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Microeconomic Theory: Basic Principles and Extensions 12th Edition

Walter Nicholson | Christopher Snyder

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The twelfth edition of MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS offers a level of mathematical rigor ideal for upper-level undergraduate or beginning graduate students. It cover advanced concepts clearly while showing how theory applies to practical situations. Readers work with theoretical tools, real-world applications, behavioral economics problems, and the latest developments in microeconomics. This resource helps build student intuition with problems that begin with simple numerical/mathematical exercises followed by more analytical, theoretical, complex, and behavioral economics problems. Key figures appear as interactive Progression Graphs in MindTap® for Microeconomic Theory.

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.

MindTap® is the digital learning solution that powers students from memorization to mastery. It gives you complete control of your course—to provide engaging content, to challenge every individual, and to build their confidence. Empower students to accelerate their progress with MindTap.

  • CONTENT ADDRESSES THE LATEST ECONOMIC DEVELOPMENTS AND CHANGES. This book thoroughly addresses recent advances in price discrimination and innovation, and presents a timely treatment of comparative statics applied to monopoly.
  • STUDENT-FRIENDLY PRESENTATION HELPS ENSURE COMPREHENSION AND APPLICATION. The authors skillfully combine expected calculus derivations used in advanced microeconomics with insightful graphical presentations. Today’s visual learners clearly see the connections between the calculus, geometry, and graphical representations of the same material.
  • PROVEN LEARNING FEATURES FURTHER STRENGTHEN STUDENT UNDERSTANDING. This edition weaves thorough summaries, memorable examples and instructive figures throughout the presentation to clarify and expand upon key microeconomic principles.
  • END-OF-CHAPTER “EXTENSIONS” PRESENT EMPIRICAL STUDIES OF THE CHAPTER’S topics. Your students can explore key topics further with these optional empirical studies as well as references to recent and classic related articles. Many extensions illustrate how economic theory is applied to empirical questions.
  • CONTENT ON DUALITY AND ENVELOPE THEOREM IS COMPLETELY REVISED. The authors have improved the book’ presentation on duality and envelope theorem to provide a more consistent and integrated approach to these key topics.

Microeconomic Theory: Basic Principles and Extensions


1. Economic Models.
2. Mathematics for Microeconomics.
3. Preferences and Utility.
4. Utility Maximization and Choice.
5. Income and Substitution Effects.
6. Demand Relationships among Goods.
7. Uncertainty.
8. Game Theory.
9. Production Functions.
10. Cost Functions.
11. Profit Maximization.
12. The Partial Equilibrium Competitive Model.
13. General Equilibrium and Welfare.
14. Monopoly.
15. Imperfect Competition.
16. Labor Markets.
17. Capital and Time.
18. Asymmetric Information.
19. Externalities and Public Goods.

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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.


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.