Essentials of Microeconomics

✍ Scribed by Bonnie Nguyen, Andrew Wait

• Publisher: Routledge
• Year: 2024
• Tongue: English
• Leaves: 277
• Edition: 2
• Category: Library

✦ Synopsis

Essentials of Microeconomics is an excellent introduction to microeconomics. It presents the basic tools of microeconomics clearly and concisely. It presents a vigorous treatment of all relevant introductory microeconomic concepts, and emphasises on modern economics – game theory and imperfect markets. Each chapter is self-contained and includes the required key mathematical skills at the start.

Now in its second edition, this updated textbook includes:

• Expanded lecturer resources, including detailed lecture slides, sample exam questions and updated test bank multiple choice questions
• An additional section on Economics in Practice, focused on policy, econometrics and behavioural economics

This book is ideal not only for introductory microeconomics courses, but its level of analysis also makes the book appropriate for introductory level economics taught at postgraduate level. With the emphasis on strategy, this text is also well suited for use in business economics courses.

✦ Table of Contents

Cover
Half Title
Endorsement
Title Page
Copyright Page
Table of Contents
List of Illustrations
Part I Key concepts and tools
1 Key economic concepts
1.1 Introduction
1.2 Scarcity and opportunity cost
1.3 Marginal analysis
1.4 Ceteris paribus
1.5 Correlation and causation
1.6 Concluding comments
2 Key mathematical tools
2.1 Introduction
2.2 Equations
2.3 Differentiation
2.4 Elasticity
2.5 Simultaneous equations
2.6 Concluding comments
3 Key strategic tools
3.1 Introduction
3.2 The essentials of game theory
3.3 Simultaneous-move games
3.4 Some types of simultaneous-move games
3.5 Sequential games
3.6 Concluding comments
Part II Gains from trade
4 Trade and the PPF
4.1 Introduction
4.2 Gains from exchange
4.3 Gains from specialisation
4.4 Concluding comments
5 Bargaining
5.1 Introduction
5.2 Bargaining and surplus
5.3 Take-it-or-leave-it negotiations
5.4 Multiple-offer bargaining
5.5 Some caveats
5.6 Concluding comments
Part III Market fundamentals
6 Demand
6.1 Introduction
6.2 Benefit and willingness to pay
6.3 Individual demand
6.4 Market demand
6.5 Concluding comments
7 Production and costs
7.1 Introduction
7.2 The short run and long run
7.3 Production
7.4 Short-run costs
7.5 Long-run costs
7.6 Total revenue, total cost and economic profit
7.7 Concluding comments
8 Supply
8.1 Introduction
8.2 Firm supply
8.3 Market supply
8.4 Concluding comments
9 Equilibrium and welfare
9.1 Introduction
9.2 Market equilibrium
9.3 Comparative static analysis
9.4 Welfare
9.5 Pareto efficiency
9.6 Concluding comments
10 Elasticity
10.1 Introduction
10.2 Measuring elasticity
10.3 Applications
10.4 Concluding comments
Part IV Types of markets
11 Introduction to markets
11.1 Introduction to the four types of markets
12 Perfect competition
12.1 Introduction
12.2 Characteristics of perfect competition
12.3 Supply in the short run
12.4 Supply in the long run
12.5 Market supply in the long run
12.6 Concluding comments
13 Monopoly
13.1 Introduction
13.2 Characteristics of a monopoly
13.3 The single-price monopolist
13.4 Welfare under the single-price monopolist
13.5 Price discrimination
13.6 Natural monopoly
13.7 Regulating a natural monopoly
13.8 Concluding comments
14 Monopolistic competition
14.1 Introduction
14.2 Characteristics of monopolistic competition
14.3 The short run
14.4 The long run
14.5 Welfare under monopolistic competition
14.6 Concluding comments
15 Oligopoly
15.1 Introduction
15.2 Characteristics of an oligopoly
15.3 Simultaneous-move games
15.4 Product choice: an application of a coordination game
15.5 Sequential games
15.6 Concluding comments
Part V Market failures
16 Price regulation, taxes and subsidies
16.1 Introduction
16.2 Price regulation
16.3 Taxes and subsidies
16.4 Concluding comments
17 Externalities
17.1 Introduction
17.2 External costs and benefits
17.3 The problem with externalities
17.4 Solutions to externalities
17.5 Government solutions to externalities
17.6 Concluding comments
18 Public goods and common resources
18.1 Introduction
18.2 Public goods
18.3 Common resources and the Tragedy of the Commons
18.4 Concluding comments
Part VI International trade
19 International trade
19.1 Introduction
19.2 The welfare effects of international trade
19.3 Barriers to trade
19.4 Arguments against free trade
19.5 Concluding comments
Part VII Economics in practice
20 Some other markets
20.1 Introduction
20.2 The housing market
20.3 The labour market
20.4 The capital market
20.5 Concluding comments
21 Economic policy
21.1 Introduction
21.2 Economic policy in practice: some examples
21.3 The Theory of Second Best
21.4 The policy cycle
21.5 Concluding comments
22 Economics and evidence
22.1 Introduction
22.2 Econometrics and statistics
22.3 Experimental economics
22.4 Behavioural economics
22.5 Concluding comments
Part VIII Review
23 Questions & answers
Index