Microeconomics: Equilibrium and Efficiency

Microeconomics: Equilibrium and Efficiency is an innovative textbook that introduces microeconomic theory in an applied way, making use of real-world empirical examples. Key benefits:· Concise and intuitive: students will not only become familiar with the building blocks of the subject, but also gain a broad understanding of microeconomic theory and models.· Empirical, real-world examples: all economic concepts are developed in a measurable way. Performance measures are derived and applied to firms, industries, and national economies.· Systemic approach: the economy is considered as a system, looking at how its different parts interact, how prices are formed and how markets are interconnected.· Unique innovations: for example, general equilibrium theory is introduced making use of Negishi's method – that is, equilibrium analysis follows the techniques used in empirical models.· Coverage of modern topics such as environmental economics, information and optimal search, and the theory of inequality measurement.· End-of-chapter summaries and exercises, with answers in the appendix.Thijs ten Raa's unique approach bridges the gap between microeconomic theory and applied economics, helping students understand applied models that are used widely in industry, economic planning, trade, and environmental studies. Written in a lucid, clear and direct style, it is an ideal textbook for advanced undergraduate and graduate students.