Producers, Consumers, and Partial Equilibrium provides a systematic and accessible presentation of the full formal details in the core theories of consumer and producer choice under conditions of price taking. The book pulls together foundational content from many classic sources and organizes it in a self-contained format that rigidly adheres to optimization as the central behavioral postulate and analytical tool for economic theory.
The book maintains a sharp focus on the properties of outcomes from optimizing behavior in varying environments. These properties are the refutable hypotheses from each optimization behavioral postulate, and they form the core content of this positive economic theory. In so doing, the book presents and documents the underlying formal structure of the theory with a higher degree of integration and completeness than is typical of Ph.D. textbooks in microeconomics.
- Discusses convex functions in economic optimization environments
- Includes a generalized envelope theorem as a source of refutable hypotheses
- Delineates active versus inactive constraints in refutable hypotheses
- Identifies basic results in core theories of producer and consumer choice
- Presents core consumer and producer theory within microeconomics
- Contains end-of-chapter exercises and a solutions manual
- Includes a concordance that matches its chapters with those of major textbooks
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