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Supply and demand
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conceptual tools
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e-book
This book presents standard intermediate microeconomics material and some material that, in the authors' view, ought to be standard but is not. Introductory economics material is integrated. Standard mathematical tools, including calculus, are used throughout. The book easily serves as an intermediate microeconomics text, and can be used for a relatively sophisticated undergraduate who has not taken a basic university course in economics. The focus of this book is on the conceptual tools and not on fluff. As such, it reflects the approach actually adopted by the majority of economists for understanding economic activity. There are lots of models and equations, and no pictures of economists ;-) Economic analysis is used in many situations. When British Petroleum sets the price for Alaskan crude oil, it uses an estimated demand model, both for gasoline consumers and also for the refineries to which BP sells. Economic analysis was used by experts in the antitrust suit brought by the U.S. Department of Justice both to understand Microsoft's incentive to foreclose (eliminate from the market) rival Netscape and consumer behavior in the face of alleged foreclosure. Stock market analysts use economic models to forecast the profits of companies to predict the price of their stocks. When the government forecasts the budget deficit or considers a change in environmental regulations, it uses economic models. This book presents the building blocks of the models in common use by an army of economists thousands of times per day. This book, plus econometrics, provides most of the economic analysis tools to take upper division economics courses of any type.