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Introduction to Microeconomics
Start with scarcity and opportunity cost, then build an understanding of supply and demand, elasticity, consumer and firm decisions, market structures, market failures, and public policy.
Table of Contents
Chapter 1: Thinking Like an Economist
Chapter 2: Production, Specialization, and Trade
Chapter 3: Demand, Supply, and Market Equilibrium
Chapter 4: Elasticity and Market Responsiveness
Chapter 5: Market Welfare and Government Intervention
Chapter 6: Consumer Choice
Chapter 7: Firms, Production, and Costs
Chapter 8: Perfect Competition
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8.1 Market Structures and Perfect Competition•
8.2 Output Decisions for a Price-taking Firm•
8.3 Profit Maximization: Marginal Revenue and Marginal Cost•
8.4 Profit, Loss, and the Shutdown Decision•
8.5 Firm Supply and Market Supply•
8.6 Entry, Exit, and Long-run Equilibrium•
8.7 Efficiency under Perfect CompetitionChapter 9: Monopoly and Pricing Power
Chapter 10: Imperfect Competition and Strategy
Chapter 11: Labor and Factor Markets
Chapter 12: Market Failures and Public Policy
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12.1 External Costs and Benefits•
12.2 Pigouvian Taxes, Subsidies, and Tradable Permits•
12.3 The Coase Theorem and Property Rights•
12.4 Public Goods and the Free-rider Problem•
12.5 Common Resources and the Tragedy of the Commons•
12.6 Asymmetric Information, Adverse Selection, and Moral Hazard•
12.7 Government Failure and Policy EvaluationSUITABLE AUDIENCE
First-time economics learners who want to understand markets, firms, consumers, and public policy.