Microeconomics, 5th Edition gives students the most effective approach for learning microeconomic tools and concepts. This text provides an accessible, integrated structure with numerous practice problems, exercises, and engaging applications. Worked-out Learning-by-Doing problems, mathematical and graphical data, and verbal explanations enable business and economics majors to recognize significant data, patterns, and trends.
1. Analyzing Economic Problems
2. Demand and Supply Analysis
PART 2 CONSUMER THEORY
3. Consumer Preferences and the Concept of Utility
4. Consumer Choice
5. The Theory of Demand
PART 3 PRODUCTION AND COST THEORY
6. Inputs and Production Functions
7. Costs and Cost Minimization
8. Cost Curves
PART 4 PERFECT COMPETITION
9. Perfectly Competitive Markets
10. Competitive Markets: Applications
PART 5 MARKET POWER
11. Monopoly and Monopsony
12. Capturing Surplus
PART 6 IMPERFECT COMPETITION AND STRATEGIC BEHAVIOR
13. Market Structure and Competition
14. Game Theory and Strategic Behavior
PART 7 SPECIAL TOPICS
15. Risk and Information
16. General Equilibrium Theory
17. Externalities and Public Goods
Solutions to Selected Problems
- New applications with a focus on current events such as health care reform in the U.S., the collapse of AIG, parking meter privatization in Chicago, and the bailout of the Parmesan cheese industry in Italy.
- New content on pay for performance has been added to Chapter 15 and on contrasting emissions fees, emission standards, and tradable permits to Chapter 17.
- Custom Content allows instructors to customize this textbook with Hot Topic modules, Darden cases, and other content from Wiley’s Professional Development titles.
- Learning By Doing Exercises in each chapter illustrate the core ideas and guide the student through specific numerical problems in each chapter.
- End-of-Chapter Problems will be available through Respondus to provide more integration with a variety of different LMSs.