Essentials of Microeconomics 2nd Edition By Nguyen, Bonnie, Wait, Andrew
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Essentials of Microeconomics 2nd Edition By Nguyen, Bonnie, Wait, Andrew

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277
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7.79 MB
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Digital PDF
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About this ebook
The textbook Essentials of Microeconomics (2nd Edition) by Bonnie Nguyen and Andrew Wait provides a clear, quantitative introduction to introductory economic principles. It stands out by integrating quantitative, mathematical, and strategic tools directly into the foundational chapters—rather than isolating them in appendices—with an explicit emphasis on game theory and imperfect market structures. [1, 2]
The primary topics and chapters covered across the text include:
Part I: Key Concepts and Tools
  • Key Economic Concepts: Introduces scarcity, opportunity costs, marginal analysis, ceteris paribus, and distinguishing correlation from causation. [1]
  • Key Mathematical Tools: Covers equations for straight lines and curves, simultaneous equations, basic differentiation rules, and utilizing derivatives to calculate mathematical maximums and minimums. []
  • Key Strategic Tools: Sets up the fundamentals of game theory, identifying strategies, and modeling interactive decision-making. [1, 2]
Part II: Gains from Trade and Behavioral Dynamics
  • Trade and the Production Possibility Frontier (PPF): Analyzes absolute and comparative advantage alongside the gains realized from economic exchange.
  • Bargaining: Explores how economic surplus is divided and negotiated using game-theoretic models. [1]
Part III: Core Market Mechanics
  • Demand: Breaks down consumer choice, willingness to pay, and marginal benefit curves.
  • Production and Costs: Evaluates short-run versus long-run firm timelines, diminishing marginal returns, and cost structures.
  • Supply: Examines individual firm supply decisions derived from marginal cost curves.
  • Equilibrium and Welfare: Discusses market-clearing equilibrium, consumer surplus, producer surplus, and overall allocative efficiency.
  • Elasticity: Explores methods for measuring price, income, and cross-price elasticity of demand and supply. [1, 2, 3]
Part IV: Market Structures (The Four Main Types)
  • Perfect Competition: Examines price-taking behavior, firm entry/exit rules, and long-run efficiency.
  • Monopoly: Details price-setting behavior, marginal revenue, market power, and deadweight loss.
  • Monopolistic Competition: Looks at differentiated products, branding, and non-price competition.
  • Oligopoly: Studies strategic dependencies among few dominant firms using game theory. [1, 2]
Part V: Government Policy and Market Failures
  • Price Regulations, Taxes, and Subsidies: Analyzes the deadweight loss and incidence of price floors, price ceilings, and excise taxes.
  • Externalities: Focuses on market failures resulting from positive or negative spillover effects and corrective remedies.
  • Public Goods and Common Resources: Addresses the free-rider problem and the tragedy of the commons.
  • International Trade: Studies domestic market impacts from tariffs, import quotas, and free trade. [1, 2]
Part VI: Economics in Practice (New to the 2nd Edition)
  • Specialized Markets: Covers specific sector-based micro-economies.
  • Economic Policy & Evidence: A brand new division focused on policy analysis, econometrics, and behavioral economics—challenging traditional rationality assumptions with psychological biases and heuristics. [1, 2, 3]

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Topics

absolute and comparative advantage economic exchange Bargaining: how economic surplus is divided and negotiated using game-theoretic models consumer surplus producer surplus Core Market Mechanics Demand: consumer choice willingness to pay and marginal benefit curves Economic Policy & Evidence: policy analysis econometrics and behavioral economics Elasticity: measuring price income and cross-price elasticity of demand and supply Equilibrium and Welfare: market-clearing equilibrium Externalities: market failures resulting from positive or negative spillover effects Gains from Trade and Behavioral Dynamics Government Policy and Market Failures identifying strategies and modeling interactive decision-making International Trade: domestic market impacts from tariffs import quotas and free trade Key Economic Concepts: scarcity opportunity costs marginal analysis ceteris paribus Key Mathematical Tools: equations for straight lines and curves simultaneous equations basic differentiation rules Key Strategic Tools: fundamentals of game theory Market Structures (The Four Main Types) Monopolistic Competition: differentiated products branding and non-price competition Monopoly: price-setting behavior marginal revenue market power and deadweight loss Oligopoly: strategic dependencies among few dominant firms using game theory Perfect Competition: price-taking behavior firm entry/exit rules and long-run efficiency Price Regulations Taxes and Subsidies: deadweight loss and incidence of price floors price ceilings and excise taxes Production and Costs: short-run versus long-run firm timelines diminishing marginal returns and cost structures Public Goods and Common Resources: free-rider problem and the tragedy of the commons Specialized Markets: specific sector-based micro-economies Supply: supply decisions derived from marginal cost curves Trade and the Production Possibility Frontier (PPF) utilizing derivatives to calculate mathematical maximums and minimums
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