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- Published
- October 2020
- Page Count
- 514
- ISBN (Digital)
- 978-1-4533-3497-3
Principles of Microeconomics
Version 9.0
Included Supplements
Key Features
- Over 45 hyperlinks to videos, some of which feature John Taylor, and webpages to enrich online courses, engage students, and reinforce or augment many of the presented topics.
- 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.
Students
- Online Access Price
- $35.95 ($45.66 CAD)
- Color Printed Textbook with Online Access Price
- $60.95 ($77.41 CAD)
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
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)
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Additions & Errata
8/9/22: Figure 2.7 updated to reflect correct axis (y=Physical examinations and x= Number of doctors).
Change made on 9/2/21:
The preface "A Brief Tour" section was corrected to reflect the Macroeconomics v9.0 title rather than the Principles of Economics v9.0 title.