Microeconomics

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  -- 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.

This package contains:

• 0133455548 / 9780133455540:  Microeconomics, 5/e

• 013345648X / 9780133456486:  MyEconLab with Pearson eText Access Card for Microeconomics, 5/e

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.

  R. Glenn Hubbard is the dean 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 Closed-End Funds, KKR Financial Corporation, and MetLife. He received his Ph.D. in economics from Harvard University in 1983. From 2001 to 2003, he served as chairman of the White House Council of Economic Advisers and chairman of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the U.S. 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. Tony O’Brien, award-winning professor and researcher. Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received his Ph.D. from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 15 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with issues such as the evolution of the U.S. automobile industry, the sources of U.S. economic competitiveness, the development of U.S. trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals.

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