Microeconomic theory presents, in a systematic way, some of the basic analytical techniques or tools of analysis of economics. As such, it has traditionally been one of the most important courses in all economics and business curricula and is a requirement in practically all colleges and universities.rnBeing highly abstract in nature, microeconomic theory is also one of the most difficult courses and often becomes a stumbling block for many students. The purpose of this book is to help overcome this difficulty by approaching microeconomic theory from a learn-by-doing methodology. While the book is primarily intended as a supplement to all current standard textbooks in microeconomic theory, the statements of theory and principles are sufficiently complete to enable its use for independent study as well.rnEach chapter begins with a clear statement of theory, principles, or background information, fully illustrated with examples. This is followed by a set of multiple-choice review questions with answers. Subsequently, numerous theoretical and numerical problems are presented with their detailed, step-by-step solutions. These solved problems serve to illustrate and amplify the theory, to bring into sharp focus those fine points without which the student continually feels on unsafe ground, and to provide the applications and the reinforcement so vital to effective learning.rnThe topics are arranged in the order in which they are usually covered in intermediate microeconomic theory courses and texts. As far as content, this book contains more material than is covered in one-semester courses in undergraduate microeconomic theory. Thus, while directed primarily at undergraduates, it can also provide a useful source of reference for M.A. students, M.B.A. students and businesspeople. There is no prerequisite for its study other than a prior course in or some knowledge of elementary economics. The methodology of this book and much of its content have been tested in micro-economic theory classes at Fordham University. The students were enthusiastic and made many valuable suggestions for improvements. To all of them I am deeply grateful. 1 would like to express my gratitude to the entire Schaum staff of McGraw-Hill for their assistance and especially to Barbara Gibson and Adrinda Kelly. This is the fourth edition of a book that has enjoyed a very gratifying market success and has been translated into nine languages (Spanish, French, Italian, Portuguese, Greek, Chinese, Japanese, Arabic, and Indonesian) and was reprinted in India and Taiwan. All the features that made the first and second editions successful were retained in the third edition.

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