## About

## 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.

## Features/Benefits

- 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.

## Table of Contents

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.

## What's New

- Expanded sections on implicit function and the chain rule. (Ch. 2).
- 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).
- 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.

## Supplements

## Instructor Supplements

# Instructor Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About the Solution" tab, then select "What's New" for updates specific to title's edition.
**For more information about these supplements, or to obtain them, contact your Learning Consultant.**

###
Microeconomics Theory (Book Only)
(ISBN-10: 1111222908 | ISBN-13: 9781111222901)

MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS delivers the most cutting-edge treatment of microeconomics in its new 11th edition targeting the calculus-level course using traditional presentation and solid theory, offering an ideal level of mathematical rigor for upper level undergraduate students and beginning graduate students.

List Price = $261.95
| CengageBrain Price = $261.95
| College Bookstore Wholesale Price = $194.00

## Student Supplements

# Student Supplements

All supplements have been updated in coordination with the main title. Select the main title's "About the Solution" tab, then select "What's New" for updates specific to title's edition.
**For more information about these supplements, or to obtain them, contact your Learning Consultant.**

###
Microeconomics Theory (Book Only)
(ISBN-10: 1111222908 | ISBN-13: 9781111222901)

MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS,11th edition, offers the most cutting-edge coverage available that is accurate in theory yet practical in application. This tried-and-true, widely popular text is known as the “bible of microeconomics,” offering the most clear and accurate presentation of advanced microeconomic concepts.
Taking a calculus-based approach, MICROECONOMIC THEORY provides an ideal level of mathematical rigor for upper level undergraduate students and beginning graduate students. The book is designed to help students truly understand and apply economic models as it enables them to work directly with theoretical tools, real-world applications, and the latest developments in the study of microeconomics in a reader-friendly format. Insightful graphic presentations help visual learners see the connections between the calculus and the algebra/geometry of the same material. In addition, end-of-chapter problems are now presented in two tiers: Simple numerical/mathematical exercises, which build student intuition, are followed by more analytical, theoretical, and complex problems. Unlike other more theoretical texts, MICROECONOMIC THEORY presents theory in an accessible way as well as illustrates how it applies in the real world.

List Price = $261.95
| CengageBrain Price = $261.95
| College Bookstore Wholesale Price = $194.00

## Meet the Author

## About the Author

# Walter Nicholson

Walter Nicholson is the Ward H. Patton Emeritus Professor of Economics at Amherst College and a visiting professor at Ave Maria University, Naples, Florida. Over his teaching career, Professor 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. Nicholson received his PhD in economics from MIT. Most of his research is in the area of labor economics, especially policy questions related to unemployment.

Walter Nicholson is the Ward H. Patton Emeritus Professor of Economics at Amherst College and a visiting professor at Ave Maria University, Naples, Florida. Over his teaching career, Professor 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. Nicholson received his PhD in economics from MIT. Most of his research is in the area of labor economics, especially policy questions related to unemployment.

# Christopher Snyder

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 International Journal of Industrial Organization and Review of Industrial Organization. Snyder received his PhD from MIT. His recent research has appeared in leading journals both in and outside economics, including the Journal of Political Economy and Journal of the American Medical Association. He lives in Hanover, New Hampshire, with his wife, who also teaches economics at Dartmouth, and three daughters.

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 International Journal of Industrial Organization and Review of Industrial Organization. Snyder received his PhD from MIT. His recent research has appeared in leading journals both in and outside economics, including the Journal of Political Economy and Journal of the American Medical Association. He lives in Hanover, New Hampshire, with his wife, who also teaches economics at Dartmouth, and three daughters.