Microeconomics

This edition of Microeconomics stresses the relevance and application ofmicroeconomic theory to decision making in both managerial andpublic policy. This approach is emphasized through 88 extendedexamples that cover such topics as the analysis of demand, cost, and market efficiency; the design of pricing strategies; investmentand production decisions; and public policy analysis. The coverageof the book also incorporates the dramatic changes that haveoccurred in this field in recent years, and the lucid expositionmakes the text clear and accessible as well as lively and engaging.

Improved exposition of some of the core material on production and cost in Chapters 5, 6, and 7, as well as the mathematical appendix to Chapter 6
New material has been added in Chapter 13 to clarify the distinction between monopsony power and bargaining power.
The chapter on externalities and public goods has been expanded and updated to include a more thorough and up-to-date treatment of environmental economics.
Substantially revised and updated coverage of behavioral economics in Chapter 18
New sections on international price discrimination and dumping, non-price competition, and bilateral monopoly
Rewritten and improved sections on externalities, a new section on stock externalities (of the kind that arise with greenhouse gases and global warming), and an example on pollution control in China
Most of the older examples have been updated or replaced, and several new examples have been added.