Microeconomics - (Second Edition)

Author: Tang Shizhang, Quan Lin (editors)
Publisher:
Publish Date: 2005-12-01
Features: This book primarily elaborates on the role of the market in allocating economic resources, specifically the formation of product market prices and how the market, through its price mechanism, optimizes the allocation of given resources to achieve the maximization of consumer utility and the maximization of producers' output or profits. The specific content includes: the research object and methods of economics; the analysis of market demand and supply, as well as the theory of equilibrium price; how consumers achieve the maximization of their purchasing utility under a given budget; how producers achieve the maximization of their output or profits under a given expenditure on production factors or costs; how firms determine the quantity and price of their products under different market types to maximize profits; the determination of factor prices and their usage; general equilibrium methods and welfare economics; market efficiency and market failure. This book can be used as a textbook for undergraduate students studying microeconomics, as well as for postgraduate students in non-economics and management disciplines studying microeconomics.