Description

Making Sense of Microeconomics provides students with a comprehensive and accessible introduction to the world of microeconomics. Readers gain a solid understanding of how organizations can utilize methods to help them maximize the use of available resources.

Over the course of 16 chapters, students learn about various types of economies, profitability and its cost to society, economic markets, the circular flow, and the laws of supply and demand. Dedicated chapters address utility, elasticity, efficiency and social interest, and organizing for production. Readers examine markets in the competitive environment, output and costs, demand curves, marginal revenue, supply curves, production decisions, and the regulation and deregulation of competition. Additional chapters take a closer look at labor, capital, and land in the context of microeconomics. The text closes with a chapter that presents the cost efficiency and best process methods, which are used to determine the right combination of labor, capital, and land equipment to determine maximum output and minimal costs.

Highly approachable and written for students new to the discipline, Making Sense of Microeconomics is an excellent resource for foundational courses in finance and economics.

John P. Herzog is an instructor of economics and finance at the University of Dayton, where he teaches courses in principles of macroeconomics, business finances, financial analysis and markets, managerial economics, and microeconomics. He earned his bachelor's degree and master's degree in business administration from Wright State University.