Principles of Microeconomics, 7th Edition

  • John B. Taylor Stanford University
  • Akila Weerapana Wellesley College
  • ISBN-10: 0538453532
  • ISBN-13: 9780538453530
  • 528 Pages Paperback 
  • Previous Editions: 2010, 2009, 2007
  • © 2012 | Published
  • College Bookstore Wholesale Price = $174.00 
» Request an Online Copy for Review  Why an online review copy?
  • It's the greener, leaner way to review! An online copy cuts down on paper and on time. Reduce the wait (and the weight) of printed texts. Your online copy arrives instantly, and you can review it anytime from your computer or favorite mobile device.

If you prefer a print copy to review, please contact your representative.

 

About The Solution

Overview

MICROECONOMCIS, 7th EDITION, includes updated information on topics such as: inequality, housing markets, the deflator and the CPI, the PCE deflator as a third measure of prices, economic growth, and International Finance. This clearly written text offers concise yet thorough coverage of current economic theories. John Taylor, former Undersecretary of the Treasury for International Affairs, offers his expertise on today's issues in a way that is relevant to students who have no prior exposure to the subject. Refreshing examples, engaging applications, and proven end-of-chapter problems simplify advanced topics and make them accessible to your students. This edition addresses the global financial challenges currently being faced, and recovery from these economic challenges. Updated graphs, figures, and popular learning features present the latest issues and data, including coverage of the Obama Administration. In addition, Aplia, the leading online homework solution, is available as part of a complete supplement package.


Additional Product Information

Features/Benefits

  • Revised chapters throughout reflect today's global financial crisis and how businesses are recovering from the crisis. Examples of current events help explain how discussions on the role of the government can affect the economy.
  • Proven features now focus on the most up to-date issues including information on the housing markets and the Keynesian model. A new chapter discussing International Finance addresses current economic events in China, India and the Economic and Monetary Union.
  • Pedagogy, proven trademark learning features, enable students to more easily grasp new concepts. A wide variety of examples, case studies, photos and illustrations included throughout the text help explain economic ideas and models. Features such as "Economics in the News" and "Economics in Action" help students understand recent news stories, issues and debates. "Remember" boxes in the margins and conversation boxes within figures are provided for adding explanation.
  • Author John B. Taylor's unmatched international economic experience provides unique insights. Examples throughout the text draw upon his experiences as Undersecretary of the Treasury for International Affairs. He provides engaging discussions of numerous topics, including the history of money and the new Millennium Challenge Corporation (MCC) program.
  • Aplia trusted homework solutions saves you time and ensures your students are prepared. Help improve your students' performance with this trusted homework solution that engages students in relative topics. Text-correlated, real-time interactive tutorials; online experiments; news analysis, and auto-graded problem sets provide students with instant feedback and save you time as grades are automatically recorded.

What's New

  • NEW! More discussion on simple game theory. Covers the basics of game theory and applies them to the case of modeling the behavior of oligopoly. (Chapter 11, Product Differentiation and Monopolistic Competition).
  • NEW! More discussion on legal issues and current events on anti-trust policy. (Chapter 12, Antitrust Policy and Regulation).
  • NEW! Relevant content to reflect current events. Added section about the impact of tax policy on labor supply. (Chapter 13, Labor Markets).
  • NEW! Updated inequality section reflects current events. Katz, Kearney, Saez/Chetty work on income distribution. (Chapter 14, Taxes, Transfers and Income Distribution).
  • NEW! Addresses how current events have stimulated a discussion on the role that government can play in the economy. More discussions of Citizen's United and McCain/Feingold in section on Models of Government Behavior. (Chapter 15, Public Goods, Externalities and Government Behavior).
  • NEW! NEW! Discussions now include housing markets. This will allow the authors to mirror the discussion of labor markets, stock markets, and the role for government intervention. It also provides a broad overview of derivatives and other in-the-news financial instruments. (Chapter 16, Capital and Financial Markets).
  • NEW! More discussion on trade policy. (Chapter 17, International Trade).
  • NEW! Introduction to exchange rates, differences between fixed and flexible exchange rates, currency unions, and the relationship to macroeconomic policy. Current event discussions on China and EMU. (Chapter 18, International Finance, NEW CHAPTER).

Best Buy Packages

Other Popular Packages

Choose the textbook packaged with the resources that best meet your course and student needs. Contact your Cengage Learning representative for more information.


Bundle: Text + Economics CourseMate with eBook Printed Access Card
ISBN-10: 1133069568 | ISBN-13: 9781133069560
List Price = $247.95  | College Bookstore Wholesale Price = $184.00

This Bundle Includes:

  • Principles of Microeconomics
    List Price = $234.95  | CengageBrain Price = $187.49  | College Bookstore Wholesale Price = $174.00
  • Economics CourseMate with eBook, Global Economic Crisis Resource Center, Global Economic Crisis Global Issues in Context, and Global Economic Crisis Community Server Printed Access Card
    List Price = $173.95  | College Bookstore Wholesale Price = $129.00


Table of Contents

PART ONE INTRODUCTION TO ECONOMICS.
1 The Central Idea.
2 Observing and Explaining the Economy.
Appendix to Chapter 2 Reading, Understanding, and Creating Graphs.
3 The Supply and Demand Model.
4 Subtleties of the Supply and Demand Model: Price Floors, Price Ceilings and Elasticity.
PART TWO PRINCIPLES OF MICROECONOMICS.
5 The Demand Curve and the Behavior of Consumers.
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.
PART THREE THE ECONOMICS OF THE FIRM.
8 Costs and the Changes at Firms Over Time.
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.
PART FOUR MARKETS.
13 Labor Markets.
14 Taxes, Transfers and Income Distribution.
15 Public Goods, Externalities and Government Behavior.
16 Capital and Financial Markets.
Appendix to Chapter 16 Present Discounted Value.

Supplements

Instructor Supplements

Instructor Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" tab, then select "What's New" for updates specific to title's edition. For more information about these supplements, or to obtain them, contact your Learning Consultant.

Economics CourseMate with eBook, Global Economic Crisis Resource Center, Global Economic Crisis Global Issues in Context, and Global Economic Crisis Community Server Instant Access Code  (ISBN-10: 1111863865 | ISBN-13: 9781111863869)

Multiple resources for learning and reinforcing principles concepts are now available in one place! CourseMate equips students with a wealth of resources that help them study and apply economic concepts. As they read the chapters, students can go online and access ABC News videos, Economic News articles, Economic debates, interactive quizzes and flashcards. Students also have access to graphing tutorials to aid the in understanding how graphs are used. Test your student's research skills with Internet activities. Chapter questions and solutions are available for individual assignments or group projects. Engagement Tracker - How do you know your students have read the material or viewed the resources you've assigned? Engagement Tracker assesses student preparation and engagement. Use the tracking tools to see progress for the class as a whole or for individual students. Identify students at risk early in the course. Uncover which concepts are most difficult for your class. Monitor time on task. Keep your students engaged in economics! Global Economic Watch - This groundbreaking resource stimulates discussion and understanding of the global downturn with easy-to-integrate teaching solutions. It includes a content-rich blog, real-time database with hundreds of relevant and vetted articles, videos and podcasts, a timeline, and overview of events leading to today's global economic crisis. Interactive e-Book - Students can take notes, highlight, search and interact with embedded media specific to this book.

List Price = $129.00  | CengageBrain Price = $129.00  | College Bookstore Wholesale Price = $129.00


Aplia Instant Access  (ISBN-10: 1133493815 | ISBN-13: 9781133493815)

Succeed in your course with Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for PRINCIPLES OF MICROECONOMICS, 7th Edition. Aplia has already helped more than a million students succeed in college classes.

List Price = $115.00  | CengageBrain Price = $115.00  | College Bookstore Wholesale Price = $115.00


Instructor's Resource CD-ROM  (ISBN-10: 1111970025 | ISBN-13: 9781111970024)

Have all the key instructor resources at your fingertips with this innovative, all-in-one CD. New and experienced instructors will find everything they need: Instructor's Resource Solution's Manual, Test Bank and ExamView® electronic testing software, and PowerPoint® slides. Instructor's Resource Solutions Manual - Solutions to end-of-chapter exercises and problems are located in this manual, complete with figures and diagrams. It also provides valuable resources including teaching objectives, lecture outline, teaching tips, and topics to discuss in class. The Solutions Manual is also available on the password protected portion of the text website. Test Bank - All Test Bank questions are tagged by topic, difficulty (easy, moderate, and challenging), AACSB learning standards, Bloom's Taxonomy and Course Outcomes. The Test Bank is also available on the password protected portion of the text website. ExamView® - Create and administer quizzes online. Easily test your students understanding of today's economic skills and developments with this electronic testing system. Easy-to-use test creation software allows you to add or edit questions, instructions and answers. You can select questions (randomly or numerically) by previewing them on the screen. ExamView is only available on the IRCD. Lecture PowerPoint® slides - These vivid slides contain key highlights of important concepts. Slides are organized by chapter for your convenience and may be modified or expanded to meet your individual classroom needs. The slides are complete with figures and tables from the book to help make your lectures come to life! PowerPoint slides are also available on the password protected portion of the text website.


Online Study Guide Instant Access Code  (ISBN-10: 1133311857 | ISBN-13: 9781133311850)

Your students can get extra help with an online Study Guide to accompany Principles of Economics, 7th Edition. Each chapter contains an overview, an informal chapter review, practice questions and demonstration problems. Detailed answers are provided for all review and practice questions. End-of-part quizzes offer another chance to test students' knowledge before taking exams. Students can purchase the Study Guide through CengageBrain.com. The Study Guide is also provided within your CourseMate purchase.

List Price = $17.50  | CengageBrain Price = $17.50  | College Bookstore Wholesale Price = $17.50


Study Guide Instant Access Code  (ISBN-10: 1133627870 | ISBN-13: 9781133627876)

List Price = $144.75  | College Bookstore Wholesale Price = $144.75


Economics for Life: 101 Lessons You Can Use Every Day!  (ISBN-10: 0538757884 | ISBN-13: 9780538757881)

ECONOMICS FOR LIFE 3e is a book about real-world applications for economics. In addition to applications, the text contains critiques of common economic fallacies, paradoxical economic results, and solutions to economic mysteries that are sure to interest students. Tied through its Appendices to all South-Western principles texts, Economics for Life helps students use economic concepts to better understand the world around them. The book serves as a valuable resource for delivering a more applications-based Principles (or Economics 101) course and can be bundled at no additional charge.

List Price = $24.95  | CengageBrain Price = $24.49  | College Bookstore Wholesale Price = $18.25


Global Economic Crisis Online Instant Access Code  (ISBN-10: 1439040745 | ISBN-13: 9781439040744)

The current global economic crisis leaves more and more questions unanswered every day and presents "one of the most teachable moments of the century." South-Western delivers the solution. The Global Economic Crisis Resource Center is an online one-stop shopping location that provides educators with current news, journal articles, videos, podcasts, PowerPoint® slides, test questions, and much more.

List Price = $19.00  | CengageBrain Price = $19.00  | College Bookstore Wholesale Price = $19.00


Tomlinson LearningPath Videos Instant Access Code  (ISBN-10: 142827524X | ISBN-13: 9781428275249)

Ever wonder what it would be like if an instructor was always present to teach you economics whenever and wherever you wanted? South-Western presents a new approach to online learning with Economics with Steven Tomlinson. There is a LearningPath video product for each South-Western principles of economics text. Each product contains introductory, micro, and macro topics and is organized to follow each South-Western principles text section by section. For more information, please visit http://academic.cengage.com/economics/tomlinson. Students can purchase access to the Tomlinson Videos through CengageBrain.com.

List Price = $37.75  | CengageBrain Price = $37.75  | College Bookstore Wholesale Price = $37.75


Student Supplements

Student Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" tab, then select "What's New" for updates specific to title's edition. For more information about these supplements, or to obtain them, contact your Learning Consultant.

Economics CourseMate with eBook, Global Economic Crisis Resource Center, Global Economic Crisis Global Issues in Context, and Global Economic Crisis Community Server Instant Access Code  (ISBN-10: 1111863865 | ISBN-13: 9781111863869)

CourseMate is your one-stop shop for learning tools and activities that help you succeed. All the study and application resources in CourseMate are organized by chapter to help you get the most from our text. Along with interactive quizzes and flashcards, we offer a graphing tool called the Graphing Workshop to help you understand how graphs are used. In addition to interactive teaching and learning tools, Microeconomics CourseMate includes and interactive eBook. You can take notes, highlight, search and interact with embedded media specific to this book.

List Price = $129.00  | CengageBrain Price = $129.00  | College Bookstore Wholesale Price = $129.00


Aplia Instant Access  (ISBN-10: 1133493815 | ISBN-13: 9781133493815)

Succeed in your course with Aplia's interactive learning system--featuring practice problems with immediate feedback and tools developed specifically for PRINCIPLES OF MICROECONOMICS, 7th Edition. Aplia has already helped more than a million students succeed in college classes.

List Price = $115.00  | CengageBrain Price = $115.00  | College Bookstore Wholesale Price = $115.00


Online Study Guide Instant Access Code  (ISBN-10: 1133311857 | ISBN-13: 9781133311850)

Achieve the grade you want with an online Study Guide to accompany Principles of Economics, 7th Edition. Each chapter contains an overview, an informal chapter review, practice questions and demonstration problems. Detailed answers are provided for all review and practice questions. End-of-part quizzes offer another chance to test your knowledge before taking exams. You can purchase the Study Guide through CengageBrain.com. The Study Guide is also provided within CourseMate.

List Price = $17.50  | CengageBrain Price = $17.50  | College Bookstore Wholesale Price = $17.50


Study Guide Instant Access Code  (ISBN-10: 1133627870 | ISBN-13: 9781133627876)

List Price = $144.75  | College Bookstore Wholesale Price = $144.75


Economics for Life: 101 Lessons You Can Use Every Day!  (ISBN-10: 0538757884 | ISBN-13: 9780538757881)

ECONOMICS FOR LIFE 3e is a book about real-world applications for economics. In addition to applications, the text contains critiques of common economic fallacies, paradoxical economic results, and solutions to economic mysteries that are sure to interest students. Tied through its Appendices to all South-Western principles texts, Economics for Life helps students use economic concepts to better understand the world around them. The book serves as a valuable resource for delivering a more applications-based Principles (or Economics 101) course and can be bundled at no additional charge.

List Price = $24.95  | CengageBrain Price = $24.49  | College Bookstore Wholesale Price = $18.25


Global Economic Crisis Online Instant Access Code  (ISBN-10: 1439040745 | ISBN-13: 9781439040744)

The current global economic crisis leaves more and more questions unanswered every day and presents "one of the most teachable moments of the century." South-Western delivers the solution. The Global Economic Crisis Resource Center is an online one-stop shopping location that provides you with current news, journal articles, videos, podcasts, PowerPoint® slides, test questions, and much more.

List Price = $19.00  | CengageBrain Price = $19.00  | College Bookstore Wholesale Price = $19.00


Tomlinson LearningPath Videos Instant Access Code  (ISBN-10: 142827524X | ISBN-13: 9781428275249)

Ever wonder what it would be like if an instructor was always present to teach you economics whenever and wherever you wanted? South-Western presents a new approach to online learning with Economics with Steven Tomlinson. There is a LearningPath video product for each South-Western principles of economics text. Each product contains introductory, micro, and macro topics and is organized to follow each South-Western principles text section by section. For more information, please visit http://academic.cengage.com/economics/tomlinson. You can purchase access to the Tomlinson Videos through CengageBrain.com.

List Price = $37.75  | CengageBrain Price = $37.75  | College Bookstore Wholesale Price = $37.75


Meet the Author

About the Author

John B. Taylor

John B. Taylor, a highly regarded and widely honored figure, has earned numerous awards for both teaching and leadership in International Finance. Dr. Taylor is currently the Raymond Professor of Economics at Stanford University, where he has received the Hoagland Prize for excellence in undergraduate teaching and Rhodes Prize for teaching introductory economics. Dr. Taylor was founding Director of the innovative Stanford Introductory Economics Center and has served as Director of the Stanford Institute for Economic Policy Research. Since 1976, Dr. Taylor has worked in numerous government economic advisory roles. From 2001 to 2005, Dr. Taylor served as Undersecretary of Treasury for International Affairs, where he developed and implemented U.S. international financial policy, including currencies; trade in financial services; foreign investment, international debt; and reform of the International Monetary Fund, the World Bank, and other international financial institutions. Dr. Taylor was awarded the Medal of the Republic of Uruguay for his work in resolving the 2002 financial crisis. He was awarded the Treasury Distinguished Service Award for designing and implementing the financial reconstruction plan in Iraq and was awarded the Alexander Hamilton Award for his leadership in international finance. His accomplishments include helping to assemble an international coalition to freeze terrorist assets, expediting Afghanistan's economic reconstruction, creating a new currency and central bank in Iraq, forging an international agreement to reduce Iraq's debt by 80 percent, and creating a new economic engagement with Broader Middle East and North African countries. Taylor received his B.A. in Economics summa cum laude from Princeton University and Ph.D. in Economics from Stanford University.

Akila Weerapana

Akila Weerapana is Associate Professor of Economics at Wellesley College. He was born and raised in Sri Lanka and came to the United States to complete his undergraduate work at Oberlin College, where he earned a B.A. with highest honors in Economics and Computer Science in 1994. Inspired by his professors at Oberlin, he attended graduate school at Stanford University. He received his Ph.D. in Economics from Stanford in 1999, writing his dissertation in monetary economics under the mentorship of Dr. John Taylor. Having taught several classes at Stanford while he was a graduate student, Dr. Weerapana was determined to pursue a career as a liberal arts college professor, combining his research interests with the opportunity to teach economics to gifted college students. Since 1999 Dr. Weerapana has taught more than 800 students at the Economics Department at Wellesley College. His teaching interests span all levels of the department's curriculum, including introductory and intermediate macroeconomics, international finance, monetary economics and mathematical economics. He was awarded Wellesley's Pinanski Prize for Excellence in Teaching in 2002. He has advised many students who have pursued graduate studies in economics or who have worked in economic research at the Federal Reserve. In addition to teaching, Dr. Weerapana's research interests focus on macroeconomics, specifically in the areas of monetary economics, international finance and political economy.

Reviews

Customer Reviews

"I chose the Principles of Economics by Taylor/Weerapana because I liked the "Clarity of writing. It is a good, solid book with clear explanations."
— Farzin Madjidi, Pepperdine University/ GSEP
"Some reasons I chose Principles of Economics by Taylor/Weerapana is "The organization, coverage, level of difficulty. Clarity of presentation, end of chapter exercises, pedagogy/approach, discussion of pertinent current economic issues, global coverage/scope."
— Olugbenga Onafowora, Susquehanna University

Custom

Custom learning materials let you create a digital or print course solution in the style and format best for you and your learners. Maximize engagement and achieve desired outcomes with the aid of our academic and digital experts, who have years of experience helping instructors customize material to specific course needs.
Create your custom solution »