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Microeconomics, 5th Edition gives students the most effective approach for learning microeconomic tools and concepts. This text provides an accessible, integrated structure with numerous practice problems, exercises, and engaging applications. Worked-out Learning-by-Doing problems, mathematical and graphical data, and verbal explanations enable business and economics majors to recognize significant data, patterns, and trends.

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PART 1 INTRODUCTION TO MICROECONOMICS

1. Analyzing Economic Problems

2. Demand and Supply Analysis

PART 2 CONSUMER THEORY

3. Consumer Preferences and the Concept of Utility

4. Consumer Choice

5. The Theory of Demand

PART 3 PRODUCTION AND COST THEORY

6. Inputs and Production Functions

7. Costs and Cost Minimization

8. Cost Curves

PART 4 PERFECT COMPETITION

9. Perfectly Competitive Markets

10. Competitive Markets: Applications

PART 5 MARKET POWER

11. Monopoly and Monopsony

12. Capturing Surplus

PART 6 IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR

13. Market Structure and Competition

14. Game Theory and Strategic Behavior

PART 7 SPECIAL TOPICS

15. Risk and Information

16. General Equilibrium Theory

17. Externalities and Public Goods

Mathematical Appendix

Solutions to Selected Problems

Glossary

Index

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David Besanko is the Alvin J. Huss Distinguished Professor of Management and Strategy at the Kellogg School of Management at Northwestern University. He received his AB in Political Science from Ohio University in 1977, his MS in Managerial Economics and Decision Sciences from Northwestern University in 1982. Before joining the Kellogg faculty in 1991, Professor Besanko was a member of the faculty of the School of Business at Indiana University from 1982 to 1991. In addition, in 1985, he held a post-doctorate position on the Economics Staff at Bell Communications Research. Professor Besanko teaches courses in the fields of Management and Strategy, Competitive Strategy, and Managerial Economics. In 1995, the graduating class at Kellogg awarded Professor Besanko the L.G. Lavengood Professor of the Year, the highest teaching honor a faculty member at Kellogg can receive

Ronald R. Braeutigam is the Harvey Kapnick Professor of Business Institutions in the Department of Economics at Northwestern University. He is Associate Dean for Undergraduate Studies in the Weinberg College of Arts and Sciences. He received a BS in Petroleum Engineering from the University of Tulsa in 1970 and then attended Stanford University and the California Institute of Technology, and he has also held an appointment as a Senior Research Fellow at the Wissenschaftszentrum Berlin (Science Center Berlin). He has also worked in both government and industry, beginning his career as a petroleum engineer with Standard Oil of Indiana (now BP), serving as research economist in The White House office of Telecommunications Policy, and as an economic consultant to Congress, many government agencies and private firms on matters of pricing, costing, managerial strategy, antitrust, and regulation.

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