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By the successful author of "The Armchair Economist" (a popular trade book that explains basic economics to the general public), this book makes intermediate microeconomics fun and intellectually challenging. The writing style provides an exceptionally friendly and application-rich presentation, combined with a rigorous and careful development of microeconomics theory. All of the standard topics of intermediate price theory are included, as well as many innovative topics, such as alternative normative criteria, efficient asset markets, contestable markets, antitrust law, human capital, demand for public goods, and more. A unique unifying theme of social welfare is used throughout. The inclusion of higher-level mathematics is minimal.
1. Supply, Demand, and Equilibrium.
2.Prices, Costs, and the Gains from Trade.
3.The Behavior of Consumers.
4.Consumers in the Marketplace.
5.The Behavior of Firms.
6.Production and Costs.
8.Welfare Economics and the Gains from Trade.
9.Knowledge and Information.
11.Market Power, Collusion, and Oligopoly.
12.The Theory of Games.
13.External Costs and Benefits.
14.Common Property and Public Goods.
15.The Demand for Factors of Production.
16.The Market for Labor.
17.Allocating Goods Over Time.
18.Risk and Uncertainty.
19.What is Economics?
Appendix A. Calculus Supplement.
Appendix B. Answers to Exercises.
Appendix C. Answers to Problem Sets.