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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

Explain the concept that human wants are insatiable.
Agbaji Reply
hi
Chern
Human wants are unlimited but the resources out there to satisfy these wants are limited. This is what is the core of economics
Nithin
Please tell me why is scarcity a fundamental problem in economics
Chern
Scarcity or the limited resources makes the individual in a society to allocate the resources in a way which can derive the most satisfaction from it. Optimal allocation of resources is a fundamental problem in economics
Nithin
scarcity refers to the basic economic problem the gap between limited- that is scarce–resources and theroetically limited wants. the situation requires people to the makes decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants and possible
KOMAL
What is the meaning of ppc
Chern
(also called a production possibilities frontier) a graphical model that represents all of the different combinations of two goods that can be produced; the ppc capture scarcity of resources and opportunity cost
KOMAL
What is the meaning of ppc/ppf
Chern
name me five advantages and disadvantages of microeconomics
Chern
Advantage and disadvantage of microeconomics understand the working of the economic. the knowledge of microeconomics is indispensable to know the working of the economic.... 1 efficient allocation of resources.... 2 useful in business decision-making.... 3 study of human behaviour
KOMAL
4 formulation of public policies... 5 may not be true in aggregate
KOMAL
tha meaning of ppc production possibilities curve and ppf meaning production possibilities frontier
KOMAL
Ok thanks
Chern
What is microeconomics
Chern
welcome
KOMAL
microeconomics is the study of individual, household and firms ' bheaviour in decision making and allocation of resources. it generally applies to markets of good and services and deals with individual and economic issues.
KOMAL
were are you from
Chern
delhi
KOMAL
Okay are you a teacher or
Chern
No i'm not a teacher
KOMAL
What are you please
Chern
what means ?
KOMAL
who are you please
Chern
what do you do .
Romy
who are you
Chern
I don't understand you
Chern
I'm a student
Romy
human want are unlimited while resources are limited
Seglah
student from where
Chern
for example, the hour in a day is very limited in a way that, your have just 24 hour to do everything possible in the day ....sleeping, bathing, going to work or school, and many more .....
Seglah
Yeah thanks
Chern
and for the microeconomic,..... is a brunch of economics which deals with smaller units such as household, individual, firms
Seglah
the advantages and disadvantages of microeconomics
Chern
characteristics of human needs
james Reply
want is per capital income
Ume Reply
per person income
Wani
thanks
Ume
per capita income means per person income
Wani
Wani Ruhe. are u an economics student?
Tahir
yes
Wani
ume Rubab most welcome
Wani
yeh kya chalan yeit🙄
Danish
wani Ruhe, Kahan se ho?
Tahir
what are the limitations of economics?
Piyush
I think assumptions are limits of economics which the Economist gives
Wani
but if get question in exam.. what will the answer?
Piyush
What is national income and circular flow of income
Ridwan
what is elasticity
King Reply
Elasticity is an economics concept that measures responsiveness of one variable to changes in another variable.
characteristics of robbins defination
sweta Reply
who is an indifferent consumer?
KEANGO Reply
how do u calculate if the quantity remained the same
Tizyo Reply
does quantity remains the same
Kisha
what are the three variables that determines a country's standard of living?
Shannae Reply
The standard of living is a measure of the material aspects of a national or regional economy. It counts the amount of goods and services produced and available for purchase by a person, family, group, or nation.
Bishow
what's the difference between macro economics and micro economics
eddy Reply
microeconomics studies about only one factor of production, while macroeconomics studies about all factors of productions, that's the difference, Eddy Rajo
Saeed
micro economics deal with individual entities while macro economics deal As a whole
kamran
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
government face scarcity by inviting the scale of preference
Toreef
we can die
impossible to deal with a scarcity , Whatever the government does, sooner or later the scarcity will appear again because the world is not endless and all the time something dies
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 main sources of monopoly
Meshack
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
Hello
Chern
.....for the advantages of microeconomic 1. you can talk about effective allocation of resources 2.Easy decision making 3. Study of human behavior and more
Seglah
Okay I want to make a call how can I do that please help me
Chern
and for the disadvantages 1. microeconomic is purely capitalism 2. inadequate acquisition of data 3.. with microeconomics national problems are left
Seglah
How can I call you
Chern
क्यों
KOMAL
why
KOMAL
?
KOMAL
is this a group or
Chern
ok
KOMAL
sorry mai na reply kiya
KOMAL
hi
kekde
Ok
Chern
can anyone make a types of tax revenue?🙏
kekde
Nakam
Chern
what means ?
KOMAL
I don't understand how you work
Chern
I don't understand how you work
KOMAL
yes is this a group or a class
Chern
ok
KOMAL
I think it just a group
Abdullah
Okay is what
Chern
income Elaisticity of demand refers to change in demand because of income instead of price
mustaqeem
What is scale of preference
Chern
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

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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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