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Principles of Microeconomics

Principles of Microeconomics is an adaptation of the textbook, Microeconomics: Markets, Methods, and Models by D. Curtis and I. Irvine, which provides concise yet complete coverage of introductory microeconomic theory, application and policy in a Canadian and global environment.

Economics Social Sciences

Author: Douglas Curtis and Ian Irvine
Publisher: Trent University & Concordia University
Source: LibreTexts
License: CC BY-NC-SA
Language: EN
Category: Economics

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Contents· 156 sections

01: The Building Blocks
01: Introduction to key ideas
1.01: What's it all about
1.02: Understanding through the use of models
1.03: Opportunity cost and the market
1.04: A model of exchange and specialization
1.05: Economy-wide production possibilities
1.06: New Page
1.07: Conclusion
1.08: Key Terms
1.09: Exercises for Chapter 1
02: Theories data and beliefs
2.01: Data analysis
2.02: Data theory and economic models
2.03: Ethics efficiency and beliefs
2.04: Key Terms
2.05: Exercises for Chapter 2
03: The classical marketplace demand and supply
3.01: The marketplace - trading
3.02: The market's building blocks
3.03: Demand and supply curves
3.04: Non-price influences on demand
3.05: Non-price influences on supply
3.06: Simultaneous supply and demand impacts
3.07: Market interventions - governments and interest groups
3.08: Individual and market functions
3.09: Useful techniques - demand and supply equations
3.10: Conclusion
3.11: Key Terms
3.12: Exercises for Chapter 3
02: Responsiveness and the Value of Markets
04: Measures of response- Elasticities
4.01: Price responsiveness of demand
4.02: Price elasticities and public policy
4.03: The time horizon and inflation
4.04: Cross-price elasticities - cable or satellite
4.05: The income elasticity of demand
4.06: Elasticity of supply
4.07: Elasticities and tax incidence
4.08: Technical tricks with elasticities
4.09: Key Terms
4.10: Exercises for Chapter 4
05: Welfare economics and externalities
5.01: Equity and efficiency
5.02: Consumer and producer surplus
5.03: Efficient market outcomes
5.04: Taxation surplus and efficiency
5.05: Market failures - externalities
5.06: Other market failures
5.07: Environmental policy and climate change
5.08: Conclusion
5.09: Key Terms
5.10: Exercises for Chapter 5
03: Decision Making by Consumer and Producers
06: Individual choice
6.01: Rationality
6.02: Choice with measurable utility
6.03: Choice with ordinal utility
6.04: Applications of indifference analysis
6.05: Key Terms
6.06: Exercises for Chapter 6
07: Firms investors and capital markets
7.01: Business organization
7.02: Profit
7.03: Risk and the investor
7.04: Risk pooling and diversification
7.05: Conclusion
7.06: Key Terms
7.07: Exercises for Chapter 7
08: Production and cost
8.01: Efficient production
8.02: The time frame
8.03: Production in the short run
8.04: Costs in the short run
8.05: Fixed costs and sunk costs
8.06: Long-run production and costs
8.07: Technological change- globalization and localization
8.08: Clusters learning by doing scope economics
8.09: Conclusion
8.10: Key Terms
8.11: Exercises for Chapter 8
04: Market Structures
09: Perfect competition
9.01: The perfect competition paradigm
9.02: Market characteristics
9.03: The firm's supply decision
9.04: Dynamics- Entry and exit
9.05: Long-run industry supply
9.06: Globalization and technological change
9.07: Efficient resource allocation
9.08: Key Terms
9.09: Exercises for Chapter 9
10: Monopoly
10.01: Monopolies
10.02: Profit maximizing behaviour
10.03: Long-run choices
10.04: Output inefficiency
10.05: Price discrimination
10.06: Cartels- Acting like a monopolist
10.07: Invention innovation and rent seeking
10.08: Conclusion
10.09: Key Terms
10.10: Exercises for Chapter 10
11: Imperfect competition
11.01: The principle ideas
11.02: Imperfect competitors
11.03: Imperfect competitors- measures of structure and market power
11.04: Imperfect competition- monopolistic competition
11.05: Imperfect competition- economies of scope and platforms
11.06: Strategic behaviour- Oligopoly and games
11.07: Strategic behaviour- Duopoly and Cournot games
11.08: Strategic behaviour- Entry exit and potential competition
11.09: Matching markets- design
11.10: Conclusion
11.11: Key Terms
11.12: Exercises for Chapter 11
05: The Factors of Production
12: Labour and capital
12.01: Labour - a derived demand
12.02: The supply of labour
12.03: Labour market equilibrium and mobility
12.04: Capital - concepts
12.05: The capital market
12.06: Land
12.07: Key Terms
12.08: Exercises for Chapter 12
13: Human capital and the income distribution
13.01: Human capital
13.02: Productivity and education
13.03: On-the-job training
13.04: Education as signalling
13.05: Education returns and quality
13.06: Discrimination
13.07: The income distribution
13.08: Wealth and capitalism
13.09: Key Terms
13.10: Exercises for Chapter 13
06: Government and Trade
14: Government
14.01: Market Failure
14.02: Fiscal federalism- Taxing and spending
14.03: Federal-provincial fiscal relations
14.04: Government-to-individual transfers
14.05: Regulation and competition policy
14.06: Key Terms
14.07: Exercises for Chapter 14
15: International trade
15.01: Trade in our daily lives
15.02: Canada in the world economy
15.03: The gains from trade- Comparative advantage
15.04: Returns to scale and dynamic gains from trade
15.05: Trade barriers- Tariffs subsidies and quotas
15.06: The politics of protection
15.07: Institutions governing trade
15.08: Key Terms
15.09: Exercises for Chapter 15