Summary: In Principles of Microeconomics, noted economist and teacher John Taylor unravels sophisticated material by combining clear, straightforward writing with annotated graphs and real-life examples that drive students' interest in modern economic theory. Taylor's intuitive explanations of microeconomic principles have been enthusiastically received by instructors across the country. The author's trademark "Conversation Boxes" throughout the margins and graphs offe...show morer students a step-by-step illustration of the economic models and theories under review.
Taylor's experience in international policymaking has always informed the narrative; his most recent service as Undersecretary of the Treasury for International Affairs brings even more real-world relevance to the Fifth Edition. New "Point-Counterpoint" essays prompt students to consider opposing viewpoints on issues in economic policy, while updated examples and data reflect current trends in the world economy.
New! The Eduspace online learning tool pairs the widely recognized resources of Blackboard with quality, text-specific content from Houghton Mifflin. Eduspace makes it easy for instructors to create all or part of a course online. Tutorials, Math Review, auto-graded online homework (based on end-of-chapter problems), and supplemental study materials such as chapter summaries (in MP3 format) all come ready-to-use.
New! Updated content and data reflect changes in the world economy. Many new and concise, real-world examples of economic theory have been incorporated to more effectively help students understand and apply what they read.
New! Developed to promote critical thinking, new "Point-Counterpoint" features allow students to examine the pros and cons of current controversies and initiatives in economic policy. Appearing at the end of each Part, these essays present two or more perspectives on issues such as trade policy, health care coverage, and globalization.
New and Updated! In-text case studies--streamlined for length and clarity--continue to bring economic ideas and models to life through real-world application. New examples include "Exploring the Gas Crisis in the Summer of 2004" and "Finding Average Cost at an Individual Firm."
New and Updated! Reading the News About boxes, which help students decipher news stories about economic policy, have been updated to reflect recent events. New topics include "The Network Effects of Money" (regarding the new Iraqi currency), differentiation in the sneaker market, and the economic effects of the terrorist attacks of September 11.
Chapters 5, 6, and 7 discuss the efficiency of competitive markets, setting the stage for examination of market failure and government policy. Through an experimental double-oral auction, Chapter 7 provides a unique look at the economic interactions of people in markets and the coordinating functions of those markets.
New! Economics in Action boxes illustrate the myriad ways in which economic principles are enacted in everyday life. New topics include "Green Pricing and Incentives," "Digital Cameras and the Future of Film," and "How Policymakers Use Price Elasticity of Demand to Discourage Underage Drinking."
1. The Central Idea 2. Observing and Explaining the Economy 2A. Appendix to Chapter 2, Reading, Understanding, and Creating Graphs 3. The Supply and Demand Model 4. Elasticity and Its Uses
II. Principles of Microeconomics
5. The Demand Curve and the Behavior of Consumers 5A. Appendix to Chapter 5, Consumer Theory with Indifference Curves 6. The Supply Curve and the Behavior of Firms 7. The Interaction of People in Markets
III. The Economics of the Firm
8. Costs and the Changes at Firms over Time 8A. Appendix to Chapter 8, Producer Theory with Isoquants 9. The Rise and Fall of Industries 10. Monopoly 11. Product Differentiation, Monopolistic Competition, and Oligopoly 12. Antitrust Policy and Regulation
IV. Markets, Income Distribution, and Public Goods
13. Labor Markets 14. Taxes, Transfers, and Income Distribution 15. Public Goods, Externalities, and Government Behavior 16. Physical Capital and Financial Markets Appendix to Chapter 16, Present Discounted Value
V. Trade and Global Markets
17. The Gains from International Trade 18. International Trade Policy 19. Transition Economies
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