Present today’s most cutting-edge treatment of microeconomics with the proven market leader -- MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS. Now even better, this 12th edition offers a level of mathematical rigor ideal for upper-level undergraduate or beginning graduate students. This edition provides clear, accurate coverage of advanced microeconomic concepts while illustrating how theory applies to practical situations Readers work with theoretical tools, real-world applications, new behavioral economics problems, and the latest developments in microeconomics. The book’s unique presentation even helps build student intuition with highly-acclaimed, two-tier end-of-chapter problems that begin with simple numerical/mathematical exercises followed by more analytical, theoretical, complex, and behavioral economics problems.
- The book thoroughly addresses recent advances in price discrimination and innovation and presents a timely treatment of comparative statics applied to monopoly.
- The authors combine calculus, geometry, and graphical representations for a student-friendly presentation.
- Thorough summaries, memorable examples, and instructive figures clarify and expand key microeconomic principles.
- End-of-chapter extensions present optional empirical studies of chapter topics to explore key topics further.
- The presentation on duality and the envelope theorem is improved for a more consistent and integrated approach to these key topics.
- Expanded coverage of comparative statics with new coverage of required mathematics better prepares students.
- Streamlined and clarified notations and definitions make instruction easier and head off potential sources of confusion.
- Behavioral economics is emphasized throughout, with new problems in the end-of-chapter problem sets.
- A new discussion examines fixed costs in high-tech industries and recent advances in the study of competition in insurance markets.
Part I: INTRODUCTION
1. Economic Models
2. Mathematics for Microeconomics
Part II: CHOICE AND DEMAND
3. Preferences and Utility
4. Utility Maximization and Choice
5. Income and Substitution Effects
6. Demand Relationships among Goods
Part III: UNCERTAINTY AND STRATEGY
7. Uncertainty
8. Game Theory
Part IV: PRODUCTION AND SUPPLY
9. Production Functions
10. Cost Functions
11. Profit Maximization
Part V: COMPETITIVE MARKETS
12. The Partial Equilibrium Competitive Model
13. General Equilibrium and Welfare
Part VI: MARKET POWER
14. Monopoly
15. Imperfect Competition
Part VII: PRICING IN INPUT MARKETS
16. Labor Markets
17. Capital and Time
Part VIII: MARKET FAILURE
18. Asymmetric Information
19. Externalities and Public Goods
Walter Nicholson, Amherst College
Dr. Walter Nicholson is the Ward H. Patton Emeritus Professor of Economics at Amherst College and a visiting professor at Ave Maria University, Naples, Florida.
Christopher Snyder, Dartmouth College
Dr. Christopher Snyder is the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where he pursues research and teaching interests in microeconomic theory, industrial organization, and law and economics.
