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Questions for each level of learning

The OpenStax version of Principles of Microeconomics further expands on Taylor’s original end of chapter materials by offering four types of end-of-module questions for students.

  • Self-Checks: Are analytical self-assessment questions that appear at the end of each module. They “click–to-reveal” an answer in the web view so students can check their understanding before moving on to the next module. Self-Check questions are not simple look-up questions. They push the student to think a bit beyond what is said in the text. Self-Check questions are designed for formative (rather than summative) assessment. The questions and answers are explained so that students feel like they are being walked through the problem.
  • Review Questions: Have been retained from Taylor’s version, and are simple recall questions from the chapter and are in open-response format ( not multiple choice or true/false). The answers can be looked up in the text.
  • Critical Thinking Questions: Are new higher-level, conceptual questions that ask students to demonstrate their understanding by applying what they have learned in different contexts. They ask for outside-the-box thinking, for reasoning about the concepts. They push the student to places they wouldn’t have thought of going themselves.
  • Problems: Are exercises that give students additional practice working with the analytic and computational concepts in the module.

Updated art

Principles of Microeconomics includes an updated art program to better inform today’s student, providing the latest data on covered topics.

Corporate profits after tax (adjusted for inventory and capital consumption)

sample image
Since 2000, corporate profits after tax have mostly continued to increase each year, save for a substantial decrease between 2008 and 2009 as a result of the Great Recession. (Source: http://research.stlouisfed.org/fred2)

About our team

Senior contributing author

Timothy Taylor, Macalester College
Timothy Taylor has been writing and teaching about economics for 30 years, and is the Managing Editor of the Journal of Economic Perspectives , a post he’s held since 1986. He has been a lecturer for The Teaching Company, the University of Minnesota, and the Hubert H. Humphrey Institute of Public Affairs, where students voted him Teacher of the Year in 1997. His writings include numerous pieces for journals such as the Milken Institute Review and The Public Interest , and he has been an editor on many projects, most notably for the Brookings Institution and the World Bank, where he was Chief Outside Editor for the World Development Report 1999/2000, Entering the 21st Century: The Changing Development Landscape . He also blogs four to five times per week at http://conversableeconomist.blogspot.com. Timothy Taylor lives near Minneapolis with his wife Kimberley and their three children.

Senior content expert

Steven A. Greenlaw, University of Mary Washington
Steven Greenlaw has been teaching principles of economics for more than 30 years. In 1999, he received the Grellet C. Simpson Award for Excellence in Undergraduate Teaching at the University of Mary Washington. He is the author of Doing Economics: A Guide to Doing and Understanding Economic Research , as well as a variety of articles on economics pedagogy and instructional technology, published in the Journal of Economic Education , the International Review of Economic Education , and other outlets. He wrote the module on Quantitative Writing for Starting Point: Teaching and Learning Economics , the web portal on best practices in teaching economics. Steven Greenlaw lives in Alexandria, Virginia with his wife Kathy and their three children.

Senior contributors

Eric Dodge Hanover College
Cynthia Gamez University of Texas at El Paso
Andres Jauregui Columbus State University
Diane Keenan Cerritos College
Dan MacDonald California State University San Bernardino
Amyaz Moledina The College of Wooster
Craig Richardson Winston-Salem State University
David Shapiro Pennsylvania State University
Ralph Sonenshine American University

Reviewers

Bryan Aguiar Northwest Arkansas Community College
Basil Al Hashimi Mesa Community College
Emil Berendt Mount St. Mary's University
Zena Buser Adams State University
Douglas Campbell The University of Memphis
Sanjukta Chaudhuri University of Wisconsin - Eau Claire
Xueyu Cheng Alabama State University
Robert Cunningham Alma College
Rosa Lea Danielson College of DuPage
Steven Deloach Elon University
Debbie Evercloud University of Colorado Denver
Sal Figueras Hudson County Community College
Reza Ghorashi Richard Stockton College of New Jersey
Robert Gillette University of Kentucky
George Jones University of Wisconsin-Rock County
Charles Kroncke College of Mount St. Joseph
Teresa Laughlin Palomar Community College
Carlos Liard-Muriente Central Connecticut State University
Heather Luea Kansas State University
William Mosher Nashua Community College
Michael Netta Hudson County Community College
Nick Noble Miami University
Joe Nowakowski Muskingum University
Shawn Osell University of Wisconsin, Superior
Mark Owens Middle Tennessee State University
Sonia Pereira Barnard College
Brian Peterson Central College
Jennifer Platania Elon University
Robert Rycroft University of Mary Washington
Adrienne Sachse Florida State College at Jacksonville
Hans Schumann Texas AM
Gina Shamshak Goucher College
Chris Warburton John Jay College of Criminal Justice, CUNY
Mark Witte Northwestern
Chiou-nan Yeh Alabama State University

Ancillaries

OpenStax projects offer an array of ancillaries for students and instructors. Please visit http://openstaxcollege.org and view the learning resources for this title.

Questions & Answers

how does it actually work
Huda Reply
what ?
abhinav
what is definition of demand ?
Yusuf Reply
desire, willing and ability to pay
akash
commonly demand means desire for a commodity but in economics sense demand refers to desire for a commodity and willingness to pay with backed by ability to pay
Captain
Demand is the quantity of goods and services that a consumer is willing and able to purchase at giving period of time
Patrick
what is Hicks effect?
Vinay Reply
hicks effect is substitution effect
Wahaj
what is market demand?
Deepjyoti Reply
whai is price elasticity?
Deepjyoti
Market demand is the horizontal summation of all individual demand for a particular commodity at various prices over a given period of time.
Patrick
what price elasticity ? Demand or supply ?
abhinav
a measure of responseivenes of consumer to a change in the price of particular good
Yohannes
market demand means 1.how to produce 2.whom to produce 3.when to produce
Yohannes
What is individual demand?
Deepjyoti Reply
Quantity demanded by a single person is Individual Demand .
abhinav
Thanks
Deepjyoti
what is difference between micro and macro economics?
Hemanta
why demand curve slopes downward?
Pratibha Reply
bcz there is a inverse relationship between Demand and Price of the Goods and Services .
abhinav
correct @ Abhinav
Solomon
right
ishrat
right
Deepjyoti
due to inverse relationship between quantity demanded and price of commodity.
Sirjan
how should i learn finance in a systematic and efficient way?
Bsksbmd Reply
Why do demand curve shift?
Tusar Reply
Since Demand is the function of Price.Thus if there is change in Price than Demand also changes which cause the Shift of demand curve .
abhinav
increase in Income of consumer
David
if the consumers income happened to increase, his/her demand tends to increase, that brings about shift in the demand curve.
David
demand curve shift due non- prices factors
Sirjan
demad and supply of labor
Healthy Reply
prepare demand curve through demand schedule
Ashu Reply
price is at the y axis and quantity demanded is at the x axis
The
it is downward sloping from left to right
The
indifference curves cannot intersect sach other xplain
Sidra
explain definition nature and scope of economics
Depali Reply
who is the father of economics?
Kiri Reply
Adam smith
Eswaran
adma smith
Ashu
Adam smith
Sirjan
Write short notes on market anf price
okware Reply
What is consumer surplus
okware Reply
consumer surplus is the addition surplus of consumers who are willing to pay more than the market price.
Egbe
What is the difference between stable and unstable market equilibrium
okware
differences between expected price and actual price
Sirjan
compare & contrast between a monopoly and oligopoly market structure
Shantel Reply

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Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
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