Microeconomics

This book teaches microeconomics as a way of looking at the world, using plenty of new applications and examples to demonstrate the theory. Because it uses calculus (only in footnotes), this book is considered to be in the upper mid-range in its mathematical rigor. An optimal balance of theory and applications is maintained by working from the specific to the general--with many lively and interesting examples used as a means of developing economic theory in a careful and rigorous way. A seven-part organization covers numerous topics under the headings of: an introduction to microeconomics, individual choice, production and cost, markets for goods, resource markets and general equilibrium, imperfect competition, and uncertainty and asymmetric information. For individuals trying to apply the theory of microeconomics to the economics of the real world.

Preface

I An Introduction to Microeconomics

1 Microeconomics: A Working Methodology

Appendix A1 Model Building

II Individual Choice

2 A Theory of Preferences

3 Demand Theory

Appendix 3A Composite Commodities

4 More Demand Theory

5 Intertemporal Decision Making and Capital Values

III Production and Cost

6 Production and Cost: One Variable Input

7 Production and Cost: Many Variable Inputs

IV Markets for Goods

8 The Theory of Perfect Competition

9 Applications of the Competitive Model

10 Monopoly

V Resource Markets and General Equilibrium

11 Input Markets and the Allocation of Resources

12 The Distribution of Income

13 Competitive General Equilibrium

Appendix 13A Efficiency

VI Imperfect Competition

14 Price Discrimination and Monopoly Practices

15 Game Theory and Oligopoly

16 Product Differentiation

VII Uncertainty and Asymmetric Information

17 Choice Making Under Uncertainty

18 Asymmetric Information, the Rules of the Game, and Externalities

19 The Theory of the Firm

20 Asymmetric Information and Market Behaviour

Answers to Problems

Glossary

Index

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Summary

Summary

Table of Contents