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.
Part I Key Concept and Tools
1. Key economic concepts
2. Key mathematical tools
3. Key strategic tools
Part II Gains from Trade
4. Trade and the PPF
5. Bargaining
Part III Market Fundamentals
6. Demand
7. Production and Costs
8. Supply
9. Equilibrium and welfare
10. Elasticity
Part IV Types of Markets
11. Introduction to Markets
12. Perfect Competition
13. Monopoly
14. Monopolistic Competition
15. Oligopoly
Part V Market Failures
16. Price regulation, taxes and subsidies
17. Externalities
18. Public Goods and common resources
Part VI International Trade
19. International Trade
Part VII Economics in Practice
20. Some other markets
21. Economic policy
22. Economics and evidence
Part VII Review
23. Questions and answers
Biography
Bonnie Nguyen is an Honours graduate from the University of Sydney in both Law and Economics. Bonnie’s research interests include an economic analysis of litigation and the internal organisation and ownership structure of firms. She has published research in the Journal of Institutional and Theoretical Economics and the Australian Economic Review. Bonnie has previously taught microeconomics at the University of Sydney.
Andrew Wait is a Professor in the School of Economics at the University of Sydney. He has a PhD from the Australian National University and a Bachelor of Economics (Honours) from the University of Adelaide. Andrew’s research interests include industrial organisation and organisational economics. Andrew has published in the RAND Journal of Economics, the International Journal of Industrial Organization and the Journal of Law, Economics and Organization. He is the co-convenor of the Annual Organizational Economics Workshop.
"One of the standout features of this textbook is its clear and concise writing style, which effectively conveys complex economic principles in an accessible manner. The authors have succeeded in presenting the material in a way that is engaging and easy to understand for students with varying levels of prior knowledge."
Kadir Atalay, Associate Professor, University of Sydney
"Without the clutter that sometimes chocks introductory texts, this book allows students to focus on the core intuition and analytical tools. This book presents the essentials of microeconomics. It provides an excellent platform for further study in economics. This textbook will stand the test of time. I recommend it to instructors teaching any principles or introductory microeconomics course."
Alexander Matros, Professor of Economics, Moore School of Business, University of South Carolina
"Good economic analysis requires understanding of how to apply models to the world. This book strikes the right balance between technique and economic relevance. The authors lead students through just enough analytical tools to be able to understand and then apply economic models to real economic problems. By focusing on the essentials this book makes economics accessible to students from all backgrounds. Its strength lies in the brevity and clarity of its exposition. At no point is there anything extraneous, yet the all is covered."
Guillaume Roger, Associate Professor (Research), Monash University
"The second edition improves on what was already an outstanding introductory microeconomics textbook. A particular strength of the book is how the presentation of the material highlights the power of economic models for helping us understand the world around us. The new chapters on policy and applications show students how to apply what they have learnt. There is nothing extraneous in this book. A mastery of this content will provide students with almost all of the microeconomics tools of analysis they will need for the rest of their academic and professional careers. I recommend this for any introductory microeconomics or business economics course."
Kieron Meagher, Professor, Australian National University
"Economic thought is vital to understanding individuals and their interaction within societies. This textbook provides a set of tools for students to understand markets and analyze the decisions made by consumers, businesses and governments. The exposition is concise and precise, presenting fundamental techniques and insights in a way that is accessible to students new to the discipline, giving a good balance of mathematical rigour and verbal explanation. I used the first edition to great success and will use this new edition too. I highly recommend it."
Jonathan Newton, Professor, Kyoto University, Japan
