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Overview

Present microeconomic theory as a way of looking at the world with MICROECONOMICS: AN INTUITIVE APPROACH, 2E. This book combines intuition, conversational writing, everyday examples and outstanding graphs to set a new standard for clarity and rigor without requiring any background in calculus. The author builds on the foundation of individual behavior, demonstrating economic intuition while developing conceptual thinking skills with carefully written analysis. Initial chapters prepare students to understand supply, demand and equilibrium. The book offers unprecedented flexibility in topical coverage with four distinct paths, including a non-game theory path through microeconomics, a path emphasizing game theory, a path highlighting policy issues, or a path focused on business. MindTap® is now available with interactive, animated Video Graph Presentations and Progression Graphs that decompose economic concept graphs into finite steps that students can walk through.

Thomas Nechyba, Duke University

Professor Nechyba, who received his Ph.D. from the University of Rochester in 1994, joined the Duke faculty in 1999 after spending five years on the faculty at Stanford University. In addition to his activities in the U.S., he has lectured internationally in Europe, Latin America and New Zealand. His teaching has been recognized with numerous awards including the Stanford Dean's Award for Distinguished Teaching (1996), the Southern Economic Association's Ken Elzinga Distinguished Teaching Award (2004) and the Duke University Scholar/Teacher of the Year Award (2007). Dr. Nechyba is currently a Research Associate at the National Bureau of Economic Research and has served (or is serving) as Associate Editor for the American Economic Review, International Tax and Public Finance, and the Journal of Economic Literature, among others. At Duke, he has previously served as Director of Undergraduate Studies and as Department Chair and currently directs the Economics Center for Teaching (EcoTeach) as well as Duke's Social Science Research Institute. Dr. Nechyba's research on public finance, urban economics and the economics of education has been funded by agencies such as the National Science Foundation and has been published in journals such as the AMERICAN ECONOMIC REVIEW, THE JOURNAL OF POLITICAL ECONOMY, THE INTERNATIONAL JOURNAL OF ECONOMICS AND THE JOURNAL OF PUBLIC ECONOMICS, among others.
  • VIDEO GRAPH PRESENTATIONS AND PROGRESSION GRAPHS HELP INTEGRATE GRAPHING INTO YOUR COURSE. Graphing becomes clearer for your students and is simple to seamlessly incorporate into your complete teaching experience with these easy-to-use, engaging resources. Both Video Graph Presentations and Progression Graphs are available through this edition's MindTap® platform.
  • BRIEF SIDEBAR QUOTES BRING ATTENTION TO KEY CONCEPTS. Short side quotes in this text highlight key ideas and help students focus on these important points during their reading and review.
  • NEW MINDTAP® IMPROVES STUDENT OUTCOMES AND INCREASES STUDENT ENGAGEMENT. MindTap® with Aplia gives students the opportunity to assess themselves and receive immediate feedback on how well they comprehend your course material. Developed by teachers and used by more than 1,000,000 students, Aplia assignments connect concepts to the real world. Aplia assignments move students to higher-level learning, encouraging them to use critical thinking, analysis, synthesis, and decision-making skills. Learning activities build upon each other to foster connections among concepts.
  • MORE EFFECTIVE GUIDE HELPS YOU SELECT BEST PATH THROUGH TOPICS. This improved guide through the chapters makes it easier to find paths that are customized to the needs of your course. You can choose from a non-game theory path through microeconomics, a path emphasizing game theory, a path emphasizing policy issue or a path focused on business--depending on your preferences and students' needs.
  • IN-CHAPTER EXERCISES ALLOW READERS TO CHECK THEIR UNDERSTANDING. Each chapter is divided into digestible segments punctuated by learning exercises that enable readers to pause and gauge their comprehension. Answers are available online and are also integrated into the MindTap® eReader for your convenience.
  • VIDEO GRAPH PRESENTATIONS PROVIDE UNFORGETTABLE CLARIFICATION. Have you ever sliced an onion in class to demonstrate the three-dimensional nature of a utility function? These unique Video Graph Presentations place graphical analyses into MindTap®, which enables your students to play and replay animated figures with audio captions. Students can watch lines being plotted and see curves move as the text's author narrates each situation.
  • PROGRESSION GRAPHS ALLOW STUDENTS TO STEP THROUGH CONCEPTS AT THEIR OWN PACE. Each Progression Graph decomposes an economic concept graph into finite steps, which allows the student to walk through each step at their own pace. Select graphs appear in the MindTap® eReader as Progression Graphs that give students the option to manipulate the graph as they read.
  • EVERYDAY APPLICATIONS ARE INTEGRATED INTO END-OF-CHAPTER EXERCISES. Rather than confining applications to static boxed features, this unique text incorporates practical applications into the end-of-chapter exercises. By working through exercises that exemplify key applications, students learn by doing and can apply their knowledge beyond the text. Students can access detailed solutions for some problems, and you, the instructor, have access to all remaining solutions.
  • CLEAR EMPHASIZES OF IMPACT OF MICROECONOMIC CONCEPTS ON TODAY'S 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 questions, such as these, that business professionals must answer every day.
  • CHAPTERS HIGHLIGHT RELEVANT AND INTRIGUING 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 within the exercises.
Web Chapter 0: Foundational Preliminaries: Using Graphs in Economics (web-based chapter).
1. Introduction.
PART I: UTILITY-MAXIMIZING CHOICE: CONSUMERS, WORKERS, AND SAVERS.
2. A Consumer's Economic Circumstances.
3. Economic Circumstances in Labor and Financial Markets.
4. Tastes and Indifference Curves.
5. Different Types of Tastes.
6. Doing the "Best" We Can.
7. Income and Substitution Effects in Consumer Goods Markets.
8. Wealth and Substitution Effects in Labor and Capital Markets.
9. Demand for Goods and Supply of Labor and Capital.
10. Consumer Surplus and Deadweight Loss.
PART II: PROFIT-MAXIMIZING CHOICE: PRODUCERS (OR "FIRMS").
11. One Input and One Output: A Short-Run Producer Model.
12. Production with Multiple Inputs.
13. Production Decisions in the Short and Long Run.
PART III: COMPETITIVE MARKETS AND THE "INVISIBLE HAND".
14. Competitive Market Equilibrium.
15. The "Invisible Hand" and the First Welfare Theorem.
16. General Equilibrium.
17. Choice and Markets in the Presence of Risk.
PART IV: Distortions of the "Invisible Hand" in Competitive Markets.
18. Elasticities, Price-Distorting Policies, and Non-Price Rationing.
19. Distortionary Taxes and Subsidies.
20. Prices and Distortions across Markets.
21. Externalities in Competitive Markets.
22. Asymmetric Information in Competitive Markets.
PART V: DISTORTIONS OF THE "INVISIBLE HAND" FROM STRATEGIC DECISIONS.
23. Monopoly.
24. Strategic Thinking and Game Theory.
25. Oligopoly.
26. Product Differentiation and Innovation in Markets.
27. Public Goods.
28. Governments and Politics.
PART VI: CONSIDERING HOW TO MAKE THE WORLD A BETTER PLACE.
29. What Is Good? Challenges from Psychology and Philosophy.
30. Balancing Government, Civil Society, and Markets.
MindTap
Each MindTap product offers the full, mobile-ready textbook combined with superior and proven learning tools at one affordable price. Students who purchase digital access can add a print option at any time when a print option is available for their course.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

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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.

FOR INSTRUCTORS

Cengage Learning Testing, powered by Cognero® Instant Access

ISBN: 9781305650558
Cengage Learning Testing, powered by Cognero® is a flexible, online system that allows you to author, edit, and manage test bank content. You can create multiple test versions in an instant and deliver tests from your LMS, in your classroom or through CengageNOW.

Instructor's Companion Website

ISBN: 9781305650497