Microeconomic Essentials

A concise and nontechnical introduction to microeconomics, emphasizing concepts over mathematics, with real-world examples and applications. This concise and nontechnical introduction to microeconomics emphasizes concepts over mathematics. Keeping in mind that sometimes the most accurate model is not very useful in the real world, Microeconomic Essentials balances economics as mathematics with economics as a social process. Microeconomics is part of daily life; gas prices, wage increases, the rising cost of health care, international trade: all are microeconomic topics. Therefore, like its predecessor, Macroeconomic Essentials, this textbook accompanies its explanations with examples and real-world applications. The book covers the basic market model of supply and demand, showing how this “powerhouse” model can explain most price changes in the market. It discusses government intervention in the market; consumer theory and utility maximization, considering both concepts and real-world issues; the theory of the firm, “de-mathematizing” marginal revenue, marginal cost, and other topics; monopolies; perfect competition; and imperfect competition and oligopolies, as illustrated by OPEC, Coke, and Pepsi. It discusses game theory, reviewing the familiar models and concepts—while cautioning that game theory is best thought of as “a state of mind”; input markets; welfare and public economics, applying the tools presented in previous chapters; and international trade. Each chapter ends with examples and exercises. Appendixes supply answers to sample exam questions and solutions to even-numbered exercises.

This book offers a clear exposition of introductory macroeconomic theory along with more than 600 one- or two-sentence "news clips" that serve as illustrations and exercises.

Essentials of Microeconomics is an excellent introduction to microeconomics. It presents the basic tools of microeconomics clearly and concisely. The book presents a vigorous treatment of all relevant introductory microeconomic concepts. The book also emphasizes on modern economics — game theory and imperfect markets. Each chapter is self-contained and includes the required key mathematical skills at the start. This book is ideal not only for introductory microeconomics course, but its level of analysis also makes the book appropriate for introductory level economics taught at postgraduate level. With the emphasis on strategy, this text is also well suited for use in business economics course.

Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics. Unlike other texts, this book focuses on the most important ideas and does not attempt to be encyclopedic. Two-thirds of the textbook focuses on price theory. As well as taking a new look at standard equilibrium theory, there is extensive examination of equilibrium under uncertainty, the capital asset pricing model, and arbitrage pricing theory. Choice over time is given extensive coverage and includes a basic introduction to control theory. The final third of the book, on game theory, provides a comprehensive introduction to models with asymmetric information. Topics such as auctions, signaling, and mechanism design are made accessible to students who have a basic rather than a deep understanding of mathematics. There is ample use of examples and diagrams to illustrate issues as well as formal derivations. Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics.

Have you wondered how companies decide the price of their products? What factors do companies consider while allocating their resources? How does consumer behavior affect the factors of production? A go-to guide to understanding the building blocks of Microeconomics Microeconomics Essentials You Always Wanted To Know has the answers to all your questions. The book shows how the demand of consumers affects the market supply and how price is a major determinant of them. Next, the book goes on to explain consumer behavior with the help of cardinal and ordinal utility approaches. The book dives deep into the functions of markets and the roles that they play in a booming or receding economy. Lastly, it touches upon the topic of international trade and its advantages for a country. It contains plenty of examples that are relevant to the real world which will make it easier for you to grasp the concepts. Microeconomics Essentials You Always Wanted To Know is a go-to guide for understanding all the crucial concepts that form the building blocks of microeconomics. After reading this book, readers will: Understand the basic concepts of Microeconomics Learn the relationship between demand and supply Get to know the various types of markets Discover how prices of goods and services are determined Understand the theory of factor pricing Appreciate policy decisions related to taxation, interest rate, and international trade About the Series Microeconomics Essentials You Always Wanted to Know is part of the Self-Learning Management Series. This series is designed to help students, new managers, career switchers, and entrepreneurs learn essential management lessons and covers every aspect of business, from HR to Finance to Marketing to Operations across any and every industry. Each book includes fundamentals, important concepts, standard and well-known principles, and practical ways of application of the subject matter

Document from the year 2017 in the subject Economics - Micro-economics, grade: 1.0, , language: English, abstract: Fundamentals of Microeconomics is a unique textbook in the field of Microeconomics, which is a core subject for undergraduate and diploma students pursuing courses in Business and various other courses such as engineering, computer sciences, architecture, management and many more. It is specially designed to meet the needs of students studying economics first time at the tertiary level and for non-economists who want to appreciate the subject matter of Microeconomics. This book is the first volume of a series and covers, in the main, the meaning and scope of Economics as a discipline. It goes ahead to treat the key essentials of Microeconomics, ie demand, supply, market equilibrium, elasticity of demand, elasticity of supply and consumer choice theory. The second volume will treat theory of production, Cost theory, theory of the firm-perfect competition, monopoly and monopolistic competition. The rich experience of the writer in the teaching of Economics plays out in meeting the needs of the student throughout the pages of the book. The coverage and structure of the book have been designed taking into account the syllabi of Microeconomics courses prescribed by higher education institutions and universities. It is clearly written in a student-friendly manner, and replete with easy to-do exercises so that the first time learner of Economics can do a self-study with this book and excel in Microeconomics. The book will be useful for readers who often have difficulty in understanding microeconomic concepts. This book is packed with illustrations, sketch graphs and diagrams that are altogether functional and relevant to the theories presented. Finally, the author hopes the reader is able to apply the basic theories, principles and concepts to help solve everyday economic and business problems that they encounter daily.

The new edition of a concise and nontechnical but rigorous introductory text that emphasizes fundamental concepts and real-world applications, thoroughly revised and updated. This introductory text offers an alternative to the encyclopedic, technically oriented approach taken by traditional textbooks on macroeconomic principles. Concise and nontechnical but rigorous, its goal is not to teach students to shift curves on diagrams but to help them understand fundamental macroeconomic concepts and their real-world applications. It accomplishes this by providing a clear exposition of introductory macroeconomic theory along with more than 700 one- or two-sentence “news clips,” based on economics media coverage, as illustrations or student exercises. Although the writing is accessible, end-of-chapter questions are challenging, requiring a thorough understanding of related macroeconomic concepts, critical-thinking skills, and an ability to make connections to the real world. This fourth edition has been thoroughly revised and updated, with new material on such topics as aggregate supply and demand, supply-side models, recent issues faced by the Federal Reserve, the role of government, and “burst bubbles.” The more challenging end-of-chapter questions are separated out, and news clip questions have been added that refer to recent events. Optional chapter appendixes offer technical material; other appendixes provide answers to sample exam questions and to even-numbered end-of-chapter questions. Text boxes (“curiosities”) offer short expositions of related topics. The book can be used as a text for principles of macroeconomics and applied macroeconomics courses, as a supplementary text for a traditional macro-principles course, or for MBA macroeconomics courses.