Intermediate microeconomic analysis / A. Myrick Freeman III

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The early chapters provide a context within which the students can deal with the specifics of demand theory, production theory, and so forth. Readers have a clearer picture of the basic normative issues concerning efficiency and equity as they come across topics such as consumer sovereignty, consumer surplus, perfect competition, and market power. The fourth key feature of this text is an effort to draw some of the major connections between microeconomic analysis and macroeconomics. Microeconomics is not just a set of analytical techniques and theorems. Rather, it is a valuable way of achieving a better understanding of the functioning of modern capitalist economies. Microeconomics also provides a way of analyzing economic problems in a variety of other economic institutional settings, for example, planning and resource allocation problems in socialist economies, resource allocation to the public sector.