Real examples. Real companies. Real business decisions.
The key questions students of first year economics ask themselves are: `Why am I here?” and “Will I ever use this?’ Hubbard Microeconomics answers these questions by demonstrating that real businesses use economics to make real decisions every day. Each chapter of the text: opens with a case study featuring a real business or real business situation, refers to the study throughout the chapter, and concludes with An Inside Look—a news article format which illustrates how a key principle covered in the chapter relates to real business situations or was used by a real company to make a real business decision.
This new edition of Microeconomics has been revised to provide students with the most up-to-date and relevant content they need to succeed in the field of economics. Once again all chapters contain examples to demonstrate the practicality and relevance of economics to decision making that students may be currently involved with.
Hubbard Microeconomics presents economics as a dynamic, relevant discipline for students.
PART 1 INTRODUCTION
CHAPTER 1 Economics: Foundations and models
CHAPTER 1 APPENDIX Using graphs and formulae
CHAPTER 2 Choices and trade-offs in the market
PART 2 HOW THE MARKET WORKS
CHAPTER 3 Where prices come from: The interaction of demand and supply
CHAPTER 4 Elasticity: The responsiveness of demand and supply
CHAPTER 5 Economic efficiency, government price setting and taxes
CHAPTER 5 APPENDIX Quantitative demand and supply analysis
PART 3 CONSUMERS AND FIRMS
CHAPTER 6 Consumer choice and behavioural economics
CHAPTER 6 APPENDIX Using indifference curves and budget lines to understand consumer behaviour
CHAPTER 7 Technology, production and costs
CHAPTER 7 APPENDIX Using isoquants and isocosts to understand production and costs
PART 4 MARKET STRUCTURE AND FIRM STRATEGY
CHAPTER 8 Firms in perfectly competitive markets
CHAPTER 9 Monopoly markets
CHAPTER 9 APPENDIX Price discrimination
CHAPTER 10 Monopolistic competition
CHAPTER 11 Oligopoly: Firms in less competitive markets
CHAPTER 11 APPENDIX Traditional models of oligopoly
PART 5 MARKETS FOR FACTORS OF PRODUCTION
CHAPTER 12 The markets for labour and other factors of production
PART 6 INTERNATIONAL MARKETS
CHAPTER 13 International trade
PART 7 THE ROLE OF GOVERNMENT
CHAPTER 14 Government intervention in the market
CHAPTER 15 Externalities, environmental policy and public goods
CHAPTER 16 The distribution of income and social policy
`I appreciated the application of important concepts through real-world examples that any student can relate to. This is extremely significant to involve the students and engage them.’---Haydir Alhashimi, UWS---
- Chapter opening case studies trigger student interest and demonstrate chapter relevance by connecting economic theory to real business situations.
- ‘An Inside Look’ concludes the chapter with a newspaper article format showing students how a key principle taught in the chapter relates to real business decisions or was used by a real company to make a real business decision.
- ‘Making the Connection’ presents relevant, stimulating, and provocative news stories, primarily about business and aim to reinforce the relevance of economics to students.
- Solved problems provide models of how to solve an economic problem by breaking it down step by step. Each ‘Solved Problem’ includes a problem statement, steps to solve the problem, a graph and a ‘Your Turn’ feature directing students to related end-of-chapter problems for immediate practice.
- ‘Don’t Let This Happen to You’ features alert students to the most common pitfalls in the chapter’s material. These are supported with a related question in the end-of-chapter ‘Problems and Applications’ section.
- Graphs – Four devices are used to assist students to read and interpret graphs: captions, boxed notes, colour-coded curves and summary tables with graphs. End- of-chapter problems also require students to read, draw and interpret graphs. MyEconLab includes interactive graphing exercises.
- Contemporary coverage of both domestic and international economics policy changes that have occurred over recent years. Topics covered include significant fiscal policy changes in Australia, breakthrough developments with the World Trade Organisation, and a shift in the focus of the G8 leaders to the aid given to developing countries, just to name a few.
- MyEconLab is an online course management, testing and tutorial resource. This powerful platform allows lecturers to set automatically marked tests, quizzes and homework, and offers students the tutorial help they need when studying on their own.
- MyEconLab provides assistance beyond homework with a range of assessment options and tutorial resources that help students learn from their mistakes.
- MyEconLab lets you teach your course your way. Use MyEconLab as an out-of-the-box resource for students who need extra help, or take full advantage of its advanced customisation options
- Find out more at www.myeconlab.com
Glenn Hubbard - policymaker, professor, and researcher. R.Glenn Hubbard is the Dean and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University. He is also Professor of Economics in Columbia’s Faculty of Arts and Sciences. He received his PhD in Economics from Harvard University in 1983.
Anne Garnett - BEcon (Hons) Anne Garnett is a Senior Lecturer in Economics at Murdoch University. She has extensive teaching experience at the undergraduate and postgraduate level, both in Australia and many parts of South-East Asia. Her research areas include regional economics, labour economics, international trade, and agricultural economics. She has published numerous chapters in books and articles in international journals. She has taught in all areas of economics at all levels, however over the past seven years her primary teaching focus has been to teach first year introductory economics. Anne Garnett has developed award winning electronic teaching materials for major economics textbooks and is co-author of the widely used Issues, Indicators and Ideas text published by Pearson Addison-Wesley. She also serves as a committee member of the Economic Society of Australia (WA branch).
Phil Lewis - BSc(Hons), MSocSc, PhD. Phil Lewis is the Foundation Professor of Economics and the Canberra Director of the Centre for Labour Market Research at the University of Canberra. He is among the best-known economists in the area of employment, education and training in Australia and Asia. He is the author of over 100 publications including journal articles, book chapters and books including the well-known book Issues, Indicators and Ideas published by Pearson Education, now in its 4th edition. He is on the editorial board of The Australian Journal of Labour Economics and Economic Analysis and Policy. Phil Lewis has also worked extensively in government and has produced a number of major reports for the private and public sectors. He has served as the National President of The Economic Society of Australia.
Tony O’Brien - award-winning professor and researcher. Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received his Ph.D. from the University of California, Berkeley, in 1987.