Intermediate Microeconomics and Its Application

Nicholson/Snyder's INTERMEDIATE MICROECONOMICS AND ITS APPLICATION, 13E, is a clear and concise introduction to microeconomics with a managerial focus, intuitive illustrations, graphical presentations, and real-world applications. It includes updated step-by-step video problems and activities and full-color revisions to explain the latest developments, including the economic impact of the COVID pandemic. New MindTap online resources are also available to further strengthen mastery of microeconomic concepts.

Format: Hardback
Length: 656 pages
Publication date: 16 September 2021
Publisher: Cengage Learning, Inc

Discover an exceptionally clear and concise introduction to microeconomics using an approach that avoids high-level mathematics but still offers meaningful practice with Nicholson/Snyder's INTERMEDIATE MICROECONOMICS AND ITS APPLICATION, 13E. These prestigious authors present the economics of markets using a managerial focus and a variety of approaches, including intuitive illustrations, graphical presentations, and some simple algebra. A wealth of relevant applications and current examples demonstrate microeconomics at work in a variety of settings. In addition, updated step-by-step video problems and engaging activities allow you to learn by doing. This edition's full-color revisions explain the latest developments and events, including the economic impact of the COVID pandemic. New MindTap online resources are also available to further strengthen your mastery of microeconomic concepts.

Microeconomics is a branch of economics that studies the behavior of individuals and businesses in making decisions about the allocation and use of resources. It focuses on the interactions between buyers and sellers in markets, and how these interactions affect the prices and quantities of goods and services produced. Microeconomics is divided into two main sub-fields: microeconomic theory and microeconomic application.

Microeconomic theory is concerned with the principles that govern the behavior of individuals and businesses in making decisions about the allocation and use of resources. It includes the study of supply and demand, market competition, price determination, and the efficiency of markets. Microeconomic theory also examines the role of government policies in affecting the behavior of individuals and businesses, such as taxation, regulation, and subsidies.

Microeconomic application is concerned with the practical application of microeconomic theory to real-world problems. It includes the study of market failures, such as monopoly and oligopoly, and the design of policies to address these failures. Microeconomic application also includes the study of consumer behavior, firm behavior, and international trade.

One of the key concepts in microeconomics is the principle of scarcity. Scarcity refers to the fact that resources are limited, and therefore, individuals and businesses must make choices about how to allocate these resources. This principle is at the heart of many of the economic problems that we face in our daily lives, such as the shortage of housing, the scarcity of healthcare, and the scarcity of natural resources.

Another key concept in microeconomics is the principle of demand. Demand refers to the amount of a good or service that consumers are willing and able to buy at a particular price. The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity of demand for that good or service. The demand curve slopes from the law of demand, which states that the quantity of demand for a good or service increases as the price of that good or service decreases, and decreases as the price of that good or service increases.

The principle of supply is also a key concept in microeconomics. Supply refers to the amount of a good or service that producers are willing and able to sell at a particular price. The supply curve is a graphical representation of the relationship between the price of a good or service and the quantity of supply for that good or service. The supply curve slopes from the law of supply, which states that the quantity of supply for a good or service increases as the price of that good or service increases, and decreases as the price of that good or service decreases.

Market competition is another key concept in microeconomics. Market competition occurs when multiple producers are selling similar goods or services in a market. The goal of market competition is to maximize profits by producing goods or services that are more desirable to consumers than those of their competitors. Market competition can lead to innovation, lower prices, and improved quality of goods and services.

Price determination is another key concept in microeconomics. Price determination occurs when buyers and sellers interact in a market to determine the price of a good or service. The price of a good or service is determined by the forces of supply and demand. If the demand for a good or service is greater than the supply, the price will increase, and if the demand for a good or service is less than the supply, the price will decrease.

Microeconomics is a fascinating and important branch of economics that helps us to understand the behavior of individuals and businesses in making decisions about the allocation and use of resources. It provides us with a framework for analyzing economic problems and designing policies to address these problems. By studying microeconomics, we can gain a better understanding of the factors.

Weight: 1442g
Dimension: 209 x 260 x 33 (mm)
ISBN-13: 9780357133064
Edition number: 13 ed