Mehdi completed a B.S. in Economics from Utah State University and a M.S. and a Ph.D in Economics from Southern Illinois University, Carbondale, Illinois, U.S.A. His extensive experience in the banking and finance sector includes positions as Executive Director, Bank Refah and Bank Omran, Tehran, Iran
John completed a Bachelor of Economics from the University of Sydney, Master of Economics from the University of New England and a M.A and PhD in Economics from Duke University, USA. He spent 22 years as an academic economist at the University of New South Wales, Australia including the Head of Depart
This book attempts to present a theoretical and practical analysis in microeconomics. Commencing with consumer preferences and production and cost theory, demand and supply analysis are used for price and output determination based on utility maximization and profit maximization. Several applications of demand and supply are discussed.
The behaviour of firms under perfect and imperfect competition is analysed. Some applications of different product markets are presented at the end of each chapter. Determination of input prices and employment in perfect and imperfectly competitive markets and the role of labour unions are also discussed.
The final analysis of the book considers market failures including positive and negative externality and provision of public goods.