<< Chapter < Page Chapter >> Page >

Curation

To broaden access and encourage community curation, Principles of Microeconomics is “open source” licensed under a Creative Commons Attribution (CC-BY) license. The economics community is invited to submit examples, emerging research, and other feedback to enhance and strengthen the material and keep it current and relevant for today’s students. Submit your suggestions to info@openstaxcollege.org.

Cost

Our textbooks are available for free online, and in low-cost print and e-book editions.

About Principles of Microeconomics

Principles of Microeconomics has been developed to meet the scope and sequence of most introductory microeconomics courses. At the same time, the book includes a number of innovative features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.

Coverage and scope

To develop Principles of Microeconomics , we acquired the rights to Timothy Taylor’s second edition of Principles of Economics and solicited ideas from economics instructors at all levels of higher education, from community colleges to Ph.D.-granting universities. They told us about their courses, students, challenges, resources, and how a textbook can best meet the needs of both instructors and students.

The result is a book that covers the breadth of economics topics and also provides the necessary depth to ensure the course is manageable for instructors and students alike. And to make it more applied, we have incorporated many current topics. We hope students will be interested to know just how far-reaching the recent recession was (and still is), for example, and why there is so much controversy even among economists over the Affordable Care Act (Obamacare). The Keystone Pipeline, Occupy Wall Street, and minimum wage debates are just a few of the other important topics covered.

The pedagogical choices, chapter arrangements, and learning objective fulfillment were developed and vetted with feedback from educators dedicated to the project. They thoroughly read the material and offered critical and detailed commentary. The outcome is a balanced approach to microeconomics, particularly to the theory and application of economics concepts. New 2015 data are incorporated for topics that range from average U.S. household consumption in Chapter 2 to the total value of all home equity in Chapter 17. Current events are treated in a politically-balanced way as well.

The book is organized into five main parts:

  • What is Economics? The first two chapters introduce students to the study of economics with a focus on making choices in a world of scarce resources.
  • Supply and Demand , Chapters 3 and 4, introduces and explains the first analytical model in economics: supply, demand, and equilibrium, before showing applications in the markets for labor and finance.
  • The Fundamentals of Microeconomic Theory , Chapters 5 through 10, begins the microeconomics portion of the text, presenting the theories of consumer behavior, production and costs, and the different models of market structure, including some simple game theory.
  • Microeconomic Policy Issues , Chapters 11 through 18, covers the range of topics in applied micro, framed around the concepts of public goods and positive and negative externalities. Students explore competition and antitrust policies, environmental problems, poverty, income inequality, and other labor market issues. The text also covers information, risk and financial markets, as well as public economy.
  • International Economics , Chapters 19 and 20, the final part of the text, introduces the international dimensions of economics, including international trade and protectionism.

Questions & Answers

how to deal with scarcity?
maziku Reply
we can deal with it only by optimum utilization.
Rahul
use of rational decision making - the marginalist principle for maximising limited resources. + the decision making framework- which considers cost and benefits ( marginalist principle - weight marginal benefits and cost), constrains info gathering and perspectives to make the optimal decision.
samantha
Is monopolistic competition and monopoly have an assumption regarding profit maximization?
Mary Reply
even tho monopolists have more power than MC firms , explained by features of their market structure.
samantha
market power* - ability to set price or output.
samantha
Thank you for your wonderful respond.
Mary
how can we deal with scarcity!
maziku
what are the objectives of macroeconomics!
maziku
the broad objective of macroeconomics is to establish a broad based market clearing structure where everything runs on full efficiency.
Rahul
What are the comparison between monopolistic competition and monopoly in terms to assumptions regarding degree of knowledge and decisions?
Mary Reply
monopoly is went there is one producer of an item in an particular environment that's the time we say the company o firm is enjoying monopoly because there is no competitor
Mustapha
how can concentrating on production of consumer goods dampen the future of an economy
Lubelihle Reply
there are 2 types of goods - the capital goods and consumer goods. capital goods area goods used in investment, output, which contribute to the productivity capacity of the economy, ability to achieve economic growth.
samantha
overemphasize on production for consumer goods, for current living standards of citizens might neglect production of a capital goods, thus impeding actual and potential growth, future material Standard of living.
samantha
so in this sense, concentration on production of consumer goods dampen the future of an economy.
samantha
explain the incomes elasticity of demand ?
Mbah Reply
income elasticity of demand shows how much quantity demand will change due to change in income it is measured as ed=∆D/∆I ∆D= represent change in quantity demand ∆I= change in income
Wani
agreed
Odessa
explain with more detail,
Saeed
hello
Saeed
example change the price of a large flat screen tv and much less p ople will buy
Odessa
but change the price of gasoline and many will still buy.
Odessa
it also shows on th graph
Odessa
okay, thank you
Saeed
is there any online classes on zoom etc. for its guidance?
Saeed
i don't think so
Abdullah
I can help
Odessa
or you can go to you tube. many good ones there
Odessa
odessa Singh
Saeed
odessa ok but can we arrange the zoom meeting in spare time .
Abdullah
I would like to but I am extremely busy. I run two companies and it would be difficult. i can help here or youtube has many videos
Odessa
going to a meeting now. ttyl
Odessa
where you are going to arrange class .
Abdullah
What is supply
King Reply
the quantity of goods and services producers are willing and able to sell at, at certain price level during a period of time.
samantha
goods / services
Kimberly
Supply is a fundamental economic concept that describes the total amount of a specific good or service that is available to consumers. Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph.
Jan
The price elasticity of demand is the percentage change in quantity of goods, divide by the percentage change in price .
ISATU Reply
What is the basic economic problem
Grace Reply
What to produces How to produce For whom to produce
Ebrima
Will the firms in an oligopoly act more like a monopoly or more like competitors?
Marisol Reply
what stops oligopolists from acting together as a monopolists and earning the highest possible level of profits?
Marisol
what is a better way of explaining the opportunity cost?
Lekhutla Reply
it is the best alternative forgone when a choice is make.
Ebrima
explain if it is elastic or inelastic.. salt rice yacht liquor facemask computer mice
jamaica Reply
Elastic,because the measures of responsiveness towards the price elasticity of demand can change quickly,towards the price of this good.
how marginal utility curve become the demand curve of good anybody can explain me plzzz
Wani Reply
What is Demand function/supply function? What are its types?
Prathana Reply
good afternoon everyone 😊
Prathana
hello
Ahsan
hi
Sheikh
hi
Puja
hello
Odessa
Hi
Ameerhamza
hi everyone
Sheikh
Hy every thing is good
Ameerhamza
demand is what youth want supply fuction is what we dont get
Sheikh
thanks for giving me your answer
Prathana
What are the factors affecting supply of a commodity?
kosnatu Reply
price of the commodity: price is the most important factor in flueneing the supply of a commodity Expectations about the Future Price: ... Nature of Goods: ... Natural Conditions: ... Transport Conditions: ... Cost of Production: ... The State of Technology: ... Government's Policy:
Prathana
•How perfect competition affects price and output?
Marisol Reply
Under perfect competition, the buyers and sellers cannot influence the market price by increasing or decreasing their purchases or output, respectively. ... This implies that in perfect competition, the market price of products is determined by taking into account two market forces, namely market
Prathana
demand and market supply
Prathana

Get the best Microeconomics course in your pocket!





Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Microeconomics' conversation and receive update notifications?

Ask