MicroeconomicsThe world's best-selling text in intermediate microeconomics; also used extensively in managerial economics courses. Known for its example-driven approach, up-to-date data and theory, and well-respected authors. Calculus not required; some calculus appears in the footnotes. More coverage of game theory than any other text. Backed by an excellent supplements package. PHLIP supported. |
Contents
Markets and Prices | 1 |
The Basics of Supply and Demand | 19 |
Producers Consumers | 59 |
Copyright | |
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Common terms and phrases
automobile average cost curve average variable cost budget line bundle buyers capital cars Chapter choose competitive market competitors consumer surplus consumption cost curve cost of production deadweight loss decrease demand curve earn economic effect efficient elasticity of demand emissions equal equation equilibrium example expenditure Figure firm firm's gasoline given income increase indifference curve industry investment isocost isoquant level of output long-run average cost lower marginal cost marginal cost curve marginal product marginal rate marginal revenue market basket market price maximize monopoly power monopsony Nash equilibrium outcome P₁ percent preferences price elasticity price of food producer surplus product of labor profit purchase Q₁ quantity demanded result returns to scale risk sell shift short-run shows slope strategy substitution sumers supply and demand supply curve Suppose total cost U₁ unit of output units of clothing units of food utility workers zero