Microeconomics and Behavior, 8th Edition
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THIS IS AN OLD EDITION. FOR THE 9th EDITION, PLEASE PERFORM A NEW SEARCH USING THE FOLLOWING ISBN13: 9780078021695
--PRESCRIBED TEXT FOR [ECON822] AT [Macquarie University], SEMESTER 2 2010--
Robert Frank?s Microeconomics and Behavior covers the essential topics of microeconomics while exploring the relationship between economics analysis and human behavior. The book?s clear narrative appeals to students, and its numerous examples help students develop economic intuition. This book introduces modern topics not often found in intermediate textbooks. Its focus throughout is to develop a student?s capacity to ?think like an economist.?
# COURSE: One-term undergraduate intermediate microeconomic courses as taught in departments of economics and in select business schools at the graduate level. It is expected that students will have had a micro principles course. Most students will be either economics or business majors. The text has been used as well for graduate applied microeconomics courses and for both graduate and undergraduate economics courses taught in public policy schools.
# New coverage of the efficient markets hypothesis. This behavioral analysis of the hypothesis has been added to Chapter 15, helping students understand the implications of consumer confidence on stock prices.
# Cleaner, more streamlined aesthetic that mirrors the core principles approach of the text. The design has also been pedagogically enriched to include pictures illustrating the economic naturalist examples that are a hallmark of the text, making it more accessible to students than ever.
# Fully updated throughout. All examples and data have been carefully examined and updated throughout the text, and the supplement program has undergone a similar treatment.
# Economic Naturalism: The Economics Naturalist feature of Bob Frank?s principles book is also part of Microeconomics and Behavior. The concept aims to teach students to use economic principles to explain everyday details of ordinary existence. Throughout the text, Economic Naturalist examples help develop economic intuition and demonstrate the relevance of economics. Examples show how basic microeconomic principles can help answer such questions as:
# Why has the demand for luxury grills grown so rapidly in recent years?
# Why do doctors and lawyers often offer discounts to people with low incomes?
# Why do lawyers in small towns buy cheaper suits than their counterparts in big cities?
# Why might a firm build a bigger factory than it would ever need?
# Why is it so hard to find a taxi on rainy days?
The book aims not just to enable students to apply economic concepts to such questions, but also to instill in them an inclination to do so.
# Business Examples: In order to make Microeconomics and Behavior even more relevant for business majors, the text contains more examples that relate to business issues. The Economic Naturalist tackles such questions as:
# Why do some amusement parks charge only a fixed admissions fee, with no additional charge even for rides with long lines?
# Why do builders use prefabricated frames for roofs but not for walls?
# Why do color photographs cost less than black-and-white ones?
# Why do theater owners offer students discounts on admission tickets but not on popcorn?
# Useful Appendixes: These include the utility function approach to the consumer budgeting problem, additional topics in demand theory, additional applications of rational choice theory, search theory, production theory, cost theory, additional models of monopolistic competition, and a more detailed look at exhaustible resource allocation. The inclusion of this material offers instructors unmatched latitude in their choice of technical level and topic coverage. Those who desire to teach a calculus-based course will find comprehensive coverage of optimization theory in the appendices to Chapters 3, 9, and 10. Starred problems that require calculus are included in the end-of-chapter problem sets.
# Design: The text boasts a four-color design modeled after the successful Frank/Bernanke Principles of Economics text. An extensive collection of photos illustrate the Examples and the Economic Naturalist features. The attractive look of the book will aid students in their understanding and motivate them to read.
# An exceptionally clear writing style engages students in the fundamentals of microeconomics.
# The generous use of worked examples and exercises promotes a solid understanding of economic principles. These are clearly indicated in the table of contents.
# End-of-chapter exercises and problems closely linked with the text?s concepts and examples help students more readily relate the economic concepts to the pedagogy.
# Bonus Online Chapter: A chapter on General Equilibrium and Market Efficiency is included on the Online Learning Center, keeping the text concise while offering professors the option to cover the chapter.
Table of Contents
Part 1 Introduction
1 Thinking Like an Economist
2 Supply and Demand
Part 2 The Theory of Consumer Behavior
3 Rational Consumer Choice
4 Individual and Market Demand
5 Applications of Rational Choice and Demand Theories
6 The Economics of Information and Choice under Uncertainty
7 Explaining Tastes: The Importance of Altruism and Other Nonegoistic Behavior
8 Cognitive Limitations and Consumer Behavior
Part 3 The Theory of the Firm and Market Structure
11 Perfect Competition
13 Imperfect Competition: A Game-Theoretic Approach
Part 4 Factor Markets
Part 5 Externalities, Public Good, and Welfare
16 Externalities, Property Rights, and the Coase Theorem
18W General Equilibrium and Market Efficiency (online)