Microeconomics: Basic Principles and Applications

Microeconomics: Basic Principles and Applications is one of the uniquely organized books in Economics. Its emphasis is on the understanding of microeconomic theories and how these theories can be applied in addressing challenges of real world firms. This emphasis is reflected in the type of examples, illustrations and questions for discussion presented in each topic which provide strong analytical skills and tools to learners. The book is organized such that the demand and supply curves are derived from the consumer behaviour and cost of production respectively, followed by analysis of the market equilibrium, prices, market structures and welfare economics. Some of the key microeconomic issues covered in this book include: •Theory of consumer behaviour and demand •Production theory and cost of production •Theory of supply •Market equilibrium •Price and output under pure and imperfect competition •Factor market and •Economic role of government Learners will find this book resourceful in their various stages of learning economic theory because its chapters are straightforward and coherently short such that learners can comprehend each chapter in one sitting.