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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.

About openstax

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.

About openstax’s resources

OpenStax resources provide quality academic instruction. Three key features set our materials apart from others: they can be customized by instructors for each class, they are a "living" resource that grows online through contributions from science educators, and they are available free or for minimal cost.

Customization

OpenStax learning resources are designed to be customized for each course. Our textbooks provide a solid foundation on which instructors can build, and our resources are conceived and written with flexibility in mind. Instructors can select the sections most relevant to their curricula and create a textbook that speaks directly to the needs of their classes and student body. Teachers are encouraged to expand on existing examples by adding unique context via geographically localized applications and topical connections.

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 per capita income
Kafwimbi Reply
what is GDP of an economy
Kafwimbi
Gross Domestic Product
grace
Why is scarcity the main problem of economics
Nicholas Reply
Because of unlimited needs and wants demanded by the household
Jeremiah
what is GDP deflator?
saud
how to calculate price elasticity demand?
Precious Reply
change in quantity over quantity divided by change in price over price
Pele
if the local pizzeria raises the price of a medium pizza from Rd.60to 100 & quantity demanded falls from 700 pizzas a night to 100 pizzas at night , the price elasticity of demand for pizzas is:
Lakshmi Reply
1.2. Measurement of price Elasticity of demand
Lakshmi
explain how price and output are determind by a discriminating monopolist
Hiraj Reply
price and output determined through interaction between demand curve and supply curve...
Ajay
how do I view the graphs
Patricia Reply
how do I open the links
Patricia
what is the markert
Ester Reply
A market is any place where buying and selling can take place.
Landing
20. Why is a football game on ESPN a quasi-public good but a game on the NBC, CBS, or ABC is a public good?
Brigam Reply
how people make decision?
Xafsa Reply
what is supply and demand
Xafsa Reply
Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price.
Landing
thank you very much
Xafsa
list and briefly explain the three principles that describe how the economy as whole works?
Xafsa
what is algebra?
ibiflower Reply
what is the relationship between price and demand
Evans Reply
the relation ship between price and demand is the income and Utility means when you are satisfied and you can buy it then you have to demand it.Thanks
Abdulkadir
who thought u that? you are not answering this as an economist
Evans
alright, but can you tell how the economist will be answered
Abdulkadir
alright, but can you tell me how the economist will be answered
Abdulkadir
Law of demanded  states: As price  of a good increases, the quantity demanded  of the good falls, and as the price  of a good decreases, the quantity demanded of the good rises.
Lewis
So, there is an inverse relationship between price and demand.
Lewis
lewis answered it perfectly
Evans
I want for market value for price. or cleance
Samantha
time ticket of value market down so double be self 1.09 but I 10 chesse for 1.09 bugger
Samantha
hi
Langanani
Without scarcity there would be no subject call Economics. Explain why?
Landing
because economics is the study of scarcity of resources and the satisfaction of basic human need
Pele
give an example of some action that has both amonetary and nonmonetary apportunity cost?
Aisha Reply
any action can be argued to have both. For instance, being in class has the opportunity cost of time you could be spent earning wages, or time that could've been spent leisurely.
DASRAT
absolutely
Abdulkadir
Really
DASRAT
there is no any action that hasn't both a monetary and non-monetary as said Mr Dasrat
Abdulkadir
thanks
Aisha
u Welcome
Abdulkadir
describe an important trade-off you recently faced?
Aisha Reply
Financial issues and careerPersonal life and work lifeMost people don't like the work they do. The interest they have is something different from the work they do and eventually forgo their interest. These are the three most important tradeoffs I have come across, yet there may be many in number.
DASRAT
still
Abdulkadir
Yah still
DASRAT
yes
Abdulkadir
why people make the choices they make and how economist go about explaining those choices
Asim Reply
what is tradeoffs
Asim
giving up one thing to have another
Shriyash

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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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