Microeconomic Theory: Basic Principles and Extensions

Stressing both intuition and analytical precision, this classic text uses a calculus-based approach to present complete, up-to-date coverage of all key microeconomic topics. The seventh edition is suitable for use in a more rigorous first intermediate microeconomics course or in a first-year graduate course. Features: * The use of calculus as an analytical tool stresses analytical precision as well as logic and intuition. * An early introduction to efficiency concepts and their relation to competitive markets helps clarify the discussion of imperfect markets that follows. * The integration of modern theories of information throughout the text includes a complete chapter on information and competitive equilibrium. * Outstanding coverage includes such chapters as Demand Relationships between Goods (Chapter 6) and Game Theory Models of Imperfect Competition (Chapter 20). * Numerous solved numerical examples are integrated throughout to give students a clear understanding of theory and prepare them for the end-of-chapter problems. Extensive end-of-chapter problems are divided into basic "Problems" that apply chapter concepts and "Extensions" that incorporate additional theory using empirical evidence. This organization presents easier, mathematical problems before engaging students with more theoretical, analytical ones. New to this edition: * More game theory has been incorporated in Chapters 10 and 20. * "Extensions" which take the theory and apply it have been expanded, giving more depth and details. * Chapters 8 and 9 on uncertainty have been heavily revised to make them easier to understand and to sharpen and clarify analysis. * 50% of the material on Externalities (environmental issues) in Chapter 24 has been reworked. * The author has made a serious effort to sharpen and clarify the discussions of theory.