Now you can truly understand and apply the latest economic models as you work directly with theoretical tools, real-world applications and popular new behavioral economics in this reader-friendly, market-leading book. Nicholson/Snyder’s “Microeconomic Theory: Basic Principles & Extensions” 13th Edition, takes a calculus-based approach to provide the ideal level of mathematical rigor, whether you are an upper-level undergraduate or beginning graduate student. Insightful graphic presentations help you visually grasp the connections between the calculus and the algebraic and geometric approach to the same material. End-of-chapter problems present simple numerical/mathematical exercises, which strengthen your microeconomic intuition and are followed by more analytical, theoretical, behavioral and complex problems. The text closely connects all theory to real applications in the world today.
Part I: INTRODUCTION.
1. Economic Models.
2. Mathematics for Microeconomics.
Part II: CHOICE AND DEMAND.
3. Preferences and Utility.
4. Utility Maximization and Choice.
5. Income and Substitution Effects.
6. Demand Relationships among Goods.
Part III: UNCERTAINTY AND STRATEGY.
7. Uncertainty.
8. Game Theory.
Part IV: PRODUCTION AND SUPPLY.
9. Production Functions.
10. Cost Functions.
11. Profit Maximization.
Part V: COMPETITIVE MARKETS.
12. The Partial Equilibrium Competitive Model.
13. General Equilibrium and Welfare.
Part VI: MARKET POWER.
14. Monopoly.
15. Imperfect Competition.
Part VII: PRICING IN INPUT MARKETS.
16. Labor Markets.
17. Capital and Time.
Part VIII: MARKET FAILURE.
18. Asymmetric Information.
19. Externalities.
20. Public Goods and Public Choice.
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Walter Nicholson
Dr. Walter Nicholson is the Ward H. Patton Emeritus Professor of Economics at Amherst College and a visiting professor at Ave Maria University, Naples, Florida. Throughout his teaching career, Dr. 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. Dr. Nicholson received his Ph.D. in economics from MIT. Most of his research is in the area of labor economics, especially policy questions related to unemployment. He lives in Naples, Florida and Montague, Massachusetts, where he and his wife enjoy the frequent visits of their eight grandchildren.
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Christopher M. Snyder
Dr. Christopher Snyder is the Joel Z. and Susan Hyatt Professor of Economics at Dartmouth College, where he pursues research and teaching interests in microeconomic theory, industrial organization, and law and economics. He is a research associate in the National Bureau of Economic Research, serves on the board of the Industrial Organization Society, and is an associate editor of the Review of Industrial Organization. Snyder received his Ph.D. from MIT. His recent research has appeared in leading economics journals, including the Review of Economics and Statistics and Quarterly Journal of Economics. He lives in Hanover, New Hampshire, with his wife, who also teaches economics at Dartmouth, and three daughters.
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BEHAVIORAL ECONOMICS IS NOW EMPHASIZED THROUGHOUT. Readers find more coverage of this increasingly important area of economic study throughout this edition. In addition, all-new behavioral economics problems appear within the end-of-chapter problem sets.
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NEW MINDTAP® ONLINE LEARNING PLATFORM PROVIDES CRUCIAL ASSESSMENT, PRACTICE AND HANDS-ON APPLICATION FOR STUDENTS. MindTap® helps you transform students into critical thinkers with tools you can personalize, including auto-graded problem sets, interactive visualizations and graphs, problem walk-through videos and more. Real-time course analytics help you build upon content from the book to encourage engagement and higher-level thinking. Personalize the experience by customizing book content, learning tools and adding your own content into the Learning Path.
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END-OF-CHAPTER “EXTENSIONS” PRESENT EMPIRICAL STUDIES OF THE CHAPTER’S TOPICS. Your students can explore key topics further with these optional empirical studies as well as references to recent and classic related articles. Many extensions illustrate how economic theory is applied to empirical questions.
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CONTENT ON DUALITY AND ENVELOPE THEOREM IS COMPLETELY REVISED. The authors have improved the book's presentation on duality and envelope theorem to provide a more consistent and integrated approach to these key topics.
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STUDENT-FRIENDLY PRESENTATION HELPS ENSURE COMPREHENSION AND APPLICATION. The authors skillfully combine expected calculus derivations used in advanced microeconomics with insightful graphical presentations. Today’s visual learners clearly see the connections between the calculus, geometry and graphical representations of the same material.
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PROVEN LEARNING FEATURES FURTHER STRENGTHEN STUDENT UNDERSTANDING. This edition weaves thorough summaries, memorable examples and instructive figures throughout the presentation to clarify and expand upon key microeconomic principles.
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