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Intermediate Microeconomics and Its Application

By Walter Nicholson, Christopher Snyder

13th Edition © 2022
Discipline:Economics
Course:Intermediate Microeconomics
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Provide an exceptionally clear, concise introduction to microeconomics using an approach that avoids high-level mathematics but still offers rigorous practice with INTERMEDIATE MICROECONOMICS AND ITS APPLICATION, 13E by Walter Nicholson of Amherst College and Christopher Snyder of Dartmouth College. These highly respected authors present the economics of markets using a managerial focus and algebraic approach. Relevant applications demonstrate microeconomics at work in a variety of settings. Current examples, updated step-by-step video problems and engaging activities capture student interest and encourage them to learn by doing. This edition's full-color revisions illuminate the latest developments and events, including the economic impact of the COVID pandemic. Concepts are illustrated intuitively and then graphically. New digital resources, including MindTap online tools, further ensure student mastery with interactive content and the ability to customize to your course needs.

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About this product

Provide an exceptionally clear, concise introduction to microeconomics using an approach that avoids high-level mathematics but still offers rigorous practice with INTERMEDIATE MICROECONOMICS AND ITS APPLICATION, 13E by Walter Nicholson of Amherst College and Christopher Snyder of Dartmouth College. These highly respected authors present the economics of markets using a managerial focus and algebraic approach. Relevant applications demonstrate microeconomics at work in a variety of settings. Current examples, updated step-by-step video problems and engaging activities capture student interest and encourage them to learn by doing. This edition's full-color revisions illuminate the latest developments and events, including the economic impact of the COVID pandemic. Concepts are illustrated intuitively and then graphically. New digital resources, including MindTap online tools, further ensure student mastery with interactive content and the ability to customize to your course needs.

CONTENT ADDRESSES NEW AND EMERGING TOPICS IN ECONOMICS TODAY. New content within dedicated chapters explores new developments and issues, such as the study of asymmetric information and behavioral economics.

PROVEN MICROQUIZZES REINFORCE UNDERSTANDING OF KEY TOPICS. These quick, helpful MicroQuizzes appear within each chapters and help gauge student understanding of important topics before they advance to new material.

MORE THAN 100 UP-TO-DATE APPLICATIONS SHOW MICROECONOMICS AT WORK IN A VARIETY OF SETTINGS. Students actively apply their knowledge as each application contains either questions that ask students to give more thought to the material or a summary of the policy challenges presented.

INTUITIVE CONCEPTS DO NOT REQUIRE EXTENSIVE HIGHER-LEVEL MATH. The authors have carefully crafted content so this edition does not require a thorough understanding of calculus. Most concepts are illustrated intuitively and then graphically. Some do require the use of simple algebra.

Table of contents

Chapters

Cover Page
Title Page
Copyright Page
Dedication
About the Authors
Preface
Acknowledgments
Part 1. Introduction
Part 2. Demand
Part 3. Uncertainty and Strategy
Part 4. Production, Costs, and Supply
Part 5. Perfect Competition
Part 6. Market Power
Part 7. Input Markets
Part 8. Market Failures
Show more

Part 1. Introduction

Chapter 1. Two Basic Economic Models
Preview this section ↗
1-1. What Is Microeconomics? ↗
1-1a. The Need for Models in Economics ↗
1-2. The Production Possibility Frontier: Six Basic Economic Principles ↗
Application 1.1 Economics in the Natural World? ↗
1-3. Uses of Microeconomics ↗
Application 1.2 Is It Worth Your Time to Be Here? ↗
Application 1.3 Coping with the Streaming Revolution ↗
1-4. The Basic Supply-Demand Model ↗
1-4a. Adam Smith and the Invisible Hand ↗
1-4b. David Ricardo and Diminishing Returns ↗
1-4c. Marginalism and Marshall’s Model of Supply and Demand ↗
1-4d. Market Equilibrium ↗
1-4e. Nonequilibrium Outcomes ↗
1-4f. Change in Market Equilibrium ↗
Application 1.4 COVID-19 and the Price of Eggs ↗
1-5. How Economists Verify Theoretical Models ↗
1-5a. Testing Assumptions ↗
1-5b. Testing Predictions ↗
1-5c. The Positive-Normative Distinction ↗
Application 1.5 Do Economists Ever Agree on Anything? ↗
Summary ↗
Key Terms ↗
Review Questions ↗
Chapter 2. Some Useful Math
2-1. Functions of One Variable
2-2. Graphing Functions of One Variable
2-2a. Linear Functions: Intercepts and Slopes
2-2b. Interpreting Slopes
2-2c. Slopes and Units of Measurement
2-2d. Marshall’s Trap
2-2e. Changes in Slope
2-2f. Nonlinear Functions
Application 2.1 How Does Zillow.com Do It?
2-2g. The Slope of a Nonlinear Function
2-2h. Marginal and Average Effects
Application 2.2 Can a “Flat” Tax Be Progressive?
2-2i. Calculus and Marginalism
2-3. Functions of Two or More Variables
2-3a. Trade-Offs and Contour Lines: An Example
2-3b. Contour Lines
2-4. Simultaneous Equations
2-4a. Changing Solutions for Simultaneous Equations
2-4b. Graphing Simultaneous Equations
Application 2.3 Can Supply and Demand Explain World Oil Prices?
2-5. Empirical Microeconomics and Econometrics
2-5a. Random Influences
2-5b. The Ceteris Paribus Assumption
Application 2.4 Searching for a Demand Curve
Summary
Key Terms
Review Questions
Problems

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