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As a professor teaching at University of California, I found Varian the best graduate-leveled microeconomic textbook I have ever read. The book is extremely concise, well-organized and hits the points directly. None of the other textbooks, up to this moment, can be compared with this one in writing style. It can also serve as a nice reference book in the long run.
Mas-Colell's textbook has very good explanation of game theory, but in terms of nice exposition of classical micro theory, Varian is definitely better.
I saw some comments about the book requiring topology. I beg to differ -- while the math requirements are nontrivial, they are not so severe as topology. Anyone with a good background in linear algebra and multivariate calculus will find the book approachable. A course in rigor and proof, such as "Foundations," might be useful, but one can pick up such details from Varian's text itself. Differential equations and Real Analysis help, but are by no means essential.
This is a terrific text for graduate and highly advanced undergraduate economics students. However, I suspect many graduate business students will find the mathematics unweildy and perhaps a bit unnecessary for their purposes.
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