Microeconomic Theory: An Integrated Approach

This book, which focuses on the fundamentals of microeconomic theory, presents an integrated approach to solving decision-making problems. Concepts are developed by using several tools: words, graphs, mathematics, and real-world examples; this allows the reader to solve many models and problems by forming actual numerical solutions, providing an understanding of the underlying principles these solutions represent. The book is organized into 6 broad-based topical areas: a review of basic calculus techniques, including univariate and multivariate functions; theory of the consumer, including utility theory, consumer optimization, market demand curves, and demand related elasticities; theory of the firm, including short and long run production; market structures, including perfect competition, monopoly, and oligopoly; input markets, including demand for and supply of labor, and capital markets; and general equilibrium analysis. For those needing to analyze decision-making processes of their business, including agents, consumers, entrepreneurs, suppliers of resources, investors, and policy-makers.

You won't find detached mathematical explanations buried in the footnotes or appendices in this text! Microeconomic Theory: An Integrated Approach gets right to the heart of microeconomic theory by integrating broad-based fundamental principles with basic calculus and real world applications. The authors have paid extraordinary attention to presenting theoretical microeconomic concepts with words, graphs, mathematics, and real world examples. Each method of presentation is carefully developed and closely coordinated with the others. Key concepts are first developed on an intuitive level. They are then demonstrated with vivid mathematical and graphical examples (with solutions). Finally, real world examples show the application of theory. This Integrated Approach will highlight the broad applicability of microeconomics to a wide range of decision-making problems.