What is principles of microeconomics

If you have difficulty with the material, see me and attend some of the tutoring sessions during the semester. The attendance policy for classes is in the college catalog. If you miss a class it is important to get the notes from a classmate or to see me.

If possible let me know beforehand--e-mail, or leave a phone message if I am not in. There will be three tests during the semester and a final exam. The two highest grades of the tests will count for 40 percent of your final grade and the final exam will count for 40 percent. I will not count the lowest score on the three tests.

Regular class attendance, participation, and the problem sets will count for 20 percent. This course introduces microeconomic concepts and analysis, supply and demand analysis, theories of the firm and individual behavior, competition and monopoly, and welfare economics.

Students will also be introduced to the use of microeconomic applications to address problems in current economic policy throughout the semester.

This Institute-wide program complements the deep expertise obtained in any major with a broad understanding of the interlinked realms of science, technology, and social sciences as they relate to energy and associated environmental challenges. This course has been designed for independent study. It includes all of the materials you will need to understand the concepts covered in this subject.

The materials in this course include:. OCW has published multiple versions of this subject. Jonathan Gruber. Fall For more information about using these materials and the Creative Commons license, see our Terms of Use. Principles of Microeconomics. Course Home Syllabus. Take this exam if you want to earn college credit for this course. Your grade for this exam will be calculated as soon as you complete it. If you do not pass the exam on your first try, you can take it again a maximum of 3 times , with a day waiting period between each attempt.

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Once you pass this final exam, you will be awarded a Credit-Recommended Course Completion Certificate and can request an official transcript. Skip to main content. Side panel. Log in or Sign up. Getting Started. Discussion Forums. Course Introduction. Unit 1: Introduction to Economics. Unit 2: Supply and Demand. Unit 3: Markets and Individual Maximizing Behavior.

Unit 4: The Consumer. Unit 5: The Producer. Study Guide. Course Feedback Survey. Certificate Final Exam. Saylor Direct Credit. About Saylor Academy. Credit University Partners. Log in or Sign up to track your course progress, gain access to final exams, and get a free certificate of completion!

Course Introduction Time: 63 hours. The less expense might make students more amenable to forgoing the catchiness of the product. It is a book that is thoughtful and comprehensive. It can compete on an equal footing with textbooks offered by traditional commercial publishers. The textbook covers most of the intro-level standard microeconomic materials and provides students a relatively full picture of the microeconomic landscape with real-world examples.

I do hope it can incorporate more heterodox and historical I do hope it can incorporate more heterodox and historical perspectives and research, so students can be exposed to the arguments and contribution made by Institutionalists, Marxists, etc on a variety of topics in microeconomics and get the impression that many theories and issues are debatable and many terms have a historical context. I did use a real-world micro reader as a complementary text in teaching.

It's a quite standard intro-level microeconomics textbook. The mainstream interpretation in microeconomics is accurate. The text is written in lucid, accessible prose. It may be better to include more real-world examples, debates, and data, so students can feel more involved, especially on issues directly related with a college campus, such as a tobacco ban, contingent labor form, and student debt.

I was not able to teach the entire book in one semester, so a few later chapters were skipped, but students had no problem to do the readings. Given the high price of other standard non-open source textbooks, I think this textbook does a fairly good job as a substitute.

This OER text offers readers a comprehensive breadth of topics from an introductory standard microeconomics perspective. Content is accurate and error-free. The book is biased toward an assessment of economic outcomes from market approaches and fairly free-market driven processes.

Early in their careers, young aspiring economists ought to be exposed to an understanding of the enclosure of the commons and the overriding importance of alternative property regimes. Principles of Microeconomics, p. Content is up-to-date and policy-relevant. The relevance may improve should alternative policy examples be included in areas such as international migration; forced migration due to global climate change, a juxtaposition of views surrounding controversial economic theories or themes related to microeconomics i.

Prose is clear. Use of jargons and techncal terminology is limited. Although diagrams may seem a bit convoluted at first sight.

Authors may removing so many quantity,price numbered pairs, particularly under chapter 3: Demand and Supply. Modularitty is evident from the beginning of the text, as authors offer alternate sequencing. Also, more advanced topics may be read and discussed without significant prior knowledge in microeconomics. The text's interface is also fairly nimble. Navigation online or on downloaded PDF version is smooth.

Text may offer cultural or "traditional economy" insenstivity. Refer to above case concerning "traditional economy". Principles of Microeconomics textbook covers the breath of microeconomic topics from introduction to the subject, to development of the main model of demand and supply, fundamentals of the microeconomics theory, microeconomic policy issues, and Principles of Microeconomics textbook covers the breath of microeconomic topics from introduction to the subject, to development of the main model of demand and supply, fundamentals of the microeconomics theory, microeconomic policy issues, and it finishes by introducing international economics.

It covers everything typically covered in the introductory microeconomics course. Index is hyperlinked, which makes it efficient. The book is well organized. Each chapter has a 'Clear It Up' sections where the most typical misconceptions are addressed. Additionally, there are review and practice problems at the end of the chapter, along with summaries, and key terms.

The examples used are relevant and current. Hyperlinks to different websites where examples came from are provided for further reading. Definitions and explanations are straightforward and accurate. The data used in numerous examples is current as of The book uses examples and data from The examples are carefully picked. The textbook will stay current for the number of years.

For example, oil price changes in the US economy will always be a topic of interest that captures students attention regardless when the particular price change discussed took place. Number of examples are about the US economy. The text is straightforward and easy to understand. Explanations are clear. For example, the text provides one of the best explanations for the concept of perfectly elastic demand that I have ever read in a principles textbook. I put special focus on topics that students usually have troubles grasping, such as elasticity, and I am excited to introduce this textbook to my principles class this winter and see how students react to it.

The text is divided into 20 chapter. Each chapter is subtitled and organized by topics. Examples are provided throughout the text. The organization of topics is organized in a way I typically use when I teach the material. Depending on the class, instructor can chose to skip some of the later chapters on policy issues without disruption to the reader. I found the text easy to read and interesting, well organized in a logical order.

The effort that went into producing this text is admirable. I downloaded the pdf version of the textbook without any issues. I used hyperlinks for internal end external materials without any problems. I did not find text offensive. It is geared mostly to the US audience, but without favoritism or bias. Authors are from the US and they use examples from their own frame of reference, which is as expected.

I enjoyed the text and I am going to adopt it in my principles class. I would like to thank the authors and everyone involved for the time and effort they devoted to creating a high quality textbook. The text covers all the areas and ideas of Macroeconomics that one would expect to find at the introductory level.

The subjects are clear, easy to follow, relevant with applied examples. Global examples are used through the lens of US laws and Global examples are used through the lens of US laws and economics. No index or glossary was provided with the version that was reviewed. Many of the case studies are global in origin, which are excellent, however, the authors always return to the effects towards the US, or if a US case study is examined there is very little mention of the effect towards the Canadian economy.

Generally the text will not become obsolete in a short period of time yet the authors will need to either update the data within the text or provide updated links to the already numerous web sites referred to within the text. The early chapters are well setup providing foundational information for the each of the subsequent chapters. Each chapter progressively provides the learner with more challenging concepts, language, and equations. It may be difficult for those not familiar with economic concepts to not read the chapters sequentially.

As the text is focused to US learners, students from other countries, such as Canada, may not feel that this is relevant to their history, or future. Web links worked as did page reference links there was a request to register to Flatworldknowledge. The international examples are excellent for any student to use. Overall the text would be excellent if there was a considerable amount of Canadian content added.

The reason for this is that while economic policies appear to be similar between Canada and the USA, the decision making is different. The textbook covers the major content areas covered in a Principle of Microeconomics course. The index and the glossary are just as good, if not better, than those found in other textbooks.

On top of the topics you come to expect in any On top of the topics you come to expect in any Microeconomics textbook, other relevant topics are also included later in the book, such as risk and insurance, issues in labor markets, and financial markets. Even though the textbook goes into many examples and additional areas of Microeconomics, little was found in terms of errors. The textbook seems to be unbiased in its presentation, but that would be more of a concern in a Macroeconomics textbook.

Typing errors are very rare, and most likely will not be noticed by most readers. Overall, the textbook was found to be accurate throughout.

The textbook does have lots of relevant examples throughout, which is one of its strong points, but with that comes the issue of ensuring that these examples are updated as time goes on, which may have implications on the books longevity.

When it comes to the core issues covered, the textbook is again relevant and the longevity issue becomes much less of a concern. The textbook is written at a level appropriate for the expected audience. Plenty of context is given for the economic terminology that is presented throughout the book.

The structure of the chapters makes the textbook very approachable, and provides a good structure in explaining the complicated concepts that can arise in a microeconomics course.

The book is consistent in its chapter structures and general layout. After the first few chapters, students will know where to look in a chapter for additional resources list of key terms, self check questions, etc. The textbook breaks the topics up in an appropriate matter that makes it easy for the instructor to "bounce" around the textbook as they see fit.

The textbook also mentions how the material to be covered in a particular section may relate to other topics within the book. Great structure overall. The text starts with the fundamental concepts that are typically covered in a Principles of Microeconomics course and builds off of them nicely as it progresses through the topics.

If the instructor finds the structure doesn't necessarily follow the way they would normally address the topics, the textbooks modularity makes it easy for them to organize it in a way that works for them. Overall, the books interface seems to be adequate for the topic, but also its weakest area.

It would have been nice for the graphs to be bolder in color and professional looking. For instance, the graphs of supply, demand, and market equilibrium are all monotone with thin lines.

This becomes even more of an issue when looking at the graphical representation of profit maximization in later topics. Adding more color would go a long way. The textbook is not culturally insensitive or offensive. Like many other economic textbooks, it does address some controversial issues to lure the reader in, but does so in a way that avoids issues of insensitivity.

Overall a good textbook. It has smooth transitions from one topic to the other and interrelates the areas covered nicely. The graphs could be improved upon though, but this does not make or break the textbook. The textbook is very comprehensive.

It covers all topics covered in most principle of microeconomics courses and more. It has great index of the whole textbook and glossary attached to each chapter. It provides with good order of all major areas It provides with good order of all major areas covered in principles of microeconomics. I like organization of the topics as they follow most of the main stream textbook order of concepts. After reading the textbook I could not find any errors or lack of accuracy in the textbook.

Great link and updated stories attached in the body of the textbook. I really like the "Link it Up" section that bring accurate and updated stories to the students attention.

The content is relevant and up-to-date. It might be that the chapters some of them are a little too long. I might not be to objective as I am mostly teaching hybrid accelerate courses and the longevity of each textbook chapters are sort of important to me.