Microeconomics – R. Pindyck, D. Rubinfeld – 8th Edition


Revising a textbook every three or four years is hard work, and the last edition was well-liked by . “So why is our publisher pushing for a new edition?” the authors wondered. “Were some of the examples becoming stale? Or might it have something to do with the used market?” Could be both. In any case, here they are again, with a new edition that has sub-stantial improvements and lots of new examples.

For students who care about how the world works, is probably the most relevant, interesting, and important subject they can study. (Macroeconomics is the second-most important subject.) A good grasp of is vital for decision making, for -ing and understanding public policy, and more generally, for appreciating how a modern economy functions. In fact, even understanding the news each day often requires of microeconomics.

We wrote this book, Microeconomics, because we believe that students need to be exposed to the new topics that have come to play a central role in microeco-nomics over the years—topics such as theory and competitive strategy, the roles of uncertainty and information, and the of pricing by firms with market power. We also felt that students need to be shown how microeco-nomics can help us to understand what goes on in the world and how it can be used as a practical tool for decision making. Microeconomics is an exciting and dynamic subject, but students need to be given an appreciation of its relevance and usefulness. They want and need a good understanding of how microeco-nomics can actually be used outside the classroom.

Table of Contents

Part I. Introduction: Markets and Prices
Chapter 1. Preliminaries
Chapter 2. The Basics of Supply and Demand

Part II. Producers, Consumers, and Competitive Markets
Chapter 3. Consumer Behavior
Chapter 4. Individual and Market Demand
Chapter 5. Uncertainty and Consumer Behavior
Chapter 6. Production
Chapter 7. The Cost of Production
Chapter 8. Profit Maximization and Competitive Supply
Chapter 9. The Analysis of Competitive Markets

Part III. Market Structure and Competitive Strategy
Chapter 10. Market Power: Monopoly and Monopsony
Chapter 11. Pricing with Market Power
Chapter 12. Monopolistic Competition and Oligopoly
Chapter 13. Game Theory and Competitive Strategy
Chapter 14. Markets for Factor Inputs
Chapter 15. Investment, Time, and Capital Markets

Part IV. Information, Market Failure, and the Role of Government
Chapter 16. General Equilibrium and Economic Efficiency
Chapter 17. Markets with Asymmetric Information
Chapter 18. Externalities and Public Goods
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