Microeconomics, 7th edition
Published by Pearson (January 23, 2018) © 2019
- Glenn Hubbard Columbia University
- Anthony Patrick O'Brien
Title overview
For 1-semester principles of microeconomics courses.
The relevance of economics, shown through real-world business examples
Microeconomics makes economic principles relevant by demonstrating how real businesses use them to make decisions every day. For instructors, it eases the challenge of conveying how these principles directly impact students' lives.
The 7th Edition exemplifies recent developments in US and world economies through new real-world business and policy examples. No matter their career path, whether it's opening an art studio, trading on Wall Street or bartending at the local pub, students will benefit from grasping the economic forces behind their work.
Hallmark features of this title
Complete economics coverage
- Real-world business examples and applications help students become educated consumers, voters, and citizens.
- Coverage of pricing strategy explores how firms, including Walt Disney, airlines, and movie theaters, use pricing strategies to increase profits (Ch. 16).
- Coverage of monopolistic competition introduces the downward-sloping demand curve and the idea that nearly all firms, not just monopolies, face these curves (Ch. 13).
- Realistic coverage of game theory analyzes competition among oligopolists, including Apple, Amazon, Spotify and Walmart. Students see how companies with market power make strategic decisions in competitive situations (Ch. 14).
New and updated features of this title
Real-world coverage
- NEW and UPDATED: Chapter-Opening Cases illustrate how the economic concepts presented in the text impact real-life businesses.
Student-focused features
- NEW: An Inside Look boxes use news articles to teach students how to apply economic thinking to current events and policy debates.
- NEW: 60+ Apply the Concepts features reinforce key concepts and help students interpret the news. They include “Millennials Shake Up the Markets for Soda, Groceries, Big Macs and Running Shoes” and “Forecasting the Demand for Premium Bottled Water.”
Engaging practice
- NEW: Critical-Thinking Sections include end-of-chapter exercise sets, consisting of 2 to 4 real-world problems, which explain key concepts and encourage students to do their own research.
- NEW: Solved Problems show students how to solve an economic problem by breaking it down step by step.
Table of contents
PART I: INTRODUCTION
1. Economics: Foundations and Models
Appendix: Using Graphs and Formulas
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
Appendix: Quantitative Demand and Supply Analysis
PART II: MARKETS IN ACTION: POLICY AND APPLICATIONS
5. Externalities, Environmental Policy, and Public Goods
6. Elasticity: The Responsiveness of Demand and Supply
7. The Economics of Health Care
PART III: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES
8. Firms, the Stock Market, and Corporate Governance
Appendix: Tools to Analyze Firms’ Financial Information
9. Comparative Advantage and the Gains from International Trade
PART IV: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS
10. Consumer Choice and Behavioral Economics
Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
11. Technology, Production, and Costs
Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost
PART 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
PART 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
Author bios
About our authors
Glenn Hubbard, policymaker, professor, and researcher. Hubbard is Dean emeritus 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 Fixed-Income Funds, and MetLife. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US 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, including American Economic Review; Brookings Papers on Economic Activity; Journal of Finance; Journal of Financial Economics; Journal of Money, Credit, and Banking; 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. O'Brien is a professor of economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 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 US automobile industry, the sources of US economic competitiveness, the development of US 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 American Economic Review; Quarterly Journal of Economics; Journal of Money, Credit, and Banking; Industrial Relations; Journal of Economic History; and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.
Need help?Get in touch
Play
Pearson eTextbook: What’s on the inside just might surprise you
They say you can’t judge a book by its cover. It’s the same with your students. Meet each one right where they are with an engaging, interactive, personalized learning experience that goes beyond the textbook to fit any schedule, any budget, and any lifestyle.
Digital Learning NOW
Extend your professional development and meet your students where they are with free weekly Digital Learning NOW webinars. Attend live, watch on-demand, or listen at your leisure to expand your teaching strategies. Earn digital professional development badges for attending a live session.