Now in its seventh edition, Microeconomics explains the essential principles of microeconomics in a straightforward and engaging style. This fully updated new edition incorporates key developments such as empirical research, fake news, dynamic pricing and technology in the age of Industry 4.0.
Known for its accessible approach and focus on active learning, this edition contains new critical thinking questions, relatable real-world examples and topical discussion of news stories to help students understand why microeconomics matters.
The Mankiw & Taylor franchise is also available as a MindTap digital resource (purchased separately). This flexible online learning solution provides students with all the tools they need to succeed including an interactive eBook, engaging multimedia, practice questions, assessment materials, revision aids and analytics to help you track their progress.
PART 1: Introduction to economics
1. What is economics?
2. Thinking like an economist
PART 2: The theory of competitive markets
3. The market forces of supply and demand
4. Background to demand: Consumer choices
5. Background to supply: The costs of production of firms
6. Background to supply: Firms in competitive markets
7. Consumers, producers and the efficiency of markets
PART 3: Interventions in markets
8. Supply, demand and government policies
9. Public goods, common resources and merit goods
10. Market failure and externalities
PART 4: Firm behaviour and market structures
11. Market structures I: Monopoly
12. Market structures II: Monopolistic competition
13. Market structures III: Oligopoly
14. Market structures IV: Contestable markets
PART 5: Factor markets
15. The economics of factor markets
PART 6: Inequality
16. Income inequality and poverty
PART 7: Trade
17. Interdependence and the gains from trade
PART 8: Heterodox economics
18. Information and behavioural economics
19. Heterodox theories in economics