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Present today’s most cutting-edge treatment of microeconomics with the proven market leader -- MICROECONOMIC THEORY: BASIC PRINCIPLES AND EXTENSIONS. Now even better, this 12th edition offers a level of mathematical rigor ideal for upper-level undergraduate or beginning graduate students. This edition provides clear, accurate coverage of advanced microeconomic concepts while illustrating how theory applies to practical situations Readers work with theoretical tools, real-world applications, new behavioral economics problems, and the latest developments in microeconomics. The book’s unique presentation even helps build student intuition with highly-acclaimed, two-tier end-of-chapter problems that begin with simple numerical/mathematical exercises followed by more analytical, theoretical, complex, and behavioral economics problems. Key figures from the book now appear as interactive Progression Graphs in the all-new online MindTap® for Microeconomic Theory.
- EXPANDED COVERAGE OF COMPARATIVE STATICS WITH NEW COVERAGE OF REQUIRED MATHEMATICS BETTER PREPARES STUDENTS. The authors have now unified the treatment of comparative statics throughout this edition with extensively rewritten applications to market equilibrium in Chapter 12 and to monopoly in Chapter 14.
- STREAMLINED AND CLARIFIED NOTATIONS AND DEFINITIONS HELP ENSURE STUDENT COMPREHENSION. These valuable notes and definitions appear in virtually every chapter of this edition and make instruction easier by heading off potential sources of confusion.
- BEHAVIORAL ECONOMICS IS NOW EMPHASIZED THROUGHOUT. Readers find more coverage of this increasingly important area of economic study throughout this edition. In addition, all-new behavioral economics problems appear within the end-of-chapter problem sets.
- NEW DISCUSSION ADDRESSES FIXED COSTS IN HIGH-TECH INDUSTRIES. Students examine this issue of increasing importance and also examine recent advances in the study of competition in insurance markets.
- NEW MINDTAP® DIGITAL LEARNING SOLUTION PROVIDES A PERSONALIZED LEARNING ENVIRONMENT FOR STUDENTS. MindTap® helps you transform students into critical thinkers with tools you can personalize, including leading Aplia problem sets, interactive Progression Graphs, Problem Walk-Through videos, and more. Real-time course analytics help you build upon content from the book to encourage engagement and higher-level thinking. You can personalize the experience by customizing book content and learning tools and even adding your own content into the Learning Path.
- 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.
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.
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.
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.
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.
This website provides instant, password-protected access to a rich array of teaching and learning resources that are an effective complement to this edition.
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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.