Microeconomics is an updated theoretical and analytical textbook on the subject and contains key concepts for beginners or students majoring in Economics. It caters to anyone interested in the subject.
Summary of Microeconomics
Microeconomics is a beginner’s textbook compiled by authors Robert S Pindyck and Daniel L Rubinfeld, who are experts in the fields of Finance and Economics.
The book is written in a friendly and understandable style, and approaches the subject from scratch. It covers topics like the The Basics of Supply and Demand, Uncertainty and Consumer Behavior, Production, The Analysis of Competitive Markets, and moves on to more complex concepts like Market Power: Monopoly and Monopsony, Pricing and Game Theory and Competitive Strategy.
Topics like designing the pricing strategies, analysing the public policy and making production decisions are extensively covered in the book with the help of close to a hundred elaborate examples that encompass topics like cost, market efficiency and demand. Microeconomics also extensively covers the number of changes that have taken place in the field with time.
This book also puts the theories into perspective by portraying the application and relevance of micro-economic theories that are used to make economic, managerial and policy decisions. These concepts are explained in the book with a number of examples, graphs and charts.
This is the seventh edition of the book and has a few added chapters, including a revised chapter on Public goods and Externalities and in-depth coverage on Behavioral Economics, which are all in sync with the recent trends.
About the Authors
Daniel L Rubinfeld
Daniel L Rubinfeld is an expert on a variety of topics on economics, law, competition policy and statistics. He is currently co-editor of International Review of Law and Economics. He has been associated with prestigious organisations like the National Bureau of Economic Research and the John Simon Guggenheim Foundation.
With Robert, he has co-authored another book, the bestselling Econometric Models and Economic Forecasts. Apart from this, Rubinfeld has written Chi Liang Ching Chi Mo Hsing Chih She Chi Yu Ying Yung with other co-authors.
Robert S Pindyck works as a Professor of Finance and Economics for Tokyo-Mitsubishi Ltd. at the Sloan School of Management in MIT.
Pindyck has also written books like The Structure of World Energy Demand and Investment Under Uncertainty. Apart from his writing pursuits, he has also conducted research on many topics in industrial organization. He is associated with the National Bureau of Economic Research and the Econometric Society.
Both the authors have received their doctorate from MIT and have published their research papers in many journals.
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