Microeconomics (2e)

• A new section on economics as a social science in Chapter 1.
• Revised treatment of production possibility frontiers (PPFs) in Chapter 2, which involved removing the use of hypothetical straight-lined PPFs, and only the use of curved PPF models.
• A more streamlined approach to presenting supply and demand in Chapter 3, to make the chapter more accessible to students when encountering demand and supply for the first time.
• Expanded treatment of the price elasticity of supply in Chapter 4.
• Chapter 9 on Monopoly includes some good case studies, including all the airline companies around the world being fined heavily for collusion.
• A new section on cartels in Chapter 11.
• A more concise treatment of the size of the public sector in Chapter 14.
• Coverage of the global financial crisis in the context of adverse selection and moral hazard in financial markets in Chapter 14.
• Updated material on the debate on climate change policy and lead emissions in Chapter 15.
• Updated and new chapter-opening business cases for every chapter, including new simplified design to make reading and navigation easier.
• A number of new and substantially revised Making the Connection features, with others containing updated data and information, to help students tie economic concepts to current events and policy debates.
• New An inside look news articles and analysis, to enable students to apply economic concepts to current events and policy debates.
• Figures and tables have been updated, using the latest data available.
• Many new, revised or updated end-of-chapter Problems and Applications.
• The Online Study Guide has been updated:
• All written sections of the Study Guide changed where new material has been added/altered to the Micro 2nd ed.
• Page number references throughout changed to reflect new chapter page numbers.
• For most chapters, one additional short answer question (and model answer) have been included
• For all chapters, an additional 5 MCQs have been added, with answers and explanations for each. 

• 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.