Intermediate Microeconomic Theory
Tools and Step-by-Step Examples
A short, rigorous introduction to intermediate microeconomic theory that offers worked-out examples, tools for solving exercises, and algebra support.
This book takes a concise, example-filled approach to intermediate microeconomic theory, focusing on worked-out examples and step-by-step solutions. Each chapter presents main theoretical models and then offers several examples and applications as well as the intuition behind each mathematical assumption and result. The book provides step-by-step tools for solving standard exercises, offering students a common approach for solving similar problems. The book walks readers through each algebra step and calculation, so only a basic background in algebra and calculus is assumed. The book includes 140 self-assessment exercises, giving students an opportunity to apply concepts from previous worked-out examples.
Topics covered include consumer theory; substitution and income effect; welfare gain or loss from a price change; and choice under uncertainty. Shifting to firm theory, the book discusses production functions, cost minimization, perfectly competitive markets, and monopolies. Two chapters on game theory provide building blocks for subsequent chapters that treat imperfect markets; games of incomplete information and auctions; contract theory; and externalities, public goods, and common pool resources. The book is suitable for use in undergraduate intermediate microeconomics courses, rigorous introduction to microeconomics courses, and master's-level microeconomics courses with an applied focus.
This textbook is a lean, clean learning machine. It concisely conveys what the student needs to know and does so in a highly readable and user-friendly manner. The book's easy-to-understand and step-by-step style makes it highly suitable for a 'flipped classroom' or remote learning.
Joseph E. Harrington, Jr., Patrick T. Harker Professor, The Wharton School, University of Pennsylvania
This intermediate microeconomics textbook strikes the right balance between rigor and accessibility. Theoretical concepts are illustrated with numerous numerical examples and step-by-step implementation of the technical tools is provided. It allows students to build up essential problem-solving skills to address complex economic problems.
Hassan Benchekroun, Professor of Economics, McGill University