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Encyclopedia > Microeconomics

Microeconomics (or price theory) is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. Face-to-face trading interactions on the New York Stock Exchange trading floor. ...


Microeconomics examines how these decisions and behaviours affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the supply and demand of goods and services.[2][3] The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ...


Macroeconomics, on the other hand, involves the "sum total of economic activity, dealing with the issues of growth, inflation, and unemployment and with national economic policies relating to these issues"[4] and the effects of government actions (e.g., changing taxation levels) on them.[5] Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations' — i.e. based upon basic assumptions about micro-level behaviour. Circulation in macroeconomics Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national economy as a whole. ... World GDP/capita changed very little for most of human history before the industrial revolution. ... This article does not cite any references or sources. ... The Lucas Critique, named for Robert Lucass work on macroeconomic policymaking, says that its naive to try to predict the effect of a policy experiment based purely on correlations in historical data, especially high-level aggregated historical data. ...

Contents

Overview

One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics analyzes market failure, where markets fail to produce efficient results, as well as describing the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system. Look up Market in Wiktionary, the free dictionary. ... In economics and business, the price is the assigned numerical monetary value of a good, service or asset. ... Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ... General Equilibrium (linear) supply and demand curves. ... In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ... “Uncertain” redirects here. ... Game theory is a branch of applied mathematics that is often used in the context of economics. ... In economics, elasticity is the ratio of the proportional change in one variable with respect to proportional change in another variable. ...


Assumptions and definitions

The theory of supply and demand usually assumes that markets are perfectly competitive. This implies that there are many buyers and sellers in the market and none of them have the capacity to significantly influence prices of goods and services. In many real-life transactions, the assumption fails because some individual buyers or sellers or groups of buyers or sellers do have the ability to influence prices. Quite often a sophisticated analysis is required to understand the demand-supply equation of a good. However, the theory works well in simple situations. The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ...


Mainstream economics does not assume a priori that markets are preferable to other forms of social organization. In fact, much analysis is devoted to cases where so-called market failures lead to resource allocation that is suboptimal by some standard (highways are the classic example, profitable to all for use but not directly profitable for anyone to finance). In such cases, economists may attempt to find policies that will avoid waste directly by government control, indirectly by regulation that induces market participants to act in a manner consistent with optimal welfare, or by creating "missing markets" to enable efficient trading where none had previously existed. This is studied in the field of collective action. It also must be noted that "optimal welfare" usually takes on a Paretian norm, which in its mathematical application of Kaldor-Hicks Method, does not stay consistent with the Utilitarian norm within the normative side of economics which studies collective action, namely public choice. Market failure in positive economics (microeconomics) is limited in implications without mixing the belief of the economist and his or her theory. Mainstream economics is the term used to distinguish the economics profession in general from advocates of various heterodox schools, including Austrian economics and Marxian economics. ... The terms a priori and a posteriori are used in philosophy to distinguish between two different types of propositional knowledge. ... Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... A missing market is a situation in microeconomics where a competative market allowing the exchange of a commodity would be Pareto-efficient, but no such market exists. ... The economic theory of collective action is concerned with the provision of public goods (and other collective consumption) through the collaboration of two or more individuals, and the impact of externalities on group behavior. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... Kaldor-Hicks efficiency is a type of economic efficiency that occurs only if the economic value of social resources is maximized. ...


The demand for various commodities by individuals is generally thought of as the outcome of a utility-maximizing process. The interpretation of this relationship between price and quantity demanded of a given good is that, given all the other goods and constraints, this set of choices is that one which makes the consumer happiest.


Modes of operation

It is assumed that all firms are following rational decision-making, and will produce at the profit-maximizing output. Given this assumption, there are four categories in which a firm's profit may be considered.

  • A firm is said to be making an economic profit when its average total cost is less than the price of each additional product at the profit-maximizing output. The economic profit is equal to the quantity output multiplied by the difference between the average total cost and the price.
  • A firm is said to be making a normal profit when its economic profit equals zero. This occurs where average total cost equals price at the profit-maximizing output.
  • If the price is between average total cost and average variable cost at the profit-maximizing output, then the firm is said to be in a loss-minimizing condition. The firm should still continue to produce, however, since its loss would be larger if it were to stop producing. By continuing production, the firm can offset its variable cost and at least part of its fixed cost, but by stopping completely it would lose the entirety of its fixed cost.
  • If the price is below average variable cost at the profit-maximizing output, the firm should go into shutdown. Losses are minimized by not producing at all, since any production would not generate returns significant enough to offset any fixed cost and part of the variable cost. By not producing, the firm loses only its fixed cost. By losing this fixed cost the company faces a challenge. It must either exit the market or remain in the market and risk a complete loss.

It has been suggested that this article or section be merged with profit. ... In accounting terms, accounting profit is the total revenue minus costs properly chargeable against the goods sold (Ref. ... Fixed costs are expenses whose total does not change in proportion to the activity of a business, within the relevant time period or scale of production. ... The phrase or term shut down, shut-down or shutdown can be used to mean turning off something, but most commonly used for machines or industrial plants such as computers, engines, nuclear reactors, petroleum refineries, fossil fuel power plants, and petrochemical plants. ... Variable costs or direct costs are expenses that change in direct proportion to the activity of a business. ...

Market failure

Main article: Market failure

In microeconomics, the term "market failure" does not mean that a given market has ceased functioning. Instead, a market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers. Economists normally apply the term to situations where the inefficiency is particularly dramatic, or when it is suggested that non-market institutions would provide a more desirable result. On the other hand, in a political context, stakeholders may use the term market failure to refer to situations where market forces do not serve the public interest. Market failure is a term used by economists to describe the condition where the allocation of goods and services by a market is not efficient. ... Look up Market in Wiktionary, the free dictionary. ... Institutions are structures and mechanisms of social order and cooperation governing the behavior of two or more individuals. ... Public interest is a term used to denote political movements and organizations that are in the public interest—supporting general public and civic causes, in opposition of private and corporate ones (particularistic goals). ...


The four main types or causes of market failure are:

  • Monopolies or other cases of abuse of market power where a "single buyer or seller can exert significant influence over prices or output"). Abuse of market power can be reduced by using antitrust regulations.[6]
  • Externalities, which occur in cases where the "market does not take into account the impact of an economic activity on outsiders." There are positive externalities and negative externalities.[6] Positive externalities occur in cases such as when a television program on family health improves the public's health. Negative externalities occur in cases such as when a company’s processes pollutes air or waterways. Negative externalities can be reduced by using government regulations, taxes, or subsidies, or by using property rights to force companies and individuals to take the impacts of their economic activity into account.
  • Public goods such as national defence[6] and public health initiatives such as draining mosquito-breeding marshes. For example, if draining mosquito-breeding marshes was left to the private market, far fewer marshes would probably be drained. To provide a good supply of public goods, nations typically use taxes that compel all residents to pay for these public goods (due to scarce knowledge of the positive externalities to third parties/social welfare); and
  • Cases where there is asymmetric information or uncertainty (information inefficiency).[6] Information asymmetry occurs when one party to a transaction has more or better information than the other party. Typically it is the seller that knows more about the product than the buyer, but this is not always the case. Buyers in some markets have better information than the Sellers. For example, used-car salespeople may know whether a used car has been used as a delivery vehicle or taxi, information that may not be available to buyers. An example of a situation where the buyer may have better information than the seller would be an estate sale of a house, as required by a last will and testament. A real estate broker purchasing this house may have more information about the house than the family members of the deceased.
This situation was first described by Kenneth J. Arrow in a seminal article on health care in 1963 entitled "Uncertainty and the Welfare Economics of Medical Care," in the American Economic Review. George Akerlof later used the term asymmetric information in his 1970 work The Market for Lemons. Akerlof noticed that, in such a market, the average value of the commodity tends to go down, even for those of perfectly good quality, because the buyer has no way of knowing whether the product they are buying will turn out to be a "lemon" (a defective product).

This article is about the economic term. ... This article is about anti-competitive business behavior. ... An externality occurs in economics when a decision (for example, to pollute the atmosphere) causes costs or benefits to individuals or groups other than the person making the decision. ... In economics, a public good is a good that is non-rival and non-excludable. ... In military science, defense (or defence) is the art of preventing an enemy from conquering territory; usually via fortifications. ... Public health is concerned with threats to the overall health of a community based on population health analysis. ... In economics, information asymmetry occurs when one party to a transaction has more or better information than the other party. ... Kenneth Joseph Arrow (born August 23, 1921) is an American economist. ... George Arthur Akerlof (born June 17, 1940) is an American economist and Koshland Professor of Economics at the University of California, Berkeley. ... The Market for Lemons: Quality Uncertainty and the Market Mechanism is a paper by George Akerlof written in 1970 that established the fundamentals of asymmetrical information theory. ... This article does not cite any references or sources. ...

Opportunity cost

Main article: Opportunity cost

Although opportunity cost can be hard to quantify, the effect of opportunity cost is universal and very real on the individual level. In fact, this principle applies to all decisions, not just economic ones. Since the work of the Austrian economist Friedrich von Wieser, opportunity cost has been seen as the foundation of the marginal theory of value. In economics, opportunity cost, or economic cost, is the cost of something in terms of an opportunity forgone (and the benefits which could be received from that opportunity), or the most valuable forgone alternative (or highest-valued option forgone), i. ... Friedrich von Wieser Friedrich von Wieser (July 10, 1851 - July 22, 1926) was an early member of the Austrian School of economics. ... The marginal theory of value asserts that the economic value of an object or service is set by the consumers marginal utility. ...


Opportunity cost is one way to measure the cost of something. Rather than merely identifying and adding the costs of a project, one may also identify the next best alternative way to spend the same amount of money. The forgone profit of this next best alternative is the opportunity cost of the original choice. A common example is a farmer that chooses to farm his land rather than rent it to neighbors, wherein the opportunity cost is the forgone profit from renting. In this case, the farmer may expect to generate more profit himself. Similarly, the opportunity cost of attending university is the lost wages a student could have earned in the workforce, rather than the cost of tuition, books, and other requisite items (whose sum makes up the total cost of attendance). The opportunity cost of a vacation in the Bahamas might be the down payment money for a house. For the community in Florida, see University, Florida. ... For other uses, see Money (disambiguation). ...


Note that opportunity cost is not the sum of the available alternatives, but rather the benefit of the single, best alternative. Possible opportunity costs of the city's decision to build the hospital on its vacant land are the loss of the land for a sporting center, or the inability to use the land for a parking lot, or the money that could have been made from selling the land, or the loss of any of the various other possible uses—but not all of these in aggregate. The true opportunity cost would be the forgone profit of the most lucrative of those listed.


One question that arises here is how to assess the benefit of dissimilar alternatives. We must determine a dollar value associated with each alternative to facilitate comparison and assess opportunity cost, which may be more or less difficult depending on the things we are trying to compare. For example, many decisions involve environmental impacts whose dollar value is difficult to assess because of scientific uncertainty. Valuing a human life or the economic impact of an Arctic oil spill involves making subjective choices with ethical implications.

The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). The graph depicts a right-shift in demand from D1 to D2 along with the consequent increase in price and quantity required to reach a new market-clearing equilibrium point on the supply curve (S).

Image File history File links Supply-demand-right-shift-demand. ... Image File history File links Supply-demand-right-shift-demand. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ...

Applied microeconomics

Applied microeconomics includes a range of specialized areas of study, many of which draw on methods from other fields. Much applied works uses little more than the basics of price theory, supply and demand. Industrial organization and regulation examines topics such as the entry and exit of firms, innovation, role of trademarks. Law and economics applies microeconomic principles to the selection and enforcement of competing legal regimes and their relative efficiencies. Labor economics examines wages, employment, and labor market dynamics. Public finance (also called public economics) examines the design of government tax and expenditure policies and economic effects of these policies (e.g., social insurance programs). Political economy examines the role of political institutions in determining policy outcomes. Health economics examines the organization of health care systems, including the role of the health care workforce and health insurance programs. Urban economics, which examines the challenges faced by cities, such as are sprawl, air and water pollution, traffic congestion, and poverty, draws on the fields of urban geography and sociology. The field of financial economics examines topics such as the structure of optimal portfolios, the rate of return to capital, econometric analysis of security returns, and corporate financial behavior. The field of economic history examines the evolution of the economy and economic institutions, using methods and techniques from the fields of economics, history, geography, sociology, psychology, and political science. The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Law and economics, or economic analysis of law is an approach to legal theory that applies methods of economics to law. ...


Consumer theory

Preference - Indifference curve - Utility - Marginal utility - Income Preference (or taste) is a concept, used in the social sciences, particularly economics. ... An indifference curve is a graph showing different bundles of goods, each measured as to quantity, to which a consumer is That is, at each point on the curve, the consumer has no preference for one bundle over another, as they render the same level of satisfaction (utility) for the... In economics, utility is a measure of the relative happiness or satisfaction (gratification) gained. ... “Marginal revolution” redirects here. ... Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. ...


Production and pricing theory

Production theory basics - X-efficiency - Factors of production - Production possibility frontier - Production function - Economies of scale - Economies of scope - Profit maximization - Price discrimination - Transfer pricing - Joint product pricing - Price points In microeconomics, Production is simply the conversion of inputs into outputs. ... In economics, x-efficiency is the effectiveness with which a given set of inputs are used to produce outputs. ... In economics, factors of production are resources used in the production of goods and services, including land, labor, and capital. ... In economics, the production possibility frontier (the PPF, also called the production possibilities curve (PPC) or the “transformation curve”) is a graph that depicts the trade-off between any two items produced. ... In microeconomics, a production function expresses the relationship between an organizations inputs and its outputs. ... The increase in output from Q to Q2 causes a decrease in the average cost of each unit from C to C1. ... This article or section does not cite any references or sources. ... In economics, profit maximization is the process by which a firm determines the price and output level that returns the greatest profit. ... Price discrimination exists when sales of identical goods or services are transacted at different prices from the same provider. ... Transfer pricing refers to the pricing of goods and services within a multi-divisional organization, particularly in regard to cross-border transactions. ... Pricing for joint products is a little more complex that pricing for a single product. ... Price points are prices for which demand is relatively high. ...


Welfare economics

Welfare economics - Pareto efficiency - Kaldor-Hicks efficiency - Edgeworth box - Social welfare function - Income inequality metrics - Lorenz curve - Gini coefficient - Poverty level - Dead weight loss Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution associated with it. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... Kaldor-Hicks efficiency is a type of economic efficiency that occurs only if the economic value of social resources is maximized. ... In economics, an Edgeworth box, named after Francis Ysidro Edgeworth, is a way of representing various distributions of resources. ... A social welfare function, in welfare economics, is a function which gives a measure of the material welfare of society, given a number of economic variables as inputs. ... Income inequality metrics or income distribution metrics are techniques used by economists to measure the distribution of income among the participants in a particular economy, such as that of a specific country or of the world in general. ... The Lorenz curve is a graphical representation of the cumulative distribution function of a probability distribution; it is a graph showing the proportion of the distribution assumed by the bottom y% of the values. ... Graphical representation of the Gini coefficient The Gini coefficient is a measure of inequality of income distribution or inequality of wealth distribution. ... The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... In economics, a deadweight loss is a permanent loss of well being to society that can occur when equilibrium for a good or service is not Pareto optimal, (that at least one individual could be made better off without others being made worse off). ...


Industrial organization

Market form - Perfect competition - Monopoly - Monopolistic competition - Oligopoly - Concentration ratio - Herfindahl index In microeconomics, the main criteria by which one can distinguish between different market forms are: the number and size of producers and consumers in the market, the type of goods and services being traded, and the degree to which information can flow freely. ... Perfect competition is an economic model that describes a hypothetical market form in which no producer or consumer has the market power to influence prices. ... This article is about the economic term. ... Monopolistic competition is a common market form. ... This article does not cite any references or sources. ... In economics, the concentration ratio of an industry is used as an indicator of the relative size of firms in relation to the industry as a whole. ... In economics, the Herfindahl index, also known as Herfindahl-Hirschman Index or HHI, is a measure of the size of firms in relationship to the industry and an indicator of the amount of competition among them. ...


Market failure

Collective action - Information asymmetry - The Market for Lemons - Externality - Public good - Competition law - Social cost - Free goods - Taxes - Tragedy of the commons - Tragedy of the anticommons. The economic theory of collective action is concerned with the provision of public goods (and other collective consumption) through the collaboration of two or more individuals, and the impact of externalities on group behavior. ... In economics and contract theory, an information asymmetry is present when one party to a transaction has more or better information than the other party. ... The Market for Lemons: Quality Uncertainty and the Market Mechanism is a paper by George Akerlof written in 1970 that established the fundamentals of asymmetrical information theory. ... In economics, an externality is an impact (positive or negative) on anyone not party to a given economic transaction. ... In economics, a public good is a good that is non-rival and non-excludable. ... Antitrust redirects here. ... Social cost, in economics, is the total of all the costs associated with an economic activity. ... The free good is a term used in economics to describe a good that is not scarce. ... “Taxes” redirects here. ... The Tragedy of the Commons is a type of social trap, often economic, that involves a conflict over resources between individual interests and the common good. ... The tragedy of the anticommons occurs when rational individuals (acting separately) collectively waste a given resource by under-utilizing it. ...


06:56, 15 November 2007 (UTC)59.180.103.155===Financial economics=== Efficient markets theory - Financial economics - Finance - Risk Market failure - A simple definition can be written as --" the market is not working in a desired way that our authority or individual wants it to be." e.g. if we want more and more of large producer to take all the advantage of production to operate efficiently. We must admit ezistence of Monopoly or oligopoly is not a market failure.Indian industry could not grow big, could not operate efiiciently because of control by the Govt.In India very feww good enterpreneur are available , mostly we see the presence o f traders. Efficient markets theory is a field of economics which seeks to explain the workings of capital markets such as the stock market. ... Financial economics is the branch of economics concerned with resource allocation over time. ... Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... Lets talk about risk control strategies, anyone with more information and willing to share, please do so. ...

 Sipra,15.11.2007≈ 

International trade

International trade - Terms of trade - Tariff - List of international trade topics International trade is the exchange of goods and services across international boundaries or territories. ... Tax rates around the world Tax revenue as % of GDP Economic policy Monetary policy Central bank   Money supply Fiscal policy Spending   Deficit   Debt Trade policy Tariff   Trade agreement Finance Financial market Financial market participants Corporate   Personal Public   Banking   Regulation        For other uses of this word, see tariff (disambiguation). ... International trade - an overview Absolute advantage Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs) APEC Autarky Balance of trade barter Bilateral Investment Treaty (BIT) Bimetallism branch plant Bretton Woods Conference Bretton Woods system British timber trade Cash crop Comparative advantage Continental trading bloc Cost, insurance and freight Currency...


Methodology

General equilibrium - Game theory - Institutional economics - Neoclassical economics - Austrian economics General Equilibrium (linear) supply and demand curves. ... Game theory is a branch of applied mathematics that is often used in the context of economics. ... Institutional economics focuses on understanding the role of human-made institutions in shaping economic behavior. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... The Austrian School is a school of economic thought which rejects opposing economists reliance on methods used in natural science for the study of human action, and instead bases its formalism of economics on relationships through logic or introspection called praxeology. ...


References

  1. ^ Marchant, Mary A.; William M. Snell. Macroeconomic and International Policy Terms. University of Kentucky. Retrieved on 2007-05-04.
  2. ^ www.mcwdn.org/ECONOMICS/EcoGlossary.html
  3. ^ www.nmlites.org/standards/socialstudies/glossary.html
  4. ^ www.mcwdn.org/ECONOMICS/EcoGlossary.html
  5. ^ www.econ100.com/eu5e/open/glossary.html
  6. ^ a b c d http://www.economist.com/research/Economics/alphabetic.cfm?LETTER=M#marketfailure

The University of Kentucky, also referred to as UK, is a public, co-educational university located in Lexington, Kentucky. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 124th day of the year (125th in leap years) in the Gregorian calendar. ...

Further Reading

  • Bade, Robin; and Michael Parkin. Foundations of Microeconomics. Addison Wesley Paperback 1st Edition: 2001.
  • Eaton, B. Curtis; Eaton, Diane F.; and Douglas W. Allen. Microeconomics. Prentice Hall, 5th Edition: 2002.
  • Frank, Robert A.; Microeconomics and Behavior. McGraw-Hill/Irwin, 6th Edition: 2006.
  • Friedman, Milton. Price Theory. Aldine Transaction: 1976
  • Jehle, Geoffrey A.; and Philip J. Reny. Advanced Microeconomic Theory. Addison Wesley Paperback, 2nd Edition: 2000.
  • Hicks, John R. Value and Capital. Clarendon Press. [1939] 1946, 2nd ed.
  • Katz, Michael L.; and Harvey S. Rosen. Microeconomics. McGraw-Hill/Irwin, 3rd Edition: 1997.
  • Kreps, David M. A Course in Microeconomic Theory. Princeton University Press: 1990
  • Landsburg, Steven. Price Theory and Applications. South-Western College Pub, 5th Edition: 2001.
  • Mankiw , N. Gregory. Principles of Microeconomics. South-Western Pub, 2nd Edition: 2000.
  • Mas-Colell, Andreu; Whinston, Michael D.; and Jerry R. Green. Microeconomic Theory. Oxford University Press, US: 1995.
  • McGuigan, James R.; Moyer, R. Charles; and Frederick H. Harris. Managerial Economics: Applications, Strategy and Tactics. South-Western Educational Publishing, 9th Edition: 2001.
  • Nicholson, Walter. Microeconomic Theory: Basic Principles and Extensions. South-Western College Pub, 8th Edition: 2001.
  • Perloff, Jeffrey M. Microeconomics. Pearson - Addison Wesley, 4th Edition: 2007.
  • Pindyck, Robert S.; and Daniel L. Rubinfeld. Microeconomics. Prentice Hall, 5th Edition: 2000.
  • Ruffin, Roy J.; and Paul R. Gregory. Principles of Microeconomics. Addison Wesley, 7th Edition: 2000.
  • Varian, Hal R. Microeconomic Analysis. W. W. Norton & Company, 3rd Edition.

John R. Hickss book Value and Capital (1939) is a classic exposition of microeconomic theory. ...

External links

Wikibooks
Wikibooks has a book on the topic of
Microeconomics
  • AmosWEB GLOSS*arama - online economics dictionary
  • BasicEconomics.info - Introduction to Economics - main subject matters relating to the study of microeconomics

  Results from FactBites:
 
Microeconomics - Wikipedia, the free encyclopedia (1429 words)
Microeconomics is one of the main fields of the social science of economics.
One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses.
Significant fields of study in microeconomics include markets under asymmetric information, choice under uncertainty and economic applications of game theory.
  More results at FactBites »

 
 

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