Microeconomics

This text emphasizes a modern approach to microeconomics by integrating new topics in microeconomic theory and making them accessible to students. These topics include risk and uncertainty, assymetric information and game theory. Traditional topics are also treated in a clear way with solid applications. Modifications have been made to the text in this edition, these include new information on the theory of the firm, specifically the coverage of cost, and examples are included throughout the text to reinforce the material presented.

Part 1 The household: consumer choice; comparative statics and demand; price changes and consumer welfare; the household as supplier; choice under uncertainty.
Part 2 The firm: the firm and its goals; technology and production; cost.
Part 3 The competitive markets; general equilibrium and welfare economics.
Part 4 Market power: market power; monopoly; more on price-making firms; oligopoly and strategic behaviour; game theory; asymmetric information; externalities and public goods.