Fundamentals of Microeconomics

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Offering the most cutting-edge coverage available, Fundamentals of Microeconomics delivers a text that is rigorous yet accessible, accurate in theory yet practical in application, thorough yet concise. Taking a calculus-based approach, Fundamentals of Microeconomics provides an ideal level of mathematical rigor for upper level undergraduate students and beginning graduate students. Extremely reader-friendly, the book is designed to help students truly understand and apply economic models as it enables them to work directly with theoretical tools, real-world applications, and the latest developments in the study of microeconomics. Insightful graphic presentations help visual learners see the connections between the calculus and the algebra/geometry of the same material. Unlike other, more theoretical texts, Fundamentals of Microeconomics presents theory in an accessible way as well as illustrates how it applies in the real world. Key feature Increased! Game Theory Coverage: Presented earlier in the text -- and at a slightly higher level -- basic game theory is thoroughly covered in a single comprehensive chapter 8, which begins from a game theoretic perspective. This chapter introduces students to key game theory concepts such as Nash equilibrium, sub-game perfect equilibria, backward induction, and more. Material on signaling is also introduced here so that it can be easily referenced in later chapters. Streamlined Partial Equilibrium Coverage: A more compact and precise chapter 12 on the Partial equilibrium competitive model brings the material up to the analytical level of the other chapters, as well as integrates the applied material into a single chapter. Notions of consumer and producer surplus play a unifying device throughout the chapter and also provide a link to the "welfare theorems" in the next chapter. Chapter 13 "General Equilibrium and Welfare Coverage" focuses on two fundamental theorems of welfare economics. Table of Contents Part I: Introduction. 1. Economic Models. 2. Mathematics used in 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. 7. Uncertainty and Information. 8. Strategy and Game Theory. Part III: Production and Supply. 9. Production Functions. 10. Cost Functions. 11. Profit Maximization Part IV: Competitive Markets 12. The Partial Equilibrium Competitive Market. 13. General Equilibrium and Welfare. Part V: Market Power. 4. Monopoly. 15. Imperfect Competition. Part VI: Pricing in Input Markets. 16. Labor Markets. 17. Capital and Time. Part VII: Market failure. 18. Asymmetric Information. 19. Externalities and Public Goods.