Microeconomics for Dummies, UK Edition

Learn to:

• Succeed with the information you need for your economics course
• Get a handle on supply and demand
• Understand the consumer decision-making process and its effects within economics
• Weigh the effects of oligopolies and monopolies

Studying microeconomics?

Microeconomics examines the economic behaviour of individual people and individual firms. Sounds pretty straightforward, but it can get complicated in a hurry. Turn to this book and watch everything become understandable! Clear information and plenty of real-world examples help you understand everything from supply and demand to market competition.

• Small units are a big deal ? see how people and firms make decisions, how those decisions become markets, and what causes markets to fail
• About the consumer ? explore the factors that affect consumer choices, how we deal with constraints, and how our decisions affect the greater economy
• How a firm "thinks" ? learn about costs and cost curves, profit maximisation, supply and demand, equilibrium analysis, and the effect of competition
• The bigger picture ? examine the effects of imperfect competition, the fundamental theorems of welfare economics, what a monopoly creates, and what happens when the market doesn???t make what we want
• Getting strategic ? discover how game theory, auction theory, and Nash Equilibrium come into play

Open the book and find:

• What an oligopoly is and how it affects competition
• Why competition must sometimes be regulated
• How consumers make choices
• What equilibrium analysis tells us
• All about elasticity and production costs
• How market niches are chosen
• Why what you don't know can hurt you
• Ten great microeconomists