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Using intuition, a conversational writing style, everyday examples and outstanding graphs to present microeconomic theory as a way of looking at the world, MICROECONOMICS: AN INTUITIVE APPROACH sets a new standard for clarity in the course and requires no prior background in calculus. It builds on the foundation of individual behavior, showing students the big picture of economic intuition while developing conceptual thinking skills with carefully written analysis. The first chapters establish a set of tools based on utility functions, so students learn about supply and demand in context, with a solid understanding of the underpinnings of those concepts. The package offers unprecedented flexibility in terms of topical coverage and graphical analysis. Each new copy of the text also includes access to a premium website featuring Nechyba's LiveGraphs – a suite of interactive, animated graphs that allows students to view dimensional graphs and functions illustrated in the book, as well as some additional graphs that are not in the printed text. Students can play and replay the LiveGraphs while listening to a brief explanation of the graphs.
- LiveGraphs: Have you ever sliced an onion in class to demonstrate the three-dimensional nature of a utility function? Nechyba's LiveGraphs put graphical analyses online, where students can play and replay animated figures with audio captions. Students can watch lines get plotted, see curves move, and in some cases, change variables to affect results. To view a demo, go to: www.cengage.com/economics/nechybademo.
- Everyday Applications: Rather than confining applications to static boxed features, Nechyba incorporates applications into end-of-chapter exercises. By working through exercises that exemplify key applications, students learn by doing and can apply their knowledge beyond the text.
- Business Applications: How does pricing of one product affect demand for another produced by the same business? How might a firm most efficiently use cap-and-trade pollution vouchers? What is the impact of a capital-gains-tax-induced increase in the rental price of capital on firms within an industry? By working through exercises in each chapter, students answer these and other questions, questions that business professionals must also answer.
- Policy Applications: How do private school vouchers affect tuition levels? How effective are anti-price gauging laws during times of supply disruption? How do governments consider policies for subsidizing saving vs. taxing borrowing? Each chapter includes relevant policy applications such as these in the exercises.
- In-chapter Exercises: Each chapter is divided into digestible segments punctuated by learning exercises to help students check their understanding. Answers are available online.
Chapter 1: Introduction.
PART 1: Utility-Maximizing Choice: Consumers,Workers, and Savers.
Chapter 2: A Consumer’s Economic Circumstances.
Chapter 3: Economic Circumstances in Labor and Financial Markets.
Chapter 4: Tastes and Indifference Curves.
Chapter 5: Different Types of Tastes.
Chapter 6: Doing the “Best” We Can.
Chapter 7: Income and Substitution Effects in Consumer Goods Markets.
Chapter 8: Wealth and Substitution Effects in Labor and Capital Markets.
Chapter 9: Demand for Goods and Supply of Labor and Capital.
Chapter 10: Consumer Surplus and Deadweight Loss.
PART 2: Profit-Maximizing Choice: Producers (or “Firms”).
Chapter 11: One Input and One Output: A Short-Run Producer Model.
Chapter 12: Production with Multiple Inputs.
Chapter 13: Production Decisions in the Short and Long Run.
PART 3: Competitive Markets and the “Invisible Hand”.
Chapter 14: Competitive Market Equilibrium.
Chapter 15: The “Invisible Hand” and the First Welfare Theorem.
Chapter 16: General Equilibrium.
Chapter 17: Choice and Markets in the Presence of Risk.
PART 4: Distortions of the “Invisible Hand” in Competitive Markets.
Chapter 18: Elasticities, Price-Distorting Policies, and Non-Price Rationing.
Chapter 19: Distortionary Taxes and Subsidies.
Chapter 20: Prices and Distortions across Markets.
Chapter 21: Externalities in Competitive Markets.
Chapter 22: Asymmetric Information in Competitive Markets.
PART 5: Distortions of the “Invisible Hand” from Strategic Decisions.
Chapter 23: Monopoly.
Chapter 24: Strategic Thinking and Game Theory.
Chapter 25: Oligopoly.
Chapter 26: Product Differentiation and Innovation in Markets.
Chapter 27: Public Goods.
Chapter 28: Governments and Politics.
PART 6: Considering How to Make the World a Better Place.
Chapter 29: What Is Good? Challenges from Psychology and Philosophy.
Chapter 30: Balancing Government, Civil Society, and Markets.
"I would consider adopting this textbook for my sections of intermediate microeconomics and the main reasons for my interest are the high quality of the chapter content and the unique supporting materials."
Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.
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