Intermediate Microeconomics and Its Application, 11th Edition
â€˜â€˜Economics is the study of mankind in the ordinary business of life.â€™â€™
Alfred Marshall, Principles of Economics, 1890
Part 1 includes only a single background chapter. In it we will review some basic principles of supply and demand, which should look familiar from your introductory economics course. This review is especially important because supply and demand models serve as a starting point for most of the material covered later in this book.
Mathematical tools are widely used in practically all areas of economics. Although the math used in this book is not especially difficult, the appendix to Chapter 1 provides a brief summary of what you will need to know. Many of these basic principles are usually covered in an elementary algebra course. Most important is the relationship between algebraic functions and the graphs of these functions. Because we will be using graphs heavily throughout the book, it is important to be sure you understand this material before proceeding.
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