Microeconomics Principles, Applications and Tools

by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen

• ISBN13: 9780134061481
• ISBN10: 0134061489
• Edition: 9th
• Copyright: 2016-01-19
• Publisher: Pearson

Summary

For courses in the Principles of Economics.

 

Introduces Readers to the Basic Concepts of Economics with Timely, Engaging Stories and Applications

Readers hoping to gain a better understanding of the world around them, often leave with their questions unanswered. Microeconomics: Principles, Applications, and Tools isbuilt upon the author’s philosophy of using the basic concepts of economics to explain a wide variety of timely, engaging, real-world economic applications.

 

The Ninth Edition incorporates updated figures and data, while also emphasizing current topics of interest–including the severe economic downturn of recent years and the latest developments in economic thinking. It also includes newly refined Learning Objectives that introduce the concepts explored in each chapter, along with new applications and chapter-opening stories related to the most up-to-date developments in microeconomics.

 

Also Available with MyEconLab^®

This title is available with MyEconLab—an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.  

NOTE: You are purchasing a standalone product; MyEconLab does not come packaged with this content. If you would like to purchase both the physical text and MyEconLab search for:

 

0134424034 / 9780134424033 Microeconomics: Principles, Applications, and Tools Plus MyEconLab with Pearson eText (1-semester access) -- Access Card Package

 

Package consists of:

• 0134061632 / 9780134061634 MyEconLab with Pearson eText -- Standalone Access Card -- for Microeconomics: Principles, Applications and Tools

• 013407887X / 9780134078878 Microeconomics: Principles, Applications, and Tools

 

Author Biography

Arthur O’Sullivan is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S. in economics at the University of Oregon, he spent two years in the Peace Corps, working with city planners in the Philippines. He received his Ph.D. in economics from Princeton University in 1981 and has taught at the University of California, Davis, and Oregon State University, winning teaching awards at both schools. He is the author of the best-selling textbook Urban Economics, currently in its eighth edition, with translations into Russian, Chinese, Korean, and Greek.

 

Professor O’Sullivan’s research explores economic issues concerning urban land use, environmental protection, and public policy. His articles have appeared in many economics journals, including the Journal of Urban Economics, Journal of Environmental Economics and Management, National Tax Journal, Journal of Public Economics, and Journal of Law and Economics.

 

Professor O’Sullivan lives with his family in Portland, Oregon. For recreation, he enjoys hiking, kiteboarding, and squash.

 

Steven M. Sheffrin is professor of economics and executive director of the Murphy Institute at Tulane University. Prior to joining Tulane in 2010, he was a faculty member at the University of California, Davis, and served as department chairman of economics and dean of social sciences. He has been a visiting professor at Princeton University, Oxford University, London School of Economics, and Nanyang Technological University, and he has served as a financial economist with the Office of Tax Analysis of the United States Department of the Treasury. He received his B.A. from Wesleyan University and his Ph.D. in economics from the Massachusetts Institute of Technology.

 

Professor Sheffrin is the author of 10 other books and monographs and over 100 articles in the fields of macroeconomics, public finance, and international economics. His most recent books include Rational Expectations (second edition) and Property Taxes and Tax Revolts: The Legacy of Proposition 13 (with Arthur O’Sullivan and Terri Sexton).

 

Professor Sheffrin has taught macroeconomics and public finance at all levels, from general introduction to principles classes (enrollments of 400) to graduate classes for doctoral students. He is the recipient of the Thomas Mayer Distinguished Teaching Award in economics. He lives with his wife Anjali (also an economist) in New Orleans, Louisiana, and has two daughters who have studied economics. In addition to a passion for current affairs and travel, he plays a tough game of tennis.

 

Stephen J. Perez is a professor of economics and NCAA faculty athletics representative at California State University, Sacramento. After receiving his B.A. in economics at the University of California, San Diego, he was awarded his Ph.D. in economics from the University of California, Davis, in 1994. He taught economics at Virginia Commonwealth University and Washington State University before coming to California State University, Sacramento, in 2001. He teaches macroeconomics at all levels as well as econometrics, sports economics, labor economics, and mathematics for economists.

 

Professor Perez’s research explores most macroeconomic topics. In particular, he is interested in evaluating the ability of econometric techniques to discover the truth, issues of causality in macroeconomics, and sports economics. His articles have appeared in many economics journals, including the Journal of Monetary Economics; Econometrics Journal; Economics Letters; Journal of Economic Methodology; Public Finance and Management; Journal of Economics and Business; Oxford Bulletin of Economics and Statistics; Journal of Money, Credit, and Banking; Applied Economics; and Journal of Macroeconomics.

 

 

 

Table of Contents

Part 1: Introduction and Key Principles

1. Introduction: What Is Economics?

2. The Key Principles of Economics

3. Exchange and Markets

4. Demand, Supply, and Market Equilibrium

 

Part 2: A Closer Look at Demand and Supply

5. Elasticity: A Measure of Responsiveness

6. Market Efficiency and Government Intervention

7. Consumer Choice: Utility Theory and Insights from Neuroscience

 

Part 3: Market Structures and Pricing

8. Production Technology and Cost

9. Perfect Competition

10. Monopoly and Price Discrimination

11. Market Entry and Monopolistic Competition

12. Oligopoly and Strategic Behavior

13. Controlling Market Power: Antitrust and Regulation

 

Part 4: Externalities and Information

14. Imperfect Information: Adverse Selection and Moral Hazard

15. Public Goods and Public Choice

16. External Costs and Environmental Policy

 

Part 5: The Labor Market and Income Distribution

17. The Labor Market and the Distribution of Income

 

Part 6: The International Economy

18. International Trade and Public Policy