This brand new EMEA adaptation of Thomas Nechyba's popular text presents a European, Middle East and African perspective, whilst also being fully updated.
This exciting new edition follows Professor Nechyba's five primary goals for any microeconomics course by presenting microeconomics as a way of looking at the world, showing students how and why the world works, how to think more clearly and develop conceptual thinking skills, providing a flexible learning style and by finally providing a roadmap for further study.
Each chapter follows the A and B structure developed by Professor Nechyba, allowing students to explore an intuitive approach in Part A and then focus on how the intuitive approach can be represented mathematically approach in Part B.
This edition is also available as a MindTap with additional assessments, Graph Builder and video graph presentations. It is also available with Aplia, a comprehensive online learning assessment tool with autograded randomised questions to test students' understanding.
Thomas J. Nechyba is Professor of Economics at the Sanford School of Public Policy, Duke University, US. At Duke, he has previously served as Director of Undergraduate Studies and as Department Chair and currently directs the Economics Center for Teaching (EcoTeach) as well as Duke's Social Science Research Institute. In addition to his activities in the US, he has lectured internationally in Europe, Latin America and New Zealand.
Chapter 0: Foundational Preliminaries (web-based chapter) Chapter 1: Introduction PART 1: Utility-Maximizing Choice: Consumers, Workers and Savers Chapter 2: A Consumer's Economic Circumstances Chapter 3: Economic Circumstances in Labour and Financial Markets Chapter 4: Tastes and Indifference Curves Chapter 5: Different Types of Tastes Chapter 6: Doing the Best We Can Chapter 7: Income and Substitution Effects in Consumer Goods Markets Chapter 8: Wealth and Substitution Effects in Labour and Capital Markets Chapter 9: Demand for Goods and Supply of Labour and Capital Chapter 10: Consumer Surplus and Deadweight Loss PART 2: Profit-Maximizing Choice: Producers or Firms Chapter 11: One Input and One Output: A Short-Run Producer Model Chapter 12: Production with Multiple Inputs Chapter 13: Production Decisions in the Short and Long Run PART 3: Competitive Markets and the Invisible Hand Chapter 14: Competitive Market Equilibrium Chapter 15: The Invisible Hand and the First Welfare Theorem Chapter 16: General Equilibrium Chapter 17: Choice and Markets in the Presence of Risk PART 4: Distortions of the Invisible Hand in Competitive Markets Chapter 18: Elasticities, Price-Distorting Policies and Non-Price Rationing Chapter 19: Distortionary Taxes and Subsidies Chapter 20: Prices and Distortions across Markets Chapter 21: Externalities in Competitive Markets Chapter 22: Asymmetric Information in Competitive Markets PART 5: Distortions of the Invisible Hand from Strategic Decisions Chapter 23: Monopoly Chapter 24: Strategic Thinking and Game Theory Chapter 25: Oligopoly Chapter 26: Product Differentiation and Innovation in Markets Chapter 27: Public Goods Chapter 28: Governments and Politics PART 6: Considering How to Make the World a Better Place Chapter 29: What Is Good? Challenges from Psychology and Philosophy Chapter 30: Balancing Government, Civil Society, and Markets