Microeconomics (7^th Ed.)

For courses in the principles of microeconomics.

The relevance of microeconomics shown 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. Microeconomicsmakes this topic relevant by demonstrating how real businesses use microeconomics to make decisions every day. With ever-changing US and world economies, the 7th Edition has been updated with the latest developments using new real-world business and policy examples. 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.

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If you would like to purchase both the physical text and MyLab Economics, search for:

0134833120 / 9780134833125 Microeconomics Plus MyLab Economics with Pearson eText -- Access Card Package, 7/e 

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PART I: INTRODUCTION

1. Economics: Foundations and Models

Appendix: Using Graphs and Formulas

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

Appendix: Quantitative Demand and Supply Analysis

PART II: MARKETS IN ACTION: POLICY AND APPLICATIONS

5. Externalities, Environmental Policy, and Public Goods

6. Elasticity: The Responsiveness of Demand and Supply

7. The Economics of Health Care

PART III: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

8. Firms, the Stock Market, and Corporate Governance

Appendix: Tools to Analyze Firms’ Financial Information

9. Comparative Advantage and the Gains from International Trade

PART IV: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

10. Consumer Choice and Behavioral Economics

Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior

11. Technology, Production, and Costs

Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

PART 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

PART 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

About our authors

Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Automatic Data Processing, Black Rock Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; Journal of Political Economy; Journal of Public Economics; Quarterly Journal of Economics; RAND Journal of Economics; and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. O’Brien is a professor of economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and s

Hallmark features of this title

Complete economics coverage

• Real-world business examples and applications help students become educated consumers, voters, and citizens.
• Coverage of pricing strategy explores how firms, including Walt Disney, airlines, and movie theaters, use pricing strategies to increase profits (Ch. 16).
• Coverage of monopolistic competition introduces the downward-sloping demand curve and the idea that nearly all firms, not just monopolies, face these curves (Ch. 13).
• Realistic coverage of game theory analyzes competition among oligopolists, including Apple, Amazon, Spotify and Walmart. Students see how companies with market power make strategic decisions in competitive situations (Ch. 14).