Microeconomics / Jeffrey M. Perloff

It includes Index.
Exploring Microeconomics: Formal Theory and Practical Problems

Significantly revised and updated with new real-world examples, exercises, and applications, this Fourth Edition of Microeconomics: Theory and Applications with Calculus remains the premiere microeconomics text to marry formal theory with robust, thoroughly analyzed real-world problems.



Intended as an intermediate microeconomics text, Perloff introduces economic theory through a combination of calculus, algebra, and graphs. The text integrates estimated, real-world problems and applications, using a step-by-step approach to demonstrate how microeconomic theory can be applied to solve practical problems and policy issues. Compared to other similar texts, the author also places greater emphasis on using contemporary theories–such as game theory and contract theory–to analyze markets.



Also available with Pearson MyLab Economics®

Pearson MyLab Economics is an online homework, tutorial, and assessment program designed to work with this text to engage students and improve results. Within its structured environment, students practice what they learn, test their understanding, and pursue a personalized study plan that helps them better absorb course material and understand difficult concepts.



Students, if interested in purchasing this title with Pearson MyLab Economics, ask your instructor for the correct package ISBN and Course ID. Instructors, contact your Pearson representative for more information.
Features

This title is a Pearson Global Edition. The Editorial team at Pearson has worked closely with educators around the world to include content that is especially relevant to students outside the United States.



About the book



Helps students review and apply concepts

· NEW! Challenges. Each chapter begins with a Challenge that presents information about an important, current real­-world issue and concludes with a series of questions about that material. All of the Challenges and almost all of the examples and Applications throughout the book are updated or new.

· NEW! and UPDATED! Solved Problems. In each chapter, Solved Problems provide students with a step-­by-­step model for working out both qualitative and quantitative problems. With this edition, every Solved Problem has at least one associated Question at the end of the chapter.

· NEW! and UPDATED! 133 Applications covering events in 2015 and 2016, historical events, and timeless material. To make room for the new Applications, older ones from the 7th Edition were moved to MyLab™ Economics, along with several new ones.

· 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.

· 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.

· Real-­World Examples and Applications. Hundreds of examples and applications use real people, real companies, and real data to illustrate microeconomic theory. Valuable, practical perspective, abundant examples, and applications showcase the versatility of modern microeconomics.

· 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.

· 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.



NEW! and REVISED! Course content that’s current and relevant

· Chapters 2 and 3 illustrate basic theory using empirical estimates from avocado, coffee, corn, ethanol, and oil markets. They’ve been substantially rewritten and the major coffee example is new to this edition. Three Solved Problems have also been significantly revised.

· Chapters 4 and 5 are reorganized and significantly revised, particularly Cost-of-Living-Adjustments.

· Chapter 6 has a substantially modified section, Production, and light revisions elsewhere throughout the text.

· Chapter 7 has been moderately revised, particularly the material associated with Figure 7.2.

· Chapter 8 has been substantially revised, particularly the beginning of Two Steps to Maximizing Profit, discussion of the shutdown decision, Competition in the Short Run, Entry and Exit, Long-Run Market Supply When Input Prices Vary with Output, as well as several figures.

· Chapter 9 has been substantially rewritten, particularly the introduction, the section on Policies that Shift Supply Curves, and discussion of oil trade, which uses a new estimated model. In this chapter and following chapters, deadweight loss is consistently expressed as a negative number.

· Chapter 10 features a rewritten Solved Problem, a comparison of Pareto superiority, and material on Efficiency and Equity.

· Chapter 11 has two new Solved Problems, and all of the material on Apple has been revised.

· Chapter 12 has been moderately revised–the group discrimination material has been reorganized and significantly revised, the two-part pricing material has been lightly revised, and it contains a new Solved Problem.

· Chapter 13 has been significantly revised: Cartels, Cournot Oligopoly and Comparison of Competitive, Stackelberg, Cournot, and Collusive Equilibria have all been rewritten.

· Chapter 14 has two new Solved Problems, the static game section has been completely reorganized and rewritten, the dynamic game section has been significantly revised, and new discussion of double auctions has been added.

· Chapter 15 has a modified Table 15.1, Figures 15.9 and 15.10, and discussion of monopsony has been included.

· Chapter 16 has two rewritten Solved Problems and many facts have been updated.

· Chapter 17 has a rewritten discussion of framing, a significantly modified Solved Problem, a new introduction to the section on Reducing Risk, and a new subsection Just Say No.

· Chapter 18 has substantially revised sections on the Coase Theorem, club goods, and public goods.

· Chapter 19 has been moderately rewritten and has a substantially revised Solved Problem.

· Chapter 20 has a new Challenge Solution.