Principles of Microeconomics 7th edition caters for a single semester introductory unit in Microeconomics. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors’ philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues, such as climate change and resource taxation.

* Discusses microeconomic reform throughout the chapters on firm behaviour and industrial organisation, rather than as a separate topic
* Teaches students about the differences between price and quantity competition in oligopoly, and makes the latest game-theoretic thinking on these issues accessible to introductory economics students
* ‘Frontiers of microeconomics’ chapter goes beyond standard microeconomics to examine cutting-edge issues such as the role of information, political economy and behavioural economics; all of which help explain more of what happens in the real world

This edition is supported with rich digital resources including MindTap, Aplia, and CourseMate, comprising flashcards, graphing workshops, games, quizzes, and videos as well as referring students to the online Search me! database.

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
18. Competition policy
Part 6: The economics of labour markets
19. The markets for the factors of production
20. Earnings, unions and discrimination
21. Income inequality and poverty
Part 7: Topics for further study
22. The theory of consumer choice
23. Frontiers of microeconomics

Principles of Microeconomics 7th edition caters for a single semester introductory unit in Microeconomics. The latest edition of this text continues to focus on important concepts and analyses necessary for students in an introductory economics course. In keeping with the authors’ philosophy of showing students the power of economic tools and the importance of economic ideas, this edition pays careful attention to regional and global policies and economic issues, such as climate change and resource taxation. * Discusses microeconomic reform throughout the chapters on firm behaviour and industrial organisation, rather than as a separate topic * Teaches students about the differences between price and quantity competition in oligopoly, and makes the latest game-theoretic thinking on these issues accessible to introductory economics students * ‘Frontiers of microeconomics’ chapter goes beyond standard microeconomics to examine cutting-edge issues such as the role of information, political economy and behavioural economics; all of which help explain more of what happens in the real world This edition is supported with rich digital resources including MindTap, Aplia, and CourseMate, comprising flashcards, graphing workshops, games, quizzes, and videos as well as referring students to the online Search me! database. Chapter 18 extensively updated as a result of a recently released policy document on Competition and Regulation New multiple choice questions to test student knowledge and comprehension Updated cases and economic data keeps the material current and relevant for your students *NEW* MINDTAP® PROVIDES THE MOST ADVANCED DIGITAL COURSE SOLUTION IN EDUCATIONAL PUBLISHING. The student-focused resources within MindTap® respond to the individualised needs of introductory students with a prescribed learning path. MindTap® gives you, the instructor, the flexibility to create the course you want using either publisher-provided material, your own material or third-party materials Aplia, developed by Paul Romer specifically for economics students, accompanies this text allowing students to practise, revise and see the bigger picture as they do homework and assignments Prominent economists with extensive undergraduate teaching experience have written a student-friendly text that explains clearly and explores contemporary issues. Applications and policy appear alongside formal economic theory ‘Ten Lessons from Economics’ are outlined in chapter 1 and are referred back to throughout the text to remind students that these lessons are the key to most economic analysis '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 End-of-chapter Summaries, Questions for Review as well as Problems and Applications to reinforce chapter content and encourage critical thinking