Microeconomics

Author: Zhang Guoping
Publisher:
Publish Date: 2007-02-01
Features: The content discussed in economics is about analyzing how people make decisions. The highest guiding principle of decision-making is cost-benefit analysis; it will proceed as long as the benefits outweigh the costs, otherwise it will be abandoned. The book analyzes how consumers and producers make decisions and exchange through the market. Unlike other microeconomics textbooks, this book introduces mathematical methods in a very intuitive and easy-to-understand way from the beginning, progressing step by step to enable readers to correctly use mathematical tools and understand the essence of economic problems. In addition to neoclassical economic analysis, the book also focuses on the exploration of subjective factors in the Austrian school of economics. Compared to the transaction cost concept of the new institutional school, this allows readers to gain a more comprehensive understanding of microeconomics. The book also clarifies current misconceptions about some theories (e.g., the concepts of opportunity cost, sunk cost, and the issues with prospect theory). This book is suitable for senior undergraduate and graduate students to read.