Microeconomics Essentials You Always Wanted To Know
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$19.99 USD
Unit price / perPages: 226 pages
Paperback (ISBN): 9781636511153
eBook (ISBN): 9781636511160
Hardback (Color): 9781636511177
Trim Size: 5.5” x 8.5”
Category: Business & Economics
Author: Amlan Ray, Vibrant Publishers
A go-to guide to understanding the building blocks of Microeconomics
Microeconomics Essentials You Always Wanted To Know has the answers to all your questions. The book shows how the demand of consumers affects the market supply and how price is a major determinant of them. Next, the book goes on to explain consumer behavior with the help of cardinal and ordinal utility approaches. The book dives deep into the functions of markets and the roles that they play in a booming or receding economy. Lastly, it touches upon the topic of international trade and its advantages for a country. It contains plenty of examples that are relevant to the real world which will make it easier for you to grasp the concepts.
Microeconomics Essentials You Always Wanted To Know is a go-to guide for understanding all the crucial concepts that form the building blocks of microeconomics.After reading this book, readers will:
- Understand the basic concepts of Microeconomics
- Learn the relationship between demand and supply
- Get to know the various types of markets
- Discover how prices of goods and services are determined
- Understand the theory of factor pricing
- Appreciate policy decisions related to taxation, interest rate, and international trade
1. Fundamentals of Economics
1.1 Why Study Economics?
1.2 Defining Economics
1.3 Concept of Scarcity
1.4 The Concept of Choice
1.5 Microeconomics and Macroeconomics
Discussion Questions
Chapter Summary
Quiz 14
2. Demand and Supply
2.1 Demand and Supply
2.2 Supply Schedule
2.3 Equilibrium and Pricing
2.4 Types of Goods
2.5 Shifts in the Demand Curve
2.6 Shifts in the Supply Curve
Discussion Questions
Chapter Summary
Quiz
3. Elasticities of Demand and Supply
3.1 Price Elasticity of Demand
3.2 Arc and Point Elasticity
3.3 Measuring Price Elasticity Using a Demand Function
3.4 Determinants of Price Elasticity of Demand
3.5 Price Elasticity of Supply
3.6 Determinants of Price Elasticity of Supply
3.7 Cross Elasticity of Demand
3.8 Income Elasticity of Demand
Discussion Questions
Chapter Summary
Quiz
4. Consumer Behavior - Cardinal Utility Approach
4.1 Concept of Cardinal Utility
4.2 Total and Marginal Utility
4.3 Law of Diminishing Marginal Utility
4.4 Consumers’ Equilibrium
4.5 Drawbacks of the Cardinal Utility Approach
Discussion Questions
Chapter Summary
Quiz
5. Consumer Behavior – Ordinal Utility Approach
5.1 Concept of Ordinal Utility
5.2 Indifference Curve
5.3 Properties of Indifference Curves
5.4 Budgetary Constraints and Budget Lines
5.5 Advantages and Criticisms of the Indifference Curve Approach
Discussion Questions
Chapter Summary
Quiz
6. Theory of Cost and Production
6.1 Meaning of Production
6.2 Input and Output
6.3 Total, Marginal and Average Product
6.4 Returns to Scale
6.5 Economies of Scale
6.6 Cost of Production
6.7 Total Cost, Fixed Cost, and Variable Cost
Discussion Questions
Chapter Summary
Quiz
7. Market
7.1 What is a Market?
7.2 Various Forms of Market
7.3 Monopolistic Competition
7.4 Price Discrimination
Discussion Questions
Chapter Summary
Quiz
8. Theory of a Firm
8.1 Concept of Firm
8.2 Concept of Revenue, Cost, and Profit
8.3 Profit Maximization
8.4 Supply Curve of a Firm
Discussion Questions
Chapter Summary
Quiz
9. Theory of Factor Pricing
9.1 The Theory of Factor Pricing: An Overview
9.2 The Nature of Factor Demands
9.3 Marginal Revenue Product
9.4 The Demand for Factors of Production
9.5 Supply of Factors of Production
9.6 Determination of Factor Prices through Demand and Supply
Discussion Questions
Chapter Summary
Quiz
10. International Trade
10.1 Basics of Foreign Trade
10.2 Reasons for International Trade
10.3 Absolute Advantage
10.4 Comparative Advantage
10.5 Gains from Trade
10.6 Free Trade and Trade Barriers
Discussion Questions
Chapter Summary
Quiz
Prof. Amlan Ray is currently Senior Director & Dean at SRISIIM, New Delhi, a management and research Institution recognized by the Ministry of Science & Technology and Ministry of Education, Government of India. He has 27 years of experience working in Corporates, Consulting, Training, and Academia.
Amlan is a B.Tech., MBA, M.A. (Economics) and has submitted his Ph.D. thesis at Amrita Viswa Vidyapeetham, India in the area of International Trade. His corporate experience and research area lie in Economic Analysis, Digital Transformation, and International Business.
Vibrant Publishers is focused on presenting the best texts for learning about technology and business as well as books for test preparation. Categories include programming, operating systems and other texts focused on IT. In addition, a series of books helps professionals in their own disciplines learn the business skills needed in their professional growth.
Vibrant Publishers has a standardized test preparation series covering the GMAT, GRE and SAT, providing ample study and practice material in a simple and well organized format, helping students get closer to their dream universities.
The Self-Learning Management Series is designed to help students, new managers, career switchers, and entrepreneurs learn essential management lessons and covers every aspect of business, from HR to Finance to Marketing to Operations across any and every industry. Each book includes basic fundamentals, important concepts, and standard and well-known principles as well as practical ways of application of the subject matter.
Microeconomics Essentials is a must-read for anyone looking for a solid foundation in microeconomics as it is presented in an easy-to-understand fashion. Student learning is enhanced with a variety of real-world applications of the material. The book can be used as a primary text in undergraduate microeconomics classes or as a useful supplement to more advanced courses.
-- Richard Roberts, Professor of Economics and Finance, Monmouth University
This book explains in a brief and concise way, by avoiding too many technicalities and focusing mostly on concepts that could be applied in real life. This book could be used as an introductory book for undergraduate students or even MBA students who do not have any background in business and/ economics. The end-of-chapter summaries and questions are easy and straightforward and are good reviews of the basics of the chapter.
-- Indrit Hoxha, Associate Professor of Economics, Penn State Harrisburg School of Business Administration
This book can be hailed as a textbook since the entire subject matter has clarity of exposition and its simple, empirical, and graphical presentation of topics will be easy to understand. A summary at the end of the chapters is a good way to recapitulate information. Undergraduate students or anyone who is interested to understand the behaviour of an individual, firm, etc. will find this book useful. This book can be used in courses like BA Economics, BBA, and Bcom. Starting with basic concepts, this book is written concisely yet comprehensively. This is an ideal book to help you to grasp the essentials of economics quickly and easily even if you're a novice.
-- Dr.S.Padma Annakamu, Assistant Professor, Department of Economics, PSGRKCW
The layout and font of the book are perfect and standardised. For a beginner, this book gives a comprehensive coverage of all topics that they need to learn. The present NEP curriculum on economics will find this book a great facilitator.
-- Prof Clement D Souza, Dean , school of Humanities and Associate professor of economics, St Joseph's University , Bangalore
This book has easy-to-understand content that will be beneficial for people from a non-economics background too. It provides basic understanding and knowledge of the fundamentals of economics and international trade.
-- Dr. Raj Kumar Pammi, Assistant Professor, Centre for Wage Employment & Livelihoods (CWEL), National Institute of Rural Development & Panchayati Raj (NIRDPR)
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Customer Reviews
A solid introduction to microeconomics. The chapters are concise and to the point, making it ideal for beginners. A few more case studies would be helpful, but overall, I learned a lot and found it very useful for quick revision. Definitely worth the read for anyone new to the subject.
Excellent book! It covers all the key concepts in microeconomics, and the language is clear and straightforward. I found it perfect for exam prep. The diagrams and summaries were especially helpful. Ill be recommending this to my friends in economics.
This book has been a lifesaver for my economics classes. It simplifies complex topics and explains them in an easy-to-digest manner. I loved the practical examples and summary points. Its a must-have for any student or professional wanting to strengthen their microeconomics basics.
Very well-organized and easy to follow. I appreciated how each chapter focused on a core topic, making it easy to retain information. Would have liked more real-world examples, but its still a fantastic resource for anyone needing a quick, clear understanding of microeconomics.
This book is a gem for anyone looking to get a solid understanding of microeconomics. The concepts are well explained and simplified, making it easy for beginners to grasp. It has helped me greatly with my studies and saved me hours of research. Id recommend it to any student!
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