Principles of Microeconomics From Theory to Practice and Applications

This textbook offers a comprehensive overview of microeconomics, featuring teachable and applicable approaches to core concepts. It includes fresh examples and applications to help students understand and apply opportunity cost, choice theory, and more to their own world.

Throughout the book, there are practice problems with step-by-step solutions that help students better understand the topics covered. Sections provide scenarios to help students analyze consumer choices as well as the decisions of firms.

Readers will learn how to evaluate the impact of microeconomic policies and how to perform equilibrium analysis. The author publishes digital worksheets with questions based on recent news stories that readers can use as they work through the book: https://econstefani.substack.com/. The book, combined with these free materials, introduces new and fresh approaches to help students apply fundamental concepts to the world around them.

The resulting book is a valuable learning tool that highlights microeconomic principles for a new generation of learners.

Chapter 1. Introduction. Scarcity, opportunity cost, and comparative advantage.- Chapter 2. Supply, demand, and equilibrium.- Chapter 3. Consumer surplus and producer surplus.- Chapter 4. Elasticity.- Chapter 5. Government intervention: price ceilings, price floors, and taxes.- Chapter 6. Externalities and types of goods.- Chapter 7. Consumer choice.- Chapter 8. Production and costs.- Chapter 9. Perfect competition.- Chapter 10. Monopoly.- Chapter 11. Monopolistic competition.- Chapter 12. Oligopoly and game theory

Stefani Milovanska-Farrington is a professor at the University of Tampa, where she teaches microeconomics courses. She is a director for the Academy of Economics and Finance (AEF), a CSWEP liaison for the University of Tampa, and a member of the AEF’s Teaching Fellows Committee. Her research appears in Journal of Economics Teaching, The Journal for Economic Educators, Economics and Human Biology, Journal of Family and Economic Issues, Education Economics, Journal of Economic Studies, and other scholarly journals. In 2022, she was named Researcher of the Year by the University of Tampa. In collaboration with the Foundation for Economic Education, Milovanska-Farrington publishes worksheets for students and professors called “Choice: Economics Materials for Success.”