{"product_id":"methods-of-microeconomics-a-simple-introduction-paperback","title":"Methods of Microeconomics: A Simple Introduction - Paperback","description":"\u003cp\u003eby \u003cb\u003eK. H. Erickson\u003c\/b\u003e (Author)\u003c\/p\u003e\u003cp\u003e\u003c\/p\u003e\u003cp\u003eMethods of Microeconomics: A Simple Introduction is an accessible guide to the mathematical methods of microeconomics. Worked examples are combined with exercises and solutions for readers, as economic relationships and equilibrium values are revealed and outcomes predicted.\u003c\/p\u003e\u003cbr\u003e\u003cp\u003eConsumer preferences and utility are examined with indifference curves, and differentiation to find marginal utility and the marginal rate of substitution. Consumer choice uses a Lagrange multiplier for optimization of utility functions subject to a budget constraint.\u003c\/p\u003e\u003cbr\u003e\u003cp\u003eRisk attitude and expected utility look at absolute and relative risk aversion measures, and apply risk averse, neutral or risk loving attitudes to find the expected utility linked with gambling or buying insurance.\u003c\/p\u003e\u003cbr\u003e\u003cp\u003eProduction maximization optimizes production functions subject to cost constraints. Cost minimization optimizes cost functions subject to production constraints. Profit maximization with quadratic cost functions is performed for perfectly competitive or monopoly firms. Monopoly, monopolistically competitive, and oligopoly equilibrium values are calculated with optimization.\u003c\/p\u003e\u003cbr\u003e\u003cp\u003eThe effects of asymmetric information are examined by comparing actual, equilibrium, and efficient outcomes for buyers and sellers.\u003c\/p\u003e\u003cdiv\u003e\n\u003cstrong\u003eNumber of Pages:\u003c\/strong\u003e 102\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003eDimensions:\u003c\/strong\u003e 0.21 x 8 x 5.25 IN\u003c\/div\u003e\u003cdiv\u003e\n\u003cstrong\u003ePublication Date:\u003c\/strong\u003e October 27, 2014\u003c\/div\u003e","brand":"Books by splitShops","offers":[{"title":"Default Title","offer_id":42168004837511,"sku":"9781502993878","price":16.52,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0601\/2623\/2711\/files\/0714d56b8f49ab1f815f9174404c9f42.webp?v=1733332318","url":"https:\/\/booksby.splitshops.com\/products\/methods-of-microeconomics-a-simple-introduction-paperback","provider":"Books by splitShops","version":"1.0","type":"link"}