Microeconomic Theory 1e

Concepts and Connections (with Economic Applications) Michael Wetzstein, University of Georgia 840pp Published by Cengage Learning, ©2005 £63.99

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This book is a calculus-based microeconomic theory text for undergraduates and graduates that successfully balances theoretical/intuitive (verbal), graphical (visual), and mathematical presentation in order to appeal to various learning styles. The text combines theory and applications more completely than most offerings in this course area, and bridges the gap between low-level texts that relegate math to footnotes and upper-level texts that focus only on math at the expense of theory and applications.

Features

• Part Openers: These contain thorough explanations of how the chapters fit together in order to provide students a framework for learning the material.
• Flow Charts: In the chapter openers there are flow charts that show how the various functions and entities interrelate.
• Chapter Outline: Every chapter contains a chapter outline for organizational guidance.
• Highlighted Definitions and Examples: Key terms are highlighted, with definitions that contain brief examples appearing in the margins.
• Chapter Summary: Every chapter includes a summary in order to give students a chance to refresh what they?ve learned.
• Mathematical Examples: Within the chapters there are boxes that work the student through the mathematical steps to solve a problem.
• Chapter Questions: Every chapter contains chapter questions so that students can review and test themselves on the important chapter concepts.
• Chapter Exercises: There is an abundance of end of chapter exercises in order to give students ample practice in working out economic problems.
• Internet Exercises: Each chapter lists several questions/topics that can be researched online.
• This text is aimed at students with a variety of learning styles, as it successfully incorporates verbal/intuitive explanations with graphical and mathematical presentations of the same concepts.
• Central Theme: A central theme of improving social welfare is carried throughout the text. Decentralized control as a method for obtaining this objective is emphasized with the problems of missing markets and economic solutions to these problems addressed. Linking the various economic models into this central theme makes the models more meaningful than their sum. As the unifying theme of this text, improving social welfare elevates economic theory from a bewildering collection of models into a coherent study of how to enhance the well-being of a society.
• The text emphasizes many cutting-edge topics including auctions, game theory, risk aversion and probability, and asymmetric information.

1. Introduction.
PART I. CONSUMERS SOVEREIGNTY.
2. Consumer Preferences.
3. Utility Maximization.
4. Comparative Statics: Analysis of Individual Demand and Labor Supply.
PART II. MARKETS AND CONSUMER INTERACTION.
5. Market Demand.
6. Pure Exchange.
PART III. PRODUCERS RULES.
7. Production Technology.
8. Theory of Cost.
PART IV. COMPETITIVE FORCES.
9. Perfect Competition.
10. Economic Efficiency.
11. General Competitive Equilibrium.
PART V. MONOPOLY POWER.
12. Monopoly and Regulation.
13. Price Discrimination.
PART VI. STRATEGIC AGENT INTERACTION.
14. Game Theory.
15. Industrial Organization.
PART VII. INPUT MARKETS.
16. Competitive Input Markets.
17. Monopoly Power in Input Markets.
PART VIII. RISKY WORLD AND INTERTEMPORAL CHOICES.
18. Risky Choices and Risk Aversion.
19. Intertemporal Choices and Capital Decisions.
PART IX. MISSING MARKETS.
20. Welfare Economics.
21. Externalities.
22. Public Goods.
23. Asymmetric Information.

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Michael Wetzstein
Michael Wetzstein is a professor of Agricultural and Applied Economics at The University of Georgia. He received his B.A. in economics from California State University, Sacramento and his M.S. and Ph.D. in agricultural economics from the University of California, Davis. Professor Wetzstein¿s primary research focus centers on applied microeconomic theory with emphasis on natural resource and environmental impacts upon production systems. He has taught microeconomic theory for over 25 years at the principles, intermediate and graduate level. Professor Wetzstein lives with wife, Hazel, and two children, Brian and Sara, in Athens, Georgia.