The integration of real-world applications throughout this text gives students a practical perspective on microeconomic theory. Students are motivated and challenged by the use of core theory and the author's modern theories to analyze actual markets, and the author's clear, step-by-step approach to problem-solving helps them to better understand how microeconomic theory is used to solve economic problems and analyze policy issues. *NEW! 21 new Applications in the Second Edition spotlight such newsworthy recent issues as Internet taxes and baseball ticket- pricing strategies, and there are also 29 updated Applications. *NEW! The author has included several new, longer examples right in the text narrative, including analysis of Sony's pricing strategies for its robot dog Aibo. *NEW! There are a number of new end-of-chapter problems, many of them based on recent events. *The author presents the clearest coverage of basic theory in the first half of the book and provides a fully up-to-date, authoritative treatment of modern theories in many chapters in the second half. *The text has a wealth of real-world-based Applications, which use real people, real companies, and real data whereve
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allocation amount average cost curve average variable cost axis budget constraint budget line burritos capital Chapter competitive equilibrium competitive firm constant consumer surplus consumer theory Cournot deadweight loss demand curve determine earn economists elasticity of demand entry equals Equation equilibrium price equilibrium quantity extra factor falls Figure firm produces firm's fixed cost food stamps higher horizontal income effect income elasticity increase indifference curve inputs isocost isocost line isoquant less Lisa lower marginal cost marginal cost curve marginal product marginal rate marginal revenue market price market supply curve maximizes its profit million monopoly monopsony number of firms optimal bundle panel pizza pork price discrimination price of beer producer surplus product of labor production function production possibility frontier quantity demanded quantity supplied quota relatively returns to scale rises sell shift short-run shows specific tax sumers trade units of output utility welfare workers zero