- Version 9.1 | 08-2021 (This Version)
- Version 9.0 | 10-2020
- Version 8.0 | 06-2017
- Published:
- August 2021
- Page Count:
- 530
- ISBN (Digital):
- 978-1-4533-3951-0
Principles of Microeconomics
Version 9.1By
Included Supplements
Homework
Key Features
- Updated with over 100 new hyperlinks that include brief video lectures scripted and recorded by John Taylor that align with the narrative to introduce, explain, and illustrate key economic concepts. Hyperlinks include additional videos that apply topics to real-world situations and links to webpages that enrich online courses, engage students, and reinforce or augment that narrative.
- Employs several economic models to structure the presentation of key principles: Supply and Demand (Ch. 3), Competitive Equilibrium (Ch. 7), A Firm’s Production Decision (Ch. 8), Long-Run Competitive Equilibrium in an Industry (Ch. 9), Monopoly (Ch. 10), Monopolistic Competition (Ch. 11), Oligopoly (Ch. 11), and Labor Market (Ch. 13).
- Stimulating vignettes begin each chapter and resonate with readers.
- Crisp, clean, and conversational writing style holds students' interest.
- Quickly establishes clear understandings of fundamental topics such as competitive markets, equilibrium and market efficiency, and the policy implications of business cycles.
- Clear and well-crafted graphs, tables, and summaries make it easy to read and understand key data.
- Chapter-end reading assignments based on real-life cases are contemporary and compelling.
- Carefully selected, revised, and tested problems at the end of every chapter are grounded in real-world situations.
- Definitions of key terms appear in the margins and are hyperlinked online.
- Customizable.
Principles of Microeconomics is suitable for introductory microeconomics courses usually called principles of microeconomics, microeconomics principles, introductory microeconomics, or similar titles, taught primarily at the undergraduate level at two- and four-year colleges and universities. The course may also be taught at the MBA level. This full-length volume encompasses only microeconomics chapters and would typically be used in a semester- or quarter-long course. Separate volumes of this book titled Principles of Economics (encompassing both microeconomics and macroeconomics) and Principles of Macroeconomics are also available.
Principles of Microeconomics is co-written by two acclaimed teachers, one of whom is a globally recognized policy expert and eminent scholar. This highly regarded textbook features a remarkably accessible presentation grounded in the central idea of economics: that people make purposeful choices with scarce resources and interact with others when they make these choices. This engaging text provides simple and precise descriptions of why markets are efficient when the incentives are right and inefficient when the incentives are wrong. In addition to their impeccable credentials, both authors possess recent and extensive classroom-based experiences, which gives rise to authentic real-world examples that enliven the book’s narrative and readily connect with students.
New in This Version
New in Version 9.1:
- Updated with over 100 new hyperlinks that include brief video lectures scripted and recorded by John B. Taylor that align with the text narrative to introduce, explain, and illustrate key economic concepts at the most teachable moments in the book. Hyperlinks include additional videos that apply topics to real-world situations and links to webpages that enrich online courses, engage students, and reinforce or augment that narrative.
Reflects the recent updates made to Version 9.0:
Many graphs are hyperlinked to the underlying Federal Reserve Economic Data (FRED) source. Students can easily link to the most updated data for these graphs and become familiar with manipulating data from the Federal Reserve.
Key updates include:
- Can AI and machine learning improve resource allocations? (Ch. 1)
- Netflix pricing and demand elasticity. (Ch. 4)
- Google as a monopoly. (Ch. 10)
- Antitrust developments (RiteAid/Walgreens, Amazon, Apple, Google, and Facebook). (Ch. 12)
- Net neutrality and differential rate pricing. (Ch. 12)
- Tax discussions updated to align with Tax Cut and Jobs Act of 2017. (Ch. 14)
- Updates specific to the COVID-19 pandemic throughout include:
- New boxed feature on “The Price System During National Disasters.” (Section 1.3)
- Clear illustration of differences between correlation and causation using impact of the pandemic on gas prices and miles traveled. (Section 2.2)
- Ventilators and impact of demand on pricing. (Ch. 3 Introduction)
- Price elasticity of supply for scarce goods in a crisis. (Section 4.4)
- Profile of the company that produces Purell hand sanitizer. (Ch. 6 Introduction)
- Business challenges resulting from the initial shutdown response to the pandemic. (Ch. 8 Introduction)
- Expanded discussion of long-run equilibrium to encompass firms impacted by the pandemic. (Section 9.2)
- Hazard pay considerations and compensating differentials. (Section 13.5)
- Unemployment insurance during the pandemic. (Section 14.2)
- Social distancing and mask wearing as positive externalities. Subsidies for encouraging use of masks and sanitizers. (Sections 15.2 and 15.3)
- Impact of pandemic responses on early 2020 stock returns. (Ch. 16 Introduction)
FlatWorld Homework
FlatWorld Homework includes multi-format questions written specifically for your FlatWorld book, which you can access through our stand-alone interface or integrate with your learning management system.
Request a demo
At FlatWorld, we take pride in providing a range of high-quality supplements alongside our titles, to help instructors teach effectively. Supplements are available for instructors who have registered their adoption with us. If you need to review or preview something specific, please contact us.
Already registered? Sign in here
Additions & Errata
8/9/22: Figure 2.7 updated to reflect correct axis (y=Physical examinations and x= Number of doctors).