Microeconomics

For Principles of Microeconomics courses at two- and four-year colleges and universities Reveal the relevance of economics through real-world business examples 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. This program provides a better teaching and learning experience–for you and your students. It will help you to: • Personalize learning with MyEconLab: This online homework, tutorial, and assessment program fosters learning and provides tools that help instructors to keep students on track. • Show students how economics is relevant: Relatable features ground course material in the real world, showing students how these ideas are relevant and facilitating understanding. • Foster thorough understanding via a flexible, student-focused approach: An engaging, captivating writing style and student-friendly learning aids motivate and engage students. Note: If you are purchasing the standalone text or electronic version, MyEconLab does not come automatically packaged with the text. To purchase MyEconLab please visit www.myeconlab.com or you can purchase a package of the physical text + MyEconLab by searching for 0133826686 / 9780133826685. MyEconLab is not a self-paced technology and should only be purchased when required by an instructor.

Table of Contents:
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