Microeconomics provides an introduction to economic principles and market forces including supply and demand, labor and financial markets, elasticity, consumer choices, cost and industry structure, competition, monopoly, negative and positive externalities, economic inequality, financial markets, international trade, globalization and protectionism.
Introduction to how individuals and firms make decisions and how they interact. Topics include the study of consumer theory, theories of price determination, production, market structure, trade, externalities, and public goods.
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.
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
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
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
5.2 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
8.2 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
The purpose of this course is to provide the student with a basic understanding of the principles of microeconomics. At its core, the study of economics deals with the choices and decisions that have to be made in order to manage scarce resources available to us. Microeconomics is the branch of economics that pertains to decisions made at the individual level, i.e. by individual consumers or individual firms, after evaluating resources, costs, and tradeoffs. "The economy" refers to the marketplace or system in which these choices interact with one another. In this course, the student will learn how and why these decisions are made and how they affect one another in the economy. Upon successful completion of this course, students will be able to: Think intuitively about economic problems; Identify how individual economic agents make rational choices given scarce resources and will know how to optimize the use of resources at hand; Understand some simplistic economic models related to Production, Trade, and the Circular Flow of Resources; Analyze and apply the mechanics of Demand and Supply for Individuals, Firms, and the Market; Apply the concept of Marginal Analysis in order to make optimal choices and identify whether the choices are 'efficient' or 'equitable'; Apply the concept of Elasticity as a measure of responsiveness to various variables; Identify the characteristic differences amongst various market structures, namely, Perfectly Competitive Markets, Non-Competitive Markets, and Imperfectly Competitive Markets and understand the differences in their operation; Analyze how the Demand and Supply technique works for the Resource Markets. (Economics 101; See also: Business Administration 200)
Principles of Microeconomics covers the scope and sequence of most introductory microeconomics 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.
Principles of Microeconomics is an introductory undergraduate course that teaches the fundamentals of microeconomics. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics. Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.
Principles of Economics covers scope and sequence requirements for a two-semester introductory economics course. The authors take a balanced approach to micro- and macroeconomics, to both Keynesian and classical views, and to the theory and application of economics concepts. The text also includes many current examples, which are handled in a politically equitable way.
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