Microeconomics (Modern economics)

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This solutions manual/workbook accompanies the second edition of the authors' microeconomics textbook. It provides full answers to all problems in the textbook, contains over 100 graphic illustrations and provides further supplementary problems (without answers) to reinforce learning. Together with the main text, this solutions manual can be used for intermediate undergraduate courses, for specialized senior undergraduate courses in advanced microeconomis theory and mathematical economics and for first year courses in graduate microeconomics.

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Preface1 The nature and scope of microeconomicsA Concepts and methodsB The economic and social framework2 The theory of the consumerA The preference orderingB The feasible setC The consumption decisionD The comparative statics of consumer behaviourE Offer curves and net demand curvesAppendix 1 : The lexicographic orderingAppendix 2 : Existence of a utility function 3 Consumer theory : dualityA The expenditure functionB The indirect utility function, Roy's identity and the Slutsky equationC Measuring the benefits of price changesD Composite commodities, separability and homotheticity 4 Further models of consumer behaviourA Revealed preferenceB The consumer as a labour supplierC Consumption and the allocation of timeD Households5 ProductionA IntroductionB The production functionB Variations in scaleC Variations in input proportionsD The multi-product case6 CostA IntroductionB Long-run cost minimizationC Short-run cost minimizationD Cost minimization with several plantsE Multi-product cost functions7 Supply and firm objectivesA Long-run profit maximizationB Short-run profit maximizationC The multi-product firmD The profit function and comparative staticsE The entrepreneurial firmF Labour managed firms8 The theory of a competitive marketA Short-run equilibriumB Stability of equilibriumC Long-run equilibrium9 MonopolyA IntroductionB Price and output determination under monopolyC Price discriminationD Monopoly welfare loss10 Input markets A Demand for inputsB MonopsonyC Unions as monopoly input suppliersD Bilateral monopoly11 Capital marketsA IntroductionB Optimal consumption over timeC The optimal investment decisionD Capital market equilibrium under certaintyE Extensions to many periods 12 General equilibrium A IntroductionB Walrasian equilibrium of a competitive economyC Existence of Walrasian equilibriumD Stability of Walrasian equilibriumE Edgeworth exchange theoryF Exchange, equilibrium and the core13 Welfare economics A IntroductionB Pareto efficient resource allocationC Welfare functions and the Pareto criterionD Pareto efficiency and competitive marketsE Distribution and marketsF Arrow's impossibility theorem14 Market failure and government failureA The causes of market failureB Instances of market failureC Theory of the second best D Government failure 15 Game theory A IntroductionB Game representation and solutions C Imperfect and incomplete informationD Mixed strategies E Cooperative bargainingF Non-cooperative bargainingG Delay and disagreement in bargaining16 Oligopoly 17 Choice under uncertaintyA IntroductionB A formalization of 'uncertainty'C Choice under uncertaintyD Properties of the utility functionE Risk aversion and indifference curvesF Measures of risk G Comparative statics under uncertainty 18 Production under uncertaintyA IntroductionB Competitive firm under uncertaintyC Production with futures markets19 Insurance, risk spreading and risk poolingA Introduction B The insurance decisionC Incomplete insurance marketsD Risk spreading: the Arrow-Lind TheoremE Risk poolingF Asymmetric information in insurance markets : adverse selectionG Asymmetric information in insurance markets : moral hazard20 Agency and contract theory 21 General equilibrium under uncertainty and incomplete marketsA Introduction B Complete markets in state contingent claimsC State contingent commoditiesD Efficiency with productionE The stock marketF Incomplete stock marketsFurther readingMathematical AppendicesA Structure of optimisation problemsB Solutions: questions and conceptsC Existence of solutionsD Local and global optimaE Uniqueness of solutionsF Interior and boundary optimaG Location of the optimum: method of LagrangeH Concave programming and the KuhnTucker conditionsI Second order conditions and comparative staticsJ The envelope theoremK Fixed point theoremsL Bayes ruleIndex --This text refers to an alternate Paperback edition.