This well-received book is a market leader in the field of Microeconomics, and demonstrates how microeconomics can be used as a tool for both managerial and public-policy decision making. Clear writing style and graphs compliment the integrated use of current, real world industry examples throughout the book. It emphasizes relevance and application to cover modern topics—such as Game Theory and economics of information—and examples—such as United States v. Microsoft, pricing cellular phone service, and Internet auctions. Coverage of other up-to-date issues includes supply and demand, cost, consumer behavior, individual and market demand, market failure, and the role of government. For individuals with an interest in economics, microeconomic theory, and price theory.
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The Basics of Supply and Demand
Producers Consumers and Competitive Markets
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allocation amount automobile budget line bundle buyers capital cars Chapter choice choose competitive market competitors consumer surplus consumer's consumption cost of production cost-of-living index deadweight loss decisions decrease demand curve dollars earn economic elasticity of demand equal equation equilibrium example expenditure Figure firm firm's food and clothing gasoline given income effect increase indifference curve industry inputs investment isocost isoquant less long-run lower marginal cost marginal product marginal rate marginal revenue marginal utility market basket market demand curve market price maximize measures microeconomics monopoly power monopsony payoff percent preferences price and quantity price elasticity price of food product of labor profit purchase quantity demanded quantity supplied result returns to scale risk sell sellers shift short-run shows slope strategy sumer supply and demand supply curve Suppose tion units of clothing units of food utility function variable cost wheat workers
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