Microeconomics (including Microeconomics Study Guide)

Author: Wang Ying et al
Publisher:
Publish Date: 2006-02-01
Features: This book systematically studies the rational behavior of microeconomic entities based on the proposition of resource allocation and efficiency. In the product market, first, it analyzes the supply-demand relationship reflecting the basic characteristics of the market and the elastic tools that explain and predict changes in this relationship. Second, through the analysis of utility theory and production cost theory, it reveals the behavioral characteristics of individual economic entities and the economic laws they follow. Finally, it thoroughly investigates the profit-maximization decisions of firms in different market environments and various effective pricing decisions. In the factor market, by linking the product market, it studies the determinants of factor prices and expresses the corresponding relationship between output decisions and input decisions of firms. It also specifically analyzes the determination of prices for production factors such as wages, interest, and rent. The latter part, through theoretical analysis of normative economics categories such as welfare economics and Pareto-optimal states, clarifies the necessity of introducing government intervention into microeconomic activities and the theoretical foundations and realistic background that support it. This book can serve as a textbook for microeconomics courses in business majors at higher education institutions.