Prices and Quantities: Fundamentals of Microeconomics

Rakesh V. Vohra's 'Prices and Quantities' offers a fresh perspective on intermediate microeconomics by reversing the conventional order of treatment. The book begins with monopoly, which is mathematically simpler and allows students to focus on the fundamental trade-off in economics: margin versus volume. It then progresses to imperfect competition, perfect competition, and externalities, with an emphasis on designing competitive markets to price externalities. Real-life examples are used to engage readers and encourage critical thinking about the interplay between models and reality. /n/n The book is structured to build a solid foundation in microeconomics, starting with topics that are easier to grasp and gradually introducing more complex concepts. This approach helps students understand the core principles of economics and apply them to real-world situations. The final chapter delves into externalities and public goods, linking these concepts to the broader themes of the book.