Microeconomics Demystified: A Self-Teaching Guide

Microeconomics Demystified: A Self-Teaching Guide

by Craig Depken

Paperback

$22.50 $25.00 Save 10% Current price is $22.5, Original price is $25. You Save 10%.
View All Available Formats & Editions
Choose Expedited Shipping at checkout for guaranteed delivery by Thursday, September 19

Overview

There’s no easier, faster, or more practical way to learn the really tough subjects

Microeconomics Demystified features a clear and easy-to-understand presentation of the concepts and principles of microeconomics, with generous applications and examples. This self-teaching guide comes complete with key points, background information, quizzes at the end of each chapter, and even a final exam. Simple enough for beginners but challenging enough for advanced students, this is a lively and entertaining brush-up, introductory text, or classroom supplement.

Product Details

ISBN-13: 9780071459112
Publisher: McGraw-Hill Professional Publishing
Publication date: 10/01/2005
Series: Demystified Series
Pages: 336
Sales rank: 674,589
Product dimensions: 7.42(w) x 8.94(h) x 0.64(d)

About the Author

Craug A, Depken II, Ph.D. (Arlington, TX) is an associate professor of economics at the University of Texas at Arlington. An award-winning teacher and researcher, he has published dozens of articles in professional and academic journals.

Table of Contents

Acknowledgmentsix
Introductionxi
Chapter 1The Language of Economics1
Summary7
Quiz7
Chapter 2Math Review11
Summary16
Quiz16
Chapter 3Production and Growth19
Production19
Production in a Robinson Crusoe Economy20
Economic Growth23
Gains from Trade24
Summary33
Quiz33
Chapter 4Demand and Supply37
Demand38
Supply43
Price as a Regulator in the Market47
Changes in Demand50
Changes in Supply51
Changes in Supply and Demand52
Government Interventions in the Market55
Price Floors and Ceilings56
Quantity Controls58
Taxation in the Supply and Demand Model59
Summary66
Quiz67
Chapter 5Elasticity73
Price Elasticity of Demand74
Income Elasticity of Demand78
Cross Elasticity of Demand79
Elasticity of Supply79
Applications of Elasticity80
Price Elasticity of Supply and Demand and the Burden of a Sales Tax87
Summary89
Quiz90
Chapter 6Consumer and Producer Surplus93
Consumer Surplus93
Producer Surplus97
Changes in Consumer and Producer Surplus and Changes in Supply and Demand100
The Impact of a Sales Tax on Consumer and Producer Surplus102
Summary105
Quiz105
Chapter 7Utility111
The Utility Function and Indifference Curves112
The Household's Income Constraint114
The Household's Consumption Equilibrium118
The Law of Demand and Utility Theory120
Income and Substitution Effects122
Substitution Effect123
The Income Effect125
Combining Substitution and Income Effects126
Summary129
Quiz129
Chapter 8Theory of the Firm133
Why the Firm?134
The Firm's Production Function and Isoquants135
Efficiency and the Firm138
The Firm's Cost Constraint140
A Firm's Cost Functions: Total Cost, Average Cost, and Marginal Cost143
Summary147
Quiz148
Chapter 9Perfect Competition153
Summary164
Quiz164
Chapter 10Theory of Monopoly169
Static Monopoly169
Efficiency Aspects of Static Monopoly178
Price Discrimination181
First Degree Price Discrimination181
Third Degree Price Discrimination182
Second Degree Price Discrimination185
Cartel Theory188
Contestable Market Theory190
Summary191
Quiz192
Chapter 11Monopolistic Competition and Oligopoly197
Monopolistic Competition198
Oligopoly200
The Kinked Demand Model201
Oligopoly with a Dominant Firm202
Strategic Interaction204
Cournot Duopoly Game205
Bertrand's Duopoly Game207
Summary208
Quiz209
Chapter 12Factor Markets213
Labor215
Labor Demand215
Labor Supply217
Labor Market Equilibrium218
Additional Topics in Labor Markets220
Capital Markets230
Demand for Capital230
Supply of Capital231
Capital Market Equilibrium231
Land238
Summary240
Quiz242
Chapter 13Market Failure and Government Intervention in Markets245
Public Goods246
Externalities251
Summary262
Quiz263
Appendix AQuiz Answers267
Appendix BFinal Exam279
Final Exam Answers309
Index313

Customer Reviews

Most Helpful Customer Reviews

See All Customer Reviews