Book Details
The power of microeconomics
[Japan] Kandori Michihiro / Zhejiang University Press /January 1, 2024
The book "The Power of Microeconomics" was written by Professor Michihiro Kamitori, a famous Japanese economist. The book reveals the principles and power of microeconomics with its easy-to-understand and highly inspiring explanations. Professor Michihiro Kamitori is very popular among students in the classroom of the University of Tokyo. His microeconomics lectures were serialized in the magazine "Economic Research", which caused a great response. In the book, Professor Michihiro Kamitori combines examples and theories to analyze in detail the core issues in the field of microeconomics, such as market mechanisms, supply and demand relationships, and price formation, providing readers with a key to unlock the mysteries of the microeconomic world. In addition, the book also explores the application of microeconomics in real life, helping readers better understand and apply economic principles. It is a rare microeconomics masterpiece.
Outline Notes
Book Summary of "The Power of Microeconomics"Chapter 1: Introduction to Microeconomics1.1 Definition and Scope of Microeconomics - Definition: A branch of economics that studies the behavior and decision-making of individual economic units (such as consumers and producers). - Scope of Research: Including demand and supply theory, market structure, price mechanism, etc. 1.2 Basic Assumptions of Microeconomics - Rational Person Assumption: Individuals pursue their own interests. - Complete Information Assumption: All market participants have full information about the market and commodities. 1.3 Importance of Microeconomics - Explain Phenomena: Such as price changes, market failures, etc. - Guide Practice: Provide decision-making basis for enterprises and governments. Chapter 2: Demand and Supply Theory2.1 The Meaning and Influencing Factors of Demand - Demand Quantity: The quantity that consumers are willing to buy at a certain price level. - Influencing Factors: Price, income level, consumer preferences, etc. 2.2 The Meaning and Influencing Factors of Supply - Supply Quantity: The quantity that producers are willing to provide at a certain price level. - Influencing factors: production costs, technology level, prices of related products, etc. 2.3 Market equilibrium and equilibrium price - Market equilibrium: the state where demand is equal to supply. - Equilibrium price: the price when the market reaches equilibrium. Chapter 3: Consumer Behavior Theory3.1 Basic principles of consumer choice - Utility maximization: consumers pursue utility maximization under budget constraints. - Diminishing marginal utility: the more you consume the same commodity, the smaller the marginal utility. 3.2 Derivation of consumer demand curve - Consumption choice from a single commodity to multiple commodities. - The shape of the demand curve and the reasons for its movement. 3.3 Substitution effect and income effect - Substitution effect: changes in commodity prices cause changes in relative prices, leading to changes in consumption. - Income effect: changes in commodity prices affect actual purchasing power, leading to changes in consumption. Chapter 4: Producer Behavior Theory4.1 Production function and cost function - Production function: a function that describes the relationship between input and output. - Cost function: a function that describes the relationship between cost and output. 4.2 Short-term and long-term production of enterprises - Short-term: at least one input is fixed. - Long-term: all inputs are variable. 4.3 Profit maximization of enterprises in a perfectly competitive market - Profit maximization condition: marginal revenue equals marginal cost. - Break-even point: the point where total revenue equals total cost. Chapter 5: Market structure analysis 5.1 Perfect competition market - Characteristics: large number, homogeneous products, free entry and exit. - Efficiency analysis: optimal resource allocation in a perfectly competitive market. 5.2 Complete monopoly market - Characteristics: only one seller, no substitutes for products, difficult to enter. - Efficiency problem: may lead to inefficient resource allocation. 5.3 Oligopoly market and monopolistic competition market - Oligopoly: a few companies dominate the market. - Monopolistic competition: product differentiation, free entry and exit, but fierce competition. Chapter 6: Application of Microeconomic Policies6.1 Tax and Subsidy Policies - Tax Effect: Impact on Consumer and Producer Behavior. - Subsidy Effect: Encourage consumers or producers to increase consumption and production of a certain commodity. 6.2 Price Control and Market Intervention - Price Ceiling and Floor: Two Policy Tools to Limit Market Prices. - Reasons for Market Intervention: Prevent Market Failure and Ensure Fairness. 6.3 Solutions to Externalities and Public Goods - Externalities: Production Decisions When Individual Costs Are Not Equal to Social Costs. - Public Goods: Supply Problems of Non-Exclusive and Non-Competitive Goods.
Catchy Sentences
For the book "The Power of Microeconomics", since the content of the book is unknown, these sentences or paragraphs are created based on the general understanding and assumptions of microeconomics, and are intended to show the profound, unique, beautiful, wise or creative content that may appear in the book. Please note that these contents are not direct quotes, but examples conceived based on the theme and style of microeconomics. --- 1. In the subtle pulse of the market, microeconomics is like a precise scalpel, analyzing the delicate balance between supply and demand. 2. Price, this seemingly simple number, hides the decisions and games of countless consumers and producers behind it. It is an indispensable protagonist on the stage of microeconomics. 3. When marginal utility meets marginal cost, an elegant dance about resource allocation quietly unfolds. 4. In a perfectly competitive market, each participant is like a drop of water in the ocean. Although small, they together constitute the magnificent power of the market. 5. Monopoly is not always evil. Sometimes it can also be a catalyst for innovation and efficiency. 6. Information asymmetry is like a fog in the market, which makes buyers and sellers more cautious and wise when making decisions. 7. Externality is a silent economic force that quietly changes our welfare and social costs and challenges the perfect assumptions of the market. 8. The selection and provision of public goods is a profound insight of microeconomics into the logic of collective action. 9. Risk and uncertainty are eternal topics of the market economy, and they inspire human adventurous spirit and creativity. 10. The light of game theory illuminates the corners of microeconomics, allowing us to find sparks of wisdom in strategies and equilibrium. 11. When the market fails, the power of microeconomics lies in revealing how those hidden hands quietly pluck the strings of the economy. 12. The clarity of property rights is the cornerstone of market transactions, which protects the fruits of innovators and inspires future exploration. 13. At the intersection of the supply and demand curves, microeconomics tells a story about scarcity and choice. 14. Consumer surplus and producer surplus are like the two ends of the economic pie, and microeconomics focuses on how to fairly distribute this sweetness. 15. Every "invisible hand" in the market is weaving a complex and delicate web to capture the subtle changes between supply and demand. 16. Price discrimination is not always derogatory, it is sometimes an efficient response to market segmentation. 17. At every moment of a transaction, countless information is transmitted, collided, and merged, and microeconomics is the interpreter of this information. 18. Competition and cooperation are the twins of the market economy, and they show diversity and harmony under the perspective of microeconomics. 19. The power of the market lies in its constant trial and error and self-correction, and microeconomics is the observer and interpreter of this process. 20. In the world of microeconomics, there is no absolute equilibrium, only a process of constantly pursuing equilibrium, a process full of sparks of wisdom and creativity. --- These sentences and paragraphs are intended to capture the essence and beauty of microeconomics, while taking into account the professionalism and readability for readers.
Author Introduction
Title: Kandori Michihiro: The Thinker Behind the Power of Microeconomics Kandori Michihiro, a Japanese scholar with profound influence in the field of economics, is known for his profound understanding and unique insights into microeconomics.< This article will introduce this outstanding economist from multiple perspectives, including his basic personal information, education and career background, writing career, work style and theme, personal life, social influence, citations and evaluations, and latest developments.
1.< Basic Personal Information Kandori Michihiro, born in 1959, is a Japanese economist.
He enjoys a high reputation in the international economics community, especially in the field of microeconomics.< 2.
Education and Career Background Kandori Michihiro received a bachelor's degree in economics from the University of Tokyo, and then went to the United States for further studies and received a doctorate in economics from Harvard University.< His academic career began at Kyoto University in Japan, and later became a professor of economics at the University of California, Los Angeles (UCLA).
3.< Writing Career Kandori Michihiro's writing career began in the 1980s, and he published many academic papers on game theory, microeconomics, and market design.
His book, The Power of Microeconomics, delves into the role of microeconomics in solving real-world problems.< 4.
Style and Themes of Works Shenqu Daohong's works are known for their rigorous logic, clear expression, and deep insight into real-world problems.< The themes of his works cover a wide range of fields, including game theory, market design, auction theory, etc.
, and aim to explain and solve economic problems in the real world from the perspective of microeconomics.< 5.
Personal Life There is little public information about Shenqu Daohong's personal life.< However, it is certain that his love for economics and his dedication to academic research have enabled him to achieve outstanding achievements in the economics community.
6.< Social Impact Shenqu Daohong's research results have had a profound impact on the economics community.
His theories provide new perspectives and methods for solving problems such as auctions, market design, and resource allocation.< 7.
Citations and Evaluations Authoritative media and experts generally have high evaluations of Shenqu Daohong.< The Economist magazine once described his book The Power of Microeconomics as "an easy-to-understand and fascinating work that reveals to readers the important role of microeconomics in the real world.
" In addition, many Nobel Prize winners in economics have also highly praised his research results.< 8.
Latest News Shen Qudaohong is still a professor of economics at the University of California, Los Angeles, and continues to conduct research in the field of microeconomics.< At the same time, he is often invited to give speeches at international academic conferences to share his research results and insights.
Summary: Shen Qudaohong is a scholar with great influence in the field of microeconomics.< His book The Power of Microeconomics provides readers with a window to gain an in-depth understanding of the application of microeconomics in the real world.
Through his research and works, we can better understand the role and value of economics in solving real-world problems.
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