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 Essentials of Microeconomics

Essentials of Microeconomics is an excellent introduction to

microeconomics. It presents the basic tools of microeconomics
clearly and concisely. It presents a vigorous treatment of all relevant
introductory microeconomic concepts, and emphasises modern
economics – game theory and imperfect markets. Each chapter is
self-contained and includes the required key mathematical skills at
the start.
Now in its second edition, this updated textbook includes:

Expanded lecturer resources, including detailed lecture slides,

sample exam questions and updated test bank multiple choice
questions
An additional section on Economics in Practice, focused on
policy, econometrics and behavioural economics

This book is ideal not only for introductory microeconomics courses,

but its level of analysis also makes the book appropriate for
introductory level economics taught at postgraduate level. With the
emphasis on strategy, this text is also well suited for use in business
economics courses.

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
organisation 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 a 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
organisation and organisational 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.
“One of the standout features of this textbook is its clear and
concise writing style, which effectively conveys complex
economic principles in an accessible manner. The authors have
succeeded in presenting the material in a way that is engaging
and easy to understand for students with varying levels of prior
knowledge.”
Kadir Atalay, Associate Professor, University of Sydney

“Without the clutter that sometimes chocks introductory texts,

this book allows students to focus on the core intuition and
analytical tools. This book presents the essentials of
microeconomics. It provides an excellent platform for further
study in economics. This textbook will stand the test of time. I
recommend it to instructors teaching any principles or
introductory microeconomics course.”
Alexander Matros, Professor of Economics, Moore School of
Business, University of South Carolina

“Good economic analysis requires understanding of how to

apply models to the world. This book strikes the right balance
between technique and economic relevance. The authors lead
students through just enough analytical tools to be able to
understand and then apply economic models to real economic
problems. By focusing on the essentials this book makes
economics accessible to students from all backgrounds. Its
strength lies in the brevity and clarity of its exposition. At no
point is there anything extraneous, yet all is covered.”
Guillaume Roger, Associate Professor (Research), Monash
University

“The second edition improves on what was already an

outstanding introductory micro-economics textbook. A particular
strength of the book is how the presentation of the material
highlights the power of economic models for helping us
understand the world around us. The new chapters on policy
and applications show students how to apply what they have
learnt. There is nothing extraneous in this book. A mastery of
this content will provide students with almost all of the
microeconomics tools of analysis they will need for the rest of
their academic and professional careers. I recommend this for
any introductory microeconomics or business economics
course.”
Kieron Meagher, Professor, Australian National University

“Economic thought is vital to understanding individuals and their

interaction within societies. This textbook provides a set of tools
for students to understand markets and analyze the decisions
made by consumers, businesses and governments. The
exposition is concise and precise, presenting fundamental
techniques and insights in a way that is accessible to students
new to the discipline, giving a good balance of mathematical
rigour and verbal explanation. I used the first edition to great
success and will use this new edition too. I highly recommend
it.”
Jonathan Newton, Professor, Kyoto University, Japan
Essentials of Microeconomics

Second Edition

Bonnie Nguyen and Andrew Wait

Designed cover image: © Getty Images
Second edition published 2024
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon, OX14 4RN
and by Routledge
605 Third Avenue, New York, NY 10158
Routledge is an imprint of the Taylor & Francis Group, an informa
business
© 2024 Bonnie Nguyen and Andrew Wait
The right of Bonnie Nguyen and Andrew Wait to be identified as
authors of this work has been asserted in accordance with sections
77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or
reproduced or utilised in any form or by any electronic, mechanical,
or other means, now known or hereafter invented, including
photocopying and recording, or in any information storage or
retrieval system, without permission in writing from the publishers.
Trademark notice: Product or corporate names may be trademarks
or registered trademarks, and are used only for identification and
explanation without intent to infringe.
First edition published by Routledge 2016
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
Library of Congress Cataloging-in-Publication Data
Names: Nguyen, Bonnie, author. | Wait, Andrew, author.
Title: Essentials of microeconomics / Bonnie Nguyen and Andrew
Wait.
Description: Second edition. | Abingdon, Oxon; New York, NY :
Routledge, 2024. |
Includes bibliographical references and index. | Identifiers: LCCN
2023034859 (print) |
LCCN 2023034860 (ebook) | ISBN 9781032453675 (hardback) |
ISBN 9781032453668 (paperback) | ISBN 9781003376644 (ebook) |
ISBN 9781032647289 (ebook other) | Subjects: LCSH:
Microeconomics.
Classification: LCC HB172 .N446 2024 (print) | LCC HB172 (ebook) |
DDC 338.5–dc23/eng/20230727
LC record available at https://lccn.loc.gov/2023034859
LC ebook record available at https://lccn.loc.gov/2023034860
ISBN: 9781032453675 (hbk)
ISBN: 9781032453668 (pbk)
ISBN: 9781003376644 (ebk)
ISBN: 9781032647289 (ebk+)
DOI: 10.4324/9781003376644
Typeset in Times New Roman and Helvetica
by Newgen Publishing UK
Access the Support Material: www.routledge.com/9781032453668
 Contents

List of illustrations

PART I Key concepts and tools

1 Key economic concepts

1.1 Introduction
1.2 Scarcity and opportunity cost
1.3 Marginal analysis
1.4 Ceteris paribus
1.5 Correlation and causation
1.6 Concluding comments

2 Key mathematical tools

2.1 Introduction
2.2 Equations
2.3 Differentiation
2.4 Elasticity
2.5 Simultaneous equations
2.6 Concluding comments

3 Key strategic tools

3.1 Introduction
3.2 The essentials of game theory
3.3 Simultaneous-move games
3.4 Some types of simultaneous-move games
 3.5 Sequential games
3.6 Concluding comments

Part II Gains from trade

4 Trade and the PPF

4.1 Introduction
4.2 Gains from exchange
4.3 Gains from specialisation
4.4 Concluding comments

5 Bargaining
5.1 Introduction
5.2 Bargaining and surplus
5.3 Take-it-or-leave-it negotiations
5.4 Multiple-offer bargaining
5.5 Some caveats
5.6 Concluding comments

Part III Market fundamentals

6 Demand
6.1 Introduction
6.2 Benefit and willingness to pay
6.3 Individual demand
6.4 Market demand
6.5 Concluding comments

7 Production and costs

7.1 Introduction
7.2 The short run and long run
7.3 Production
7.4 Short-run costs
 7.5 Long-run costs
7.6 Total revenue, total cost and economic profit
7.7 Concluding comments

8 Supply
8.1 Introduction
8.2 Firm supply
8.3 Market supply
8.4 Concluding comments

9 Equilibrium and welfare

9.1 Introduction
9.2 Market equilibrium
9.3 Comparative static analysis
9.4 Welfare
9.5 Pareto efficiency
9.6 Concluding comments

1 Elasticity
0 10.1 Introduction
10.2 Measuring elasticity
10.3 Applications
10.4 Concluding comments

Part IV Types of markets

1 Introduction to markets
1 11.1 Introduction to the four types of markets

1 Perfect competition
2 12.1 Introduction
12.2 Characteristics of perfect competition
12.3 Supply in the short run
 12.4 Supply in the long run
12.5 Market supply in the long run
12.6 Concluding comments

1 Monopoly
3 13.1 Introduction
13.2 Characteristics of a monopoly
13.3 The single-price monopolist
13.4 Welfare under the single-price monopolist
13.5 Price discrimination
13.6 Natural monopoly
13.7 Regulating a natural monopoly
13.8 Concluding comments
1 Monopolistic competition
4 14.1 Introduction
14.2 Characteristics of monopolistic competition
14.3 The short run
14.4 The long run
14.5 Welfare under monopolistic competition
14.6 Concluding comments

1 Oligopoly
5 15.1 Introduction
15.2 Characteristics of an oligopoly
15.3 Simultaneous-move games
15.4 Product choice: an application of a coordination game
15.5 Sequential games
15.6 Concluding comments

Part V Market failures

Price regulation, taxes and subsidies

1 16.1 Introduction
6 16.2 Price regulation
16.3 Taxes and subsidies
16.4 Concluding comments

1 Externalities
7 17.1 Introduction
17.2 External costs and benefits
17.3 The problem with externalities
17.4 Solutions to externalities
17.5 Government solutions to externalities
17.6 Concluding comments

1 Public goods and common resources

8 18.1 Introduction
18.2 Public goods
18.3 Common resources and the Tragedy of the Commons
18.4 Concluding comments

Part VI International trade

1 International trade
9 19.1 Introduction
19.2 The welfare effects of international trade
19.3 Barriers to trade
19.4 Arguments against free trade
19.5 Concluding comments

Part VII Economics in practice

2 Some other markets

0 20.1 Introduction
20.2 The housing market
 20.3 The labour market
20.4 The capital market
20.5 Concluding comments

2 Economic policy
1 21.1 Introduction
21.2 Economic policy in practice: some examples
21.3 The Theory of Second Best
21.4 The policy cycle
21.5 Concluding comments
2 Economics and evidence
2 22.1 Introduction
22.2 Econometrics and statistics
22.3 Experimental economics
22.4 Behavioural economics
22.5 Concluding comments

Part VIII Review

2 Questions & answers

3
ndex
 Illustrations

Figures
3.1 The normal form of a game
3.2 A game with a dominant strategy equilibrium
3.3 A game with two Nash equilibria
3.4 The prisoner’s dilemma
3.5 The coordination game
3.6 Battle of the sexes
3.7 Stag hunt
3.8 Extensive form of a game
3.9 The normal form of the game depicted in Figure 3.8
3.10 Extensive form of a game in which Jay and Daisy organise a
date
4.1 The production possibility frontier (PPF) traces out combinations
of the quantity of two goods ( and ) that can be produced if all
resources are used
4.2 A production possibility frontier for goods and . If there is a
shock that boosts the production of both goods, the PPF will
shift outwards from origin along both axes
4.3 A production possibility frontier for goods and . If there is a
shock that boosts the production of only, the PPF will shift
outwards from origin along the -axis only
4.4 A production possibility frontier for goods and . A one-unit
increase in the production of is less costly when the output of is
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