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Principles of Microeconomics is designed for a one-semester microeconomics introductory course. It is traditional in coverage, including introductory economics content, microeconomics, and international economics. At the same time, the book includes a number of innovative and interactive features designed to enhance student learning. Instructors can also customize the book, adapting it to the approach that works best in their classroom.

Welcome to Principles of Microeconomics , an OpenStax resource. This textbook has been created with several goals in mind: accessibility, customization, and student engagement—all while encouraging students toward high levels of academic scholarship. Instructors and students alike will find that this textbook offers a strong foundation in microeconomics in an accessible format.

About openstax

OpenStax is a non-profit organization committed to improving student access to quality learning materials. Our free textbooks go through a rigorous editorial publishing process. Our texts are developed and peer-reviewed by educators to ensure they are readable, accurate, and meet the scope and sequence requirements of today’s college courses. Unlike traditional textbooks, OpenStax resources live online and are owned by the community of educators using them. Through our partnerships with companies and foundations committed to reducing costs for students, OpenStax is working to improve access to higher education for all. OpenStax is an initiative of Rice University and is made possible through the generous support of several philanthropic foundations.

About openstax’s resources

OpenStax resources provide quality academic instruction. Three key features set our materials apart from others: they can be customized by instructors for each class, they are a "living" resource that grows online through contributions from science educators, and they are available free or for minimal cost.

Customization

OpenStax learning resources are designed to be customized for each course. Our textbooks provide a solid foundation on which instructors can build, and our resources are conceived and written with flexibility in mind. Instructors can select the sections most relevant to their curricula and create a textbook that speaks directly to the needs of their classes and student body. Teachers are encouraged to expand on existing examples by adding unique context via geographically localized applications and topical connections.

Principles of Microeconomics can be easily customized using our online platform (http://cnx.org/content/col11627/). Simply select the content most relevant to your current semester and create a textbook that speaks directly to the needs of your class. Principles of Microeconomics is organized as a collection of sections that can be rearranged, modified, and enhanced through localized examples or to incorporate a specific theme of your course. This customization feature will ensure that your textbook truly reflects the goals of your course.

Questions & Answers

what is dead weight loss
Sharee Reply
a reduction in consumers’ surplus caused by a fall in quantities of a product produced, especially when a monopoly producer keeps production low to maintain high prices
Wahaj
what is the difference between capitalism and socialism
Helna Reply
captalism ,market dominated economy socialism,goverment domineted economy
Avinash
what is the difference between positive economics and normative economics
Ritesh Reply
positive economics is not the value judgement but normative economics is known as the value judgement.
dilleswar
positive economics only describes the economic phenomenon as it is. normative economics, beside describing phenomenon also suggest a solution to it
Ariel
is there only one difference between positive and normative economics
Ritesh
that's the most important difference.
Ariel
what is economics
Ritesh Reply
is the study of allocative scarce resources to meet human unlimited want
Helna
other definition of economics
Ritesh
economic is the knowledge which concerned with the wealth and consumption of goods and services
Iqbal
Study of all kinds of economic activities people involve in a particular society n time
ANIL
what is positive economics
Sarita Reply
The consumer and producer are getting equal satisfaction i.e called positive economics.
Abhimanyu
Positive economics seeks to describe and predict measurable, economic phenomena. Normative economics seeks to identify what economies ought to be like.
David
so what is life like
Raymone Reply
life is a long story about how you die
Binay
Life is all about impact, influence and contributions u make when living
zacheaus
It's about how you use yourself as a resources to fulfill your goals, needs etc
ANIL
what is a law of demand?
Lydia Reply
its the relationship between price and quantity demanded, they are related conversely. As the price of a good increases, the quantity demanded will decrease and as price decreases the quantity demanded increases (all other factors remaining constant).
Ligia
thank you Ligia I know understand.
Lydia
A demand curve shows the relationship between the price and the quantity demanded... how about the supply curve?
Lydia
Also shows the relationship between price and quantity supply... At higher price, quantity supply increases and vice versa... All other things being equal.
gotah
It's shows an in inverse relationship between the price n quantity demand made by individual in a given period of time
ANIL
why don't ppl ask past paper questions
Melissa Reply
oligopoly is a market where few no. of sellers and large no. of buyrs
SUKHVIR Reply
right
Iqbal
what is Monopoly?
Iqbal
There are sole seller in monopoly and it easily influence the price
Emin
normative and positive economic
Iqbal
What is Oligopply
Durai Reply
What is oligopoly
Durai
A kind of market where there are few sellers selling identical or substitute of that product in a very close proximity
ANIL
why the IS curve is backward bending?
dilleswar
what is production function?
Grace Reply
what is production function?
hana
what is microeconomy?
hana
micrcoeconomy is the study of the economic behavior of individual unit of an economy( such as person, household, firms, industry)
Amit
what is dead weight loss?
Sharee Reply
what is indifference curve?
Nnenna
what is indifference curve?
hana
indiggerence carve show diffrent commbnation of two gods like w and y .which give to cansammer is equal level of satisfaction
Ziaullah
what is dead weight loss plz tell me
Sharee
Who are you?
Thomas Reply
hu R u
Tikachandra
I m f9
Ikhlas
I am shawon
MD
what are the effect of elasticity
Young Reply
what is law of equi marginal utility?
Arman
what is bugets constraint
Rauf Reply
D level @ which budget can not exceed
zacheaus
someone pleas explain indifference curve to me. and I have microeconomic exams soon, so I would be asking a lot of questions. thank you
Nnenna
financial in capable
Nurudeen
Combination of two commodities that yield the same level of satisfaction
zacheaus

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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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