Microeconomic Essentials

Microeconomic Essentials

Understanding Economics in the News

By Jay Prag

A concise and nontechnical introduction to microeconomics, emphasizing concepts over mathematics, with real-world examples and applications.

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Summary

A concise and nontechnical introduction to microeconomics, emphasizing concepts over mathematics, with real-world examples and applications.

This concise and nontechnical introduction to microeconomics emphasizes concepts over mathematics. Keeping in mind that sometimes the most accurate model is not very useful in the real world, Microeconomic Essentials balances economics as mathematics with economics as a social process. Microeconomics is part of daily life; gas prices, wage increases, the rising cost of health care, international trade: all are microeconomic topics. Therefore, like its predecessor, Macroeconomic Essentials, this textbook accompanies its explanations with examples and real-world applications.

The book covers the basic market model of supply and demand, showing how this “powerhouse” model can explain most price changes in the market. It discusses government intervention in the market; consumer theory and utility maximization, considering both concepts and real-world issues; the theory of the firm, “de-mathematizing” marginal revenue, marginal cost, and other topics; monopolies; perfect competition; and imperfect competition and oligopolies, as illustrated by OPEC, Coke, and Pepsi. It discusses game theory, reviewing the familiar models and concepts—while cautioning that game theory is best thought of as “a state of mind”; input markets; welfare and public economics, applying the tools presented in previous chapters; and international trade. Each chapter ends with examples and exercises. Appendixes supply answers to sample exam questions and solutions to even-numbered exercises.

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Downloadable instructor resources available for this title: test questions, solutions, and slides

Pre-Order Paperback

$65.00 X ISBN: 9780262539272 248 pp. | 8 in x 9 in 69 figures

Endorsements

  • This is an excellent textbook. The contents are clear and the carefully selected examples from the media reinforce the understanding of complex economic concepts.

    I-Ming Chiu

    Associate Professor of Economics, Rutgers University–Camden

  • In Microeconomic Essentials, Jay Prag successfully transfers his effective teaching approach into a textbook. His use of practical scenarios to convey insights from theoretical models will be appealing and useful to those who are interested in applying microeconomics to the real world.

    Roberto Pedace

    Professor of Economics, Scripps College