Intermediate Microeconomics
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Intermediate Microeconomics

A Tool-Building Approach

Samiran Banerjee

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  2. English
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eBook - PDF

Intermediate Microeconomics

A Tool-Building Approach

Samiran Banerjee

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About This Book

Intermediate Microeconomics: A Tool-Building Approach is a clear and concise calculus-based exposition of current microeconomic theory that is essential for students pursuing degrees in economics or business. The second edition explicitly incorporates constrained optimization techniques. This beautifully presented and accessible text covers all the essential topics typically required at the intermediate level, from consumer and producer theory to the market structures of perfect competition, monopoly, duopoly, and oligopoly. Other topics include general equilibrium, risk, and game theory, as well as chapters on externalities, asymmetric information, and public goods.

Through numerical examples as well as exercises, the book aims to teach microeconomic theory via a process of learning-by-doing. When there is a skill to be acquired, a list of steps outlining the procedure is provided, followed by an example to illustrate how this procedure is carried out. Once learned, students will be able to solve similar problems and be well on their way to mastering the skills needed for future study.

Intermediate Microeconomics presents a large amount of material in a concise way, without sacrificing rigor or clarity of exposition. Through use of this text, students will acquire both the analytical toolkit and theoretical foundation necessary in order to take upper-level field courses in economics, such as industrial organization, international trade, and public finance.

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Information

Publisher
Routledge
Year
2021
ISBN
9781000369885
Edition
2
Chapter
1
Markets
As
a
segue
into
the
material
of
intermediate-level
microeconomics,
we
begin
with
some
familiar
material
from
your
introductory
microeconomics
class:
market
demand,
supply,
and
equilibrium.
Then,
we
take
up
market
inter-
ventions
such
as
taxes
and
subsidies,
topics
which
should
also
be
somewhat
familiar
to
you.
We
cover
the
same
material
but
utilize
algebra
in
addition
to
graphs.
Finally,
we
revisit
various
elasticity
concepts
from
a
principles-level
class
using
calculus.
1.1
Market
Demand
and
Supply
Consider
a
single
product
(say,
the
market
for
steel)
over
a
speciļ¬c
geograph-
ical
area
and
a
relatively
short
time
period,
such
as
a
few
months.
1.1.1
Plotting
a
market
demand
function
A
market
demand
function
shows
how
much
is
demanded
by
all
potential
buyers
at
different
prices
and
is
written
generically
as
Q
d
=
D
(
p
)
.
Here,
Q
d
is
the
total
quantity
demanded
and
is
the
dependent
variable,
while
the
per-unit
price,
p
,
is
the
independent
variable.
An
example
of
such
a
market
demand
function
is
given
by
the
equation
Q
d
=
120
āˆ’
2
p
,
(1.1)
where
Q
d
is
measured
in
thousands
of
tons
and
p
in
dollars
per
ton.
The
fact
that
the
derivative
dQ
d
/
dp
is
negative
means
that
this
market
demand
1

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