Your one-stop guide to understanding Microeconomics Microeconomics For Dummies (with content specific to the UK reader) is designed to help you understand the economics of individuals. Using concise explanations and accessible content that tracks directly to an undergraduate course, this book provides a student-focused course supplement with an in-depth examination of each topic. This invaluable companion provides clear information and real-world examples that bring microeconomics to life and introduces you to all the key concepts. From supply and demand to market competition, you'll understand how the economy works on an individual level, and how it affects you every day. Before long, you'll be conversant in consumers, costs, and competition. Microeconomics is all about the behaviour of individual people and individual firms. It sounds pretty straightforward, but it gets complicated early on. You may not be an economist, but if you're a business student at university, the odds are you need to come to grips with microeconomics. That's where Microeconomics For Dummies comes in, walking you through the fundamental concepts and giving you the understanding you need to master the material. Understand supply, demand, and equilibrium Examine the consumer decision making process Delve into elasticity and costs of production Learn why competition is healthy and monopolies are not Even the brightest business students can find economics intimidating, but the material is essential to a solid grasp of how the business world works. The good news is that you've come to the right place.

Your one-stop guide to understanding MicroeconomicsMicroeconomics For Dummies (with content specific to theUK reader) is designed to help you understand the economics ofindividuals. Using concise explanations and accessible content thattracks directly to an undergraduate course, this book provides astudent-focused course supplement with an in-depth examination ofeach topic. This invaluable companion provides clear informationand real-world examples that bring microeconomics to life andintroduces you to all the key concepts. From supply and demand tomarket competition, you'll understand how the economy works on anindividual level, and how it affects you every day. Before longyou'll be conversant in consumers, costs, and competition.Microeconomics is all about the behaviour of individual peopleand individual firms. It sounds pretty straightforward, but it getscomplicated early on. You may not be an economist, but if you're abusiness student at university, the odds are you need to come togrips with microeconomics. That's where Microeconomics ForDummies comes in, walking you through the fundamental conceptsand giving you the understanding you need to master thematerial.* Understand supply, demand, and equilibrium* Examine the consumer decision making process* Delve into elasticity and costs of production* Learn why competition is healthy and monopolies are notEven the brightest business students can find economicsintimidating, but the material is essential to a solid grasp of howthe business world works. The good news is that you've come to theright place.

Introduction 1Part I: Getting Started with Microeconomics 5Chapter 1: Discovering Why Microeconomics Is a Big Deal 7Chapter 2: Considering Consumer Choice: Why Economists Find You Fascinating! 17Chapter 3: Looking at Firm Behaviour: What They Are and What They Do 31Part II: Doing the Best You Can: Consumer Theory 43Chapter 4: Living a Life without Limits 45Chapter 5: Considering the Art of the Possible: The Budget Constraint 55Chapter 6: Achieving the Optimum in Spite of Constraints 67Part III: Uncovering the Alchemy of Firms' Inputs and Outputs 85Chapter 7: Working with Different Costs and Cost Curves 87Chapter 8: Squeezing Out Every Last Drop of Profit 105Chapter 9: Supplying the Demanded Information on Supply and Demand 117Chapter 10: Dreaming of the Consumer's Delight: Perfect Competition 137Part IV: Delving into Markets, Market Failure and Welfare Economics 149Chapter 11: Stepping into the Real World: Oligopoly and Imperfect Competition 151Chapter 12: Appreciating the Fundamental Theorems of Welfare Economics 167Chapter 13: Controlling Markets with a Monopoly 179Chapter 14: Examining Market Failure: Pollution and Parks 197Chapter 15: Understanding the Dangers of Asymmetric Information 209Part V: Thinking Strategically: Life Is Just a Game! 219Chapter 16: Playing Games with Economic Theory 221Chapter 17: Keeping Things Stable: The Nash Equilibrium 239Chapter 18: Knowing How to Win at Auctions 249Chapter 19: Deciphering the Signals: Threats and Benefits 261Part VI: The Part of Tens 271Chapter 20: Meeting Ten Great Microeconomists 273Chapter 21: Ten Top Tips to Take Away 281Glossary 289Index 295