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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 duopoly
Femi Reply
it's a state where two people control over a market...
Okonkwo
great
jean-renel
why ppf is downward
Ahmad Reply
i didn't understand
Fatima
The PPF is downward because it shows the the unequal opportunity cost ratios existing in the allocation of resources in the production of two major goods/services in a given economy
Elvis
due to opportunity cost.
samson
this is because goods are sacrifice for the production of the other.
Avuwada
Weldon question and good answer . in my opinion when you allocate some more resources for production of one good among two.
Azizullah
any one what is the difference between need and want?
Azizullah
trends in microeconomics
JOSEPH Reply
Worked out examples of calculating the elasticity of supply
Black Reply
briefly describe the term business cycle
Linda Reply
these are the different economic trends observed by an economy at a given time period. we have the slump,recession, recovery and boom
Betole
saran has decided always spend one 4th income on his clothes what is income elasticity of demand in hindi
Saba Reply
income elasticity is 4
Avuwada
what is diminishing returns?
diminishing returns states that as more variable in put is bing employed on a fixed factor marginal product increase attains maximum and falls certeris paribus.
Avuwada
The law of diminishing returns is the a phenomenon that happens when you gain less satisfaction or in another word less marginal utility when you keep on consuming the same thing over and over again. The more you have of something the less desirable it becomes .
sassia
My first post was about the law of diminishing marginal utility, it was meant for another post .
sassia
however to be precise the law of diminishing returns is used to refer to a point at which the level of profits or benefits gained is less than the amount of money or energy invested.
sassia
or you can refer to the text it is mentioned that: "the law of diminishing returns    , which holds that as additional increments of resources are added to a certain purpose, the marginal benefit from those additional increments will decline. "
sassia
Diminishing returns states that when more and more variable inputs are being employed on a fixed input, total product and marginal product increases initially attains maximum and falls (certeris paribus) .
Avuwada
What is monopoly
benzi Reply
nothing
Its when one firm controls the entire market and is the price setter
aaa
Define indifference curve
mama Reply
a combination of two commodities which a consumer consume that gives the same level of satisfaction.
samson
what is indifferent curve
Sushmi Reply
it defines we must follow theorie.
Do
graph showing perfectly elastic demand
JASON Reply
an price change demand will fall to zero
Rumbidzai
This only applies to commodities with perfect substitutes,in this situation a small increase in price will lead to no demand but a small decrease in price will lead to more demand.
Wanga
what is market equllibrium
sahel
income elasticity coefficient of demand between high and low income individuals
Lawrence Reply
not clear
john
how will the income elasticity coefficient of demand for slice of cake differ between the high and low income individuals?
Lawrence
what is Substantial effect ?
shiva Reply
help me solve this please Qd=90-2P Qs=sqr(P)-3
Paul Reply
set equal to each other and solve for P. +3 then square both sides
Nelsonomics
I think you have a problem with the#s
Nelsonomics
what are the importance of studying economics
agnes Reply

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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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