Lecture Notes: Microeconomics, Global Edition (9th Edition) by Jeffrey M. Perloff

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Microeconomics studies the allocation of scarce resources, focusing on how individuals, firms, and governments make decisions.
Key trade-offs in society include:
- What goods and services to produce.
- How to produce them.
- Who receives them.
Prices play a central role in determining allocations and market equilibrium.

Economists use models to make testable predictions and analyze cause-effect relationships.
Positive statements: Scientific predictions that can be tested.
Normative statements: Value judgments that cannot be tested.
Economic theories often involve maximizing objectives subject to constraints.

Individuals, firms, and governments use these models for decision-making and policy analysis.
Microeconomic principles are applied in various fields, including business strategies, public policy, and law.

Emphasizes modern economic theories like industrial organization, game theory, and behavioral economics.
Uses real-world examples and applications to illustrate economic concepts.
Adopts problem-based learning to teach economic theory application.

Chapter 1: Introduction to microeconomics, trade-offs, models, and uses in real life.
Chapter 2: Supply and Demand model, market equilibrium, effects of shocks and government interventions.
Chapter 3: How supply and demand curve shapes affect market equilibrium, price elasticity, and tax impacts.
Chapter 4: Consumer choice, utility, budget constraints, and behavioral economics.
Further chapters cover various topics including firm behavior, production, costs, market structures, game theory, factor markets, uncertainty, and externalities.

Updated challenges and applications.
New and revised solved problems and end-of-chapter questions.
Five new features: Unintended Consequences, Spreadsheet Exercises, Thinking Critically, Interactive Figures, and Review Questions.

Equips students with analytical skills for personal and professional decision-making.
Provides a foundation for advanced studies in economics, law, and business-related fields.