Chapter 1, with its hands-on, problem-solving approach to microeconomic theory, sets the tone for the entire book. As in all the chapters, we begin with an intriguing question from ordinary life and then work outward from specific problems to more general theory. This approach lets you see immediately how useful microeconomic theory can be in making sense of real-life economic events.
This hands-on approach is reinforced throughout the book by the use of inchapter problems. These problems are meant to promote active reading in two ways: by encouraging you to check your understanding of material that you have just read and, sometimes, by challenging you to extend what you have learned one step farther. (We provide answers to all the in-chapter problems at the back of the book.) Our philosophy is that the only real way to learn microeconomics is to do it--every step of the way.
Of course, microeconomics is a field that is changing rapidly--and that is its real challenge. We not only cover the standard topics, but also provide an overview of current research and trends in many important areas. We bring you right up to the frontiers of modern microeconomic research--and also let you see just how much exciting work in microeconomics remains to be done.
Part 1 An Introduction to Microeconomics
Part 2 Individual Choice
Part 3 Production and cost
Psrt 4 Markets for Goods
Part 5 Resource Markets ans General Equilibrium
Part 6 Imperfect Competition
Part 7 Uncertainty and Asymmetric Information