Microeconomics
One of the challenges of teaching Principles of Microeconomics is fostering interest in concepts that may not seem applicable to students' lives. Microeconomics, Fifth Edition makes economics relevant by demonstrating how real businesses use economics to make decisions every day. Regardless of their future career path—opening an art studio, trading on Wall Street, or bartending at the local pub—students will benefit from understanding the economic forces behind their work.
Table of Content
I. Introduction
1. Economics: Foundations and Models
2. Trade-offs, Comparative Advantage, and the Market System
3. Where Prices Come From: The Interaction of Demand and Supply
4. Economic Efficiency, Government Price Setting, and Taxes
II. Markets in Action
5. Externalities, Environmental Policy, and Public Goods
6. Elasticity: The Responsiveness of Demand and Supply
7. The Economics of Health Care
III. Firms in the Domestic and International Economies
8. Firms, the Stock Market, and Corporate Governance
9. Comparative Advantage and the Gains from International Trade
IV. Microeconomic Foundations: Consumers and Firms
10. Consumer Choice and Behavioral Economics
11. Technology, Production, and Costs
V. Market Structure and Firm Strategy
12. Firms in Perfectly Competitive Markets
13. Monopolistic Competition: The Competitive Model in a More Realistic Setting
14. Oligopoly: Firms in Less Competitive Markets
15. Monopoly and Antitrust Policy
16. Pricing Strategy
VI. Labor Markets, Public Choice, and the Distribution of Income
17. The Markets for Labor and Other Factors of Production
18. Public Choice, Taxes, and the Distribution of Income"
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Salient Features
• Real-world business chapter-opening cases
• A Personal Dimension: Economics in Your Life feature in each chapter
• An Inside Look features at the end of each chapter help students apply economic thinking to current events and policy debates
• Making the Connection features help students tie economic concepts to current events and policy issues
• A heavily revised Chapter 7, The Economics of Health Care, now includes several new demand and supply graphs that make the chapter's content more analytical
• Consumer Choice and Behavioral Economics, has been updated to include a new section on "The Behavioral Economics of Shopping,"
• An accessible writing style brings concepts to life
• Solved problems throughout the text provide models of how to solve an economic problem by breaking it down step-by-step.
• A flexible presentation of aggregate demand and aggregate supply (AD-AS)
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