Principles of Microeconomics

Key Features

• More than 60 hyperlinked videos, specifically chosen to capture students’ interest, counter the perception of economics as the “dismal science,” and reveal the deeper meanings of economic principles in memorable ways
• The integrating theme for this volume is the marginal decision rule, a simple approach to choices that optimize the value of some objective. Instead of a hodgepodge of rules for different market conditions, the authors provide a commonly accepted foundational rule that can be applied within any market setting
• Every chapter begins with a brief Start Up scenario, a timely, real-world attention-getter that often puts students into a decision-making role. Examples include: “Would you raise or lower public-transit fares to address rising costs?” (Chapter 5) and “Why is it so hard to find an inexpensive pair of eyeglasses?” (Chapter 11)
• Seamlessly incorporates the lessons learned so far from the COVID-19 pandemic and the related recession
• Relies heavily on real-world data to support the models presented, and not just where routinely expected (GDP, unemployment, inflation, etc.). For instance, this volume uses real-world data on longevity to determine the optimal duration of exercise
• Supportive learning features include:
• Start Up features are attention-getting real-world chapter-openers that vividly demonstrate the link between theory and reality, and are revisited throughout the chapter
• Learning Objectives lead off every main section
• Heads Up! notes warn of common errors and explain how to avoid making them
• Key Takeaways in each section summarize content and link back to that section’s  Learning Objectives
• Key Terms are boldfaced and defined in the margins
• Pop! Goes the Econ features provide links to contemporary examples that connect with students. Engaging examples include “Perfect Substitutes (Books vs. Laptops)” (Section 3.2), “Forrest Gump and Monopoly Power” (Section 6.4), “Monty Python and Excess Capacity” (Section 8.3)
• Try It! problems are organized by main section. These problems encourage active learning and help students confirm they understand the material just covered. Each Try It! problem is linked to a similar end-of-chapter exercise
• Case in Point scenarios are applications illustrating the influence of economic forces on real issues and real people such as “Is Beer a Normal Good?” (Chapter 3) or “Getting Out of the Egg Business” (Section 5.3). Each Case in Point application is linked to an end-of-chapter problem
• Summary pulls together the information presented in the chapter to enhance recall and facilitate test preparation
• End-of-Chapter Concept Problems and Numerical Problems help students check understanding, promote discussion, and prompt learners to analyze and think critically about material just presented