Develops facility with concepts, language, and analytical tools of economics. Covers microeconomics, macroeconomics, and international trade and payments. Emphasizes integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing US and international business environments. Restricted to Sloan Fellows. The fact of scarcity forces individuals, firms, and societies to choose among alternative uses -- or allocations -- of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency. Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

Presumably you've already made plans for surviving a zombie apocalypse, but have you thought through the important economic factors that might make the difference between surviving and losing your brain to one of the walking dead? In this video, Professor Anthony Davies of Duquesne University discusses how a zombie apocalypse would affect the price of gasoline, the supply of money, and the economy as a whole.

This course is designed to extend the student's knowledge of the basic microeconomic principles that will provide the foundation for their future work in economics and give them insight into how economic models can help us think about important real world phenomena. Topics include supply and demand interaction, utility maximization, profit maximization, elasticity, perfect competition, monopoly power, imperfect competition, and game theory. Upon successful completion of this course, the student will be able to: Explain the standard theory in microeconomics at an intermediate level; Explain and use the basic tools of microeconomic theory, and apply them to help address problems in public policy; Analyze the role of markets in allocating scarce resources; Explain both competitive markets, for which basic models of supply and demand are most appropriate, and markets in which agents act strategically, for which game theory is the more appropriate tool; Synthesize the impact of government intervention in the market; Develop quantitative skills in doing economic cost and consumer analysis using calculus; Compare and contrast arguments concerning business and politics, and make good conjectures regarding the possible solutions; Analyze the economic behavior of individuals and firms, and explore how they respond to changes in the opportunities and constraints that they face and how they interact in markets; Apply basic tools that are used in many fields of economics, including household economics, labor economics, production theory, international economics, natural resource economics, public finance, and capital markets. (Economics 201)

Intermediate Microeconomics is a comprehensive microeconomic theory text that uses real world policy questions to motivate and illustrate the material in each chapter. Intermediate Microeconomics is an approachable yet rigorous textbook that covers the entire scope of traditional microeconomic theory and includes two mathematical approaches, allowing instructors to teach the material with or without calculus. With real-world policy topics as an entree into each subject, Intermediate Microeconomics will help students engage with the material and facilitate learning not only the concepts, but their importance and application as well.

Intermediate Microeconomics is a comprehensive microeconomic theory text that uses real world policy questions to motivate and illustrate the material in each chapter. Intermediate Microeconomics is an approachable yet rigorous textbook that covers the entire scope of traditional microeconomic theory and includes two mathematical approaches, allowing instructors to teach the material with or without calculus. With real-world policy topics as an entree into each subject, Intermediate Microeconomics will help students engage with the material and facilitate learning not only the concepts, but their importance and application as well.

Table of Contents
Module 1: Preferences and Indifference Curves
Module 2: Utility
Module 3: Budget Constraint
Module 4: Consumer Choice
Module 5: Individual Demand and Market Demand
Module 6: Firms and their Production Decisions
Module 7: Minimizing Costs
Module 8: Cost Curves
Module 9: Profit Maximization and Supply
Module 10: Market Equilibrium – Supply and Demand
Module 11: Comparative Statics - Analyzing and Assessing Changes in Markets
Module 12: Input Markets
Module 13: Perfect Competition
Module 14: General Equilibrium
Module 15: Monopoly
Module 16: Pricing Strategies
Module 17: Game Theory
Module 18: Models of Oligopoly – Cournot, Bertrand and Stackleberg
Module 19: Monopolistic Competition
Module 20: Externalities
Module 21: Public Goods
Module 22: Asymmetric Information
Module 23: Uncertainty and Risk
Module 24: Time – Money Now or Later

This book is based on the idea that there is a particular framework used by economists to interpret observed reality. This framework has been called the economic way of thinking, the economic approach, and the method of economics.

This book is different from the many other books that attempt to teach microeconomics in three ways:

It explicitly applies the recipe of the economic approach in every example.
It uses concrete examples via Microsoft Excel in every application, which enables the reader to manipulate live graphs and learn numerical methods of optimization.
The majority of the content is in the Excel workbooks which the reader uses to create meaning.

You learn by doing, not by reading.

Table of Contents
I Consumer Behavior

1 Budget Constraint
2 Satisfaction
3 Optimal Choice
4 Comparative Statics
5 Endowment Models
6 Bads
7 Search Theory
8 Behavioral Economics
9 Rational Addiction
II The Firm

10 Production Function
11 Input Cost Minimization
12 Output Profit Maximization
13 Input Profit Maximization
14 Consistency
15 Monopoly
16 Game Theory
III The Market System

17 Partial Equilibrium
18 General Equilibrium
IV Conclusion

This book is based on the idea that there is a particular framework used by economists to interpret observed reality. This framework has been called the economic way of thinking, the economic approach, and the method of economics.

This book is different from the many other books that attempt to teach microeconomics in three ways:

It explicitly applies the recipe of the economic approach in every example.
It uses concrete examples via Microsoft Excel in every application, which enables the reader to manipulate live graphs and learn numerical methods of optimization.
The majority of the content is in the Excel workbooks which the reader uses to create meaning.
You learn by doing, not by reading.

Table of Contents:

I. Introduction to Economics
1. Welcome to Economics
2. Trade
3. Supply and Demand

II. Consumers and the Market
4. Elasticity
5. Consumer Choice

III. Theory of the Firm
6. Costs and Production
7. Perfect Competition
8. Monopoly
9. Monopolistic Competition
10. Oligopoly

IV. The Trial of the Invisible Hand
11. Problems with the Private Sector
12. Problems with the Public Sector

A math based economics course designed to provide the skills needed to solve fundamental problems in both macroeconomics and microeconomics, by covering concepts in precalculus and calculus.

This half-semester course provides an introduction to microeconomic theory designed to meet the needs of students in an economics Ph.D. program. Some parts of the course are designed to teach material that all graduate students should know. Others are used to introduce methodologies. Students should be comfortable with multivariable calculus, linear algebra, and basic real analysis.

Microeconomics: Markets, Methods, and Models by D. Curtis and I. Irvine provides concise yet complete coverage of introductory microeconomic theory, application and policy. The text begins with an explanation and development of the standard tools of analysis in the discipline and carries on to investigate the meaning of ‘well-being’ in the context of an efficient use of the economy’s resources.

An understanding of individual optimizing behaviour is developed, and this behaviour is in turn used to link household decisions on savings with firms’ decisions on production, expansion and investment. The text then explores behaviour in a variety of different market structures. The role of the government is examined, and the key elements in the modern theory of international trade are developed.

Opportunity cost, a global economy and behavioural responses to incentives are the dominant themes. Examples are domestic and international in their subject matter and are of the modern era.

This text is intended for a one-semester course, and can be used in a two-semester sequence with the companion text, Macroeconomics: Theory, Markets, and Policy. The three introductory chapters and the International Trade chapter (Chapter 15) are common to both books.

Reviews available here: https://open.umn.edu/opentextbooks/textbooks/microeconomics-markets-methods-and-models

Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You’re thinking, “Yeah, sure. I’ve heard that before.”This textbook, Microeconomics: Theory Through Applications, centers around student needs and expectations through two premises:• Students are motivated to study economics if they see that it relates to their own lives.• Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students’ economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.How? Russell and Andrew have done three things in this text to accomplish that goal:1. Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed.The authors take the kind of material that other authors put in “applications boxes” and place it at the heart of their book. Each chapter is built around a particular business or policy application, such as minimum wages, the stock exchange, and auctions.Why take this approach? Traditional courses focus too much on abstract theory relative to the interests and capabilities of the average undergraduate. Students are rarely engaged and the formal theory is never integrated into the way students think about economic issues. And traditional books are organized around theoretical constructs that mean nothing to students. The authors’ applications-first approach ensures that students will not see chapters with titles like “Cost Functions” or “Short-Run Fluctuations”. They introduce tools and ideas as and when they are needed. Each chapter is designed with two goals. First, the application upon which the chapter is built provides a “hook” that gets students’ attention. Second, the application is a suitable vehicle a vehicle for teaching the principles of economics.2. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts.Each piece of economic theory in this text is first introduced and explained in the context of a specific application. Most are re-used in other chapters, so students see them in action on multiple occasions. As students progress through the book, they accumulate a set of techniques and ideas. These are collected separately in a “toolkit” that provides students with an easy reference and also gives them a condensed summary of economic principles for examination preparation.3. A Student’s Table of Contents vs. An Instructor’s Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents.The Student’s Table of Contents speaks to students, piquing their interest to involve them in the economics, and a Instructor’s Table of Contents with the economics to better help you organize your teaching—and frankly, you don’t need to get excited by economics, you already are.

Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You're thinking, ”Yeah, sure. I've heard that before.“

This textbook, Microeconomics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem.

Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students' economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know.

This web-based open textbook and course for Microeconomics for Business was created under a Round Eight ALG Textbook Transformation Grant. The text is a remix including newly-created textbook chapters and chapters from OpenStax Principles of Microeconomics.

Original chapters are also available for download in the repository.

Topics include:

Introduction to Economics
Demand and Supply in Competitive Markets
Elasticity of Demand and Supply
Markets and Government
Consumer Choice
Production, Costs, and Profit
Firms' Decisions under Perfect Competition
Monopoly, Rent Seeking, and Antitrust Policies
Firms' Decisions under Monopolistic Competition
Market Concentration, Oligopoly, and Firms' Strategic Interaction

Principles of Macroeconomics is an adaptation of the textbook, Macroeconomics: Theory, Markets, and Policy by D. Curtis and I. Irvine, and presents a complete and concise examination of introductory macroeconomics theory and policy suitable for a first introductory course.

Examples are domestic and international in their subject matter and are of the modern era — financial markets, monetary and fiscal policies aimed at inflation and debt control, globalization and the importance of trade flows in economic structure, and concerns about slow growth and the risk of deflation, are included.

This textbook is intended for a one-semester course, and can be used in a two-semester sequence with the companion textbook, Principles of Microeconomics. The three introductory chapters are common to both textbooks.

Principles of Macroeconomics 2e covers the scope and sequence of most introductory economics courses. The text includes many current examples, which are handled in a politically equitable way. The outcome is a balanced approach to the theory and application of economics concepts. The second edition has been thoroughly revised to increase clarity, update data and current event impacts, and incorporate the feedback from many reviewers and adopters. Changes made in Principles of Macroeconomics 2e are described in the preface and the transition guide to help instructors transition to the second edition. The first edition of Principles of Macroeconomics by OpenStax is available in web view here.

By the end of this section, you will be able to:

Describe microeconomics
Describe macroeconomics
Contrast monetary policy and fiscal policy

This book is an adaptation of Principles of Microeconomics originally published by OpenStax. This adapted version has been reorganized into eight topics and expanded to include over 200 multiple choice questions, examples, eight case studies including questions and solutions, and over 200 editable figures.

Topic 1: Introductory Concepts and Models
Introduction to Microeconomics
1.1 What Is Economics, and Why Is It Important?
1.2 Opportunity Costs & Sunk Costs
1.3 Marginal Analysis
Case Study - Beer or Cancer?
Solutions: Case Study - Beer or Cancer?
Topic 1 Multiple Choice Questions
Topic 1 Solutions
Topic 1 References
Topic 2: Specialization and Trade
Introduction to Specialization & Trade
2.1 Economic Efficiency
2.2 Production Possibility Frontier
2.3 Trade
Case Study - Brexit
Solutions: Case Study - Brexit
Topic 2 Multiple Choice Questions
Topic 2 Solutions
Topic 2 References
Topic 3: Supply, Demand, and Equilibrium
Introduction to Supply and Demand
3.1 The Competitive Market Model
3.2 Building Demand and Consumer Surplus
3.3 Other Determinants of Demand
3.4 Building Supply and Producer Surplus
3.5 Other Determinants of Supply
3.6 Equilibrium and Market Surplus
Case Study - The Housing Market
Solutions: Case Study - The Housing Market
Topic 3 Multiple Choice Questions
Topic 3 Solutions
Topic 3 References
Topic 4 Part 1: Elasticity
4.1 Calculating Elasticity
4.2 Elasticity and Revenue
4.3 Relative Elasticity
Topic 4 Part 2: Applications of Supply and Demand
4.4 Introduction to Government Policy
4.5 Price Controls
4.6 Quantity Controls
4.7 Taxes and Subsidies
4.8 Elasticity and Policy
4.9 Tariffs
Case Study - Automation in Fast Food
Solutions: Case Study - Automation in Fast Food
Topic 4 Multiple Choice Questions
Topic 4 Solutions
Topic 4 References
Topic 5: Externalities
Introduction to Environmental Protection and Negative Externalities
5.1 Externalities
5.2 Indirectly Correcting Externalities
5.3 Directly Targeting Pollution
Case Study - Sulpher Dioxide
Solutions: Case Study - Sulpher Dioxide
Topic 5 Solutions
Topic 5 References
Topic 6: Consumer Theory
Introduction to Consumer Choices
6.1 The Budget Line
6.2 The Indifference Curve
6.3 Understanding Consumer Theory
6.4 Building Demand
Case Study - The Liberal Gas Tax
Solutions: Case Study - The Liberal Gas Tax
Topic 6 Solutions
Topic 6 References
Topic 7: Producer Theory
Introduction to Cost and Industry Structure
7.1 Building Producer Theory
7.2 Understanding Producer Theory
7.3 Producer Theory in the Long Run
7.4 The Structure of Costs in the Long Run
Case Study - Oil Markets
Solution: Case Study - Oil Markets
Topic 7 Solutions
Topic 7 References
Topic 8: Imperfect Competition
Introduction to Imperfect Competition
8.1 Monopoly
8.2 Fixing Monopoly
8.3 Why Monopolies Persist
8.4 Monopolistic Competition
Case Study - Diamond's Demise
Solutions: Diamond's Demise
Topic 8 Solutions
Topic 8 References
Appendix C: Versioning History