This well-established and acclaimed text, which has been substantially revised and fully updated, provides a comprehensive coverage of microeconomic theory and its application to both managerial and public-policy decision making. Featuring numerous extended examples that cover such topics as the analysis of demand, cost, and market efficiency; the design of pricing strategies; investment and production decisions; and public policy analysis, this fifth edition stresses how micro-economics can be efficiently applied to managerial and public policy decision making. The text extensively covers the latest developments and exposes students to the new topics that play a central role in microeconomics, for example, game theory and competitive strategy, the roles of uncertainty and asymmetric infor-mation and analysis of pricing by firms with market power. Clearly written with a view to enhance the understanding and enliven the interest of students, the text has numerous illustrations and makes use of minimal mathematics. Students of economics will find this text extremely useful and its approach refreshingly new.