Microeconomics
Edition: 1
Copyright: 2020
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$69.46
Microeconomics by Dr. Todd R. Yarbrough presents first principles in a quantitative and qualitative treatment meant to maximize the ability of students to tell economic stories. The focus of the textbook is to equip students with time-tested theoretical frameworks, as well as the ability to investigate empirically their usefulness and descriptive power. The book does not shy away from the technical aspect of economic theory, but lays out the development in a manner digestible to any college student. The book begins with a historical consideration of the evolution of economic thought and building the basic idea of an Economic Model. Then, a modern treatment of Behavioral Economics is meant to add immediate nuance and context to the theories presented throughout the book. The Supply and Demand Framework is built from the ground up on both the consumer and producer side, with a focus on the inherent optimization problems facing both sides of the market. A focus on Capital and Labor markets motivates a discussion on market-based economic systems, while distinguishing between the Partial Equilibrium of traditional principles courses and the General Equilibrium reality of our economic systems. After an investigation of Government Intervention and it’s theoretical and empirical outcomes for markets, the book turns to a robust treatment of producer decision making among various market types (Competitive, Monopolies, Oligopolies, Monopolistic Competition), which illustrate the power of competitive forces and their absence on market outcomes. The book’s chapter on Game Theory is broader than other principles courses, taking students into a thorough treatment of both Simultaneous and Sequential Games. Finally, the book ends with a serious consideration of Market Failures and the policy prescriptions that may alleviate their inefficiency.
Microeconomics by Dr. Todd R. Yarbrough presents first principles in a quantitative and qualitative treatment meant to maximize the ability of students to tell economic stories. The focus of the textbook is to equip students with time-tested theoretical frameworks, as well as the ability to investigate empirically their usefulness and descriptive power. The book does not shy away from the technical aspect of economic theory, but lays out the development in a manner digestible to any college student. The book begins with a historical consideration of the evolution of economic thought and building the basic idea of an Economic Model. Then, a modern treatment of Behavioral Economics is meant to add immediate nuance and context to the theories presented throughout the book. The Supply and Demand Framework is built from the ground up on both the consumer and producer side, with a focus on the inherent optimization problems facing both sides of the market. A focus on Capital and Labor markets motivates a discussion on market-based economic systems, while distinguishing between the Partial Equilibrium of traditional principles courses and the General Equilibrium reality of our economic systems. After an investigation of Government Intervention and it’s theoretical and empirical outcomes for markets, the book turns to a robust treatment of producer decision making among various market types (Competitive, Monopolies, Oligopolies, Monopolistic Competition), which illustrate the power of competitive forces and their absence on market outcomes. The book’s chapter on Game Theory is broader than other principles courses, taking students into a thorough treatment of both Simultaneous and Sequential Games. Finally, the book ends with a serious consideration of Market Failures and the policy prescriptions that may alleviate their inefficiency.