Microeconomic Theory second edition : Concepts and Connections book cover
1st Edition

Microeconomic Theory second edition
Concepts and Connections

ISBN 9780415603706
Published February 7, 2013 by Routledge
1104 Pages 473 B/W Illustrations

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Book Description

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.

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Michael Wetzstein is a Professor of Agricultural and Applied Economics at The University of Georgia.