Microeconomics, 6th Edition gives students the most effective approach for learning microeconomic tools and concepts. This text provides an accessible, integrated structure with numerous practice problems, exercises, and engaging applications. Worked-out Learning-by-Doing problems, mathematical and graphical data, and verbal explanations enable business and economics majors to recognize significant data, patterns, and trends.
Table of Contents
Part 1 Introduction to Microeconomics
Chapter 1 Analyzing Economic Problems 1
Chapter 2 Demand and Supply Analysis 26
Appendix: Price Elasticity of Demand Along a Constant Elasticity Demand Curve 74
Part 2 Consumer Theory
Chapter 3 Consumer Preferences and the Concept of Utility 75
Chapter 4 Consumer Choice 105
Appendix 1: The Mathematics of Consumer Choice 145
Appendix 2: The Time Value of Money 146
Chapter 5 The Theory of Demand 152
Part 3 Production and Cost Theory
Chapter 6 Inputs and Production Functions 204
Appendix: The Elasticity of Substitution for a Cobb-Douglas Production Function 247
Chapter 7 Costs and Cost Minimization 249
Appendix: Advanced Topics in Cost Minimization 285
Chapter 8 Cost Curves 289
Appendix: Shephard’s Lemma and Duality 327
Part 4 Perfect Competition
Chapter 9 Perfectly Competitive Markets 331
Appendix: Profit Maximization Implies Cost Minimization 388
Chapter 10 Competitive Markets: Applications 390
Part 5 Market Power
Chapter 11 Monopoly and Monopsony 442
Chapter 12 Capturing Surplus 489
Part 6 Imperfect Competition and Strategic Behavior
Chapter 13 Market Structure and Competition 532
Appendix: The Cournot Equilibrium and the Inverse Elasticity Pricing Rule 574
Chapter 14 Game Theory and Strategic Behavior 575
Part 7 Special Topics
Chapter 15 Risk and Information 608
Chapter 16 General Equilibrium Theory 654
Appendix: Deriving the Demand and Supply Curves for General Equilibrium 698
Chapter 17 Externalities and Public Goods 703
Mathematical Appendix 739
Solutions to Selected Problems 759
Glossary 781
Index 789
