Microeconomics

by Hubbard, R. Glenn; O'Brien, Anthony P.

• ISBN13: 9780136021971
• ISBN10: 0136021972
• Edition: 3rd
• Format: Paperback
• Copyright: 2009-11-06
• Publisher: Prentice Hall

Summary

Still Keeping it Real and More Accessible Than Ever!

Hubbard & O'Brien keeps it real in the third edition with updated examples, data, and end-of-chapter problems, providing the most up-to-date discussion on the recession/financial crisis and the monetary and fiscal policy response. Hubbard & O'Brien is the only book that motivates students to learn economics through real business examples. The #1 question students of economics ask themselves is: "Why am I here, and will I ever use this'" Hubbard/O'Brien answer this question by demonstrating that real businesses use economics to make real decisions daily.

This is motivating to all students, whether they are business majors or not. All students can relate to businesses they encounter in their everyday lives. Whether they open an art studio, do social work, trade on Wall Street, work for the government, or bartend at the local pub, students will benefit from understanding the economic forces behind their work.

Key Benefit: Hubbard & O'Brien are still keeping it real in the third edition with new and updated coverage that reflects the current state of the economy and the recent financial meltdown.

Key Topics:

MICROECONOMICS: Economics: Foundations and Models; Trade-offs, Comparative Advantage, and the Market System; Where Prices Come From: The Interaction of Demand and Supply; Economic Efficiency, Government Price Setting, and Taxes; Externalities, Environmental Policy, and Public Goods; Elasticity: The Responsiveness of Demand and Supply; Firms, the Stock Market, and Corporate Governance; Comparative Advantage and the Gains from International Trade; Consumer Choice and Behavioral Economics; Technology, Production, and Costs; Firms in Perfectly Competitive Markets; Monopolistic Competition: The Competitive Model in a More Realistic Setting; Oligopoly: Firms in Less Competitive Markets; Monopoly and Antitrust Policy; Pricing Strategy; The Markets for Labor and Other Factors of Production; The Economics of Information; The Tax System and the Distribution of Income

Market: For the one-semester Principles of Microeconomics courses at 4-year & 2-year colleges and universities.

Author Biography

Glenn Hubbard policymaker, professor, and researcher.

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, Dex Media, Duke Realty, KKR Financial Corporation, and Ripplewood Holdings. He received his Ph.D. in economics from Harvard University in 1983. From 2001—2003, he served as Chairman of the White House Council of Economic Advisers, and from 1991—1993, he was Deputy Assistant Secretary of the U.S. Treasury Department. Glenn 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 90 articles in leading journals, including the American Economic Review, Journal of Finance, Journal of Financial Economics, 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.

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. Anthony O’Brien’s research has dealt with such issues 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, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Money, Credit, and Banking, Industrial Relations, and the Journal of Economic History. His research has been supported by grants from government agencies and private foundations. In addition to teaching and writing, Anthony O’Brien also serves on the editorial board of the Journal of Socio-economics.

Table of Contents

Part 1: Introduction    
Chapter 1. Economics:  Foundations and Models  
Chapter 2. Tradeoffs, Comparative Advantage, and the Market System   
Chapter 3. Where Prices Come From: The Interaction of Demand and Supply  
Chapter 4. Economic Efficiency, Government Price Setting, and Taxes  
Part 2:  Markets in Action  
Chapter 5. Externalities, Environmental Policy, and Public Goods  
Chapter 6. Elasticity:  The Responsiveness of Demand and Supply  
Part 3:  Firms in the Domestic and International Economies  
Chapter 7. Firms, the Stock Market, & Corporate Governance, and the Stock Market  
Chapter 8. Comparative Advantage and the Gains from International Trade  
Part 4:  Microeconomic Foundations: Consumers and Firms  
Chapter 9. Consumer Choice and Behavioral Economics  
Chapter 10. Production, Technology, and Costs  
Part 5:  Market Structure and Firm Strategy  
Chapter 11. Firms in Perfectly Competitive Markets  
Chapter 12. Monopolistic Competition:  The Competitive Model in a More Realistic Setting  
Chapter 13. Oligopoly:  Firms in Less Competitive Markets  
Chapter 14. Monopoly and Antitrust Policy  
Chapter 15. Pricing Strategy  
Part 6:  Markets for Factors of Production  
Chapter 16. The Markets for Labor and Other Factors of Production   
Part 7:  Information, Taxes, and the Distribution of Income  
Chapter 17. The Economics of Information  
Chapter 18. Public Choice, Taxes, and the Distribution of Income