Microeconomics: Principles and Tools (Prentice-Hall Series in Economics) - Softcover

O'Sullivan, Arthur; Sheffrin, Steven M.

Softcover

ISBN 10: 0130358126 ISBN 13: 9780130358127

Publisher: Prentice-Hall, 2004

Synopsis

For one-semester, freshman/sophomore level courses in Principles of Microeconomics. This modern principles text has a strong foundation in demand and supply, the most important topic in learning and teaching principles of economics. Its improved coverage of change in demand vs. change in quantity demanded (also in supply coverage) enables students to better visualize and truly understand the difference between these two fundamental concepts. Early coverage of comparative advantage and externalities reflects a more modern approach to teaching and understanding the underpinnings of microeconomics.* NEW-Ch. 4 Supply, Demand and Market Equilibrium-This chapter has improved and strengthened coverage of change in demand vs. change in quantity demanded. * Helps better explain the differences between these two concepts for students. The same is also used in the explanation of supply. * NEW-Ch. 6 Market Efficiency and Government Intervention-Carefully explains the concepts of consumer and producer surplus, and uses the concept to discuss the efficiency of competitive markets, the inefficiencies created by price controls, taxi medallions, and import restrictions. * Introduces externalities early in the Micro coverage by using spillovers and the use of a pollution tax as examples. * NEW-Ch. 12 Oligopoly and Strategic Behavior-Covers game theory more extensively by including a deeper discussion of guaranteed price matching, limit pricing and contestable markets. * Makes this usually complex topic very accessible to the first time student. * NEW-Ch. 13. Using Market Power: Price Discrimination and Advertising-Includes a fascinating discussion of price discrimination which students are readily drawn to, and also uses advertising as an example of the marginal principle to discuss profit maximization. * Provides sophisticated material made accessible for undergraduates. * NEW-Ch. 14 Controlling Market Power: Antitrust Policy and Deregulation-Discusses antitrust policy-blocking mergers and breaking up monopolies-using modern examples such as Microsoft, Staples and Office Depot. It discusses deregulation of airlines, telecommunications and in a brand-new section, the deregulation of electricity markets in California, New York, and Pennsylvania. * Uses modern, real world examples to help students grasp these interesting topics. * NEW-Ch. 15 Imperfect Information and Disappearing Markets-In this chapter the authors streamlined presentation has been purposefully written with a beginning economics student in mind. This timely and intriguing topic of imperfect information (the lemons problem) was one of the first to be introduced as a complete chapter in a principles course. Coverage also includes examples of asymmetric information and the notion of moral hazard. * Provides this topic in an accessible and easy to understand manner. Pedagogical Features * NEW-A focus on the 5 key principles of economics-1) Opportunity Cost, 2) The Marginal Principle (comparing marginal benefits and marginal costs), 3) Diminishing Returns, 4) The Spillover Principle (for externalities in production and consumption), 5) The Reality Principle (distinguishing real from nominal magnitudes). * Shows students the logic of economics reasoning an demystifies the tools of economics by returning to these 5 principles repeatedly throughout the text. * NEW-Integration of global material-Introduces global concepts early in the text and interweaves them throughout. * Highlights the globalization of the world economy. Active Learning Tools * NEW-Using the Tools Sections at the end of each chapter. Complete answers also appear at the end of each chapter. * Gives students opportunities to do their own economic analysis. * NEW-Economic experiments-Actively involve the student in role-playing as consumers, producers, and policy makers. * Stimulates students interest and are easy for professors to use and implement in a classroom of any size. * NEW-Applications questions-Ask students to creatively use the concepts presented in the book in real world situations. * Empowers students economic thinking. * NEW-Test Your Understanding questions and problems throughout each chapter. * Offers numerous and various methods to help students reinforce their understanding of the material as they encounter it, and to check their comprehension before they finish the chapter.

About this title

About the Author

Arthur O'Sullivan is a professor of economics at Lewis and Clark College in Portland, Oregon. After receiving his B.S. Degree in economics at the University of Oregon, he spent two years in the Peace Corps, working with city planners in the Philippines. He received his Ph.D. degree in economics from Princeton University in 1981 and has taught at the University of California, Davis and Oregon State University, winning several teaching awards at both schools. He recently accepted an endowed professorship at Lewis and Clark College, where he teaches microeconomics and urban economics. He is the author of the best-selling textbook, Urban Economics, currently in its fifth edition.
Professor O'Sullivan's research explores economic issues concerning urban land use, environmental protection, and public policy. His articles appear in many economics journals, including Journal of Urban Economics, Journal of Environmental Economics and Management, National Tax Journal, Journal of Public Economics, and Journal of Law and Economics.
Professor O'Sullivan lives with his family in Lake Oswego, Oregon. He enjoys outdoor activities, including tennis, rafting, and hiking. Indoors, he plays chess, foosball, and ping-gong with his two kids, and is lucky to win one of five games.
Steven M. Sheffrin is dean of the division of social sciences and professor of economics at the University of California, Davis. He has been a visiting professor at Princeton University, Oxford University, and the London School of Economics, and served as a financial economist with the Office of Tax Analysis of the United States Department of Treasury. He has been on the faculty at Davis since 1976 and served as the chairman of the department of economics. He received his B.A. from Wesleyan University and his Ph.D. in economics from the Massachusetts Institute of Technology.
Professor Sheffrin is the author of eight other books and monographs and over 100 articles in the fields of macroeconomics, public finance, and international economics. His most recent books include Rational Expectations (Second Edition) and Property Taxes and Tax Revolts- The Legacy of Proposition 13 (with Arthur O'Sullivan and Terri Sexton), both from Cambridge University Press.
Professor Sheffrin has taught macroeconomics at all levels, from large lectures of principles (classes of 400) to graduate classes for doctoral students. He is the recipient of the Thomas Mayer Distinguished Teaching Award in economics.
He lives with his wife Anjali (also an economist) and his two children in Davis, California. In addition to a passion for current affairs and travel, he plays a tough game of tennis.

Edition details

• Publisher: Prentice-Hall
• Publication date: 2004
• Language: English
• ISBN 10: 0130358126
• ISBN 13: 9780130358127
• Binding: Paperback
• Edition number: 3