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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

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
what is demand
Asim Reply
why demand and supply interact in a market
Asim
In the supply and demand model of price determination, there is never a surplus or shortage of goods at the equilibrium level. The market always settles at the point where supply equalsdemand. If demand increases (decreases) and supply is unchanged, then it leads to a higher (lower) equilibrium pric
DASRAT
why demand is based on need and wants ?
Asim
because there is scarcity of resources,whether you can not get whatever you want one time so you have to chooseen which you will choose that is your needs(basic) after that you can demand it on the other hand,every society would demand their basic needs when they recognized it. so ther is no demand
Abdulkadir
there is no demand if there is no needs and wants
Abdulkadir
Because when you have need and your wants is depends upon demand
DASRAT
what is other causes
Asim
overall demand is coused by an income and price,if the price satisfies to you and your income is enough to you the you will demand whatever you want
Abdulkadir
what is satiety ?
Asim
what is a different between marginal cost and marginal benefit
Ndumiso Reply
What is Tradeoff
Oumie Reply
What is traoff
Oumie Reply
It's tariff not traoff
DASRAT
I mean Tradeoff
Oumie
a balance achieved between two desirable but incompatible features; a compromise.
SHARMAKE
Thanks
Oumie
these problems of scarcity are been face by household companies and nation at large
Muafue Reply
will you please explain it more😭
kainat
i am economist and i need helping to be perfect person in that field
Dr
okay
kainat
Hey
DASRAT
yup
kainat
hi
louh
scarcity is inevitable as it ensures sanity and sanctity among men. it's alled 'the Lord's act'. The issue of the victims is just a simple one of Cause and Effect. Somebody or entity must be a recipient of whatever.
tolu
scarcity of resources
kainat Reply
4y1yg
Dr
?
kainat
Hello 😊
Sherwin
hello
Monde
I wanna know something
kainat
what is the meaning of scarcity of resources in microeconomics ?😢
kainat
it's mine assignment .. I have to submit it before Friday n i m much confused about it
kainat
limited in supply relative to demand
Muafue
n what about their factors ? like.. what to produce how to produce & for whom to produce
kainat
& thanks😊😊
kainat
these problems of scarcity are been face by household companies and nation at large
Muafue

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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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