Your one-stop guide to understanding Microeconomics Microeconomics For Dummies (with content specific to the UK reader) is designed to help you understand the economics of individuals. Using concise explanations and accessible content that tracks directly to an undergraduate course, this book provides a student-focused course supplement with an in-depth examination of each topic. This invaluable companion provides clear information and real-world examples that bring microeconomics to life and introduces you to all the key concepts. From supply and demand to market competition, you'll understand how the economy works on an individual level, and how it affects you every day. Before long, you'll be conversant in consumers, costs, and competition. Microeconomics is all about the behaviour of individual people and individual firms. It sounds pretty straightforward, but it gets complicated early on. You may not be an economist, but if you're a business student at university, the odds are you need to come to grips with microeconomics. That's where Microeconomics For Dummies comes in, walking you through the fundamental concepts and giving you the understanding you need to master the material. Understand supply, demand, and equilibrium Examine the consumer decision making process Delve into elasticity and costs of production Learn why competition is healthy and monopolies are not Even the brightest business students can find economics intimidating, but the material is essential to a solid grasp of how the business world works. The good news is that you've come to the right place.
Introduction 1 Part I: Getting Started with Microeconomics 5 Chapter 1: Discovering Why Microeconomics Is a Big Deal 7 Chapter 2: Considering Consumer Choice: Why Economists Find You Fascinating! 17 Chapter 3: Looking at Firm Behaviour: What They Are and What They Do 31 Part II: Doing the Best You Can: Consumer Theory 43 Chapter 4: Living a Life without Limits 45 Chapter 5: Considering the Art of the Possible: The Budget Constraint 55 Chapter 6: Achieving the Optimum in Spite of Constraints 67 Part III: Uncovering the Alchemy of Firms’ Inputs and Outputs 85 Chapter 7: Working with Different Costs and Cost Curves 87 Chapter 8: Squeezing Out Every Last Drop of Profit 105 Chapter 9: Supplying the Demanded Information on Supply and Demand 117 Chapter 10: Dreaming of the Consumer’s Delight: Perfect Competition 137 Part IV: Delving into Markets, Market Failure and Welfare Economics 149 Chapter 11: Stepping into the Real World: Oligopoly and Imperfect Competition 151 Chapter 12: Appreciating the Fundamental Theorems of Welfare Economics 167 Chapter 13: Controlling Markets with a Monopoly 179 Chapter 14: Examining Market Failure: Pollution and Parks 197 Chapter 15: Understanding the Dangers of Asymmetric Information 209 Part V: Thinking Strategically: Life Is Just a Game! 219 Chapter 16: Playing Games with Economic Theory 221 Chapter 17: Keeping Things Stable: The Nash Equilibrium 239 Chapter 18: Knowing How to Win at Auctions 249 Chapter 19: Deciphering the Signals: Threats and Benefits 261 Part VI: The Part of Tens 271 Chapter 20: Meeting Ten Great Microeconomists 273 Chapter 21: Ten Top Tips to Take Away 281 Glossary 289 Index 295
Peter Antonioni is a senior teaching fellow at the Department of Management Science and Innovation, University College, London, and coauthor of Economics For Dummies, 2nd UK Edition. Manzur Rashid, PhD, is a lecturer at New College of the Humanities, where he covers second year micro- and macroeconomics.
Learn to: Succeed with the information you need for your economics course Get a handle on supply and demand Understand the consumer decision-making process and its effects within economics Weigh the effects of oligopolies and monopolies Studying microeconomics? Microeconomics examines the economic behaviour of individual people and individual firms. Sounds pretty straightforward, but it can get complicated in a hurry. Turn to this book and watch everything become understandable! Clear information and plenty of real-world examples help you understand everything from supply and demand to market competition. Small units are a big deal — see how people and firms make decisions, how those decisions become markets, and what causes markets to fail About the consumer — explore the factors that affect consumer choices, how we deal with constraints, and how our decisions affect the greater economy How a firm "thinks" — learn about costs and cost curves, profit maximisation, supply and demand, equilibrium analysis, and the effect of competition The bigger picture — examine the effects of imperfect competition, the fundamental theorems of welfare economics, what a monopoly creates, and what happens when the market doesn???t make what we want Getting strategic — discover how game theory, auction theory, and Nash Equilibrium come into play Open the book and find: What an oligopoly is and how it affects competition Why competition must sometimes be regulated How consumers make choices What equilibrium analysis tells us All about elasticity and production costs How market niches are chosen Why what you don't know can hurt you Ten great microeconomists
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