●New to this Edition
1.More Concise and Streamlined: reorganization in this new edition include: Ch7 material on market demand is moved to new Ch10; Part III has been moved – Ch8,9 are now Ch18,19, and Ch10,20 make up the new ch15; Ch12 is a combination of the previous ch16,17 on general equilibrium and efficiency of perfect competition; Ch21, 22 are combined in a new Ch16 on Labor Markets, that mainly covers labor supply topics.
2.Ch2 includes more on Concave/Quasiconcave functions, duality, and Kuhn-Tucker conditions.
3.Ch5 on Income and Substitution Effects now covers elasticity, and consumer surplus material is expanded to include CV and EV notions.
4.Ch9 derives the supply function from the profit function, and includes more on input demand.
5.Ch19 includes new coverage of game theory perspectives on moral hazard and adverse selection, and the principal/agent problem.
6.New and revised questions and problems are included at the ends of chapters.
7.Internet Applications are provided for each chapter.
1.More Concise and Streamlined: reorganization in this new edition include: Ch7 material on market demand is moved to new Ch10; Part III has been moved – Ch8,9 are now Ch18,19, and Ch10,20 make up the new ch15; Ch12 is a combination of the previous ch16,17 on general equilibrium and efficiency of perfect competition; Ch21, 22 are combined in a new Ch16 on Labor Markets, that mainly covers labor supply topics.
2.Ch2 includes more on Concave/Quasiconcave functions, duality, and Kuhn-Tucker conditions.
3.Ch5 on Income and Substitution Effects now covers elasticity, and consumer surplus material is expanded to include CV and EV notions.
4.Ch9 derives the supply function from the profit function, and includes more on input demand.
5.Ch19 includes new coverage of game theory perspectives on moral hazard and adverse selection, and the principal/agent problem.
6.New and revised questions and problems are included at the ends of chapters.
7.Internet Applications are provided for each chapter.