Intermediate Microeconomics

Reviewed by Eric Dodge, Professor of Economics, Hanover College on 8/15/25

Comprehensiveness rating: 5 see less

The text covers all of the typical theory in the Intermediate Microeconomics course, plus several additional chapters that instructors could add all or parts of to their course.

Content Accuracy rating: 3

This is my biggest concern with the textbook. I carefully read chapters 1-5 and also 15. The list below includes errors in graphs and formulas and typos that would frustrate and confuse both students and instructors. If so many mistakes exist in 6 chapters, I fear that many more exist in the remainder of the book.

Chapter 1 and 2: The marginal rate of substitution is correctly identified as the slope of an indifference curve, but I feel the equation for the MRS should more accurately reflect this by using the conventional slope ratio (∆Y/∆X) rather than the author’s arbitrary use of (∆A/∆B).
Chapter 3, section 3.1, third paragraph: The phrase “four bars and two vitamin waters, and so on.” Should be “four bars and three vitamin waters, and so on.”
Figure 3.8 has notation that is unclear. There is MPG* on the horizontal axis, but is that “*” unexplained notation or a misplaced multiplication sign? Should there be () as part of the horizontal intercept labeling? On the graph there is a label that says “Increase in MPG: MPG>MPG”, which looks like there is a missing label on the inequality to indicate that MPG has risen and one is greater than the other. Maybe one is missing the “*”.
Chapter 4, Figure 4.1. In the text above the figure, the author says “looking for the point or points of intersection” but the graph shows a tangency, not an intersection. If there is an interior solution to the constrained utility-maximization problem, there will be a tangency. Adept students will know the difference between an intersection and a tangency. Note: the author does a good job in Figure 4.2 of describing how an intersection is not the optimal solution to the consumer’s objective.
Below Figure 4.2 there is an omission that should be fixed. It says: “Note that the MRS=ERS condition can be rearranged to MUA/PA.” but it should continue by saying “MUA/PA = MUB/PB”
Below equation 4.3, there is an important typo in the partial derivative to calculate the MUA. There should be the Greek alpha (α) in the first derivative, but the author has used δ. This mistake is carried to equation 4.4 and repeated at the end of the chapter.
Equations 4.5 and 4.6 are using “MRT” as the slope of the budget constraint when the author has been using “ERS”.
Below equation 4.7, there is another typo. The author states “substitute the result into Equation 4.5” but this isn’t correct, the result should be substituted into Equation 4.7. This typo is repeated immediately before equation 4.8.
Between equations 4.9 and 4.10, the author states that the result of 4.9 (solving for A) should be substituted into 4.6, which provides another equation for A. That’s incorrect, it provides a solution for B, which is stated in 4.10. This mistake is repeated at the end of the chapter.
Below Figure 4.3, I think there is a typo in word usage. The author writes: “A parable is a fixed value given outside the model, one that never changes.” I don’t think “parable” is the correct word here. Could it be “parameter”?
Figure 4.6. This is a graph that continues from earlier chapters, yet now the miles driven (M) is on the Y axis. The mathematical work below the figure describes M as the good on the horizontal axis, so this is going to confuse readers. Why make the switch at all?
Chapter 5:
Several paragraphs below Figure 5.5, there is a typo. The author writes: “For customer C, this is at p=$50; for customer B, this is at p=$100; and for customer C, this is at p=$150”. But this last part should be “for customer A, this is at p=$150.”
Section 5.5, in the equation for price elasticity of demand, there is a strange ‘ attached to P and this notation is not attached to Q, so I’m assuming it’s a typo.
Table 5.1, the symbol for infinity is missing twice.
Below Figure 5.2, in an example of calculating the price elasticity of demand, the equation used is for the income elasticity of demand.

Chapter 15:
Below Figure 15.3, there is an equation for an inverse demand function that states: p = A = BQ and the second = should be a minus sign -.
Page 357, in step 4, the equation uses “frac12” instead of simply ½.

Relevance/Longevity rating: 4

I gave a very close reading to chapters 1-4 and also 15. The policy examples are nice ways to start each chapter and provide great opportunities for discussion and should increase student interest. However, I made some notes related to timeliness/relevance given that it is now 2025.
Chapter 1:
a. In the "Policy Question", there are two items that could be updated. First, the current Administration is working to end subsidies for hybrid and EV cars and this could be addressed by attaching a date to the enactment of the policy. Second, the author uses the phrase “dependence on imported foreign oil” which is outdated as the US has been a net exporter of petroleum since 2021. The US does still import crude from other nations (mainly Canada), but “dependence” is an outdated depiction of the situation.
b. The example of perfect complements in consumption refers to iPods, a product that hasn’t been produced since 2022.
Chapter 2:
a. Again the Policy Question refers to dependency on foreign oil and a Congressional act from 2005, twenty years ago. The EV rebates were updated in 2022 and are threatened by elimination in 2025.
Chapter 15: the chapter opens with a description of how AstraZeneca earned monopoly profits for their Crestor drug and mentions how the patent “will expire in 2016”. This is now almost a decade out of date.

Again, I did not review all 24 chapters, but these are examples of how these policy examples might be overdue for updating.

Clarity rating: 5

The book is quite clear, with a nice mix of readability for the novice and mathematical rigor for students and instructors that wish to use it.

Consistency rating: 5

The text definitely has internal consistency. Each chapter follows the same format, making it easy to follow and the reader knows what to expect as they progress through the material.

Modularity rating: 4

Courses like intermediate microeconomics build up from the simpler concepts to more complex, so the topic does not easily break apart into stand-alone modules. For example, it is common to present, like the author does, the theory of consumer behavior and utility maximization as the basis for individual and market demand curves. Some authors discuss the model of markets (supply and demand) prior to diving into the theory behind the supply and demand curves, but the author chooses to present markets in chapter 10 and refers the reader back to earlier chapters. I don't disagree with this approach, but it might hinder the modularity some instructors prefer.

Organization/Structure/Flow rating: 5

I like the organization of the textbook and if I used it in my course I would follow the sequence of chapters. I also like the policy questions at the end of chapters, but it left me wondering if the author had created an instructor's manual to assist instructors in leading some of the discussions with concepts to consider. That would be an excellent feature.

Interface rating: 5

I had no trouble with the interface or with navigation. The graphs and equations did not appear to be distorted, although there were some typos that would certainly confuse/distract, and I describe below.

Grammatical Errors rating: 5

The book's grammar is excellent and contributes to the ease of reading the chapters.

Cultural Relevance rating: 5

The textbook is perfectly appropriate for all readers.

I offered to review this text because I am ready to switch my Intermediate Micro course from a traditional expensive textbook to an OER book. The number of errors in this textbook is cause for alarm and if I'm converting my course to use an OER book I don't want to have to spend lots of time typing up a lengthy sheet of errata. This book needs a thorough edit for mathematical and graphical mistakes.
I would also be more likely to adopt the book if there was some kind of instructor's manual with suggested points for policy discussion or problem sets to give students more practice.

Reviewed by Ulmaskhon Kalandarova, Instructor, Colorado State University on 5/25/21

Comprehensiveness rating: 5 see less

The book covers all classical sections in Intermediate Micro course: preferences, utility max, cost min, consumer and producer theories, and also it covers Micro-II Game Theory topics as risk, uncertainty, game theory, models of oligopoly (Cournot, Bertrand, Stackelberg) - which gives good foundation for upper level micro courses.

Content Accuracy rating: 5

The book content is accurate. The chapters are very concise, clear and give the main ideas on concepts. The author explained the concepts with examples very well. The policy questions at the end of each chapter give a good motivation for a more deeper thinking on the concepts.

Relevance/Longevity rating: 5

The content of the book reflects the traditional micro theory chapters. It is relevant at any time, since it covers the classical/basic concepts. It is very easy to update the examples with more contemporary ones, depending on the context. The only thing that might be recommended is to update graphical illustrations with more new graphical/illustrative techniques, which would make the book more appealing to the modern time.

Clarity rating: 5

The book is written in a clear, easy to understanding mode. It fits the intermediate level of micro, where students would not be too overwhelmed with narrow specifications of high level micro. The examples are also clearly explained.

Consistency rating: 5

The text is consistent with specific terminology, concepts, and overall overall theory. And after each chapter the key terms of the topics are listed, which is very helpful for review and effective learning.

Modularity rating: 5

I like how book is organized in concise, brief chapters, that give the main concepts of the topics. The reader is not overwhelmed with huge topic without any sub-topics. The topics are organized in a logical way, starting from basics and going to more complicated parts.

Organization/Structure/Flow rating: 5

The book is organized in a traditional micro theory way: first basic concepts, preferences, utility, then consumer theory, then production theory, then markets, and the game theory part with additions. So, I would say this book really gives the main concepts of micro theory and prepares students very well for upper-level micro courses.

Interface rating: 5

I read both online and pdf versions and books seems to be well organized in its navigation. The contents clearly reflects all chapters, parts after chapters, charts and graphs look ok.

Grammatical Errors rating: 5

The text seems to be grammatically thorough and well-written.

Cultural Relevance rating: 5

The book seems fairly inclusive and is fairly appealing to all races, ethnicity, and backgrounds. It is not biased towards some particular group.

Reviewed by Christie Byun, Associate Professor, Wabash College on 2/15/21

Comprehensiveness rating: 5 see less

This textbook covers the main ideas of Intermediate Micro. It has good coverage of both consumer and producer theory, different market structures (perfect competition, monopoly, oligopoly) and has good coverage of game theory topics relevant to Microecon.

Content Accuracy rating: 5

It seems fairly accurate. The chapters on consumer optimization, producer theory, and game theory are thorough, clear cut, and well laid out. The author is neutral and unbiased in their assessment of various market mechanisms and consumer choice. The writing is clear and easy to understand.

Relevance/Longevity rating: 5

Yes, this book covers classical micro theory. It will not go out of date since this topic is well established. If it needs updating, it would be relatively easy to do so by using new examples in consumer or producer theory or in game theory. There are always new examples to use of firms in various types of market structures or game theoretical areas. So it could be updated easily with those examples.

Clarity rating: 5

The writing is clear and easy to understand. It is not overly full of jargon (other than what is necessary anyway for Micro theory). It gives a good treatment of abstract theory in an straightforward fashion.

Consistency rating: 5

Yes it is. It is consistent with terminology, notation, and graphs throughout.

Modularity rating: 5

Yes, the topic of Micro lends itself easily to discrete chapters in manageable amounts. The author has broken up the topics appropriately so that the readings are not overly long or burdensome. The text is organized in a way that would make learning relatively straightforward.

Organization/Structure/Flow rating: 5

The chapters are organized in a way that makes sense--consumer theory, then producer theory, then different market structures, then additional topics like game theory, externalities, etc.

Interface rating: 5

It appears so. I used the downloadable pdf file and looked at the chapters via the navigation menu. The charts and graphs appeared just fine and there were no issues with reading through this text.

Grammatical Errors rating: 5

As far as I can tell. It can be easy to miss these types of errors, but from what I read, it was error free.

Cultural Relevance rating: 5

I suppose. It's hard to know how Micro can be culturally insensitive.