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Microeconomic Theory: Basic Principles and Extensions 11th Edition

Walter Nicholson, Christopher Snyder

  • Published
  • Previous Editions 2008, 2005
  • 784 Pages

Overview

This proven market leader is now even better. MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS delivers the most cutting-edge treatment of microeconomics in its new 11th edition. The text offers an ideal level of mathematical rigor for upper level undergraduate students and beginning graduate students. Students work directly with theoretical tools, real-world applications, and cutting edge developments in the study of microeconomics. It provides clear and accurate coverage of advanced microeconomic concepts and illustrates how the theory applies to practical situations. In addition, the text’s aggressive effort helps build student intuition by including a new two-tier end-of-chapter problem that begins with simple numerical/mathematical exercises followed by more analytical, theoretical, and complex problems.

Walter Nicholson, Amherst College

Dr. Walter Nicholson is the Ward H. Patton Emeritus Professor of Economics at Amherst College and a visiting professor at Ave Maria University, Naples, Florida. Throughout his teaching career, Dr. Nicholson has sought to develop in students an appreciation for the value of economic models in the study of important social questions. He also has enjoyed showing students some of the stranger things that economists have sought to model. Dr. Nicholson received his Ph.D. in economics from MIT. Most of his research is in the area of labor economics, especially policy questions related to unemployment. He lives in Naples, Florida and Montague, Massachusetts, where he and his wife enjoy the frequent visits of their eight grandchildren.

Christopher Snyder, Dartmouth College

Dr. Christopher Snyder is the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where he pursues research and teaching interests in microeconomic theory, industrial organization, and law and economics. He is a research associate in the National Bureau of Economic Research, serves on the board of the Industrial Organization Society, and is an associate editor of the Review of Industrial Organization. Snyder received his Ph.D. from MIT. His recent research has appeared in leading economics journals, including the Review of Economics and Statistics and Quarterly Journal of Economics. He lives in Hanover, New Hampshire, with his wife, who also teaches economics at Dartmouth, and three daughters.
  • Expanded sections on implicit function and the chain rule. (Ch. 2).
  • Behavioral economics is now covered throughout the book, and highlighted in end-of-chapter problems as relevant.
  • Many NEW problems that introduce important concepts not covered in the text itself.
  • NEW section on the Mathematics of the Indifference Curve. (Ch. 3).
  • Significant re-writing of sections on the comparative statistics of utility-maximizing behavior. (Ch. 5).
  • Significant revision of the Uncertainty chapter, including an extensive new section on Methods for Reducing Uncertainty and Risk (including the flexibility of options). (Ch. 7).
  • Extensive streamlining of the Game Theory chapter, providing a clearer focus on core topics. (Ch. 8).
  • Expanded discussion of the Nature of the Firm. (Ch. 11).
  • New section on the Relationship between profit maximization and cost minimization in Cost Functions. (Ch. 10).
  • Expanded chapter on the general equilibrium models that introduce some elementary vector notation. (Ch. 13).
  • Expanded chapter on the Labor Market, including a new Extension on labor supply. (Ch. 16).
  • Student-friendly presentation combining expected calculus derivations used in advanced microeconomics with insightful graphical presentations.
  • Visual learners are shown the connections between the calculus and the algebra/geometry of the same material.
  • Thorough summaries, examples and plentiful figures also help strengthen student understanding.
  • End-of-chapter “Extensions” present empirical studies of the topics as well as references to recent and classic related articles. The extensions illustrate how economic theory can be used to predict human behavior.
Part I: INTRODUCTION.
1. Economic Models.
2. Mathematics for 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.
Part III: UNCERTAINTY AND STRATEGY.
7. Uncertainty.
8. Game Theory.
Part IV: PRODUCTION AND SUPPLY.
9. Production Functions.
10. Cost Functions.
11. Profit Maximization.
Part V: COMPETITIVE MARKETS.
12. The Partial Equilibrium Competitive Model.
13. General Equilibrium and Welfare.
Part VI: MARKET POWER.
14. Monopoly.
15. Imperfect Competition.
Part VII: PRICING IN INPUT MARKETS.
16. Labor Markets.
17. Capital and Time.
Part VIII: MARKET FAILURE.
18. Asymmetric Information.
19. Externalities and Public Goods.

Textbook Only Options

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  • ISBN-10: 113368145X
  • ISBN-13: 9781133681458
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  • STARTING AT $144.49

  • ISBN-10: 1111222908
  • ISBN-13: 9781111222901
  • Bookstore Wholesale Price $243.75
  • RETAIL $324.95

  • ISBN-10: 1111525536
  • ISBN-13: 9781111525538
  • Bookstore Wholesale Price $243.75
  • RETAIL $324.95

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

Companion Website

ISBN: 9781305505803
This website provides instant, password-protected access to a rich array of teaching and learning resources that are an effective complement to this edition.

Cengage Learning Testing, powered by Cognero® Instant Access

ISBN: 9781305505827
Cengage Learning Testing, powered by Cognero® is a flexible, online system that allows you to import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions. Create multiple test versions in an instant and deliver tests from your LMS, your classroom, or wherever you want.