Illustrated Microeconomics

Author: Ou Ruiqiu
Publisher:
Publish Date: 2005-04-01
Features: The essence of economics is reflected in the geometric relationships between economic curves. Even if you memorize formulas and equations by heart, they might fade away after exams. However, once you grasp the geometric relationships, they are less likely to be forgotten. To study economics "geometrically" is like learning to swim—if you don’t practice for a few years, you might not swim as fast later, but you’ll still be able to swim once you’re in the water. Skills once learned are unforgettable. — Wang Zekuo
The essence of economics primarily lies in the geometric relationships that represent the patterns between various curves depicting different economic variables. Microeconomics is a crucial professional course for all students in economics and management, serving as a stepping stone on their academic journey. Many economists share the experience that the main theoretical framework of economic models can be said to be geometric. Once you grasp the geometric relationships, you can derive the quantitative relationships anytime. Conversely, if you keep staring at formulas and equations without a geometric understanding, you’ll ultimately fail to grasp the quantitative relationships.
This book aims to be "student-friendly" and "reader-friendly," progressing from simple to complex, outlining the key "bones and muscles" of microeconomics, making it more engaging than reading text alone. With strong foundations, students can soar in the realm of modern economics. Many parts of this book are also designed to be "teacher-friendly," helping instructors teach microeconomics more effectively. The book consists of 15 chapters, covering main topics such as:
- Markets
- Consumer Preferences
- Optimal Consumption Decisions
- Consumer Demand
- Substitution Effects, Income Effects, and Transaction Decisions
- Labor Supply, Intertemporal Consumption, and Risk Preferences
- Market Demand and Consumer Surplus
- Market Equilibrium
- Technology and Profit Maximization
- Cost Minimization and Cost Curves
- Competitive Market Supply
- Monopoly and Price Discrimination
- Oligopoly Markets
- Exchange and International Trade
- The Limitations and Advancement of Exams
The target audience for this book is extremely broad. It is not only suitable for faculty, undergraduate and graduate students, MBA and EMBA students across various economics and management institutions nationwide but also for researchers and managers in economic departments at all levels for training purposes. Additionally, it serves as a must-read reference for self-learners interested in economics.