Advanced Microeconomics by Harald Wiese: A Comprehensive Explanation of the Intricacies of Economic Behavior

Advanced Microeconomics by Harald Wiese is an indispensable resource for students and practitioners seeking a comprehensive understanding of the intricate world of economic behavior. This seminal work delves into the fundamental principles of microeconomics, providing a rigorous and insightful examination of consumer theory, production theory, and market equilibrium.

Advanced Microeconomics

by Harald Wiese

4.3 out of 5

Language	:	English
File size	:	17855 KB
Screen Reader	:	Supported
Print length	:	673 pages

FREE

Understanding Consumer Theory

Consumer theory lies at the heart of microeconomics, explaining how individuals make decisions about allocating their scarce resources. Wiese meticulously analyzes consumer preferences, utility functions, and budget constraints. He explores the concept of diminishing marginal utility, demonstrating how consumers maximize their satisfaction by consuming goods and services that provide the greatest incremental benefit.

Production Theory: Inputs, Outputs, and Costs

Production theory focuses on the processes by which firms transform inputs into outputs. Wiese delves into the intricacies of production functions, highlighting the relationships between inputs (e.g., labor, capital) and outputs (e.g., goods, services). He examines the concepts of scale economies, technological progress, and cost minimization, providing invaluable insights into the decision-making processes of firms.

Market Equilibrium: Supply and Demand

Market equilibrium is a pivotal concept in microeconomics, representing the point at which the quantity supplied and the quantity demanded are equal. Wiese masterfully explains how supply and demand interact to determine equilibrium prices and quantities. He analyzes the impact of shifts in supply or demand, exploring the consequences for market outcomes and consumer welfare.

Game Theory: Strategic Interactions

Game theory provides a powerful framework for understanding the strategic interactions between economic agents. Wiese introduces the fundamental concepts of game theory, such as Nash equilibrium and rational choice. He illustrates the application of game theory to various economic scenarios, including market competition, auctions, and bargaining.

Welfare Economics: Measuring Economic Well-being

Welfare economics examines the distribution of economic well-being in society. Wiese explores the concepts of Pareto efficiency, social welfare functions, and income inequality. He discusses the challenges of measuring economic well-being and the policy implications of welfare analysis.

Applications and Case Studies

To solidify understanding, Wiese incorporates numerous real-world applications and case studies throughout the text. These examples bring the abstract concepts of microeconomics to life, demonstrating how the principles of consumer theory, production theory, and market equilibrium apply to various economic phenomena.

Advanced Microeconomics by Harald Wiese is an authoritative text that provides a comprehensive and rigorous treatment of the fundamental principles of microeconomics. Its clear explanations, detailed examples, and insightful analyses make it an indispensable resource for students, practitioners, and anyone seeking a deeper understanding of the intricacies of economic behavior.

Advanced Microeconomics

by Harald Wiese

4.3 out of 5

Language	:	English
File size	:	17855 KB
Screen Reader	:	Supported
Print length	:	673 pages

FREE