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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

it is the line which shows what a consumer could afford to buy given her budget
Moeti Reply
calculate the price of elasticity of demand of quantity K who's quantity demanded was 50 units when the price was 10 but when the price rose to 15 the quantity demanded was 30 units and interpret your answer
Yahoo Reply
hi I appreciate you so much for this contribution that you are making for help thanks
Goudi Reply
hi
Adovor
What is Budget line!?
Rafiuddin
what equilibrio from market
Nhato Reply
this is makerts data over the equilibrium of demand and supply
Apiyo
define macroeconomic
Cabdulahi Reply
Macroeconomics studies economy as the whole
Mosika
what is strong ordeniry
John Reply
what is scale of preference
Bah
gn
Nisi
which subject that talk to you
Sagar
economices
Sheikh
defination
Sagar
wht defination
Sheikh
just I admission in bs economics
David
Define Micro Ecnomics?
Maryama
under the country economics is called microeconomics
David
maryama u difine me
David
am fro Kenya wat is disposibe salary
Apiyo
hi, I'm From Somalia what is Invisple Hand Of Adam Smith?
Apdi
what is macro economics
Abshir
define macroeconomic .
Cabdulahi
what is division of labour
Bah Reply
micro means unit and Marco means the aggregate
Imran Reply
r8
Royalranjan
yup....
Aman
what is invisible hand
Apiyo
an unobservable market force that helps demand and supply of a good to reach at the equilibrium automatically is the invisible hand.
Royalranjan
i need more explanation on Heteroscedesticity in econometrics
Alhassan
sry bro this is my out of range as now I am a bachelor of economics but I am giving you my best
Royalranjan
what is scale of preference?
Bah
generally what are the principle of economics
Apiyo
Bah Bah scale of preference = is tabular form for consummer want,is the arrangement of consummer goods which can help individuals to make choice out of the arrangement
Alhassan
unsolved practical of this chapter
Bhavna Reply
unsolved practical answer of this chapter
Bhavna
what do you mean by macro
Sandeep
please is economics difficult
Abena
no it's very simple
Nisi
are u in the university
Abena
Which university
Mosika
don't get your point@Bhavna_sharma
Royalranjan
university of education what about you
Abena
Where actually
Mosika
a
Apiyo
yes..
Nisi
economics is not difficult rather it is so easy if someone realy try to understand it
Nadeem
ya u r right nadeem
Nisi
right
Pruthviraj
my dear elder brother and sister,plz let me understand actually what are you talking about. I am your junior,a bachelor of engineering.so plz co-operate me to make my economics knowledge sharp as all of you
Royalranjan
sry bachelor of economics
Royalranjan
am studying economics and am asking weda its difficult
Abena
no it's very simple and easy to capture
Royalranjan
just be focused
Royalranjan
ok
Abena
this is not room for chart and we have to cooperate to help each other in the field of economics
Alhassan
ok
Abena
very sorry
Abena
why sorry brother
Royalranjan
dear brother@alhassan_nazif according to economics we must know what the utilities of something and how can we get maximum satisfaction from it.So before without knowing the pros and cons of something we can invest our precious time on something.what Economics actually demands. Respect your opinion
Royalranjan
I don't understand the difference of micro and macro economics how can u help m ooo
Apiyo
Do you know what is the difference between your home and your country?
Royalranjan
micro is small macro is large
Abena
can we discus accounting in dis point
Apiyo
yes this is correct
Sandeep
why is scarcity center of economics
Kojo Reply
Because you can't make choices without considering how scare resources are and how they affect the society.
Mosika
as we know that our wants are unlimited and the resources are limited.so we have to decide which wants should be fulfilled first and which could be postponed.It is choice,that means we have to make a choice to get maximum satisfaction from limited available resources.
Royalranjan
In economics scarcity is the vital problem of economics because human wants are unlimited and resources are limited so that it always become a magnitude issue in economics. If one want is satisfied another crop up to its place that's why it is the center of economics .
dilleswar
what is homethetic function?
dilleswar
A homethetic function is a monotonic transformation of an homogeneous function. Ex-: If f(X)=2x then monotonic transformation of this function is g{f(X)}=2x+1
Royalranjan
thanks Moharana
dilleswar
welcome @dileswar
Royalranjan
Factors affecting demand
Mubale Reply
(1) Price of the commodity (2)Non price determents
Royalranjan
Under what circumstances would opportunity cost b zero
Nicholas Reply
if there no alternative available
Alhassan
where the resource has no alternative use
Solomon
what is price elasticity of demand for life saving drugs
Stella Reply
price elasticity of demand for life saving drugs is constant or horizontal
AYARIGA
why is it constant or horizontal
Moeti
good question
bakhtyar
what is technical progress?
Pervaiz Reply
A 20%fall in the price of sugar leads to 25%rise in its demand.calculate the price elasticity of demand.comment on the commodity
Stella Reply
The price elasticity is 1.5. Meaning the consumers are more responsive to new prices
Mosika

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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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