlsian view of, 611, 612 social welfare functions and, 611–612 utilitarian view of, 611, 612 utility possibilities frontier and, 610–612 Equity, four views of, 612 Espey, Molly, 44n11 Ethanol global market, 598–600 European antitrust laws, 392 European Merger Control Act, 392 European Union, 392 ex ante forecasts, 704 Excess demand, 58, 608 Excess supply, 608 Exchange economy, defined, 602 Exchange efficiency, 602–610 advantages of trade and, 602–603 competitive equilibrium and, 607–609 contract curve and, 606–607 Edgeworth box and, 603–604 efficient allocations and, 604–606 Excise tax, effects on monopolies, 367 Executive compensation, 647–648 Exhaustible resources, 584–587 Expansion path, 249–251 Expansion strategy, 509 Expected payoff, 495 Expected returns, 178 Expected utility, 165, 195 Expected value, 161 ex post forecasts, 705 Extensive form of a game, 503–504
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