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Intermediate Microeconomics and Its Application
Intermediate Microeconomics and Its Application" by Walter Nicholson and Christopher Snyder provides a comprehensive and accessible exploration of intermediate-level microeconomic theory and its practical applications. The book delves into essential microeconomic concepts such as consumer behavior, producer behavior, and various market structures, including perfect competition, monopoly, and oligopoly. It introduces game theory, general equilibrium, and welfare economics, emphasizing the interactions between different markets and economic agents.
The text also covers decision-making under uncertainty, the role of information in economics, and market mechanisms like insurance and signaling. It addresses market failures due to externalities, the provision of public goods, and the necessity of government intervention. Additionally, the book incorporates insights from behavioral economics, highlighting how real human behavior can deviate from traditional economic assumptions and affect market outcomes.
With a strong focus on real-world applications, the book illustrates how microeconomic theory can be used to understand and analyze contemporary economic issues and public policies in areas such as labor markets, health economics, and environmental economics. Designed for intermediate-level students, this text equips readers with a solid foundation in microeconomic theory and demonstrates its relevance to everyday economic problems and policy decisions.
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