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This is a standard text for upper level undergraduate/postgraduate microeconomics. The book begins at the intermediate level and ends at a level appropriate for the graduate student. This well informed book provides a comprehensive exposition of modern microeconomic theory, covering many of the issues currently being researched and debated. The book offers very rigorous, mathematical treatment of the topics discussed making it appropriate for graduate as well as able intermediate level students. The writing style is clear and concise and the book is particularly liked for the thoroughness with which the concepts are dealt. The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you will receive via email the code and instructions on how to access this product. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.

Forcourses in the principles of microeconomics. Anevidence-based approach to economics Throughout Microeconomics, 3rd Edition, authors DaronAcemoglu, David Laibson, and John List use real economic questions anddata to help students learn about the world around them. Taking a fresh approach,they use the themes of optimization, equilibrium, and empiricism to not onlyillustrate the power of simple economic ideas, but also to explain and predictwhats happening in todays society. Each chapter begins with an empiricalquestion that is relevant to the life of a student, and is lateranswered using data in the Evidence-Based Economics feature. As a result of thetexts practical emphasis, students learn to apply economic principles to guidethe decisions they make in their own daily lives

Have you ever wondered how prices are determined, or why you bought a specific quantity of something? The answers to these and other questions, as well as the theories guiding decisions by consumers and producers, are explained in Microeconomics-- a southern African perspective. This book provides a comprehensive introduction to microeconomics theory, offering traditional theories of consumer and producer behaviour set against a contemporary southern African background.

The book has all these features: Clear and concise but comprehensive explanation and analysis of economic terms and concepts; Examples to show how these concepts are applied to real-world situations; Definitions of key terms where they first appear and a list at the end of each chapter; Exercises to provide active engagement with economic analysis; Exam tips to assist preparation for the exams; Summaries that can be used as a revision tool; Exam-style q uestions to test knowledge and understanding; Answers to the exam-style questions plus links to further questions.

MICROECONOMICS: A JOURNEY THROUGH LIFE'S DECISIONS -- PÁGINA LEGAL -- BRIEF CONTENTS -- CONTENTS -- LIST OF FIGURES -- 1.1 RAYS AND AVERAGE INFORMATION -- 1.2 TANGENTS AND MARGINAL INFORMATION -- 1.3 DERIVING MARGINAL INFORMATION FROM -- 1.4 COMBINING AVERAGE AND MARGINAL -- 1.5 RELATIONSHIPS WITH CONSTANT ELASTICITY -- 1.6 RELATIONSHIPS WITH VARYING ELASTICITY -- 1.7 RELATIONSHIPS WITH CONSTANT ELASTICITIES -- 1.8 A VISUAL INTERPRETATION OF THE ELASTICITY -- 1.9 LOCATING POINTS OF INDIFFERENCE -- 1.10 NON-INTERSECTION OF INDIFFERENCE CURVES -- 1.11 CONVEXITY TO THE ORIGIN -- 1.12 MEANING OF ORDINAL UTILITY -- 1.13 UTILITY MAXIMISATION WITH FULL INFORMATION -- 1.14 THE DIFFERENTIAL -- 2.1 STRONG AND WEAK CONVEXITY -- 2.2 CONCAVE INDIFFERENCE CURVES -- 2.3 RELAXING DOMINANCE -- 2.4 MIXED PREFERENCES -- 2.5 A LEXICOGRAPHICAL ORDERING -- 2.6 BUDGET CONSTRAINTS -- 2.7 DERIVING AN INDIVIDUAL'S DEMAND CURVE -- 2.8 HORIZONTAL SUMMATION AND THE -- 2.9 SHIFTS OF THE DEMAND CURVE FOR A NORMAL -- 2.10 CONNECTING PRICE ELASTICITY OF DEMAND -- 2.11 FARM INCOME: A PARADOX? -- 2.12 ILLUSTRATING INCOME ELASTICITIES -- 2.13 ILLUSTRATING CROSS-PRICE ELASTICITIES -- 2.14(I) NORMAL GOOD CASE -- 2.14(II) INFERIOR GOOD CASE -- 2.14(III) GIFFEN PARADOX CASE -- 2.15 THE QUASI-LINEAR UTILITY FUNCTION -- 2.16 COMPENSATING AND EQUIVALENT -- 2.17 COMPARING SURPLUS MEASURES -- 2.18 PRICING AT EURODISNEY -- 2.19 REVEALED PREFERENCE -- 2.20 FORMING AN INDIFFERENCE CURVE -- 2.21 FAILING WEAK CONSISTENCY -- 2.22 LANCASTER'S CHARACTERISTICS APPROACH -- 2.23 COMPLETING THE PARALLELOGRAM -- 2.24 CHARACTERISTICS COMBINATIONS FRONTIER -- 2.25 PRICE AND INCOME CHANGES -- 2.26 THE GIFFEN PARADOX ONCE MORE -- 2.27 THE VALUE FUNCTION AND SUNK COSTS -- 2.28 A SURFACE SHOWING AREAS OF -- 3.1 HOMOTHETIC V. NON-HOMOTHETIC -- 3.2 A TYPICAL TOTAL PRODUCT 'MOUNTAIN -- 3.3(A) FORMING ISOQUANTS

"For 1-semester principles of microeconomics courses.An intuitive and grounded approach to economicsMicroeconomics gets students to think like economists by incorporating the latest policy, data and discussions on important global issues.The 14th Edition emphasizes real-world applications, the development of critical-thinking skills, diagrams renowned for their pedagogy and clarity, and path-breaking technology. Hallmark features in the chapter openings and endings encourage students to think critically about a news article relating to the issue, demonstrating how thinking like an economist can bring a clearer perspective to, and deeper understanding of, today's events.Hallmark features of this titleConcepts connect to economics in the real worldEconomics in Action and Economics in the News boxes have students link models and chapter tools to the economic world around them.Interviews with Economists feature leading economists from diverse backgrounds who share what inspired them to pursue a career in economics.Ample opportunities for practiceWorked Problems, consisting of questions, solutions and key figures, help students to learn-by-doing and actively, rather than passively, review the chapter content.In-text Review Quizzes reinforce major concepts and test students' knowledge of the topics just discussed.New and updated features of this titleCoverage of the impact of a changing microeconomic marketNEW: Chapter 1, ""Getting Started"", has a new section on a diversity challenge: the under-representation of women and minorities in economics.NEW: 6 chapters examine COVID-19, including its effects on the production possibilities frontier (Ch. 2) and on the hand sanitizer market (Ch. 3), the elasticity of supply of face masks (Ch. 4), movie streaming in the pandemic (Ch. 8), the competitive market in fitness equipment and services (Ch. 12), and the increased inequality arising from Covid's labor market effects (Ch. 19).NEW: Other notable discussions and examples include a push for a

OVERVIEW -- SUPPLY & DEMAND -- SHIFTS IN THE SUPPLY & DEMAND CURVES (IMPACT ON EQUILIBRIUM) -- CONSUMER CHOICE & PREFERENCE -- BUDGET LINE -- ELASTICITY -- PRICE ELASTICITY OF DEMAND -- ELASTICITY & REVENUE -- ELASTICITY & TAX BURDEN -- ELASTICITY AS A DESCRIPTOR -- CROSS-PRICE ELASTICITY -- INCOME ELASTICITY OF DEMAND -- CONSUMER SURPLUS & PRODUCER SURPLUS -- PRODUCTION THEORY -- COSTS IN THE SHORT RUN -- COSTS IN THE LONG RUN -- PERFECT COMPETITION -- MONOPOLY -- CHARACTERISTICS -- MONOPOLY PROFIT MAXIMIZATION -- MONOPOLY & EFFICIENCY -- PRICE DISCRIMINATION -- NATURAL MONOPOLY -- MONOPOLISTIC COMPETITION -- OLIGOPOLY -- ANTITRUST POLICY -- RESOURCE MARKETS -- WAGE DETERMINATION -- EXTERNALITIES

Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics. Unlike other texts, this book focuses on the most important ideas and does not attempt to be encyclopedic. Two-thirds of the textbook focuses on price theory. As well as taking a new look at standard equilibrium theory, there is extensive examination of equilibrium under uncertainty, the capital asset pricing model, and arbitrage pricing theory. Choice over time is given extensive coverage and includes a basic introduction to control theory. The final third of the book, on game theory, provides a comprehensive introduction to models with asymmetric information. Topics such as auctions, signaling and mechanism design are made accessible to students who have a basic rather than a deep understanding of mathematics. Examples and diagrams are used to illustrate issues as well as formal derivations.

Cover -- Brief contents -- Long contents -- List of figures -- List of tables -- List of essential maths -- About the author -- Acknowledgements -- Message to students -- Message to lecturers -- PART I MARKETS IN CONTEXT -- Chapter 1 Key principles -- 1.1 The value of microeconomics -- 1.2 Market environments -- Chapter 2 Perfect markets -- 2.1 The structure of a market -- 2.2 The perfect market: assumptions -- 2.3 Market clearing: WTA = WTP -- 2.4 Individual demand -- 2.5 Firm and market supply -- 2.6 Market clearing: when supply equals demand -- 2.7 Conclusions -- PART II RESOURCE ALLOCATION FOR PEOPLE -- Chapter 3 The budget set -- 3.1 Scarcity -- 3.2 Outline of the standard theory -- 3.3 The acquisition cost of a bundle -- 3.4 Endowments -- 3.5 Conclusions -- Chapter 4 Preferences -- 4.1 Ordering preferences -- 4.2 Essential properties of preferences -- 4.3 Well-behaved preferences -- 4.4 Alternative preference orderings -- 4.5 Conclusions -- Chapter 5 Utility functions -- 5.1 The concept of utility -- 5.2 Utility functions as preference orderings -- 5.3 An introduction to some important utility functions -- 5.4 Conclusions -- Chapter 6 The most-preferred, affordable bundle -- 6.1 Application of the equi-marginal principle -- 6.2 Marginal utility functions -- 6.3 The marginal rate of substitution function -- 6.4 The most-preferred, affordable consumption bundle -- 6.5 The least expensive, acceptable consumption bundle -- 6.6 Conclusions -- Chapter 7 Demand functions -- 7.1 Maximizing utility with any level of income -- 7.2 Maximizing utility as prices change -- 7.3 The price elasticity of demand -- 7.4 Conclusions -- Chapter 8 Price changes -- 8.1 The indirect or compensated demand for a good -- 8.2 Analysing the effects of a price change -- 8.3 The Hicks decomposition of the total effect -- 8.4 The cost of a price change to the consumer.

The generalization of microeconomics (maximization of probability of agent's survival) enabled model description of economic rationality even in the fields, where profit maximization is not suitable, like redistribution, non-profit sector, both positive and negative externalities, centrally planned economy etc. When profit criterion is adequate, the general criterion is identical with profit maximization