Dominick Salvatore Schaums Outline of Microeconomics, 4th edition Schaums Outline Series 2006

PREFACE
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.
Being 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.
Each 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.
The 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 microeconomic
theory classes at Fordham University. The students were enthusiastic and made
many valuable suggestions for improvements. To all of them I am deeply grateful. I
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.
The following revisions were included in this edition:
. A brand new chapter (Chapter 12) has been added on Game Theory and Oligopolistic
Behavior. Game theory is one of the most important development in microeconomic
theory and all texts now include it.
. A second new chapter (Chapter 15) has also been added on the Economics of
Information. The economics of information is another important development in
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