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Principles of Microeconomics is designed for a one-semester microeconomics introductory course. It is traditional in coverage, including introductory economics content, microeconomics, and international economics. At the same time, the book includes a number of innovative and interactive features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.

Welcome to Principles of Microeconomics , an OpenStax resource. This textbook has been created with several goals in mind: accessibility, customization, and student engagement—all while encouraging students toward high levels of academic scholarship. Instructors and students alike will find that this textbook offers a strong foundation in microeconomics in an accessible format.

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Principles of Microeconomics can be easily customized using our online platform (http://cnx.org/content/col11627/). Simply select the content most relevant to your current semester and create a textbook that speaks directly to the needs of your class. Principles of Microeconomics is organized as a collection of sections that can be rearranged, modified, and enhanced through localized examples or to incorporate a specific theme of your course. This customization feature will ensure that your textbook truly reflects the goals of your course.

Questions & Answers

Answer the below question to best of your ability by employing the tax concept and supply and demand Suppose the supply of tobacco is elastic and the demand for tobacco is inelastic. If an excise tax is levied on the suppliers of tobacco, will the incidence fall mostly on consumers or mostly on pro
Carolyn Reply
first you suppose the demand for tobacco is elastic that means if price change more change would occur in demand and second you suppose tax has been lived on suppliers that means the price of tobacco will rise up and it's demand will decline that means consumer will start consuming less
Wani
what is perfect competition
Masciline Reply
perfect competition is the form of market where sellers are selling homogeneous product to buyers homogeneous product means a product which is same colour ,same brand and same cost has been used .
Wani
WHAT IS OPPORTUNITY COST AND GIVE EXAMPLES
Werku Reply
What Is opportunity cost and give examples fot it?
Werku
Opportunity cost means profit of what you have give up in order to choose something else
Wani
example of opportunity cost . we take example of land.As land have alternative uses it can be use for production , for building factories on it or for construction of house . suppose you are the owner of land and you build house on it that means you give up the benefit which you may get in produ
Wani
the benefit which you didn't get in production or in building factories is called opportunity cost
Wani
opportunity cost is the cost of what you give up to get something. example: if u wanna buy an apple and a mango and end up buying only a mango. your opportunity cost is the cost of the Apple the you've given up
ebrima
define marginal rate of substitution
Roshan Reply
marginal rate of substitution
Lengha
The rate at which one product can be substituted for another is called MRS.
Ramachandra
how much additional units of a product under consideration is required to deliver the same level of satisfaction that one derives from an additional unit of a given product.
Simply untill the satisfaction one icreased another decreased also depends upon the satisfaction power of a commodity
Bilal
Why indifference curve does not intersect x axis and y axis
Bilal
If the two products are perfect substitutes it will touch both axis. In your question, it is assumed that these are not perfect substitutes. If it touches any axis, it shows that with the given quantity of one product alone gives the same level of satisfaction.
Ramachandra
the intersection at the axis would mean that the product is perfectly substitutable and hence the indifference analysis is non-existent.
what industry monopolies belongs
Gwayi Reply
what are the causes of shift in demand curve to the right
Gideon Reply
what industry monopolies belongs
Gwayi
Compare and contrast four Organizations that face elastic demand,inelastic demand,unitary elasticity of demand and perfectly elastic demand.
Puseletso Reply
firms in an oligopoly can act like a monopoly when they form a cartel,which can be based on agreement or rather a court order,hence this leads to increasing barriers to entry for other firms
Jacob Reply
economic inefficiency
alino Reply
what courses the curve to move
Siphelele Reply
is it possible to say scarcity is the out come of excessive greed on the part of human?
Kwame Reply
TU=3Q2-2Q+4.what is Total utlity maximize?
Lema Reply
what is demand
Brenda Reply
Total utlity=3Q2-2Q+4.what is maximum TU?
Lema
with excues,can i help you this question?
Lema
Where can i find the Quizzes
Thubelihle Reply
what is ppf?
Ishimwe Reply
production possibility frontier
Alam
the production possibility frontier (PPF) is a curve that illustrates the variations in the amounts that can be produced of two products if both depend upon the same finite resource for their manufacture
Alam
thank you!
Ishimwe
it is the production possibility frontier
Brenda

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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