This book integrates real-world “widget-free” examples throughout and uses extended applications to show students that economic theory has practical, problem-solving uses, and that it is not just an empty academic exercise.
Students using Perloff are exposed to modern theories―such as industrial organization theories, game theory, transaction cost theory, information theory and contract theory―and benefit from the author's step-by-step approach to problem solving that demonstrates how microeconomic theory is used to solve economic problems and analyze policy issues.