Microeconomics, Global Edition, 9th edition

For Intermediate Microeconomics courses.

Microeconomics and its role in decision making and public policy

Microeconomics exposes students to topics that play a central role in microeconomics. From game theory and competitive strategy, to the roles of uncertainty and information, and the analysis of pricing by firms with market power, the text helps students understand what’s going on in the world of business. It also shows students how microeconomics can be used as a practical tool for decision-making and for designing and understanding public policy. The Ninth Edition, Global Edition, further illustrates microeconomics’ relevance and usefulness with new coverage and examples, and an improved exposition that is clear and accessible as well as lively and engaging. With Microeconomics, readers will be able to fully appreciate how a modern economy functions.

Pearson MyLab^TM Economics not included. Students, if Pearson MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. Pearson MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson rep for more information.

Pearson MyLab^TM Economics is an online homework, tutorial, and assessment product designed to personalize learning and improve results. With a wide range of interactive, engaging, and assignable activities, students are encouraged to actively learn and retain tough course concepts.

Features

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content, which is especially relevant to students outside the United States.

An applied approach to micro

· UPDATED! and NEW! Examples. This text incorporates over 100 real-world examples into the flow of the text (rather than as segregated boxed features) to highlight the application of microeconomics to real managerial and public policy decisions. New and updated examples include:

o Taxicab markets that include the entry of “ride-share” services like Uber and Lyft (Chapters 9 and 13).

o Tesla’s new battery factory (its “Gigafactory”), and how scale economies will reduce the cost of batteries for electric cars (Chapter 7).

o A merger policy (Chapter 10) and Auto Parts Cartel (Chapter 12).

o The pricing of this textbook (Chapters 1 and 12).

o Consumers’ use of credit card debt (and apparent willingness to pay extremely high interest rates), and their decisions to join and use health clubs (Chapter 19).

· Key terms are defined in margins throughout the book and in the glossary. Concept links are also included in margins to promote awareness of an idea previously introduced in the text.

Provide engaging and up-to-date content

· NEW! Chapter on behavioral economics incorporates findings from psychology into descriptions of how consumers and firms make decisions, so that students can see how real-world consumers and firms behave (Chapter 19).

· Coverage of the latest issues in microeconomics is included:

o Speculative demand and network externalities (Chapter 4).

o Bubbles and informational cascades, along with examples showing applications to housing markets and the financial crisis (Chapter 5).

o Core material on production and cost (Chapters 7 and 8).

o General equilibrium and economic efficiency (Chapter 16).

o Environmental economics (a very hot topic in this course) (Chapter 18).

· Have flexibility in course design

o The flexible structure of chapters allows professors to “pick and choose” what content to use to tailor their instruction based on course objectives.

o A complete suite of instructor supplements is available, including an Instructor’s Manual, Test Item File, PowerPoint lecture slides, and Study Guide.

MyLab^TM Economics not included. Students, if MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

· NEW! Math Review Exercises. MyLab^TM Economics now offers a rich array of assignable and auto-graded exercises covering fundamental math concepts geared specifically to principles and intermediate economics students. Aimed at increasing student confidence and success, our new math skills review Chapter R is accessible from the assignment manager and contains over 150 graphing, algebra, and calculus exercises for homework, quiz, and test use. Offering economics students warm-up math assignments, math remediation, or math exercises as part of any content assignment has never been easier!

· Videos. Approximately two- or three-minutes in length, each video depicts the author explaining the key point of the Making the Connection feature and includes en

New To This Edition

An applied approach to micro

· Examples. This text incorporates over 100 real-world examples into the flow of the text (rather than as segregated boxed features) to highlight the application of microeconomics to real managerial and public policy decisions. New and updated examples include:

o Taxicab markets that include the entry of “ride-share” services like Uber and Lyft (Chapters 9 and 13).

o Tesla’s new battery factory (its “Gigafactory”), and how scale economies will reduce the cost of batteries for electric cars (Chapter 7).

o A merger policy (Chapter 10) and Auto Parts Cartel (Chapter 12).

o The pricing of this textbook (Chapters 1 and 12).

o Consumers’ use of credit card debt (and apparent willingness to pay extremely high interest rates), and their decisions to join and use health clubs (Chapter 19).

Provide engaging and up-to-date content

· Chapter on behavioral economics incorporates findings from psychology into descriptions of how consumers and firms make decisions, so that students can see how real-world consumers and firms behave (Chapter 19).

MyLab^TM Economics not included. Students, if MyLab Economics is a recommended/mandatory component of the course, please ask your instructor for the correct ISBN and course ID. MyLab Economics should only be purchased when required by an instructor. Instructors, contact your Pearson representative for more information.

· Math Review Exercises. MyLab Economics now offers a rich array of assignable and auto-graded exercises covering fundamental math concepts geared specifically to principles and intermediate economics students. Aimed at increasing student confidence and success, our new math skills review Chapter R is accessible from the assignment manager and contains over 150 graphing, algebra, and calculus exercises for homework, quiz, and test use. Offering economics students warm-up math assignments, math remediation, or math exercises as part of any content assignment has never been easier!

· Animated Graphs in MyLab Economics accompany many of the key graphs and figures in the text, and have been updated with real-time data from FREDTM (Federal Reserve Economic Data)--a comprehensive, up-to-date data set maintained by the Federal Reserve Bank of St. Louis. Students can display a pop-up graph that shows new data plotted in the graph, to better understand how to work with data and understand how including new data affects graphs. More dynamic than graphs on a printed page, these animated ones help students understand shifts in curves, movements along curves, and changes in equilibrium values.

· HTML5 Player. In addition to matching the Flash player’s support of Accessibility requirements, the HTML5 player has a new “Show Work” feature to allow students to enter text either from a keyboard or stylus and to draw freehand on different backgrounds, such as a coordinate graph, with multiple fonts and colors. Students can also continue to upload images such as phone-photos of handwritten work. Printing enhancements include:

o a more pen-and-paper-friendly layout of exercises

o the ability for instructors to choose whether to print the header; to include an honor statement; and to print with answers inline, after each question, or on a separate sheet