TEST BANK Intermediate
||! ||!
Microeconomics NINTH
||! ||!
EDITION Hal R. Varian
||! ||! ||! ||!
Theodore C. Bergstrom
||! ||! ||!
James E. West
||! ||! ||!
,TEST BANK ||!
Intermediate Microeconomics ||!
NINTH | | ! EDITION
TEST BANK ||!
Intermediate
Microeconomics
||!
NINTH EDITION ||!
Hal R. Varian ||! ||!
Theodore C. Bergstrom ||! ||!
||! James E. West ||! ||!
W • W • NORTON & COMPANY • NEW YORK • LONDON
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
,W. ||!W. ||!Norton ||!& ||!Company ||!has ||!been ||!independent ||!since ||!its ||!founding ||!in ||!1923, ||!when ||!William
||! Warder ||!Norton ||!and ||!Mary ||!D. ||!Herter ||!Norton ||!first ||!published ||!lectures ||!delivered ||!at ||!the
||! People’s ||!Institute, ||!the ||!adult ||!education ||!division ||!of ||!New ||!York ||!City’s ||!Cooper ||!Union. ||!The ||!firm
||! soon ||!expanded ||!its ||!program ||!beyond ||!the ||!Institute, ||!publishing ||!books ||!by ||!celebrated ||!academics
||! from ||!America ||!and ||!abroad. ||!By ||!midcentury, ||!the ||!two ||!major ||!pillars ||!of ||!Norton’s ||!publishing
||! program—trade ||!books ||!and ||!college ||!texts—were ||!firmly ||!established. ||!In ||!the ||!1950s, ||!the ||!Norton
||! family ||!transferred ||!control ||!of ||!the ||!company ||!to ||!its ||!employees, ||!and ||!today—with ||!a ||!staff ||!of
||! four ||!hundred ||!and ||!a ||!comparable ||!number ||!of ||!trade, ||!college, ||!and ||!professional ||!titles ||!published
||! each ||!year—W. ||!W. ||!Norton ||!& ||!Company ||! stands ||! as ||! the ||! largest ||! and ||! oldest ||! publishing
||! house ||! owned ||! wholly ||! by ||! its ||! employees.
Copyright ||!© ||!2014 ||!by ||!W. ||!W. ||!Norton ||!&
||! Company, ||!Inc. ||!All ||!rights ||!reserved.
Printed ||!in ||!the ||!United ||!States ||!of
America. ||!ISBN ||!978-0-393-93675-9
||!
W. ||!W. ||!Norton ||!& ||!Company, ||!Inc.
500 ||!Fifth ||!Avenue, ||!New ||!York, ||!N.Y. ||!10110-0017
||! wwnorton.com
W. ||!W. ||!Norton ||!& ||!Company ||!Ltd.
Castle ||!House, ||!75/76 ||!Wells ||!Street, ||!London
||! W1T ||!3QT ||!1 ||!2 ||!3 ||!4 ||!5 ||!6 ||!7 ||!8 ||!9 ||!0
, CONTENTS
Preface vii
Part ||!I Test ||!Bank
Chapter ||!2 ||! ||! Budget ||!Constraint 3
Chapter ||!3 ||! ||!Preferences 11
Chapter ||! 4 | | ! ||! Utility 17
Chapter ||!5 ||! ||!Choice 24
Chapter ||!6 ||! ||!Demand 32
Chapter ||! 7 | | ! ||! Revealed ||!Preference 41
Chapter ||!8 ||! ||!Slutsky ||!Equation 49
Chapter ||!9 ||! ||! Buying ||!and ||!Selling 55
Chapter ||!10 ||! ||! Intertemporal ||!Choice 65
Chapter ||!11 ||! ||! Asset ||!Markets 72
Chapter ||!12 ||! ||!Uncertainty 79
Chapter ||!13 ||! ||! Risky ||!Assets 86
Chapter ||!14 ||! ||! Consumer’s ||!Surplus 89
Chapter ||!15 ||! ||!Market ||!Demand 94
Chapter ||!16 ||! ||!Equilibrium 105
Chapter ||!17 ||! ||! Measurement 112
Chapter ||!18 ||! ||!Auctions 113
Chapter ||!19 ||! ||!Technology 119
Chapter ||!20 ||! ||! Profit ||!Maximization 125
Chapter | |! 21 | | ! ||! Cost ||! Minimization 132
Chapter ||!22 ||! ||!Cost ||!Curves 143
Chapter ||!23 ||! ||!Firm ||!Supply 150
Chapter ||!24 ||! ||! Industry ||!Supply 155
Chapter ||!25 ||! ||!Monopoly 162
Chapter ||!26 ||! ||!Monopoly ||!Behavior 172
||! ||!
Microeconomics NINTH
||! ||!
EDITION Hal R. Varian
||! ||! ||! ||!
Theodore C. Bergstrom
||! ||! ||!
James E. West
||! ||! ||!
,TEST BANK ||!
Intermediate Microeconomics ||!
NINTH | | ! EDITION
TEST BANK ||!
Intermediate
Microeconomics
||!
NINTH EDITION ||!
Hal R. Varian ||! ||!
Theodore C. Bergstrom ||! ||!
||! James E. West ||! ||!
W • W • NORTON & COMPANY • NEW YORK • LONDON
||! ||! ||! ||! ||! ||! ||! ||! ||! ||! ||!
,W. ||!W. ||!Norton ||!& ||!Company ||!has ||!been ||!independent ||!since ||!its ||!founding ||!in ||!1923, ||!when ||!William
||! Warder ||!Norton ||!and ||!Mary ||!D. ||!Herter ||!Norton ||!first ||!published ||!lectures ||!delivered ||!at ||!the
||! People’s ||!Institute, ||!the ||!adult ||!education ||!division ||!of ||!New ||!York ||!City’s ||!Cooper ||!Union. ||!The ||!firm
||! soon ||!expanded ||!its ||!program ||!beyond ||!the ||!Institute, ||!publishing ||!books ||!by ||!celebrated ||!academics
||! from ||!America ||!and ||!abroad. ||!By ||!midcentury, ||!the ||!two ||!major ||!pillars ||!of ||!Norton’s ||!publishing
||! program—trade ||!books ||!and ||!college ||!texts—were ||!firmly ||!established. ||!In ||!the ||!1950s, ||!the ||!Norton
||! family ||!transferred ||!control ||!of ||!the ||!company ||!to ||!its ||!employees, ||!and ||!today—with ||!a ||!staff ||!of
||! four ||!hundred ||!and ||!a ||!comparable ||!number ||!of ||!trade, ||!college, ||!and ||!professional ||!titles ||!published
||! each ||!year—W. ||!W. ||!Norton ||!& ||!Company ||! stands ||! as ||! the ||! largest ||! and ||! oldest ||! publishing
||! house ||! owned ||! wholly ||! by ||! its ||! employees.
Copyright ||!© ||!2014 ||!by ||!W. ||!W. ||!Norton ||!&
||! Company, ||!Inc. ||!All ||!rights ||!reserved.
Printed ||!in ||!the ||!United ||!States ||!of
America. ||!ISBN ||!978-0-393-93675-9
||!
W. ||!W. ||!Norton ||!& ||!Company, ||!Inc.
500 ||!Fifth ||!Avenue, ||!New ||!York, ||!N.Y. ||!10110-0017
||! wwnorton.com
W. ||!W. ||!Norton ||!& ||!Company ||!Ltd.
Castle ||!House, ||!75/76 ||!Wells ||!Street, ||!London
||! W1T ||!3QT ||!1 ||!2 ||!3 ||!4 ||!5 ||!6 ||!7 ||!8 ||!9 ||!0
, CONTENTS
Preface vii
Part ||!I Test ||!Bank
Chapter ||!2 ||! ||! Budget ||!Constraint 3
Chapter ||!3 ||! ||!Preferences 11
Chapter ||! 4 | | ! ||! Utility 17
Chapter ||!5 ||! ||!Choice 24
Chapter ||!6 ||! ||!Demand 32
Chapter ||! 7 | | ! ||! Revealed ||!Preference 41
Chapter ||!8 ||! ||!Slutsky ||!Equation 49
Chapter ||!9 ||! ||! Buying ||!and ||!Selling 55
Chapter ||!10 ||! ||! Intertemporal ||!Choice 65
Chapter ||!11 ||! ||! Asset ||!Markets 72
Chapter ||!12 ||! ||!Uncertainty 79
Chapter ||!13 ||! ||! Risky ||!Assets 86
Chapter ||!14 ||! ||! Consumer’s ||!Surplus 89
Chapter ||!15 ||! ||!Market ||!Demand 94
Chapter ||!16 ||! ||!Equilibrium 105
Chapter ||!17 ||! ||! Measurement 112
Chapter ||!18 ||! ||!Auctions 113
Chapter ||!19 ||! ||!Technology 119
Chapter ||!20 ||! ||! Profit ||!Maximization 125
Chapter | |! 21 | | ! ||! Cost ||! Minimization 132
Chapter ||!22 ||! ||!Cost ||!Curves 143
Chapter ||!23 ||! ||!Firm ||!Supply 150
Chapter ||!24 ||! ||! Industry ||!Supply 155
Chapter ||!25 ||! ||!Monopoly 162
Chapter ||!26 ||! ||!Monopoly ||!Behavior 172
