Rakesh V. Vohra offers a unique approach to studying and
understanding intermediate microeconomics by reversing the
conventional order of treatment, starting with topics that are
mathematically simpler and progressing to the more complex. The
book begins with monopoly, which requires single variable rather
than multivariable calculus and allows students to focus clearly on
the fundamental trade-off at the heart of economics: margin versus
volume. Imperfect competition and the contrast with monopoly
follows, introducing the notion of Nash equilibrium. Perfect
competition is addressed toward the end of the book, and framed as
a model of non-strategic behavior by firms and agents. The last
chapter is devoted to externalities, with an emphasis on how one
might design competitive markets to price externalities and linking
the difficulties to the problem of efficient provision of public
goods. Real-life examples engage the reader while encouraging them
to think critically about the interplay between model and reality.
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