A concise and nontechnical introduction to microeconomics, emphasizing concepts over mathematics, with real-world examples and applications.This concise and nontechnical introduction to microeconomics emphasizes concepts over mathematics. Keeping in mind that sometimes the most accurate model is not very useful in the real world, Microeconomic Essentials balances economics as mathematics with economics as a social process. Microeconomics is part of daily life; gas prices, wage increases, the rising cost of health care, international trade: all are microeconomic topics. Therefore, like its predecessor, Macroeconomic Essentials, this textbook accompanies its explanations with examples and real-world applications.
The book covers the basic market model of supply and demand, showing how this “powerhouse” model can explain most price changes in the market. It discusses government intervention in the market; consumer theory and utility maximization,
