Microeconomics: Markets, Methods, and Models (Lyryx)

March 21, 2017 | Updated: May 9, 2019
Author: Douglas Curtis, Ian Irvine, Lyryx Learning Team

Good news! This book has been updated and revised. An adaptation of this book can be found here: open.bccampus.ca

Microeconomics: Markets, Methods, and Models by D. Curtis and I. Irvine (edited by Lyryx Learning) provides concise yet complete coverage of introductory microeconomic theory, application and policy. The text begins with an explanation and development of the standard tools of analysis in the discipline and carries on to investigate the meaning of 'well-being' in the context of an efficient use of the economy's resources. An understanding of individual optimizing behaviour is developed, and this behaviour is in turn used to link household decisions on savings with firms' decisions on production, expansion and investment. The text then explores behaviour in a variety of different market structures. The role of the government is examined, and the key elements in the modern theory of international trade are developed. Opportunity cost, a global economy and behavioural responses to incentives are the dominant themes. Examples are domestic and international in their subject matter and are of the modern era. This text is intended for a one-semester course, and can be used in a two-semester sequence with the companion text, Macroeconomics: Theory, Markets, and Policy. The three introductory chapters and the International Trade chapter (Chapter 15) are common to both books.

Subject Areas
Social Sciences, Economics

Original source
lyryx.com

Adoptions:
Tell us you are using this Open Textbook

Adaptations:
Support for adapting an open textbook

Need help?
Visit our help page

Accessibility:
Textbooks flagged as accessible meet the criteria noted on the Accessibility Checklist

Creative Commons License
Microeconomics: Markets, Methods, and Models (Lyryx) by Douglas Curtis, Ian Irvine, Lyryx Learning Team is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License, except where otherwise noted.

Similar Textbooks


Request to review this textbook

Reviews (2) Avg: 4.25 / 5

Bosu Seo, PhD

Institution:University of the Fraser ValleyTitle/Position: Associate ProfessorCreative Commons License

Q: The text covers all areas and ideas of the subject appropriately and provides an effective index and/or glossary

Yes. It covers wide range of microeconomics in an introductory level. In particular, it includes very-well summarized glossary section.

Comprehensiveness Rating: 5 out of 5

Q: Content is accurate, error-free and unbiased

Contents are accurate and I haven't found an error. Though there may be some typos in the text given its mass volume over 400 pages.
One comment is about solutions to exercises - an option to provide solutions of either odd or even number of questions and leave other questions as practice. An instructor can use those questions with answers in the textbook as homework or similar type of class activities.

Content Accuracy Rating: 5 out of 5

Q: Content is up-to-date, but not in a way that will quickly make the text obsolete within a short period of time. The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement

I believe so. Except more recent economic data, content will be easy to be updated.

Relevance Rating: 4 out of 5

Q: The text is written in lucid, accessible prose, and provides adequate context for any jargon/technical terminology used

This criteria is one of strengths of the textbook. It was easily written for either 1st year or the second year of students in Economics or relevant programs. It must be read easy and reader-friendly.

Clarity Rating: 5 out of 5

Q: The text is internally consistent in terms of terminology and framework

Yes. Two authors did a nice job to make sure the text is written and be read consistently through the book as like one person writes all parts of the text.

Consistency Rating: 5 out of 5

Q: The text is easily and readily divisible into smaller reading sections that can be assigned at different points within the course (i.e., enormous blocks of text without subheadings should be avoided). The text should not be overly self-referential, and should be easily reorganized and realigned with various subunits of a course without presenting much disruption to the reader.

Each school has different schedules, like term system or semester.

This modularity can be a challenge to use the book. It may have difficulty with dividing or reorganizing the chapters in some cases, particularly in a shorter period of the course. I suggest the authors include a few examples of the course outlines by different lengths of the course.

Modularity Rating: 3 out of 5

Q: The topics in the text are presented in a logical, clear fashion

Again, this is an strong point of the textbook.

Organization Rating: 5 out of 5

Q: The text is free of significant interface issues, including navigation problems, distortion of images/charts, and any other display features that may distract or confuse the reader

Yes, it was, at least to me.

Interface Rating: 5 out of 5

Q: The text contains no grammatical errors

I couldn't find major errors.

Grammar Rating: 4 out of 5

Q: The text is not culturally insensitive or offensive in any way. It should make use of examples that are inclusive of a variety of races, ethnicities, and backgrounds

It touched at some points, especially in chapter 13. I understand this 'diversity and inclusion' would be hard point to obtain in an introductory Economics.
More real-life examples and articles from the newspapers could add more diversity and concerns in the textbook. Or they can be provided as additional materials for the course on the web.

Cultural Relevance Rating: 3 out of 5

Q: Are there any other comments you would like to make about this book, for example, its appropriateness in a Canadian context or specific updates you think need to be made?

Yes, I recommend this book as another possible textbook in an introductory Microeconomics.

Shubhayu (Tony) Mookerjee

Institution:Cambrian CollegeTitle/Position: ProfessorCreative Commons License

Q: The text covers all areas and ideas of the subject appropriately and provides an effective index and/or glossary

The book provides fairly comprehensive coverage of topics in microeconomic theory, without going into unnecessary detail. Students are exposed to basic linear economic models. A glossary is provided to delineate terms used in the book.

Comprehensiveness Rating: 3 out of 5

Q: Content is accurate, error-free and unbiased

The diagrams in the textbook are accurate and easy to understand. Geometric depictions of different market models and other concepts such as opportunity cost do not pose a challenge to the beginner who is studying economic theory for the first time. A very useful addition is the supplementation of graphical illustrations with tabular representation of data where appropriate. This technique will greatly facilitate the learning process, especially for students who are more focused on the applications of standard microeconomic theory. The authors have avoided the use of differential and integral calculus completely; however, this approach may not suit the objectives of all students. In particular, a basic familiarity with calculus gives the student much more insight into many concepts, such as in consumer behaviour and production theory.

Content Accuracy Rating: 4 out of 5

Q: Content is up-to-date, but not in a way that will quickly make the text obsolete within a short period of time. The text is written and/or arranged in such a way that necessary updates will be relatively easy and straightforward to implement

The content in the textbook is not expected to become irrelevant or obsolete in any way. the authors have provided a lucid introduction to microeconomic concepts that have been handed down to us by the classical and neoclassical pioneers in economic thought. The book has already been updated and I see no constraints on this account.

Relevance Rating: 5 out of 5

Q: The text is written in lucid, accessible prose, and provides adequate context for any jargon/technical terminology used

The authors have scrupulously avoided any abstruse explanations in the book. Economic theory is presented in a very lucid manner and can be accessed by the non-specialist reader who may not necessarily have prior training in economics or advanced mathematics. The use of simple exercises at the end of every chapter makes the book extremely useful to the reader who is more focused on the applications of economic theory to explaining real-world phenomena.

Clarity Rating: 5 out of 5

Q: The text is internally consistent in terms of terminology and framework

The text book is logically consistent in terms of content and the framework is sound. The learner would have no difficulty in following the terms used in the book.

Consistency Rating: 4 out of 5

Q: The text is easily and readily divisible into smaller reading sections that can be assigned at different points within the course (i.e., enormous blocks of text without subheadings should be avoided). The text should not be overly self-referential, and should be easily reorganized and realigned with various subunits of a course without presenting much disruption to the reader.

I would rate this book very high in modularity. The reader can focus only on the units he or she has to, without having to go through unrelated chapters. Each module is quite self-sufficient.

Modularity Rating: 5 out of 5

Q: The topics in the text are presented in a logical, clear fashion

I definitely agree with this statement.

Organization Rating: 4 out of 5

Q: The text is free of significant interface issues, including navigation problems, distortion of images/charts, and any other display features that may distract or confuse the reader

Unlike many other e-books I have read, no significant navigation problems were identifiable here. The interface is well-designed and there are no back-end impediments that may disrupt the reading experience.

Interface Rating: 4 out of 5

Q: The text contains no grammatical errors

I have not noticed any grammatical errors; spellings are accurate.

Grammar Rating: 4 out of 5

Q: The text is not culturally insensitive or offensive in any way. It should make use of examples that are inclusive of a variety of races, ethnicities, and backgrounds

I did not find any evidence of bias or insensitivity in regard to national origin, race or gender. However, this is often subjective and difficult to judge very precisely.

Cultural Relevance Rating: 3 out of 5

Q: Are there any other comments you would like to make about this book, for example, its appropriateness in a Canadian context or specific updates you think need to be made?

Yes, I strongly recommend this book.