Principles of Microeconomics

Preface

The goal of this book is to explain how people interact economically, understanding the relationship between people, supply and demand, markets, and efficiency. We will do this by first understanding the nature of the basics concepts of microeconomics, then proceeding to the application of the concepts in specific types of situations.

Readers are expected to have an understanding of arithmetics as well as basic differential calculus. Where needed, we use R for statistical programming. The graphics are also created using R, the needed code can be revealed by clicking on the graphic.

Table of Contents

1. Definition
2. Goods and Scarcity
3. Economic Systems
4. Supply and Demand
5. Opportunity Cost
6. Perfect Competition
7. Monopolistic Competition
8. Oligopolistic Competition