Microeconomics

Students need to learn two skills in this course: they need to master the requisite micro theory, and at the same time develop their problem-solving skills. Microeconomics has become a market leader because Perloff presents theory in the context of real, data-driven examples, and then develops intuition through his hallmark Solved Problems. Students gain a practice perspective, seeing how models connect to real-world decisions being made in today’s firms and policy debates. Introduction. Supply and Demand: Supply and Demand; Applying the Supply-and-Demand Model. Consumer Theory: Consumer Choice; Applying Consumer Theory. Theory of the Firm: Firms and Production; Costs. Perfect Competition: Competitive Firms and Markets; Applying the Competitive Model; General Equilibrium and Economic Welfare. Market Power and Market Structure: Monopoly; Pricing and Advertising; Oligopoly and Monopolistic Competition; Game Theory. Factor Markets: Factor Markets and Vertical Integration; Interest Rates, Investments, and Capital Markets. Uncertainty, Missing Markets, and Limited Information: Uncertainty; Externalities, Commons, and Public Goods; Asymmetric Information; Contracts and Moral Hazards. For all readers interested in algebra-based intermediate microeconomics.