Microeconomics: Principles and Tools / Edition 3

Hardcover (Print)
Used and New from Other Sellers
Used and New from Other Sellers
from $1.99
Usually ships in 1-2 business days
(Save 98%)
Other sellers (Hardcover)
  • All (26) from $1.99   
  • New (4) from $4.00   
  • Used (22) from $1.99   
Close
Sort by
Page 1 of 1
Showing All
Note: Marketplace items are not eligible for any BN.com coupons and promotions
$4.00
Seller since 2011

Feedback rating:

(32)

Condition:

New — never opened or used in original packaging.

Like New — packaging may have been opened. A "Like New" item is suitable to give as a gift.

Very Good — may have minor signs of wear on packaging but item works perfectly and has no damage.

Good — item is in good condition but packaging may have signs of shelf wear/aging or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Acceptable — item is in working order but may show signs of wear such as scratches or torn packaging. All specific defects should be noted in the Comments section associated with each item.

Used — An item that has been opened and may show signs of wear. All specific defects should be noted in the Comments section associated with each item.

Refurbished — A used item that has been renewed or updated and verified to be in proper working condition. Not necessarily completed by the original manufacturer.

New
PAPERBACK New 0130358126 Your book ships the next business day.

Ships from: Cleveland, OH

Usually ships in 1-2 business days

  • Canadian
  • International
  • Standard, 48 States
  • Standard (AK, HI)
  • Express, 48 States
  • Express (AK, HI)
$5.50
Seller since 2014

Feedback rating:

(46)

Condition: New
0130358126

Ships from: tempe, AZ

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
$45.00
Seller since 2014

Feedback rating:

(139)

Condition: New
Brand new.

Ships from: acton, MA

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
$45.00
Seller since 2014

Feedback rating:

(139)

Condition: New
Brand new.

Ships from: acton, MA

Usually ships in 1-2 business days

  • Standard, 48 States
  • Standard (AK, HI)
Page 1 of 1
Showing All
Close
Sort by

Overview

The book provides a clear, concise, and accessible presentation of key points. Its hallmark feature includes a focus on the 5 Key Principles of Economics—1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), 5) The Reality Principle (distinguishing real from nominal magnitudes). For financial professionals and analysts.

Read More Show Less

Editorial Reviews

Booknews
A textbook for a course introducing the subject both to students who will take no further courses in economics and those beginning a major in it or a related subject. Seeks to get students to think like economists rather than overwhelming them with doctrine. Takes examples from a wide range of industries and professions. Colorfully illustrated throughout. Annotation c. by Book News, Inc., Portland, Or.
Read More Show Less

Product Details

  • ISBN-13: 9780130358127
  • Publisher: Pearson
  • Publication date: 4/5/2002
  • Series: Prentice-Hall Series in Economics
  • Edition description: Older Edition
  • Edition number: 3
  • Pages: 463
  • Product dimensions: 8.00 (w) x 9.90 (h) x 0.80 (d)

Read an Excerpt

PREFACE:

Preface

Our Story

When we set out to write an economics text, we were driven by the vision of the sleeping student. A few years ago, one of the authors was in the middle of a fascinating lecture on monopoly pricing when he heard snoring. It wasn't the first time a student had fallen asleep in one of his classes, but this was the loudest snoring he had ever heard—sounded like a sputtering chain saw. The instructor turned to Bill, who was sitting next to the sleeping student and asked, "Could you wake him up?" Bill looked at the sleeping student and then gazed theatrically around the room at the other students. He finally looked back at the instructor and said, "Well professor, I think you should wake him up. After all, you put him to sleep."

That experience changed the way we taught economics. It highlighted for us a basic truth—for many students, economics isn't exactly exciting. We took this as a challenge—to get first-time economics students to see the relevance of economics to their lives, their careers, and their futures.

In order to get students to see the relevance of economics we knew that we had to engage them. With the first edition of Microeconomics: Principles and Tools, we helped professors to do that by emphasizing an active learning approach. We engaged students by teaching them how to do something—economic analysis. We kept the book brief, lively, and to the point, and used the five key principles of economics as an organizing theme.

The first edition was a success in classrooms across the country, but it wasn't enoughbecause we knew that we could do even better.

Our Mission

Our objective was to make the sequel even better than the original. Although the first edition of the book was successful, we set ourselves a higher standard: to make it better. We knew that students and other instructors would provide the most important help, so we began an extensive review process. We had dozens of professors and students review the first edition, encouraging them to give us lots of constructive criticism. We gave them free rein to tell us what they liked and disliked about the book—and asked them to suggest ways to make the text a better teaching instrument. In addition, several focus groups took a critical look at the first edition and suggested ways to improve the book.

Armed with the comments and suggestions from the reviewers, student users, and focus groups, we locked ourselves up in a hotel for 48 hours with the topnotch editorial staff from Prentice Hall. We examined, discussed, debated, and reexamined all of the information we had gathered. The end result was a clearly defined revision plan for the second edition. Our plan carefully incorporated the comments and suggestions of professors and students. After thoroughly revising the manuscript based on this feedback, we sent the revised manuscript for another set of peer reviews. We were pleased that the second round of reviews confirmed our belief that we had achieved our goal of improving an already good book.

At the end of this process, we met our goal: We wrote a better textbook. We are proud to present Microeconomics: Principles And Tools, Second Edition. Over the next few pages, we will show you exactly what we have done to make it better. At the same time, we will point out what made this book such a success in its first edition.

Key Improvements

We knew that our text's brevity and student accessibility were strengths, so we made it even more focused and accessible by streamlining chapters. In particular, we made these key changes:

We thoroughly revised the chapter on production cost (now called Production and Cost) to integrate the concepts of production and cost. We use key ideas from production theory to explain the shapes of the firm's short-run and long-run cost curves. The reviewers asked for a more detailed discussion of the link between production and cost, and we delivered.

We reorganized the chapters on different market structures along more traditional lines. In addition, we wrote two applied chapters on market structure: Using Market Power: Price Discrimination and Advertising (Chapter 13) and Controlling Market Power: Antitrust Policy and Deregulation (Chapter 14).

The chapter on supply and demand (Chapter 4) has been reorganized to provide a more thorough and methodical presentation of the basics of supply and demand.

We undertook an unprecedented review of our test bank to ensure accuracy. We hired an outside team of economists, writers, and fact checkers to check and double-check the over 3,500 test questions in the Microeconomics Test Bank manual. We also had the questions thoroughly reviewed by educational psychologists to evaluate the effectiveness of the format and wording of the questions. The questions were then tested on a group of dedicated honors students at Oregon State University.

Teaching Philosophy

We began with the idea that an introductory economics course should be taught as if it is the last economics class a student will ever take. Because this is true for most students, we have just one opportunity to teach them how to use economics. The best way to teach economics is to focus on a few key concepts and ideas and apply them repeatedly in different circumstances.

We start the book with the five key principles of economics and then apply them throughout the book. This approach provides students with the big picture-the framework of economic reasoning. We make the key concepts unforgettable by using them repeatedly, illustrating them with intriguing examples, and giving students many opportunities to practice what they've learned.

Our book is designed to be accessible to students. We have kept the writing lean, the examples lively and topical, and the visuals exciting.

Principles And Tools

In keeping with the themes of relevance and student accessibility, we have once again organized our text around the five key principles of economics. Throughout the text, every point of theory is tied back to the five key principles and is indicated by the key symbol.

  1. The Principle of Opportunity Cost. The opportunity cost of something is what you sacrifice to get it.
  2. The Marginal Principle. Pick the level of an activity at which the marginal benefit equals the marginal cost.
  3. The Principle of Diminishing Returns. If we increase one input while holding the other inputs fixed, output will increase, but at a decreasing rate.
  4. The Spillover Principle. In some circumstances, decision makers do not bear all the cost or experience all the benefits from their decision.
  5. The Reality Principle. What matters to people is the real value of money or income—its purchasing power—not the face value of money or income.

We use these principles to explain the logic underpinning the most important tools of economics. By using these five principles repeatedly, we reveal the logic of economic reasoning and demystify the tools of economics. Students see the big picture and also learn how to use the tools of economics properly.

"What I Do, I Understand" — Confucius

Our book is based on Active Learning, a teaching approach based on the idea that students learn best by doing. Our book engages students by letting them do activities as they read. We implement Active Learning with the following features:

  • Economic Detective exercises provide a few clues and then ask the student to solve the economic mystery.
  • Using the Tools questions at the end of each chapter give students opportunities to do their own economic analysis. Complete answers appear at the end of each chapter.
  • Economic Experiments actively involve the student in roleplaying as consumers, producers, and policy makers. All these activities are designed to be fun for students and easy for professors, who decide when and how to use them.
  • Test Your Understanding questions help students determine whether they understand the preceding material before continuing. These are straightforward questions that ask students to review and synthesize what they have read. Complete answers appear at the end of each chapter.
  • Chapter-opening stories open each chapter and motivate the chapter's subject matter.
  • Each chapter starts with a list of practical questions that are answered in the chapter.
  • Lively Examples are integrated throughout the text and help bring economic concepts to life. We have hundreds of fresh, new examples in this edition.
  • A Closer Look boxes are featured throughout the text and provide brief, interesting examples of the tools and concepts discussed in the text.

The Teaching And Learning Package

Each component of the teaching and learning package has been carefully crafted to ensure that the introductory economics course is a rewarding experience for both students and instructors.

Test Banks

We've assembled a team of dedicated educators to edit, write, review, and accuracy check the over 3,500 multiple-choice questions in the microeconomics test bank.

The Microeconomics: Principles and Tools test bank, prepared by Sheryl Ball and Mark McLeod, both of Virginia PolyTechnic Institute and State University, offers approximately 3,500 multiple-choice, true/false, short answer, and problem questions. Each question is keyed by degree of difficulty (easy, moderate, or challenging), page reference, and type of question (definitional, conceptual, or applied). The second edition contains a wealth of new questions and totally new graphs.

The test bank authors worked with a team of technical reviewers to follow a strict formula of screening, analysis, and assessment of every test question. Linda Ghent of East Carolinj University and James Swofford of University of South Alabama, contributed to a Continuous technical review and numerous accuracy checks.

Prentice Hall Test Manager, Version 4.1

The Test Bank is designed for use with the Prentice Hall Test Manager, a computerized package that allows instructors to custom design, save, and generate classroom tests. The test program (in PC Windows and Macintosh formats) permits instructors to edit, add, or delete questions from the test banks; edit existing graphics and create new graphics; analyze test results; and organize a database of tests and student results.

Active Learning CD-ROM

This interactive student CD-ROM, prepared by Stephen J. Perez of Washington State University, in conjunction with Gregory M. Werner, Inc., includes, for each chapter, a tutorial walk-through, which incorporates a detailed summary of key concepts with hot links to Chapter-Opening Questions, Test Your Understanding, key tables and graphs, popup glossary terms, Active Graphs, and end-of-chapter self-assessment quizzes. The end-of-chapter quizzes, prepared by Rashid Al-Hmoud of Texas Tech University and Fernando Quijano of Dickinson State University, contain twenty original multiple-choice questions. More than forty Active Graphs are featured on the CD-ROM, which correspond to the most important figures in the text. Active Graphs are referenced with a CD icon: Each Active Graph allows students to change the value of a variable and look at the effects on the equilibrium. The Active Learning CD-ROM also links the student to myPHLIP Web site.

Prentice Hall's Learning on the Internet
Partnership/Companion Website
(...

Read More Show Less

Table of Contents

PART 1: INTRODUCTION AND KEY PRINCIPLES

Chapter 1: Introduction: What is Economics?

Chapter 2: Key Principles of Economics

Chapter 3: Exchange and Markets

Chapter 4: Supply, Demand, and Market Equilibrium

PART 2: A CLOSER LOOK AT SUPPLY AND DEMAND

Chapter 5: Elasticity: A Measure of Responsiveness

Chapter 6: Consumer Choice

Chapter 7: Market Efficiency and Government Intervention

PART 3:   INFORMATION AND EXTERNALITIES

Chapter 8: Imperfect Information: Adverse Selection and Moral Hazard

Chapter 9: Environmental Policy

Chapter 10: Public Goods and Public Choice

PART 4: MARKET STRUCTURES AND PRICING

Chapter 11: Production Technology and Cost

Chapter 12: Perfect Competition

Chapter 13: Monopoly and Price Discrimination

Chapter 14: Market Entry and Monopolistic Competition

Chapter 15: Oligopoly and Strategic Behavior

Chapter 16: Market Structure and Public Policy

PART 5: THE LABOR MARKET AND INCOME DISTRIBUTION

Chapter 17: The Labor Market and the Distribution of Income

Chapter 18: Beyond Perfect Competition: Unions, Monopsony, and Imperfect Information

PART 6: THE BASIC CONCEPTS IN MACROECONOMICS

Chapter 19: International Trade and Public Policy

 

Read More Show Less

Preface

PREFACE:

Preface

Our Story

When we set out to write an economics text, we were driven by the vision of the sleeping student. A few years ago, one of the authors was in the middle of a fascinating lecture on monopoly pricing when he heard snoring. It wasn't the first time a student had fallen asleep in one of his classes, but this was the loudest snoring he had ever heard—sounded like a sputtering chain saw. The instructor turned to Bill, who was sitting next to the sleeping student and asked, "Could you wake him up?" Bill looked at the sleeping student and then gazed theatrically around the room at the other students. He finally looked back at the instructor and said, "Well professor, I think you should wake him up. After all, you put him to sleep."

That experience changed the way we taught economics. It highlighted for us a basic truth—for many students, economics isn't exactly exciting. We took this as a challenge—to get first-time economics students to see the relevance of economics to their lives, their careers, and their futures.

In order to get students to see the relevance of economics we knew that we had to engage them. With the first edition of Microeconomics: Principles and Tools, we helped professors to do that by emphasizing an active learning approach. We engaged students by teaching them how to do something—economic analysis. We kept the book brief, lively, and to the point, and used the five key principles of economics as an organizing theme.

The first edition was a success in classrooms across the country, but it wasn'tenoughbecause we knew that we could do even better.

Our Mission

Our objective was to make the sequel even better than the original. Although the first edition of the book was successful, we set ourselves a higher standard: to make it better. We knew that students and other instructors would provide the most important help, so we began an extensive review process. We had dozens of professors and students review the first edition, encouraging them to give us lots of constructive criticism. We gave them free rein to tell us what they liked and disliked about the book—and asked them to suggest ways to make the text a better teaching instrument. In addition, several focus groups took a critical look at the first edition and suggested ways to improve the book.

Armed with the comments and suggestions from the reviewers, student users, and focus groups, we locked ourselves up in a hotel for 48 hours with the topnotch editorial staff from Prentice Hall. We examined, discussed, debated, and reexamined all of the information we had gathered. The end result was a clearly defined revision plan for the second edition. Our plan carefully incorporated the comments and suggestions of professors and students. After thoroughly revising the manuscript based on this feedback, we sent the revised manuscript for another set of peer reviews. We were pleased that the second round of reviews confirmed our belief that we had achieved our goal of improving an already good book.

At the end of this process, we met our goal: We wrote a better textbook. We are proud to present Microeconomics: Principles And Tools, Second Edition. Over the next few pages, we will show you exactly what we have done to make it better. At the same time, we will point out what made this book such a success in its first edition.

Key Improvements

We knew that our text's brevity and student accessibility were strengths, so we made it even more focused and accessible by streamlining chapters. In particular, we made these key changes:

We thoroughly revised the chapter on production cost (now called Production and Cost) to integrate the concepts of production and cost. We use key ideas from production theory to explain the shapes of the firm's short-run and long-run cost curves. The reviewers asked for a more detailed discussion of the link between production and cost, and we delivered.

We reorganized the chapters on different market structures along more traditional lines. In addition, we wrote two applied chapters on market structure: Using Market Power: Price Discrimination and Advertising (Chapter 13) and Controlling Market Power: Antitrust Policy and Deregulation (Chapter 14).

The chapter on supply and demand (Chapter 4) has been reorganized to provide a more thorough and methodical presentation of the basics of supply and demand.

We undertook an unprecedented review of our test bank to ensure accuracy. We hired an outside team of economists, writers, and fact checkers to check and double-check the over 3,500 test questions in the Microeconomics Test Bank manual. We also had the questions thoroughly reviewed by educational psychologists to evaluate the effectiveness of the format and wording of the questions. The questions were then tested on a group of dedicated honors students at Oregon State University.

Teaching Philosophy

We began with the idea that an introductory economics course should be taught as if it is the last economics class a student will ever take. Because this is true for most students, we have just one opportunity to teach them how to use economics. The best way to teach economics is to focus on a few key concepts and ideas and apply them repeatedly in different circumstances.

We start the book with the five key principles of economics and then apply them throughout the book. This approach provides students with the big picture-the framework of economic reasoning. We make the key concepts unforgettable by using them repeatedly, illustrating them with intriguing examples, and giving students many opportunities to practice what they've learned.

Our book is designed to be accessible to students. We have kept the writing lean, the examples lively and topical, and the visuals exciting.

Principles And Tools

In keeping with the themes of relevance and student accessibility, we have once again organized our text around the five key principles of economics. Throughout the text, every point of theory is tied back to the five key principles and is indicated by the key symbol.

  1. The Principle of Opportunity Cost. The opportunity cost of something is what you sacrifice to get it.
  2. The Marginal Principle. Pick the level of an activity at which the marginal benefit equals the marginal cost.
  3. The Principle of Diminishing Returns. If we increase one input while holding the other inputs fixed, output will increase, but at a decreasing rate.
  4. The Spillover Principle. In some circumstances, decision makers do not bear all the cost or experience all the benefits from their decision.
  5. The Reality Principle. What matters to people is the real value of money or income—its purchasing power—not the face value of money or income.

We use these principles to explain the logic underpinning the most important tools of economics. By using these five principles repeatedly, we reveal the logic of economic reasoning and demystify the tools of economics. Students see the big picture and also learn how to use the tools of economics properly.

"What I Do, I Understand" — Confucius

Our book is based on Active Learning, a teaching approach based on the idea that students learn best by doing. Our book engages students by letting them do activities as they read. We implement Active Learning with the following features:

  • Economic Detective exercises provide a few clues and then ask the student to solve the economic mystery.
  • Using the Tools questions at the end of each chapter give students opportunities to do their own economic analysis. Complete answers appear at the end of each chapter.
  • Economic Experiments actively involve the student in roleplaying as consumers, producers, and policy makers. All these activities are designed to be fun for students and easy for professors, who decide when and how to use them.
  • Test Your Understanding questions help students determine whether they understand the preceding material before continuing. These are straightforward questions that ask students to review and synthesize what they have read. Complete answers appear at the end of each chapter.
  • Chapter-opening stories open each chapter and motivate the chapter's subject matter.
  • Each chapter starts with a list of practical questions that are answered in the chapter.
  • Lively Examples are integrated throughout the text and help bring economic concepts to life. We have hundreds of fresh, new examples in this edition.
  • A Closer Look boxes are featured throughout the text and provide brief, interesting examples of the tools and concepts discussed in the text.

The Teaching And Learning Package

Each component of the teaching and learning package has been carefully crafted to ensure that the introductory economics course is a rewarding experience for both students and instructors.

Test Banks

We've assembled a team of dedicated educators to edit, write, review, and accuracy check the over 3,500 multiple-choice questions in the microeconomics test bank.

The Microeconomics: Principles and Tools test bank, prepared by Sheryl Ball and Mark McLeod, both of Virginia PolyTechnic Institute and State University, offers approximately 3,500 multiple-choice, true/false, short answer, and problem questions. Each question is keyed by degree of difficulty (easy, moderate, or challenging), page reference, and type of question (definitional, conceptual, or applied). The second edition contains a wealth of new questions and totally new graphs.

The test bank authors worked with a team of technical reviewers to follow a strict formula of screening, analysis, and assessment of every test question. Linda Ghent of East Carolinj University and James Swofford of University of South Alabama, contributed to a Continuous technical review and numerous accuracy checks.

Prentice Hall Test Manager, Version 4.1

The Test Bank is designed for use with the Prentice Hall Test Manager, a computerized package that allows instructors to custom design, save, and generate classroom tests. The test program (in PC Windows and Macintosh formats) permits instructors to edit, add, or delete questions from the test banks; edit existing graphics and create new graphics; analyze test results; and organize a database of tests and student results.

Active Learning CD-ROM

This interactive student CD-ROM, prepared by Stephen J. Perez of Washington State University, in conjunction with Gregory M. Werner, Inc., includes, for each chapter, a tutorial walk-through, which incorporates a detailed summary of key concepts with hot links to Chapter-Opening Questions, Test Your Understanding, key tables and graphs, popup glossary terms, Active Graphs, and end-of-chapter self-assessment quizzes. The end-of-chapter quizzes, prepared by Rashid Al-Hmoud of Texas Tech University and Fernando Quijano of Dickinson State University, contain twenty original multiple-choice questions. More than forty Active Graphs are featured on the CD-ROM, which correspond to the most important figures in the text. Active Graphs are referenced with a CD icon: Each Active Graph allows students to change the value of a variable and look at the effects on the equilibrium. The Active Learning CD-ROM also links the student to myPHLIP Web site.

Prentice Hall's Learning on the Internet
Partnership/Companion Website
(...

Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously

    If you find inappropriate content, please report it to Barnes & Noble
    Why is this product inappropriate?
    Comments (optional)