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 to determine maximum output and minimal costs.The revised edition features new tables to better illustrate key concepts presented within the text.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.
