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Present microeconomic theory as a way of viewing the world with MICROECONOMICS: AN INTUITIVE APPROACH WITH CALCULUS, 2E. This book builds on the basic economic foundation of individual behavior. Each chapter contains two sections. The A sections introduce concepts using conversational writing, everyday examples and graphs with a focus on mathematical counterparts. B sections cover the same concepts with precise, accessible mathematical analyses that assume one semester of single-variable calculus. The book offers great flexibility with four distinct paths: a non-game theory path through microeconomics, a path emphasizing game theory, a path highlighting policy issues, or a path focused on business. You can also select when to use the B sections for greater depth and when you simply want an overview of a topic. MindTap® is now available with interactive, animated Video Graph Presentations and select Progression Graphs that decompose economic concept graphs into finite steps.
- 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®.
- 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 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 THE BEST PATHS 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.
- GRAPHICAL AND MATHEMATICAL ANALYSIS ARE LINKED. By first exploring an intuitive and graphical approach to the topics, then linking the concepts to mathematical analyses, students build both mathematical skills and abstract thinking. The result is a better understanding of microeconomics foundations and stronger preparation for further coursework in economics, business, or policy studies. When time does not permit full coverage of all material, your motivated students still have access to take the material to the next level.
- 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 ON 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 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.
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.
24. Strategic Thinking and Game Theory.
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.
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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