Essentials of Microeconomics

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.

Part I Key Concept and Tools

1. Key economic concepts

2. Key mathematical tools

3. Key strategic tools

Part II Gains from Trade

4. Trade and the PPF

5. Bargaining

Part III Market Fundamentals

6. Demand

7. Production and Costs

8. Supply

9. Equilibrium and welfare

10. Elasticity

Part IV Types of Markets

11. Introduction to Markets

12. Perfect Competition

13. Monopoly

14. Monopolistic Competition

15. Oligopoly

Part V Market Failures

16. Price regulation, taxes and subsidies

17. Externalities

18. Public Goods and common resources

Part VI International Trade

19. International Trade

Part VII Economics in Practice

20. Some other markets

21. Economic policy

22. Economics and evidence

Part VII Review

23. Questions and answers