Microeconomics
Edition: 2
Copyright: 2021
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In the first four chapters, in Part One, there is an overview of basic economic concepts. In the last chapter of this part, the workings of markets is explained in great detail. It is essential for everybody who studies economics to understand how the forces of supply and demand interact in markets.
Part Two is devoted to the consumer. The choices consumers make while pursuing maximum wellbeing is illuminated and applied to the demand curve. In the next chapter, the responsiveness of consumers to changes in prices, and certain other variables, is also explained with the help of the demand curve.
Part Three is devoted entirely to businesses. The physical inputs in the production process is discussed first, after that, the costs associated with these inputs is explained. On the output side, the following chapter explains how businesses generate revenues, and what is the optimal output level to maximize profits.
Part Four explores the competitive landscape that businesses operate in. These four chapters present the whole gamut from the most competitive market structure to the least competitive market structure.
Part One: Getting Acquainted with Economics
Chapter 1: Economic Models and Math Review
Chapter 2: Factors of Production and the Economy
Chapter 3: Scarcity and Opportunity Cost
Chapter 4: Supply and Demand
Part Two: The Consumer
Chapter 5: Consumer Choice and the Demand Curve
Chapter 6: Price Elasticity of Demand
Part Three: The Firm
Chapter 7: Inputs and Costs
Chapter 8: Revenues and Profits
Part Four: Market Structures
Chapter 9: Corporations
Chapter 10: Perfect Competition
Chapter 11: Monopoly
Chapter 12: Monopolistic Competition and Oligopoly
Julie Holzner received her BA and MA in Economics from California State University Long Beach. Before becoming a Professor of Economics at Los Angeles City College she has taught principles and fundamentals of economics courses at various community colleges in California. Her research focus is on interactive strategies to improve undergraduate education in economics. To that end she participated in the Teaching Innovations Program for college and university instructors. The project was co-sponsored by the Committee on Economic Education (CEE) of the American Economic Association (AEA). For her dedication and efforts, she received the “Excellence in Teaching Award” from the Pace Program at Los Angeles Pierce College, as well as the “In Appreciation” award from the Associated Students Organization at Los Angeles City College.
In the first four chapters, in Part One, there is an overview of basic economic concepts. In the last chapter of this part, the workings of markets is explained in great detail. It is essential for everybody who studies economics to understand how the forces of supply and demand interact in markets.
Part Two is devoted to the consumer. The choices consumers make while pursuing maximum wellbeing is illuminated and applied to the demand curve. In the next chapter, the responsiveness of consumers to changes in prices, and certain other variables, is also explained with the help of the demand curve.
Part Three is devoted entirely to businesses. The physical inputs in the production process is discussed first, after that, the costs associated with these inputs is explained. On the output side, the following chapter explains how businesses generate revenues, and what is the optimal output level to maximize profits.
Part Four explores the competitive landscape that businesses operate in. These four chapters present the whole gamut from the most competitive market structure to the least competitive market structure.
Part One: Getting Acquainted with Economics
Chapter 1: Economic Models and Math Review
Chapter 2: Factors of Production and the Economy
Chapter 3: Scarcity and Opportunity Cost
Chapter 4: Supply and Demand
Part Two: The Consumer
Chapter 5: Consumer Choice and the Demand Curve
Chapter 6: Price Elasticity of Demand
Part Three: The Firm
Chapter 7: Inputs and Costs
Chapter 8: Revenues and Profits
Part Four: Market Structures
Chapter 9: Corporations
Chapter 10: Perfect Competition
Chapter 11: Monopoly
Chapter 12: Monopolistic Competition and Oligopoly
Julie Holzner received her BA and MA in Economics from California State University Long Beach. Before becoming a Professor of Economics at Los Angeles City College she has taught principles and fundamentals of economics courses at various community colleges in California. Her research focus is on interactive strategies to improve undergraduate education in economics. To that end she participated in the Teaching Innovations Program for college and university instructors. The project was co-sponsored by the Committee on Economic Education (CEE) of the American Economic Association (AEA). For her dedication and efforts, she received the “Excellence in Teaching Award” from the Pace Program at Los Angeles Pierce College, as well as the “In Appreciation” award from the Associated Students Organization at Los Angeles City College.