![]() Chapters 4 and 5 are reorganized and significantly revised, particularly Cost-of-Living-Adjustments.Three Solved Problems have also been significantly revised. They’ve been substantially rewritten and the major coffee example is new to this edition. Chapters 2 and 3 illustrate basic theory using empirical estimates from avocado, coffee, corn, ethanol, and oil markets.NEW! and REVISED! Course content that’s current and relevant ![]() What-If Policy Analysis. Economic models are used to probe the likely outcomes of changes in public policies such as taxes, subsidies, barriers to entry, price floors and ceilings, quotas and tariffs, zoning, laws limiting diversification, pollution controls, licensing laws, and laws governing pensions.5 Cross-Chapter Analyses throughout the text create crucial links between core theories covered in separate chapters, combining Applications with Solved Problems to give students hands-on practice designed to sharpen their analytical and quantitative skills.Valuable, practical perspective, abundant examples, and applications showcase the versatility of modern microeconomics. Real-World Examples and Applications. Hundreds of examples and applications use real people, real companies, and real data to illustrate microeconomic theory. ![]() Balanced coverage of both Traditional and Modern Theories. Core microeconomic theories–consumer theory, theory of the firm, and perfect competition–are covered thoroughly in the first half of the book, followed by a fully up-to-date, authoritative treatment of modern theories–such as game theory, strategies, uncertainty, and moral hazard.NEW! and UPDATED! End-of-chapter Questions draw from real-life events and issues from newspapers, journal articles, and other sources, to test students’ understanding.To make room for the new Applications, older ones from the 7th Edition were moved to MyLab™ Economics, along with several new ones. ![]()
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