Microeconomics, 9th edition

Published by Pearson (December 22, 2023) © 2024

  • Glenn Hubbard Columbia University
  • Anthony Patrick O'Brien Lehigh University
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For 1-semester principles of microeconomics courses.

The relevance of economics, shown through real-world business examples

Microeconomics makes economic principles relevant by demonstrating how businesses, individuals and policymakers use them to make decisions every day. For instructors, it eases the challenge of conveying how these principles directly impact students’ lives.

The 9th Edition incorporates recent developments in US and world economies through new real-world business and policy examples. No matter their career path, whether they become artists, bankers, engineers or social workers, students will benefit from understanding and applying economic principles.

Hallmark features of this title

  • Real-world business examples and applications help students develop analytical skills.
  • Economics in Your Life & Career boxes ask students to consider questions related to their lives and careers, adding a personal dimension to the material.
  • Don’t Let This Happen to You boxes alert students to the most common pitfalls in the chapter.
  • Graphs and Summary Tables help students practice drawing, reading and interpreting graphs.
  • Solved Problems show students how to solve an economic problem by breaking it down step by step.

New and updated features of this title

  • UPDATED: Examples and policy discussions detail recent developments in US and world economies. These include the effects of the Covid-19 pandemic; decisions made by Congress, and the Trump and Biden administrations; and the possible role of AI in the labor market.
  • NEW: 17 Chapter-Opening Cases illustrate how the economic concepts presented in the text impact real-life businesses, such as Apple, NextEra Energy, X (formerly Twitter), Netflix, and ChatGPT startup OpenAI.
  • NEW: An Inside Look 2-page features (Ch. 1 to 4) use news articles to teach students how to apply economic thinking to current events and policy debates. All are new to this edition.
  • 19 NEW and UPDATED: Apply the Concepts features reinforce key concepts and help students interpret the news.
  • NEW and UPDATED: End-of-Chapter Questions, Problems and Critical-Thinking Exercises help students build skills in analyzing info and applying economic reasoning and logic to new or unfamiliar ideas and situations.
  • UPDATED: All figures and tables have been updated with the latest data available.

Features of MyLab Economics for the 9th Edition

  • Interactive Graphs allow students to manipulate graphs to see micro- and macroeconomic concepts come to life. They can change variables to see shifts in curves, movements along curves, and changes in equilibrium values.
  • Additional ideas and content to help enrich and augment your classroom are available on the authors’ blog at hubbardobrieneconomics.com and on X at x.com/o_economics.
  • In the Hubbard and O'Brien Economics Podcast, the authors share hyper-current updates on the economy. They also offer analysis, discussion points, and make connections to the text and classroom.
  • With assignable and auto-graded Podcast Exercises, students listen to the Hubbard/O'Brien podcast and then answer questions about the economic principles covered within. The content is hyper-current and based on updates in the economy.
  • Pearson eText with dynamic features include real-time data graph figures updated automatically using FRED™ data. This ensures students always see the most up-to-date graphs. Trending... boxes feature regularly updated real-world applications.
  • 40+ Solved Problem Videos are whiteboard-style videos that walk students step-by-step through problems and their solutions.

Features of Pearson+ eTextbook for the 9th Edition

  • UPDATED: Assignable Readings can now be created through the assignment manager which allows you to put the activity of reading into the student workflow.
  • Concept Check questions help students check their comprehension before moving on.
  • Interactive Models allow students to interact with economics models. Learners can play with variables using slides and watch the market return to equilibrium. A robust collection of interactive graphs exist for both micro and macro topics.
  • Real-Time Data Graphs are updated automatically using data from FRED to ensure students always see the most up-to-date information.
  • Trending... boxes offer coverage of current events and trending topics in the summary section of each chapter. Updated as frequently as every 6 months by the author, these provide the latest, most relevant content so students can see economic concepts in the world around them.

PART 1: INTRODUCTION

  1. Economics: Foundations and Models
    • Appendix: Using Graphs and Formulas
  2. Trade-offs, Comparative Advantage, and the Market System
  3. Where Prices Come From: The Interaction of Demand and Supply
  4. Economic Efficiency, Government Price Setting, and Taxes
    • Appendix: Quantitative Demand and Supply Analysis

PART 2: MARKETS IN ACTION: POLICY AND APPLICATIONS

  1. Externalities, Environmental Policy, and Public Goods
  2. Elasticity: The Responsiveness of Demand and Supply
  3. The Economics of Health Care

PART 3: FIRMS IN THE DOMESTIC AND INTERNATIONAL ECONOMIES

  1. Firms, the Stock Market, and Corporate Governance
    • Appendix: Present Value
    • Online Appendix: Tools to Analyze Firms’ Financial Information
  2. Comparative Advantage and the Gains from International Trade

PART 4: MICROECONOMIC FOUNDATIONS: CONSUMERS AND FIRMS

  1. Consumer Choice and Behavioral Economics
    • Appendix: Using Indifference Curves and Budget Lines to Understand Consumer Behavior
  2. Technology, Production, and Costs
    • Online Appendix: Using Isoquants and Isocost Lines to Understand Production and Cost

PART 5: MARKET STRUCTURE AND FIRM STRATEGY

  1. Firms in Perfectly Competitive Markets
  2. Monopolistic Competition: The Competitive Model in a More Realistic Setting
  3. Oligopoly: Firms in Less Competitive Markets
  4. Monopoly and Antitrust Policy

PART 6: LABOR MARKETS, PUBLIC CHOICE, AND THE DISTRIBUTION OF INCOME

  1. The Markets for Labor and Other Factors of Production
  2. Public Choice, Taxes, and the Distribution of Income

About our authors

Glenn Hubbard, policymaker, professor and researcher. Glenn Hubbard is dean emeritus and Russell L. Carson Professor of Finance and Economics in the Graduate School of Business at Columbia University and professor of economics in Columbia’s Faculty of Arts and Sciences. He is also a research associate of the National Bureau of Economic Research and a director of Black Rock Fixed-Income Funds, MetLife, and Total Energies. He received a PhD in economics from Harvard University in 1983. From 2001 to 2003, he served as chair of the White House Council of Economic Advisers and chair of the OECD Economic Policy Committee, and from 1991 to 1993, he was deputy assistant secretary of the US Treasury Department. He currently serves as co-chair of the nonpartisan Committee on Capital Markets Regulation. Hubbard’s fields of specialization are public economics, financial markets and institutions, corporate finance, macroeconomics, industrial organization, and public policy. He is the author of more than 100 articles in leading journals, including American Economic Review, Brookings Papers on Economic Activity, Journal of Finance, Journal of Financial Economics, Journal of Money, Credit, and Banking, Journal of Political Economy, Journal of Public Economics, Quarterly Journal of Economics, RAND Journal of Economics, and Review of Economics and Statistics. His research has been supported by grants from the National Science Foundation, the National Bureau of Economic Research, and numerous private foundations.

Tony O’Brien, award-winning professor and researcher. Anthony Patrick O’Brien is a professor of economics at Lehigh University. He received a PhD from the University of California, Berkeley, in 1987. He has taught principles of economics for more than 20 years, in both large sections and small honors classes. He received the Lehigh University Award for Distinguished Teaching. He was formerly the director of the Diamond Center for Economic Education and was named a Dana Foundation Faculty Fellow and Lehigh Class of 1961 Professor of Economics. He has been a visiting professor at the University of California, Santa Barbara, and the Graduate School of Industrial Administration at Carnegie Mellon University. O’Brien’s research has dealt with issues such as the evolution of the US automobile industry, the sources of US economic competitiveness, the development of US trade policy, the causes of the Great Depression, and the causes of black–white income differences. His research has been published in leading journals, including American Economic Review, Quarterly Journal of Economics, Journal of Money, Credit, and Banking, Industrial Relations, Journal of Economic History, and Explorations in Economic History. His research has been supported by grants from government agencies and private foundations.

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