Microeconomics is concerned with the production, consumption and distribution of goods by the micro units of individuals, firms and markets within the economy. It can also be considered a study of scarcity and the choices to be made for the attainment of goals within constraints. These goals are those set by consumers, producers and policy makers in the market.
This book provides a brand new approach to the teaching and study of microeconomics – an elementary guide to the fundamental principles of the subject. It gives students from all parts of the world the opportunity to understand and appreciate the value of microeconomic tools and concepts for analyzing market processes in their economic environment, as well as maintaining a perspective on issues of trade and competitiveness, thus drawing attention to the relevance of microeconomic theory beyond the domestic scene to issues of trade and competitiveness on the international arena.
The book contains a wealth of international case studies and covers topics such as:
- Cobb-Douglas Production functions
- dynamic stability of market equilibrium
- monopolies and monopolistic competition
- project analysis
The perfect introduction to the building blocks of contemporary microeconomic theory, this book will be of interest to undergraduate students in international economics, industrial economics, managerial economics and agricultural economics. It will also be a useful reference guide for graduates requiring a break down of difficult microeconomic principles.
Table of Contents
1. Introduction 2. Consumer Behaviour: Demand Analysis 3. Market Demand and Elasticity 4. Topics in Demand Analysis 5. The Producer: Supply Analysis 6. Production and Cost Analysis 7. Equilibrium in an Isolated Market 8. Perfect Competition 9. Monopoly 10. Monopolistic Competition 11. Market Structure: Oligopoly 12. Alternative Models of the Firm 13. The Market for Factors 14. General Equilibrium and Welfare Maximization 15. Project Analysis
Judy Whitehead is Senior Lecturer in Economics at the University of the West Indies, Cave Hill, Barbados.