Publisher's Synopsis
A text for the intermediate macroeconomics course, "Price Theory and Applications" combines fundamental core coverage with an examination of modern business topics such as pricing policies and practices, governance of the firm, and the cost of time. Extended in-depth applications with a distinctive business orientation, end-of-chapter exercise sets applying microeconomc theory to wide range of senarios, and a flexible design are provided.;The balance of theory with innovative and in-depth applications in every chapter helps show students how microeconomic theory applies to a broad set of behaviors.;Many of the applications in the text are developed from the private sector rather than the public sector, allowing for a wide range of interesting applications. End-of-chapter exercises encourage students to apply micreeconomic theory to new situations, challenging readers to become active microeconomists.;Chapters 12 through 15 provide coverage of pricing policies and practices, including topics such as price discrimination, the free-rider problem, asymmetric information and pricing under uncertainty.;This text instructors considerable flexibility in course design, by marking more difficult material with an asterisk and by placing all the calculus in the text in footnotes and optional appendices.
