Principles of Microeconomics,
8th Edition

Part 1 Introduction
1. Ten lessons from economics
2. Thinking like an economist
3. Interdependence and the gains from trade

Part 2 Supply and demand I: How markets work
4. The market forces of supply and demand
5. Elasticity and its application
6. Supply, demand and government policies

Part 3 Supply and demand II: Markets and welfare
7. Consumers, producers and the efficiency of markets
8. Application: The costs of taxation
9. Application: International trade

Part 4 The economics of the public sector
10. Externalities
11. Public goods and common resources
12. The design of the tax system

Part 5 Firm behaviour and the organisation of industry
13. The costs of production
14. Firms in competitive markets
15. Monopoly
16. Monopolistic competition
17. Oligopoly and business strategy

Part 6 The economics of labour markets
18. The markets for the factors of production
19. Earnings, unions and discrimination
20. Income inequality and poverty

Part 7 Topics for further study
21. The theory of consumer choice
22. Frontiers of microeconomics

• Joshua Gans

  Joshua Gans holds the Skoll Chair in Innovation and Entrepreneurship at the Rotman School of Management, University of Toronto; he was previously Professor of Management (information Economics) at the Melbourne Business School. He studied economics at the University of Queensland and Stanford University. He currently teaches network and digital marketing strategy, but prior to his relocation to Canada he taught introductory economics and incentive theory to MBA students.

• Stephen King

  Dr Stephen P King joined the Productivity Commission as a Commissioner from 1 July 2016. He was recently a Professor of Economics at Monash University in Melbourne where he also held the position of Dean of the Faculty of Business and Economics from 2009-2011.

• Martin Byford

  Martin Byford is Lecturer of Economics at RMIT University. Prior to joining RMIT he was Assistant professor of economics at the University of Colorado at Boulder. Martin discovered economics during the final year of a combined Arts and Civil Engineering degree. Realising that he had made a terrible error in his choice of vocation, Martin went back to university to study economics. He completed a PhD at the University of Melbourne in 2007. Martin’s introductory microeconomics course is currently taught on RMIT campuses in Australia, Singapore and Vietnam.

• Gregory Mankiw

  N. Gregory Mankiw is Robert M. Beren Professor of Economics at Harvard University. For 14 years he taught EC10 Principles, the most popular course at Harvard. He studied economics at Princeton University and MIT. Professor Mankiw is a prolific writer and a regular participant in academic and policy debates. His research includes work on price adjustment, consumer behaviour, financial markets, monetary and fiscal policy and economic growth. His published articles have appeared in academic journals such as the American Economic Review, Journal of Political Economy and Quarterly Journal of Economics. His work has also appeared in more widely accessible forums, including The New York Times, The Washington Post, The Wall Street Journal and Fortune. Professor Mankiw has been a research associate of the National Bureau of Economic Research, an adviser to the Federal Reserve Bank of Boston and the Congressional Budget Office and a member of the ETS test development committee for the advanced placement exam in economics. From 2003 to 2005, he served as chairperson of the President’s Council of Economic Advisers. Professor Mankiw’s texts in introductory and intermediate economics are the worldwide market leaders and have reached many millions of students.

• New structure with learning objectives aligned to major headings for easy navigation of the text and to assist with lesson planning

• A strong inclusive approach with a *NEW* 'key figures' icon that highlights influential figures in economics

• The refreshed ‘Check your understanding’ feature is unique in the market and breaks up learning into manageable sections. It provides students with the opportunity to check their understanding before continuing to the next section of the chapter, while also encouraging discussion and feedback between instructors and students

• MobLab games and experiments integrated within the MindTap. MobLab - a playground for decisions - provides games and experiments that immerse students in higher-concept learning activities

• Internal page design that increases readability

• MindTap eLearning platform includes Aplia problems sets and *NEW* MobLab experiments. MobLab - a playground for decisions - provides games and experiments that immerse students in higher-concept learning activities

• The refreshed ‘Apply and revise’ feature breaks up learning into manageable sections. It provides students with the opportunity to check their understanding before continuing to the next section of the chapter, while also encouraging discussion and feedback between instructors and students

• A strong inclusive approach with a new focus on prominent female figures in economics and existing student-friendly language style

• ‘Ten lessons from economics’ are outlined in chapter 1 and are referred to throughout the text to remind students that these lessons are the key to most economic analysis

• End-of-chapter summaries, questions for review, and problems and applications reinforce chapter content and encourage critical thinking

• 'In the news’ boxes contain recent news articles that show students how economic ideas shed light on current affairs and provide opportunity for policy analysis. ‘FYI’ boxes present useful, historical information, economics facts and tips to enhance the concepts covered in each chapter

Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

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