Microeconomics

The second edition of this popular microeconomics text uses applied case studies to encourage learning participation, and explains key concepts in a user-friendly way.Comprehensively updated and revised to bring the text up-to-date, there are new chapters on welfare state and taxes. A companion website offers extra learning material and easy-to-use resources for lecturers and students. This book is written by internationally renowned author Paul Krugman, and experienced Microeconomics Lecturer Robin Wells. It uses applied cases format to encourage students to participate.The second edition of this popular text has been extensively revised and updated to provide students with a comprehensive overview of Microeconomics. Internationally renowned author Paul Krugman and experienced Microeconomics Lecturer Robin Wells use real world examples to explain economic ideas, making them easy to understand.

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PAUL KRUGMAN is Professor of Economics at Princeton University, USA, where he regularly teaches the principles course. Prior to his current position he taught at Yale, Stanford and MIT. He also spent a year on the staff of the Council of Economics Advisors in 1982-83. His research is mainly in the area of international trade, where he is one of the founders of the 'new trade theory' with its focus on increasing returns and imperfect competition. He also works in international finance, with a concentration in currency crises. In 1991, Krugman received the American Economic Association's John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for non-technical audiences and is a regular op-ed columnist for the New York Times. His book The Great Unravelling: Losing Our Way in the New Century went straight to the top of the Amazon.com bestseller list, while his earlier publications, Peddling Prosperity and The Age of Diminished Expectations have become modern classics. ROBIN WELLS is Researcher in Economics at Princeton University, USA, where she teaches undergraduate courses. She has previously taught at the University of Michigan, the University of Southampton, Stanford and MIT. Her teaching and research focus on the theory of organizations and incentives. She writes regularly for academic journals.

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PART I: WHAT IS ECONOMICS?; Introduction: The Ordinary Business of Life; First Principles; Economic Models: Trade-offs and Trade; Appendix: Graphs in Economics; PART II: SUPPLY AND DEMAND; Supply and Demand; Consumer and Producer Surplus; The Market Strikes Back; Elasticity; PART II: INDIVIDUALS AND MARKETS; Taxes; International Trade; PART IV: MAKING DECISIONS; Title TBD (how consumers & producers make decisions?); PART V: THE CONSUMER; Rational Consumer; Consumer Preference and Choice; PART VI: THE PRODUCTION DECISION; Behind the Supply Curve: Inputs and Costs; Perfect Competition and Supply Curve; PART VII: MARKET STRUCTURE: BEYOND PERFECT COMPETITION; Monopoly; Oligopoly; Monopolistic Competition and Product Differentiation; PART VIII: MICROECONOMICS AND PUBLIC POLICY; Externalities; Public Goods and Common Resources; Economics of the Welfare State; PART IX: FACTOR MARKETS AND RISK; Factor Markets; Risk and Financial Markets.

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