Microeconomics Demystified: A Self-Teaching Guide [NOOK Book]


The fast and easy way to learn microeconomics!

Now anyone can grasp the fundamentals of microeconomics--without formal training, unlimited time, or a genius IQ. In Microeconomics Demystified, Economics professor Craig Depken provides ...

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Microeconomics Demystified: A Self-Teaching Guide

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The fast and easy way to learn microeconomics!

Now anyone can grasp the fundamentals of microeconomics--without formal training, unlimited time, or a genius IQ. In Microeconomics Demystified, Economics professor Craig Depken provides an effective, illuminating, and entertaining way to learn this complex subject.

This self-teaching guide explains the concepts of microeconomics, including supply and demand, elasticities, consumer and producer surplus, the role of the firm, various market models, and more. The book combines an intuitive approach with “practical” mathematics, using easy-to-read graphs and simple arithmetic. Featuring end-of-chapter quizzes and a final exam, this book will teach you the ins and outs of microeconomics in no time at all.

Simple enough for a beginner, but challenging enough for an advanced student, Microeconomics Demystified is your shortcut to a working knowledge of this important business topic.

This hands-on, self-teaching text offers:

  • An easy way to understand microeconomics

  • Hundreds of worked examples with solutions

  • A quiz at the end of each chapter to reinforce learning and pinpoint weaknesses

  • A final exam at the end of the book

  • No unnecessary technical jargon

  • A time-saving approach to performing better on an exam or at work!

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Product Details

  • ISBN-13: 9780071486743
  • Publisher: McGraw-Hill Education
  • Publication date: 12/14/2005
  • Series: Demystified
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 304
  • Sales rank: 298,380
  • File size: 3 MB

Meet 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.
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Table of Contents

Acknowledgments ix
Introduction xi
Chapter 1 The Language of Economics 1
Summary 7
Quiz 7
Chapter 2 Math Review 11
Summary 16
Quiz 16
Chapter 3 Production and Growth 19
Production 19
Production in a Robinson Crusoe Economy 20
Economic Growth 23
Gains from Trade 24
Summary 33
Quiz 33
Chapter 4 Demand and Supply 37
Demand 38
Supply 43
Price as a Regulator in the Market 47
Changes in Demand 50
Changes in Supply 51
Changes in Supply and Demand 52
Government Interventions in the Market 55
Price Floors and Ceilings 56
Quantity Controls 58
Taxation in the Supply and Demand Model 59
Summary 66
Quiz 67
Chapter 5 Elasticity 73
Price Elasticity of Demand 74
Income Elasticity of Demand 78
Cross Elasticity of Demand 79
Elasticity of Supply 79
Applications of Elasticity 80
Price Elasticity of Supply and Demand and the Burden of a Sales Tax 87
Summary 89
Quiz 90
Chapter 6 Consumer and Producer Surplus 93
Consumer Surplus 93
Producer Surplus 97
Changes in Consumer and Producer Surplus and Changes in Supply and Demand 100
The Impact of a Sales Tax on Consumer and Producer Surplus 102
Summary 105
Quiz 105
Chapter 7 Utility 111
The Utility Function and Indifference Curves 112
The Household's Income Constraint 114
The Household's Consumption Equilibrium 118
The Law of Demand and Utility Theory 120
Income and Substitution Effects 122
Substitution Effect 123
The Income Effect 125
Combining Substitution and Income Effects 126
Summary 129
Quiz 129
Chapter 8 Theory of the Firm 133
Why the Firm? 134
The Firm's Production Function and Isoquants 135
Efficiency and the Firm 138
The Firm's Cost Constraint 140
A Firm's Cost Functions: Total Cost, Average Cost, and Marginal Cost 143
Summary 147
Quiz 148
Chapter 9 Perfect Competition 153
Summary 164
Quiz 164
Chapter 10 Theory of Monopoly 169
Static Monopoly 169
Efficiency Aspects of Static Monopoly 178
Price Discrimination 181
First Degree Price Discrimination 181
Third Degree Price Discrimination 182
Second Degree Price Discrimination 185
Cartel Theory 188
Contestable Market Theory 190
Summary 191
Quiz 192
Chapter 11 Monopolistic Competition and Oligopoly 197
Monopolistic Competition 198
Oligopoly 200
The Kinked Demand Model 201
Oligopoly with a Dominant Firm 202
Strategic Interaction 204
Cournot Duopoly Game 205
Bertrand's Duopoly Game 207
Summary 208
Quiz 209
Chapter 12 Factor Markets 213
Labor 215
Labor Demand 215
Labor Supply 217
Labor Market Equilibrium 218
Additional Topics in Labor Markets 220
Capital Markets 230
Demand for Capital 230
Supply of Capital 231
Capital Market Equilibrium 231
Land 238
Summary 240
Quiz 242
Chapter 13 Market Failure and Government Intervention in Markets 245
Public Goods 246
Externalities 251
Summary 262
Quiz 263
Appendix A Quiz Answers 267
Appendix B Final Exam 279
Final Exam Answers 309
Index 313
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