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If you want a text that gives students a solid understanding for how microeconomics can be used outside of the classroom, this is the right book for you.

Table of Contents

I: INTRODUCTION: MARKETS AND PRICES.
1. Preliminaries.
2. The Basics of Supply and Demand.

II: PRODUCERS, CONSUMERS, AND COMPETITIVE MARKETS.
3. Consumer Behavior.
4. Individual and Market Demand.
5. Uncertainty and Consumer Behavior.
6. Production.
7. The Cost of Production.
8. Profit Maximization and Competitive Supply.
9. The Analysis of Competitive Markets.

III: MARKET STRUCTURE AND COMPETITIVE STRATEGY.
10. Market Power: Monopoly and Monopsony.
11. Pricing with Market Power.
12. Monopolistic Competition and Oligopoly.
13. Game Theory and Competitive Strategy.
14. Markets for Factor Inputs.
15. Investment, Time, Capital Markets.

IV: INFORMATION, MARKET FAILURE, AND THE ROLE OF GOVERNMENT.
16. General Equilibrium and Economic Efficiency.
17. Markets with Asymmetric Information.
18. Externalities and Public Goods.

New To This Edition

NEW - Numerous new and updated examples–The most current data and information relating to the subject are used in all examples.
~Provides insight into the application of the theory to real-world issues and problems.

NEW - Coverage of behavioral economics–In Chapter 5, Uncertainty and Consumer Behavior.
~This kind of coverage is very interesting to students because not only do they relate to consumer behavior, experience it everyday.

NEW - Section on human capital–In Chapter 15, Investment, Time, Capital Markets.
~This is a very hot topic in businesses today, and students will see and hear about this as they continue in their education and start their careers.

Revised and Updated coverage of the core material on demand, production, and cost –In Chapters 3-8.
~This coverage was outdated, and now is relevant to what is happening in the economy today .

Clarified the parallel between Consumer Theory and Producer Theory –In Chapter 3, Consumer Behavior, and Chapter 6, Production.
~This core topic is often misunderstood, and the clarification helps students understand the topic.