Methods Of Microeconomics A Simple Introduction
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Methods of Microeconomics: A Simple Introduction
Methods of Microeconomics: A Simple Introduction is an accessible guide to the mathematical methods of microeconomics. Worked examples are combined with exercises and solutions for readers, as economic relationships and equilibrium values are revealed and outcomes predicted. Consumer preferences and utility are examined with indifference curves, and differentiation to find marginal utility and the marginal rate of substitution. Consumer choice uses a Lagrange multiplier for optimization of utility functions subject to a budget constraint. Risk attitude and expected utility look at absolute and relative risk aversion measures, and apply risk averse, neutral or risk loving attitudes to find the expected utility linked with gambling or buying insurance. Production maximization optimizes production functions subject to cost constraints. Cost minimization optimizes cost functions subject to production constraints. Profit maximization with quadratic cost functions is performed for perfectly competitive or monopoly firms. Monopoly, monopolistically competitive, and oligopoly equilibrium values are calculated with optimization. The effects of asymmetric information are examined by comparing actual, equilibrium, and efficient outcomes for buyers and sellers.
Methods of Microeconomics
Author: K. Erickson
language: en
Publisher: Createspace Independent Pub
Release Date: 2014-10-27
Methods of Microeconomics: A Simple Introduction is an accessible guide to the mathematical methods of microeconomics. Worked examples are combined with exercises and solutions for readers, as economic relationships and equilibrium values are revealed and outcomes predicted. Consumer preferences and utility are examined with indifference curves, and differentiation to find marginal utility and the marginal rate of substitution. Consumer choice uses a Lagrange multiplier for optimization of utility functions subject to a budget constraint. Risk attitude and expected utility look at absolute and relative risk aversion measures, and apply risk averse, neutral or risk loving attitudes to find the expected utility linked with gambling or buying insurance. Production maximization optimizes production functions subject to cost constraints. Cost minimization optimizes cost functions subject to production constraints. Profit maximization with quadratic cost functions is performed for perfectly competitive or monopoly firms. Monopoly, monopolistically competitive, and oligopoly equilibrium values are calculated with optimization. The effects of asymmetric information are examined by comparing actual, equilibrium, and efficient outcomes for buyers and sellers.
THE ABC OF MICROECONOMICS
Economics as a subject pervades all spheres of knowledge and life. This book is an introduction to Microeconomics, written in a simple and lucid style with the objective to demystify the subject for students coming from varied academic backgrounds. The use of day-to-day examples which are easily relatable helps to elucidate underlying concepts, understand the nuances of the subject, and also grasp the usage of graphs and mathematical concepts. This book is intended for students of different courses at undergraduate programs, post graduate courses and for those seeking clarity and an understanding of the key concepts of Economics-as applied to the world around them.