The integration of real-world applications throughout this book gives readers a practical perspective on microeconomic theory. Readers are motivated and challenged by the use of modern theories to analyze actual markets. The authors's use of a clear, step-by-step approach to problem-solving helps readers to better understand how microeconomic theory is used to solve economic and analyze policy issues.
Table of Contents1. Introduction.
I. SUPPLY AND DEMAND.2. Supply and Demand.
3. Applying the Supply-and-Demand Model.
II. CONSUMER THEORY.4. Consumer Choice.
5. Applying Consumer Theory.
III. THEORY OF THE FIRM.6. Firms and Production.
IV. PERFECT COMPETITION.8. Competitive Firms and Markets.
9. Applying the Competitive Model.
10. General Equilibrium and Economic Welfare.
V. MARKET POWER AND MARKET STRUCTURE.11. Monopoly.
13. Oligopoly and Monopolistic Competition.
VI. FACTOR MARKETS.15. Factor Markets and Vertical Integration.
16. Interest Rates, Investments, and Capital Markets.
VII. UNCERTAINTY, MISSING MARKETS, AND LIMITED INFORMATION.17. Uncertainty.
18. Externalities, Commons, and Public Goods.
19. Asymmetric Information.
20. Contracts and Moral Hazards.
Answers to Selected Problems.
Sources for Applications.