Microeconomics (special Indian Edition)

1. Introduction

2. Supply and Demand

3. Balancing Benefits and Costs

4. Principles and Preferences

5. Constraints, Choices, and Demand

6. From Demand to Welfare

7. Technology and Production

8. Cost

9. Profit Maximization

10. Choices Involving Time

11. Choices involving Risk

12. Choices Involving Strategy

13. Behavioral Economics

14. Equilibrium and Efficiency

15. Market Intervention

16. General Equilibrium, Efficiency, and Equity

17. Monopoly

18. Pricing Policies

19. Oligopoly

20. Externalities and Public Goods

21. Information Imperfections

Cases contributed by Sen:

Rising Food Prices (Chapter 2)

The Kyoto Protocol and Repeated Prisoners? Dilemma

Games (Chapters 12/20)

The Matchstick Monopolist (Chapter 17)

New Features

The text focuses on the core principles of the intermediate microeconomic course: individuals and firms making decisions, competitive markets, and market failures. An accessible text that does not require knowledge of calculus, Microeconomics utilizes examples and integrates topics that will stimulate and motivate students. With its approach and coverage, the text will be useful for b-school students for a microeconomics or managerial economics course (micro part). It will be also useful for courses offered by economics departments in Indian universities. Feature Highlights: ? A Fresh, Up-to-date Treatment. The text covers recent developments in microeconomics, drawing on game theory, information economics and behavioral economics, apart from core, traditional material. ? An Innovative Approach to Quantitative Problem Solving: This text is designed for a non-calculus or in an intuitively-oriented calculus course. Teaches students to solve a wide range of quantitative problems without requiring calculus. However, calculus steps are given as footnotes. ? Flexible Chapter Organization: Microeconomics places the decision making chapters first, followed by the discussion of markets. However, all chapters are carefully written in a modular format so that they can be taught in any order, and the Preface outlines multiple organization scenarios that could be followed. ? Teaches the ?Why it matters?? behind the theory: The authors use a clear and engaging writing style ? a style that students will get excited about. When they bring up a topic they explain why it matters, instead of merely asserting that the topic will be useful later. ? Student Friendly Pedagogy: Microeconomics uses innovative pedagogy that provides students with more accessible ways to understand and master difficult concepts. For example, colored tables are used to explain various consumer choices at the beginning of the consumer theory sections instead of going right to cases where students are forced to draw indifference curves. ? Real World Applications Closely Tied to Text: Microeconomics incorporates real world applications and examples that students can relate to, unlike most other texts on the market that use a mix of real and fictitious scenarios. ALL included applications are founded in real companies and individuals making decisions. The authors have been diligent to ensure the applications tie directly and clearly to the concept being discussed. ? Worked-Out Problems and In-Text Exercises: A series of example problems are provided to help students apply the issues discussed in the chapters. Linked ?In-Text Exercises? follow the ?Worked-Out Problems? as an extra reinforcement, driving home the highlighted concept. Adaptation Highlights ? Prof Anindya Sen of IIM Calcutta supplements this text with cases: ? Rising Food Prices (Chapter 2): In many emerging economies inflation has risen over the past year to its highest level for many years. The recent increases in price indices have been caused mainly by surging oil and food prices. In some countries, the higher prices are leading to riots, political instability and growing worries about feeding the poorest people. This case analyses the rise in food prices in supply and demand terms, detailing the numerous factors on both sides of the market that that are pushing up prices. ? The Kyoto Protocol and Repeated Prisoners? Dilemma Games (Chapters 12/20): The objective is of the Kyoto Protocol is to achieve "stabilization of greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system.? The present case sets out the Kyoto Protocol and discusses the difficulties encountered in achieving inter-governmental cooperation to implement the objective of the Protocol. The basic natures of the difficulties can be explained with the help of a one-shot Prisoners? Dilemma Game. It is pointed out that the dynamics of the prisoner's dilemma change dramatically if participants know that they will be playing the game more than once. In that case, they have an incentive to co-operate, in order to avoid being punished for their misconduct by their opponent in subsequent rounds. ? The Matchstick Monopolist (Chapter 17): In the first three decades of the 20th century, Ivar Kruger built up an industrial empire founded on the most humble of innovations, the Swedish-made safety match, that lit a fire of speculative excess around the world creating, then burning through, fortunes that would be measured now in the billions. This case discusses how Kruger tried to build up monopolies and cartels in the matchsticks industry.