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Microeconomics | Robert S Pindych & Mehta - Person

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  • Paperback: 674 pages

  • Publisher: Pearson Education India; 7 edition (2009)

  • Language: English

  • ISBN-10: 8131725995

  • ISBN-13: 978-8131725993

This Study Guide accompanies the Eighth Edition of Microeconomics by Robert Pindyck and Daniel Rubinfeld and, when used in conjunction with the textbook, can be a useful learning tool to help reinforce the basic concepts presented in the text. This Study Guide presents numerous problems and provides detailed answers to help you gain practice in working through economics problems. This Study Guide cannot be used as a substitute for the text, which provides complete coverage of the material.

Microeconomics is an updated theoretical and analytical textbook on the subject and contains key concepts for beginners or students majoring in Economics. It caters to anyone interested in the subject.

Summary of Microeconomics

Microeconomics is a beginner’s textbook compiled by authors Robert S Pindyck and Daniel L Rubinfeld, who are experts in the fields of Finance and Economics.

The book is written in a friendly and understandable style, and approaches the subject from scratch. It covers topics like the The Basics of Supply and Demand, Uncertainty and Consumer Behavior, Production, The Analysis of Competitive Markets, and moves on to more complex concepts like Market Power: Monopoly and Monopsony, Pricing and Game Theory and Competitive Strategy.

Topics like designing the pricing strategies, analysing the public policy and making production decisions are extensively covered in the book with the help of close to a hundred elaborate examples that encompass topics like cost, market efficiency and demand. Microeconomics also extensively covers the number of changes that have taken place in the field with time.

This book also puts the theories into perspective by portraying the application and relevance of micro-economic theories that are used to make economic, managerial and policy decisions. These concepts are explained in the book with a number of examples, graphs and charts.

This is the seventh edition of the book and has a few added chapters, including a revised chapter on Public goods and Externalities and in-depth coverage on Behavioral Economics, which are all in sync with the recent trends.

About the Authors

Daniel L Rubinfeld

Daniel L Rubinfeld is an expert on a variety of topics on economics, law, competition policy and statistics. He is currently co-editor of International Review of Law and Economics. He has been associated with prestigious organisations like the National Bureau of Economic Research and the John Simon Guggenheim Foundation.

With Robert, he has co-authored another book, the bestselling Econometric Models and Economic Forecasts. Apart from this, Rubinfeld has written Chi Liang Ching Chi Mo Hsing Chih She Chi Yu Ying Yung with other co-authors.

Robert Pindyck

Robert S Pindyck works as a Professor of Finance and Economics for Tokyo-Mitsubishi Ltd. at the Sloan School of Management in MIT.

Pindyck has also written books like The Structure of World Energy Demand and Investment Under Uncertainty. Apart from his writing pursuits, he has also conducted research on many topics in industrial organization. He is associated with the National Bureau of Economic Research and the Econometric Society. 

Both the authors have received their doctorate from MIT and have published their research papers in many journals.

Table of Content

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 

Salient Features

• This edition includes a number of new topics, updated examples, and improved exposition of existing materials.
• This text incorporates over 100 real-world examples into the flow of the text, rather than as segregated boxed features.
• Key terms are defined in margins throughout the book and in the glossary.
• Chapter 4 includes new material on speculative demand and network externalities to include social networks.
• Chapter 5 contains a new section on bubbles and informational cascades
• Chapter 18 on Externalities and Public Goods covers the treatment of environmental economics, a very hot topic now in this course.
• New material on speculative demand and an expanded discussion of network externalities to include social networks can be found in Chapter 4.
• A series of examples relating to the economics of health care are introduced in Chapters 3, 6, 16, and 17, including the demand for and production of health care.
• A new series of examples on taxicab markets, found in in Chapters 8, 9, and 15, illustrate the effects of government policies that restrict output.
• Added examples on energy demand and energy efficiency can be found in Chapters 4 and 7, and "contagion" in global financial markets is offered in Chapter 16. 


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