This book introduces the main concepts of microeconomics to upper division undergraduate students or first year graduate students who have undergone at least one elementary calculus course. The book fully integrates graphical and mathematical concepts and offers over 150 analytical examples demonstrating numerical solutions.
The book has a strong theoretical basis but shows how microeconomics can be brought to bear on the real world. New Features for this edition include:
- an incorporation of the theory of stock externalities associated with greenhouse gases
- development of the section on insurance with particular reference to the new US healthcare program
- greater integration of game theoretic concepts throughout the book.
The book’s style is accessible, but also rigorous. Mathematical examples are provided throughout the book, in particular for key concepts and the result is a balanced approach in terms of prose, graphics, and mathematics.
Table of Contents
1. Introduction Part One: Consumer Sovereignty 2. Consumer Preferences 3. Utility Maximization 4. Comparative Statics: Analysis of Individual Demand and Labor Supply Part Two: Markets and Consumer Interaction 5. Market Demand 6. Pure Exchange Part Three: Producers’ Rules 7. Production Technology 8. Theory of Cost Part Four: Competitive Forces 9. Perfect Competition 10. Economic Efficiency 11. General Competitive Equilibrium Part Five: Monopoly Power 12. Monopoly and Regulation 13. Price Discrimination Part Six: Strategic Agent Interaction 14. Game Theory 15. Industrial Organization Part Seven: Input Markets 16. Competitive Input Markets 17. Monopoly Power in Input Markets Part Eight: Risky World and Intertemporal Choices 18. Risky Choices and Risk Aversion 19. Intertemporal Choices and Capital Decisions Part Nine: Missing Markets 20. Welfare Economics 21. Externalities 22. Public Goods 23. Asymmetric Information.
Michael Wetzstein is a Professor of Agricultural and Applied Economics at The University of Georgia.