Microeconomics Principles and Practice is a top-tier, academically challenging text that complements Cengage’s suite of Economics titles. Cengage Australia’s second edition of Microeconomics Principles and Practice sees Frost and Schuwalow adapt Taylor’s revised reflections on the global financial crisis and how businesses are recovering. Examples of current events from Australia, New Zealand and the Asia-Pacific region help explain how discussions on the role of the government can affect the economy. Microeconomics Principles and Practice is concerned with concepts and understanding, which sets it apart from competitor texts.

Part 1 – Introduction to Economics
1. The methods and ideas of microeconomics
Appendix to Chapter 1: Diagrammatic Representation of Functional Relationships
2. Scarcity, choice and economic interaction

Part 2 – How markets work
3. Supply and demand model
4. Elasticity
5. The consumer
6. The firm and the industry

Part 3 – Market Structures
7. The competitive market
8. Monopoly
9. Strategic behaviour

Part 4 – Global Markets and externalities
10. International trade
11. Public goods, common resources & externalities

Glossary
Index

Microeconomics Principles and Practice is a top-tier, academically challenging text that complements Cengage’s suite of Economics titles. Cengage Australia’s second edition of Microeconomics Principles and Practice sees Frost and Schuwalow adapt Taylor’s revised reflections on the global financial crisis and how businesses are recovering. Examples of current events from Australia, New Zealand and the Asia-Pacific region help explain how discussions on the role of the government can affect the economy. Microeconomics Principles and Practice is concerned with concepts and understanding, which sets it apart from competitor texts. NEW number of chapters has been reduced from 14 chapters to 11, keeping the content concise and relevant. NEW streamlined chapter 6, ‘The Firm and Industry’ includes coverage of the supply curve as well costs of production. NEW streamlined Chapter 9, ‘Strategic behaviour’, examines oligopoly and monopolistic competition Content pertaining to ‘Labour Markets’ is now distributed throughout the book (previously Chapter 13) Bold key terms with margin definitions for immediate clarification of microeconomics terminology Margin notes highlights tips, reminders, key points and a reminder to log in to relevant online resources to help students Review boxes appear at the end of each major section to summarise the key points in abbreviated form as the chapter evolves; these are useful for preliminary skim reading as well as for review. ‘Economics in action’ boxes examine current issues and debates, and also give examples of recent news stories relating to economic concepts. ‘Drilling Deeper’ box provides a closer look at key questions and issues in macroeconomics.