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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

How does market failure arise from the characteristics of public goods
Linda Reply
can i be the part of discussion
Zahoor
feel free
Michel
us. finite is the meaning amount of resources avaible . of the. only. good. finite amount of there I only point the is I want you to be on my side
Samantha Reply
there are how many types of demand?
Young Reply
dicejd sacracrity what that mean
Samantha Reply
vacation laughing meditiin joke I made if pasted I was going on vaction
Samantha
1- how to determine the optimal level of output and price in the short run? 2-how to calculate the economic profit (loss) the firm will obtain(incure)in monopolistic competition faces short run demand and cost functions as Qd=20-0.5P and TC=4Q -8Q+15
Kalid Reply
its hair care firm but tinted it doesn't natraully grow in the two week spand so you put cap on top and or weave so it grow natural to cover a patch
Samantha
what is asset ?
Rather Reply
something u own or valuable
Michel
In Accounting, asset is anything that is owned by the business.
James
economic item used for father more production
Dicklearz
give the dimand equation QD=24-2p find the inverse dimand equation
Kadir
it huge score its of hair care hydge
Samantha
invest ment on one self
Samantha
proudtion is product of personal apprences quality is guilty I go to the shop
Samantha
sometimes I go to the shop my hair solono lady past
Samantha
so I have quipt my self to handle thing of higher in quality my self
Samantha
when there in avabilty
Samantha
Or in avible
Samantha
what asset my apprences is improvement is my its my priduct
Samantha
product
Samantha
falls under self growth and worth
Samantha
what is Asset your market value of your top roman
Samantha
Discuss the following questions in detail. 1, Suppose a firm operating under a perfectly competitve market structure is in its equilibrium. Does mean the firm is making excess profit?if no, show the possibilities regarding the amount of profit under equilibrium position. 2, Discuss the distinction b
Sura Reply
in long run a perfectly competitive firm is making only normal profits ,
Rather
Can I be part of this discussion?
James
of course
Rather
what is microeconomics
Jnana Reply
Workout. Show the steps clearly. 1, Suppose a firm in a perfectly competitive market structure has the following total cost function, ( TC=6000+4Q-24Q the power 2 + 4Q the power 3 ) if market ptice is 40, find A, Equilibrium level of output produced by the firm in order to maximize its profit. B,
Sura Reply
Discuss the following questions in detail. 1, Suppose a firm operating under a perfectly competitve market structure is in its equilibrium. Does mean the firm is making excess profit?if no, show the possibilities regarding the amount of profit under equilibrium position. 2, Discuss the distinction b
Sura
given the dimand equation QD=24-2p find the inverse dimand equation ?
Kadir Reply
you m.i.l subject
Raj
you know m.i.l subject
Raj
giveTc 10=+6Q-0 ,9Q2+0.05Q3 then calculated the following Tvc Avc ATC MC and AFC
Kadir
answer
Kadir
shift in demand curve
Adeoye Reply
Hi Adeoye
Oluyemi
nice to meet with you
Tanbir
hello...
Ajay
hi
Arslan
Hello bhadwooo
dipanshu
why in monopolistic competition the demand curve shifts to the left
Wani Reply
Because the players are few and due to the fact that their products are differentiated, they have market influence on either price to be charged or quantity to be offered to the market
Diyaolu
given Tc=10 +6Q-0,9Q2+0,05Q3 what is Tvc ? ATc ? mc?
Kadir Reply
Tvc=6q-0.9q2+0.05q3
Diyaolu
Atc=10/q-0.9q+0.05q2
Diyaolu
Mc=6-1.8q+0.15q2
Diyaolu
Avc of produs 2units of output and mc of producing 6units of output and AFC
Kadir
1- how to determine the optimal level of output and price in the short run? 2-how to calculate the economic profit (loss) the firm will obtain(incu...
Kalid
why demand curve shifts to left in long run
Wani Reply
because in long run when the demand of product is more so price will be more and due to increase in price of quantity demanded will be less and demand curve will shift left gradually
Iqra
Shift in demand curve is caused by a number of factors like taste, fashion, population amongst others and depending on whether the factors are positive or negative, that would determine the shift of the demand curve whether left or right and not whether short run or long run
Diyaolu
what is focus of microeconomics
Ebisa 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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