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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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OpenStax is a non-profit organization committed to improving student access to quality learning materials. Our free textbooks go through a rigorous editorial publishing process. Our texts are developed and peer-reviewed by educators to ensure they are readable, accurate, and meet the scope and sequence requirements of today’s college courses. Unlike traditional textbooks, OpenStax resources live online and are owned by the community of educators using them. Through our partnerships with companies and foundations committed to reducing costs for students, OpenStax is working to improve access to higher education for all. OpenStax is an initiative of Rice University and is made possible through the generous support of several philanthropic foundations.

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Customization

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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

what is law of demand
Saba Reply
Actually I don't know the meaning but the law stated will give you an idea about the meaning and the law of demand state that 'the higher the price of a commodity the lower the quantity demanded and the lower the price of a commodity the higher the quantity demanded'.
Evans
"price of the commodity is inversely proportional to the quantity demanded"
Anisha
the law of demand states all other things being equal the higher the price of the commodities the lower the quantity is demanded and the vice versa
Emmanuel
what is perfectly inelastic demand and perfectly elastic demand
joe
perfectly inelastic demand refers completely zero elastic demand. that means the degree of responsiveness to a proportionate change in price is zero. no change!
Elvis
what is supply and demand curve
Zabihullah
while perfectly elastic demand refers to an arbitrary change in in the quantity demanded as result of a percentage in price. it is also known as completely elastic demand
Elvis
supply curve simply shows the graphical relationship between the price and quantity supply of a product. while that if demand shows the relationship between price and the quantity demanded. And the graph which shows the interaction of demand and supply is known as market equilibrium.
Elvis
when all factors are in constant there was a inverse relationship between price and quantity....
vamsi
5 different definitions of economics
Emmanuel Reply
Simon
Simon
Economic is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses, by Prof. Robbins
Evans
what is law of demand
Saba
what is demand elasticity?
vikas
law of demand is
Jon
five different definitions of economics
Emmanuel Reply
what are some of the pitfalls of scientific thinking?
Yakubu Reply
principles of microeconomics
Evans Reply
what is economics
deepakraj Reply
economic is a branch of science which deals with the production,consumption and distribution of goods and services in an economy.
The
economics as a social science
Deep Reply
because it uses scientific method to build the theory that can help explain human behaviour
Boadi
what is competitive demand
joe
ok
Samuel
***goo.gl/search/What+is+competitive+demand What is competitive demand? definition and meaning ... A state of affairs observed between the markets for goods that can readily be substituted for one another. For example, in a competitive demand situation faced by a business, a prospective buyer c
Samuel
hello
Zabihullah
what is price line
Zabihullah
Economics as a social science Discuss
Sire Reply
problems fcaed by economist
Fatumah Reply
what is the meaning of Dumping
Stephen Reply
Normally the independent variable is plotted on the x-axis. but in economics price which is an independent variable is plotted on y-axis. why ?
Aimal
what is cost
Deepon Reply
Cost is the amount of capital spent on purchasing an item. Or the amount of expenditure incurred in producing a product or rendering service.
Acid
describe the features of micro economics with suitable example
Purusoth Reply
what is economics
ZELISAH Reply
According to Mankiw it is the management of scarce resources.
Aimal
economics it is a science that study human behaviour as a relationship between end and scarce means which alternative uses
Kpalam
Give more definitions for economics
Stephen
economic is the study of allocation of scarce resources to meet unlimited human wants
Boadi
what is complementary demand
joe
what is the economic implications of recent imposition of charges or taxes on Nigerian depositors by central bank of Nigeria
mohammed
so what should a nation do to minimize scarcity?
Andrew Reply
is there any difference between firm and industry under monopoly
Dipsikha Reply
I think firms come together to form industry
Stephen
There is a well known saying in economics that "there is no such thing as a free lunch". Discuss. Guys any answer
Ernest

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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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