Microeconomics is a worm's eye view of the economy. It takes in all the details and uses the information to understand how the market works.
Microeconomics studies the spending and decisions of individual consumers. It studies the factors that affect the spending behavior of consumers, and tries to determine how these influence the market. This branch of study is concerned with the analysis of all the dynamics of supply and demand.
Microeconomics studies how various choices by consumers influence the decisions of business firms. It is a study of the interaction between buyers and sellers.
This book, divided into a total of 37 chapters, goes into the subject in detail. It contains the chapters such as The Market, Budget Constraints, Preferences, Utility, Choice, Demand, Revealed Preference, Slutsky Equation, Buying and Selling, Intertemporal Choice, Asset Markets, Uncertainty, Risky Assets, Consumer's Surplus, Market Demand, Equilibrium, Auctions, Technology, Profit Maximization, Cost Curves, Firm Supply, Industry Supply, Monopoly, Monopoly Behavior, Factor Markets, Oligopoly, Game Theory, Game Applications, Behavioral Economics, Exchange, Production, Welfare, Externalities, Information Technology, Public Goods, and Asymmetric Information.
For twenty years, this has been a prescribed textbook for intermediate level studies in many economics courses. It provides extensive and up-to-date coverage of the subject. This edition includes latest case studies and examples and also takes a look at the current economic crisis. All the chapters are laid out in the appropriate lengths for individual lectures.
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