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Microeconomics
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NEP in Microeconomics is a part of an announcement service which filters information on new releases of working papers into edited reports. These reports are generated by subject-specific editors and are circulated via email. The goal of the NEP project and the associated announcement lists is to provide subscribers with up-to-date information on new additions to the research literature.
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Microeconomics is the branch of economics that deals with transactions between suppliers and consumers, acting individually or in groups. It is conventionally defined as being concerned with the allocation of scarce resources among alternative uses, but it is really about such down-to-earth matters as the way consumers' and suppliers' decisions affect the prices and the output of goods and services. Its practical importance arises from the influence of those decisions upon people's wellbeing. Although it may seem to be about money-related matters, its scope is in fact much wider. It is about how all sorts of needs and preferences can be met by mutually advantageous transactions.
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Microeconomics provides students with the analytical perspective to think critically about how individuals and firms make economic decisions in a world of scarce resources. Students learn to apply basic principles of microeconomics to one's day-to-day decision making. This course in economics is designed to give students a working knowledge of the subject and to increase their understanding of the market economy, as well as their individual role within this system. Topics include: supply and demand, opportunity cost, consumer behavior, elasticity, costs and revenue determination, market structures, game theory. Microeconomics and Macroeconomics can be taken concurrently or in any order.
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Microeconomics builds on certain simplifying assumptions concerning the behavior of consumers and producers. For example, the theory of consumers' demand (how consumers make purchase decisions) assumes that consumers are rational, that is, they want to make the decision that will give them the greatest satisfaction, known as maximizing their utility. The optimal choice for a consumer, therefore, is that choice among the available options that will enable him or her to maximize utility. The options available to the consumer are determined by his or her purchasing power (a function of income and access to capital, including credit), and the prices of the goods and services available. Given the information available concerning these options, the consumer's utility-maximizing choice will depend on his or her preference patterns (how the consumer believes that the different combinations of goods and services will affect his or her total utility). Although the assumptions on which demand theory is based are known to be only partially valid, they allow economists to predict more precisely how consumers and producers are likely to behave.
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Yahoo stocks brainpower to keep up with Web rivals: Economists, researchers brought aboard to combat the sophistication of Google Michael Schwarz earned an economics doctorate from Stanford University before spending five years as an assistant professor of microeconomics at Harvard University. His research papers include, "Synchronization Under Uncertainty."
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The field of economics is broken down into two distinct areas of study: microeconomics and macroeconomics. Microeconomics looks at the smaller picture and focuses more on basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. People who have any desire to start their own business or who want to learn the rationale behind the pricing of particular products and services would be more interested in this area.
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Microeconomics