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Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context, the book is uniquely attuned to economic realities. The "in Context" books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes.
Key features include:
—Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices;
—Presentation of policy issues in historical, institutional, social, political, and ethical context—an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition;
—A powerful graphical presentation of various measures of well-being in the United States, from income inequality and educational attainment to home prices;
—Broad definition of well-being using both traditional economic metrics and factors such as environmental quality, health, equity, and political inclusion;
—New chapters on the economics of the environment, taxes and tax policy, common property and public goods, and welfare analysis;
—Expanded coverage of high-interest topics such as behavioral economics, labor markets, and healthcare;
—Full complement of instructor and student support materials online, including test banks and grading through Canvas.
"[This book] provides a thorough introduction to the principles of microeconomics, ... offering a fresh portrait of the economic realities of the 21st century. [It] aims to help you gain a deeper understanding of economic analysis and contemporary controversies of interest and importance. It examines economic activity in its environmental and social contexts, drawing on both traditional economic principles and new research to give you greater insight into our economic world"-Back cover.
Introduction Part I. The Context for Economic Analysis 0. Microeconomics and Well-Being 1. Economic Activity in Context 2. Markets and Society Part II. Basic Economic Analysis 3. Supply and Demand 4. Elasticity 5. Welfare Analysis 6. International Trade and Trade Policy Part III. Economics and Society 7. Economic Behavior and Rationality 8. Consumption and the Consumer Society 9. Markets for Labor Part IV. Essential Topics for Contemporary Economics 10. Economic and Social Inequality 11. Taxes and Tax Policy 12. The Economics of the Environment 13. Common Property Resources and Public Goods Part V. Resources, Production, and Market Organization 14. Capital Stocks and Resource Maintenance 15. Production Costs 16. Markets Without Power 17. Markets with Market Power