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Microeconomic Theory by Andreu Mas-Colell, Michael D. Whinston, and Jerry R. Green is the standard US graduate level microeconomics textbook. First published in 1995, the book consists of five parts: Part I: Individual Decision-Making; Part II: Game Theory; Part III: Market Equilibrium and Market Failure; Part IV: General Equilibrium; Part V: Welfare Economics and Incentives.
Most economists probably know him as the lead author with Ray Rees, of the standard intermediate text: Microeconomics, Prentice Hall, 1981, First Edition. He started this text while at Queen Mary College as lecture notes, where he was teaching Microeconomics based on James Ferguson text. The book was intended and received as a bridge between ...
Convexity is a geometric property with a variety of applications in economics. [1] Informally, an economic phenomenon is convex when "intermediates (or combinations) are better than extremes".
Microeconomics is also known as price theory to highlight the significance of prices in relation to buyer and sellers as these agents determine prices due to their individual actions. [11] Price theory is a field of economics that uses the supply and demand framework to explain and predict human behavior.
More specifically, in microeconomics there are no fixed factors of production in the long-run, and there is enough time for adjustment so that there are no constraints preventing changing the output level by changing the capital stock or by entering or leaving an industry. This contrasts with the short-run, where some factors are variable ...
In microeconomics, the Slutsky equation (or Slutsky identity), named after Eugen Slutsky, relates changes in Marshallian (uncompensated) demand to changes in Hicksian (compensated) demand, which is known as such since it compensates to maintain a fixed level of utility.
In economics, non-convexity refers to violations of the convexity assumptions of elementary economics.Basic economics textbooks concentrate on consumers with convex preferences (that do not prefer extremes to in-between values) and convex budget sets and on producers with convex production sets; for convex models, the predicted economic behavior is well understood.
The Theory of Wages is a book by the British economist John Hicks, published in 1932 (2nd ed., 1963).It has been described as a classic microeconomic statement of wage determination in competitive markets.