Microeconomic Theory

Book Preface

This first Europe, Middle East and Africa adaptation of the 11th edition of Microeconomic Theory: Basic Principles and Extensions represents a significant effort to continue refining and modernising our treatment of microeconomics. The
text retains all of the elements that have made it successful for so many editions, including the basic approach being a focus on building intuition about economic models while providing students with the mathematical tools needed to go further in their studies. The text also seeks to facilitate that linkage by providing many numerical examples, advanced problems and extended discussions of empirical implementation – all of which are intended to show students how microeconomic theory is used today. New developments continue to keep the field exciting, and we hope this edition manages to capture that excitement.

To tailor the text better to the course structures and teaching needs of the Europe, Middle East and Africa market, this new edition adapted by Robert Stewart, an Economics lecturer based in Johannesburg, South Africa, includes the following changes:

● Some content reordering, restructuring and rewriting, to more closely it typical EMEA course outlines, including:
●Merging of former Chapter 9 (‘Production Functions’) and Chapter 10 (‘Cost Functions’) into single Chapter 9, ‘Production and Cost Functions’.
●Content changes within Part Six to be newly titled ‘Factor Market Pricing’ (instead of ‘Pricing in Input Markets’).
●Revisions to end-of-chapter Problems and Analytical Problems.
●A streamlined book encouraging blended print and digital learning, with Chapter Extensions, Brief Answers to Queries and Solutions to Odd-Numbered Problems now on the companion website.
●Complete conversion from Imperial to metric, for all units of measure.
●Currency revisions.
●Europe, Middle East and Africa contextualisation in examples and language.
●New text design and appearance.