November 2013
Intermediate to advanced
220 pages
6h 16m
English
Content preview from Electricity Markets and Power System Economics
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1
Chapter 1
Introduction
is chapter briefly introduces the basic concepts of microeconomics. By explain-
ing terms such as supply, demand, and market equilibrium that appear frequently
in this book, we aim to prepare readers who have no economics background to
understand all the economic aspects of electricity marketing. Readers are referred
to Pindyck and Rubinfeld (1997) at the undergraduate level or Luenberger (1995) at
the graduate level for more details. Later in this chapter, we summarize the history
of the development of electricity markets.
1.1 Demand and Supply
In a modern society, people everywhere participate in markets by creating dema ...
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