After a timely update of its problem sets and applications, Intermediate Microeconomics and Its Application is now available in an eighth edition. As with previous editions, this text still offers the most clear and concise introduction to economic analysis of how markets operate. The author's streamlined approach to the material, and lively new discussions offer students a textbook that is easy to learn from and interesting to read. Instructors will like the additions to the Further Topics section, which offers an up-to-date presentation of new topics in microeconomics.
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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.Review:
PART 1: INTRODUCTION. 1. Economic Models. Appendix: Mathematics Used In Microeconomics. PART 2: DEMAND. 2. Utility and Choice. 3. Individual Demand Curves. 4. Market Demand and Elasticity. PART 3: UNCERTAINTY and STRATEGY. 5. Uncertainty. 6. Game Theory and Strategy. PART 4: PRODUCTION, COSTS and SUPPLY. 7. Production. 8. Costs. 9. Profit Maximization and Supply. PART 5: PERFECT COMPETITION 10. Perfect Competition in a Single Market. 11. Applying the Competitive Model. 12. General Equilibrium and Welfare. PART 6: MARKET POWER. 13. Monopoly. 14. Imperfect Competition. PART 7: ADDITIONAL TOPICS. 15. Input Markets. Appendix: Individual Labour Supply. 16. Capital and Time. Appendix: Compound Interest. 17. Asymmetric Information. 18. Externalities and Public Goods.
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