Table of Contents

Part 1: Key Concepts and Tools 1. Key Economic Concepts 2. Key Mathematical Tools 3. Key Strategic Tools Part 2: Gains from Trade 4. Trade and the PPF 5. Bargaining Part 3: Market Fundamentals 6. Demand 7. Production and Costs 8. Supply 9. Equilibrium and Welfare 10. Elasticity Part 4: Types of Markets 11. Introduction to Markets 12. Perfect Competition 13.Monopoly 14. Monopolistic Competition 15. Oligopoly Part 5: Market Failures 16. Price Regulation, Taxes and Subsidies 17. Externalities 18. Public Goods and Common Resources 19. The Theory of Second Best Part 6: International Trade 20. International Trade Part 7: Review 21. Questions & Answers

About the Author

Bonnie Nguyen is an Honours graduate from the University of Sydney in both Law and Economics. Bonnie’s research interests include an economic analysis of litigation and the internal organization and ownership structure of firms. She has published research in the Journal of Institutional and Theoretical Economics and the Australian Economic Review. Bonnie has previously taught microeconomics at the University of Sydney.

Andrew Wait is an Associate Professor in the School of Economics at the University of Sydney. He has a PhD from the Australian National University and a Bachelor of Economics (Honours) from the University of Adelaide. Andrew’s research interests include industrial organization and organizational economics. Andrew has published in the Rand Journal of Economics, the International Journal of Industrial Organization and the Journal of Law, Economics and Organization. He is the co-convenor of the Annual Organizational Economics Workshop.

Reviews

"Nguyen and Wait have written a clear and accessible introduction to modern microeconomics. The exposition of marginal effects and of game theory should be especially helpful to students concerned about their math background but keen to master economics. A welcome feature is the chapter on international trade, an application of microeconomics too often omitted from inward-oriented texts but essential in our globalized world." —Richard Pomfret, Professor of Economics, University of Adelaide, Australia"The past 2 decades have seen principles classes in economics shift to emphasising narrow anecdotes while in industry the combination of a core set of technical microeconomics tools and big data have have been revolutionising areas like auction design, strategy, bargaining and marketing. Nguyen and Wait’s new textbook rejects anecdotes in favour of developing the key practical areas of microeconomic theory with just enough technical detail to prepare students to bring the theory to data in their careers. A textbook for a new generation of business focused economics students planning on actually using economics." —Kieron Meagher, Professor of Economics, Australian National University, Australia"Essentials of Microeconomics, by Bonnie Nguyen and Andrew Wait, prepares students with introductory chapters, and not appendices, for quantitative analysis appropriate for a rigorous yet accessible course in microeconomics principles. After discussing basic economic tools in Chapter One, e.g., marginal analysis and ceteris paribus, the authors explain mathematical tools in Chapter Two, e.g. simultaneous equations and differentiation, and strategic tools in Chapter Three., i.e., game theory models. They present the mathematical and strategic tools in a straightforward and engaging manner, which should motivate students to review or learn the material. As a result, the students may better grasp and retain core microeconomic concepts by using this textbook compared with other textbooks that treat the tools as less integral to learning the microeconomic concepts." — William Rieber, Professor of Economics, College of Business, Butler University, U.S.A."Nguyen and Wait’s Essentials of Microeconomics is really covering the essentials of the discipline. All concepts are explained clearly, in plain language and with no frills. These features, however, do not compromise rigor of the content. This book can be a great resource for the complete beginners and a useful refresher for the more experienced students." —Carlo Reggiani, Lecturer in Microeconomics, University of Manchester, U.K."The authors have done a great job explaining complex materials." — Shahina Amin, Associate Professor Department of Economics, University of Northern Iowa, U.S.A.