This work is written at an intermediate level and is designed for undergraduate microeconomics courses. Postgraduate courses in which microeconomic theory is taught at not too specialized a level can also make use of the text. An ELBS/LPBB edition of this book is available.

This work is written at an intermediate level and is designed for undergraduate microeconomics courses. Postgraduate courses in which microeconomic theory is taught at not too specialized a level can also make use of the text. The book is presented in three parts. Part 1 examines the behaviour of the consumer and other buyers, and develops the basic tools of analysis of the behaviour of the firm, its revenue and cost curves. Part 2 deals with the theory of the firm, concentrating on oligopoly, the main form of market structure in the modern industrial world. Part 3 discusses the theory of factor pricing, general equilibrium theory and welfare theory. It thus covers all the topics usually included in textbooks on price theory in addition to offering a comprehensive treatment of classical and modern theories of the firm.