Microeconomic Theory An Intermediate Text

This book provides a comprehensive analysis of the theoretical tools, real-world applications, policy implications and corner solutions of microeconomics.

It offers a discussion of all significant topics including applications and extension of consumer theory, theory of the firm, production, cost and supply, partial and general equilibrium, welfare economics, uncertainty and information, and market imperfections as well as a detailed overview of the theory of games. Apart from all the topics receiving both the algebraic and geometric treatment, the other distinguishing features of the book are an emphasis on policy implications and a full treatment of corner solutions. This latter feature has arisen out of the realization that students easily master interior solutions by memorizing the standard first-order conditions but do not necessarily understand the underlying concepts. Complete with several original algebraic derivations and graphical expositions, this book will serve as an indispensable textbook for students of microeconomics.

The book will be useful to students, researchers, and teachers of economics, international economics, industrial economics, managerial economics, and agricultural economics. It will also be a useful reference for those studying public policy and law.

List of Figures. List of Tables. Preface. 1 Introduction 2 Demand and the Theory of Consumer Behavior 3 Consumer Theory Applications 4 Consumer Theory: Extensions 5 Supply and the Theory of Production and Cost 6 Partial Equilibrium in Single Markets 7 General Equilibrium and Welfare Economics 8 Decision Making under Uncertainty 9 Monopoly 10 Game Theory 11 Oligopoly 12 Externalities and Public Goods. Short Answers to Exercises. Index.

Pankaj Tandon is Associate Professor at the Department of Economics, Boston University, Massachusetts, USA.