• Balanced coverage of both traditional and modern theories: Core microeconomic theories—consumer theory, theory of the firm, and perfect competition—are covered thoroughly in the first half of the book, followed by a fully up-to-date, authoritative treatment of modern theories—such as game theory, strategies, uncertainty, and moral hazard.
• Real-world Examples and Applications: Hundreds of examples and applications use real people, real companies, and real data to illustrate microeconomic theory. Providing valuable practical perspective, abundant examples and applications showcase the versatility of modern microeconomics.
• Solved Problems: In each chapter, Solved Problems provide students with a step-by-step model for working out both qualitative and quantitative problems. Where possible, the Solved Problem directs students to a specific problem at the end of chapter to practice the concept on their own.
• Cross-Chapter Analyses: Five Cross-Chapter Analyses throughout the text create crucial links between core theories covered in separate chapters, combining Applications with Solved Problems to give students hands-on practice designed to sharpen their analytical and quantitative skills. All five of these features address material from 2007 and 2008.
  
• What-if Policy Analysis: Economic models are used to probe the likely outcomes of changes in public policies such as taxes, subsidies, barriers to entry, price floors and ceilings, quotas and tariffs, zoning, laws limiting diversification, pollution controls, licensing laws, and laws governing pensions.
• Audio-narrated Solved Problems in MyEconLab: Each chapter includes three audio-enabled PowerPoint^® slides authored by James Dearden of Lehigh University. Dearden talks students through the solution while drawing out the answer on screen. Many of these exercises are multi-part exercises based on real-world events. Visit the Companion Website for a demo.
• Margin Notes: Major phrases are defined in both the text and highlighted in the margin. These notes clearly link concepts to Applications, Solved Problems, and other material with end-of-chapter exercises.
  
• MyEconLab: With MyEconLab—an online tutorial and assessment resource—students spend more time doing economics, and instructors spend less time grading.
• Complete integration between the book and MyEconLab: Each new student copy of Microeconomics comes with prepaid access to a MyEconLab course developed specifically to accompany this text. Prompts throughout the text direct students online for interactive Solved Problems, and an additional 60 audio-enhanced Solved Problems provide step-by-step models for solving end-of-chapter problems. End-of-chapter questions are available within MyEconLab so students can make the most of their study time.
• Learning through practice: For each chapter, students can self-study using the preloaded sample tests and tutorial resources, or they can complete instructor-assigned problems. MyEconLab automatically grades exercises–even graphing problems–so students get instant feedback and personalized Study Plans with links to additional learning tools.
• Online instructor tools: Within MyEconLab, instructors can assign preloaded or customized multiple-choice, graphing, algorithmic, and free-response questions. Exercises are auto-graded, and MyEconLab records the results in an online gradebook to effortlessly track student progress.
• Economic Videos featuring ABC News: Each video in this series presents an issue using ABC News footage accompanied by commentary from economists to show students the economics behind the news. Visit Economics Videos for more information and to view a demo.
• Optional calculus-based questions and problems: For well-rounded practice, a suite of carefully crafted calculus-based problem sets is provided.
• Visit MyEconLab to learn more, take a tour, and request an instructor access code.

• Complete chapter on Game Theory: To better fit modern syllabi, in-depth coverage of game theory is now relegated to Chapter 14, which applies game theory to many strategic problems. Chapter 13 now covers oligopoly and monopolistic competition in a more traditional manner without significant references to game theory.
• New Behavioral Economics discussions throughout: Major issues in behavioral economics are presented in:
• Chapter 4, which introduces the concept of behavioral economics and discusses how consumers’ behavior deviates from traditional models.
• Chapter 11, which discusses the role of bandwagon effects on monopoly pricing over time.
• Chapter 16, which concentrates on the behavioral economics of self-control.
• Chapter 17, which covers how psychology affects decision making under uncertainty.
• Fresh content for the Fifth Edition: Examples use recent events, such as the 2007 study on nicotine and cigarette demand, living wage laws, and the Chinese pollution protests, to illustrate core microeconomic concepts.
• New Applications: The Fifth Edition is replete with current Applications, covering subjects from Zimbabwe price controls, the effects of food stamps on spending habits, and innovations and economies of scale to Mexican monopolies and Carlos Slim, Virgin America’s fixed costs, and the effect Harry Potter had on emergency rooms. Nearly two-thirds of the Applications are new (29%) or updated and revised (36%). A majority (80%) concern events in the twenty-first century, with 62% covering events in 2007 or 2008.
  
• Up-to-the-minute data: The Fifth Edition is infused with new real-world data such as Iraqi gun and bullet price increases due to civilian attacks, 2007 cab fare consequences, and the sales of iPods overseas.
• Tighter integration with MyEconLab: An enhanced version of MyEconLab, the online tutorial and assessment resource, is tightly integrated with this Fifth Edition. With MyEconLab, students spend more time doing economics, and instructors spend less time grading.
• End-of-chapter questions, now assignable in MyEconLab: Jeff Perloff hand-selected current end-of-chapter questions and wrote new questions to include in the MyEconLab course, so it is easier to assign questions and students get more robust online practice problems.
• Economic Videos featuring ABC News: Each video in this series presents an issue using ABC News footage accompanied by commentary from economists to show students the economics behind the news. Visit Economics Videos for more information and to view a demo.
• Optional calculus-based questions and problems: For well-rounded practice, a suite of carefully crafted calculus-based problem sets is provided.
• Visit MyEconLab to learn more, take a tour, and request an instructor access code.
• New end-of-chapter exercises: New verbal or graphical Questions and mathematical Problems, many based on recent real-life issues drawn from newspapers and other sources, are included in the Fifth Edition.
  

1. Introduction

Part I. Supply and Demand
2. Supply and Demand
3. Applying the Supply-and-Demand Model

Part II. Consumer Theory
4. Consumer Choice
5. Applying Consumer Theory

Part III. Theory of the Firm
6. Firms and Production
7. Costs

Part IV. Perfect Competition
8. Competitive Firms and Markets
9. Applying the Competitive Model
10. General Equilibrium and Economic Welfare

Part V. Market Power and Market Structure
11. Monopoly
12. Pricing and Advertising
13. Oligopoly and Monopolistic Competition
14. Game Theory

Part VI. Factor Markets
15. Factor Markets and Vertical Integration
16. Interest Rates, Investments, and Capital Markets

Part VII. Uncertainty, Missing Markets, and Limited Information
17. Uncertainty
18. Externalities, Commons, and Public Goods
19. Asymmetric Information
20. Contracts and Moral Hazards

Intermediate Microeconomics (Algebra Based)  [CORE TEXTS]   (Economics)
Managerial Economics  [CORE TEXTS]   (Economics)

Jeffrey M. Perloff is a professor in the Department of Agricultural and Resource Economics at the University of California at Berkeley. His economic research covers industrial organization, marketing, labor, trade, and econometrics. His textbooks are Modern Industrial Organization (coauthored with Dennis Carlton) and Microeconomics: Theory and Applications with Calculus. He has been an editor of Industrial Relations and an associate editor of the American Journal of Agricultural Economics. He is an associate editor of the Journal of Productivity Analysis and edits the Journal of Industrial Organization Education. He has consulted with nonprofit organizations and government agencies (including the Federal Trade Commission and the Departments of Commerce, Justice, and Agriculture) on topics ranging from a case of alleged Japanese television dumping to the evaluation of social programs. He has also conducted research in psychology. He is a fellow of the American Agricultural Economics Association. He received his B.A. in economics from the University of Chicago in 1972 and his Ph.D. in economics from the Massachusetts Institute of Technology in 1976. He was previously an assistant professor in the Department of Economics at the University of Pennsylvania.

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