<< Chapter < Page Chapter >> Page >
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

budget line is downward sloping
Ratna Reply
I don't get your question
Royalranjan
In the productikn process what will be the marginal product of the large variable factor used
Nayan Reply
In the production process what will be the marginal product of last variable factor used
Nayan
what is demand
Rasmiranjan Reply
which class u study Rasmi?
dilleswar
In real want for a commodity is said to be demand but in economics only the effective demand is defined as demand. Effective Demand consists of 3 principles,such as (1)Want for a commodity (2) Ability to purchase the commodity (3) Willingness to spend money over the commodity.
Royalranjan
This answer belongs to intermediary economics
Royalranjan
what is demand curve?
Januka Reply
different level of quantity demanded. negative slope or downward sloping due to inverse relationship between price and quantity
ronald
national income
Januka
GDPmp+NFIA=National income
Royalranjan
market price of all the good and services produced inside the territory of the nation in addition to the net factors income from abroad is equal to the national income
Royalranjan
what is NFIA
Hari
NFIA stands for Net factors income from abroad the difference between factors income from abroad and factors invested/send to abroad is said to be the net factors income from abroad,which must be added to GDP to find out the national income.NFIA May be positive or can be negative.
Royalranjan
Any examples for Negative
Hari
in the mixed economy of India,our NFIA Is contentiously going in negative way
Royalranjan
as we are investing a lot in abroad than we are incoming from there
Royalranjan
above 5 page define national income and economic walfare
Januka
if you're keep asking me questions from intermediate level and expecting answer of master level then you are fooling yourself
Royalranjan
what does an individualdemand goodsand services?
Januka Reply
individual can be persons or firms
ronald
@Ronald_pradhan individual can be both household or farm
Royalranjan
define demand function
Januka
equation which shows functional relationship between quantity demanded and factors that affect demand for the goods. price income etc
ronald
demand function formula
Januka
quality of demand is proportional to price of the commodity
Royalranjan
If total utility remains Constant with the compensation of one more unit of a commodity marginal utility must be
Rizwan
Can anyone give me a answer
Rizwan
marginal utility must be zero
Royalranjan
of that extra consumed unit of the commodity
Royalranjan
If Engel curve is negatively sloped the commodity is
Rizwan
what is demand
Rasmiranjan Reply
what do you mean by money market
mahesh
money market deals with short term high quality debt securities that are issued by government and barrowers
Chippala
OK bro
mahesh
the demand for a commodity is it's quantity which consumer are able and willing to buy at various prices during a given period of time.
mahesh
what is economics environmental?
mahesh
the economic factors of such as income, inflation, interest rates, productivity, wealth influence by buyers behaviour of consumers in society
Chippala
What is economic planning
PATRICK
basically an individual or a govt. always wants maximum satisfaction with their limited resources,they have to decide that in which mean they will get the best outcome from the resources without any shortcomings.This is called as Economic planning.
Royalranjan
@Rasmiranjan_sahoo Normally demand for a commodity is said to be demand.But actually in economics an effective demand is said to be demand ,that contains (1)Desire for a commodity (2) Willingness to purchase it/or spending money on it (3) Ability to pay the money value
Royalranjan
@Mahesh_chandra in a economy market is divided into 3 types,such as (1)Goods market (2) factor market (3)Money market/financial market the market in which financial interaction happen between the borrower and the lord is said to be financial market.The lord may be private or govt.
Royalranjan
what is diminishing return to scale?
Pankaj
what are the other variables that affect the demand aand supply of the good and services
sahil Reply
the supply and demand of a commodity is affected by 2 way such as price of the good and non price factor non price factor refer to the income,taste of the consumer,the price of the substitute commodity, climate, population, distribution of wealth and income and the rules and regulations of the gover
Royalranjan
the supply of goods and services to be always price to be declined most important. so consumers purchase low price demanded and consuming highly, high price to demanded and consumed low goods and services
Chippala
can't get what you are saying about
Royalranjan
in the monopolistic competition ,do many firms make identical things or not, or do only one firm sell identical but makes many firm?
prakash Reply
only one firm sells
Patrick
identical product
Patrick
who is economic?
Umesh Reply
it's nt a question u ask ths question what is economic.....
BHARATI
economics is the study of human behaviour in many prospects . And economic also deals with scarcity .
abhinav
economics deals everything in the world
Khagan
Economics is the growing branch of knowledge.
dilleswar
there not particular definition of economics.
dilleswar
whate is micro economic
Anwar Reply
micro is individual demand
Betrisia
study of individual firm or individual sector is micro economics
Khagan
it price theory
Khagan
Micro economics is a indidual discussion economical section. It is another name price theory
Chippala
who is adam smith
Avishek Reply
u dnt knw father of economics
BHARATI
adam smith
Januka
Can a monopoly sell the same product at different prices?
Maria Reply
I HAVE TAKEN admission on BA HONS ECONOMICS BUT I DONT HAVE MATHS .... CAN U TELL ME THE MAJOR PORTIONS OF MATHS CONCEPTS WHICH ARE REQUIRED?
ANDRO Reply
derivatives integrations statistics
BHARATI
WITH THESE I CAN CLEAR THE WHOLE SEMESTERS ?
ANDRO
hmmm
BHARATI
CAN U SUGGEST ME SOME BOOKS FOR IT
ANDRO
welth of nation dascapital
BHARATI
micro macro economic money bnkng
BHARATI
human action so mny bks r thr
BHARATI
in proper infrmtn to find it google
BHARATI
ohk ... from which semester the maths portions will require
ANDRO
3rd nd 4th
BHARATI
Can a monopoly sell the same product at different prices?
Maria
At a point where the slope of short run production function is zero marginal product of variable factor is
Rizwan
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

Get the best Microeconomics course in your pocket!





Source:  OpenStax, Microeconomics. OpenStax CNX. Aug 03, 2014 Download for free at http://legacy.cnx.org/content/col11627/1.10
Google Play and the Google Play logo are trademarks of Google Inc.

Notification Switch

Would you like to follow the 'Microeconomics' conversation and receive update notifications?

Ask