Exploring Microeconomics

by Robert L. Sexton

Overview

The excitement of learning economics for the first time. 
The experience of a lifetime of teaching it.

The Eighth Edition of Exploring Microeconomics captures the excitement of learning microeconomics for the first time through a lively and encouraging narrative that connects microeconomics to the world in a way that is familiar to students. Author Robert L. Sexton draws on over 25 years of teaching experience to capture students’ attention, focusing on core concepts and expertly weaving in examples from current events and popular culture to make even classic economic principles modern and relatable. The text sticks to the basics and applies a thoughtful learning design, segmenting its presentation into brief, visually appealing, self-contained sections that are easier for students to digest and retain compared to sprawling text.

Thoughtfully placed section quizzes, interactive summaries, and problem sets help students check their comprehension at regular intervals and develop the critical thinking skills that will allow them to "think like economists." Combined with a complete teaching and learning package, Exploring Microeconomics is sure to help you ignite your students’ passion for the field and reveal its practical application in the world around them.

Product Details

ISBN-13:	9781544339436
Publisher:	SAGE Publications
Publication date:	12/10/2018
Sold by:	Barnes & Noble
Format:	eBook
Pages:	616
File size:	174 MB
Note:	This product may take a few minutes to download.

About the Author

Robert L. Sexton is Distinguished Professor of Economics at Pepperdine University. Professor Sexton has also been a Visiting Professor at the University of California at Los Angeles in the Anderson Graduate School of Management and the Department of Economics. Professor Sexton’s research ranges across many fields of economics: economics education, labor economics, environmental economics, law and economics, and economic history. He has written over twenty textbooks and has published numerous scholarly articles, many in top economic journals such as The American Economic Review, Southern Economic Journal, Economics Letters, Journal of Urban Economics, and The Journal of Economic Education. He has also written more than 100 other articles that have appeared in books, magazines, and newspapers.

Professor Sexton received the Pepperdine Professor of the Year Award in 1991, a Harriet and Charles Luckman Teaching Fellow in 1994, Tyler Professor of the Year in 1997, the Howard A. White Award for Teaching Excellence in 2011, and a Career Achievement Award from California Lutheran University in 1994.

 
 

Table of Contents

Part I: Introduction
Chapter 1: The Role and Method of Economics
1.1 Economics: A Brief Introduction
1.2 Economic Behavior
1.3 Economic Theory and Models
1.4 Pitfalls to Avoid in Scientific Thinking
1.5 Positive Statements and Normative Statements
Chapter 2: Economics: Eight Powerful Ideas
2.1 Idea 1: People Face Scarcity and Costly Trade-Offs
2.2 Idea 2: People Engage in Rational Decision Making and Marginal Thinking
2.3 Idea 3: People Respond Predictably to Changes in Incentives
2.4 Idea 4: Specialization and Trade Can Make People Better Off
2.5 Idea 5: Markets Can Improve Economic Efficiency
2.6 Idea 6: Appropriate Government Policies Can Improve Market Outcomes
2.7 Idea 7: Government Policies May Help Stabilize the Economy
2.8 Idea 8: Increasing Productivity Leads to Economic Growth
Chapter 3: Scarcity, Trade-Offs, and Production Possibilities
3.1 The Three Economic Questions Every Society Faces
3.2 The Circular Flow Model
3.3 The Production Possibilities Curve
3.4 Economic Growth and the Production Possibilities Curve
Part II: Supply and Demand
Chapter 4: Demand, Supply, and Market Equilibrium
4.1 Markets
4.2 Demand
4.3 Shifts in the Demand Curve
4.4 Supply
4.5 Shifts in the Supply Curve
4.6 Market Equilibrium Price and Quantity
Chapter 5: Markets in Motion and Price Controls
5.1 Changes in Market Equilibrium
5.2 Price Controls
Chapter 6: Elasticities
6.1 Price Elasticity of Demand
6.2 Total Revenue and the Price Elasticity of Demand
6.3 Other Types of Demand Elasticities
6.4 Price Elasticity of Supply
Part III: Market Efficiency, Market Failure, and the Public System
Chapter 7: Market Efficiency and Welfare
7.1 Consumer Surplus and Producer Surplus
7.2 The Welfare Effects of Taxes, Subsidies, and Price Controls
Chapter 8: Market Failure
8.1 Externalities
8.2 Public Policy and the Environment
8.3 Property Rights and the Environment
8.4 Public Goods
8.5 Asymmetric Information
Chapter 9: Public Finance and Public Choice
9.1 Public Finance: Government Spending and Taxation
9.2 Public Choice
Part IV: Households and Market Structure
Chapter 10: Consumer Choice Theory
10.1 Consumer Behavior
10.2 The Consumer′s Choice
10.3 Behavioral Economics
Chapter 11: The Firm: Production and Costs
11.1 Firms and Profts: Total Revenues Minus Total Costs
11.2 Production in the Short Run
11.3 Costs in the Short Run
11.4 The Shape of the Short-Run Cost Curves
11.5 Cost-Curves: Short Run versus Lung Run
Chapter 12: Firms in Perfectly Competitive Markets
12.1 A Perfectly Competitive Market
12.2 An Individual Price Taker′s Demand Curve
12.3 Profit Maximization
12.4 Short-Run Profits and Losses
12.5 Long-Run Equilibrium
12.6 Long-Run Supply
Chapter 13: Monopoly and Antitrust
13.1 Monopoly: The Price Maker
13.2 Demand and Marginal Revenue in Monopoly
13.3 The Monopolist′s Equilibrium
13.4 Monopoly and Welfare Loss
13.5 Monopoly Policy
13.6 Price Discrimination and Peak Load Pricing
Chapter 14: Monopolistic Competition and Product Differentiation
14.1 Monopolistic Competition
14.2 Price and Output Determination in Monopolistic Competition
14.3 Monopolistic Competition versus Perfect Competition
14.4 Advertising
Chapter 15: Oligopoly and Strategic Behavior
15.1 Oligopoly
15.2 Collusion and Cartels
15.3 Other Oligopoly Models
15.4 Game Theory and Strategic Behavior
Part V: Input Markets and Microeconomic Policy Issues
Chapter 16: The Markets for Labor, Capital, and Land
16.1 Input Markets
16.2 Supply and Demand in the Labor Market
16.3 Labor Market Equilibrium
16.4 Labor Unions
16.5 The Markets for Land and Capital
Chapter 17: Income, Poverty, and Health Care
17.1 Income Distribution
17.2 Income Redistribution
17.3 The Economics of Discrimination
17.4 Poverty
17.5 Health Care
Part VI: The Global Economy
Chapter 18: International Trade
18.1 The Growth in World Trade
18.2 Comparative Advantage and Gains from Trade
18.3 Supply and Demand in International Trade
18.4 Tariffs, Import Quotas, and Subsidies
Chapter 19: International Finance
19.1 The Balance of Payments
19.2 Exchange Rates
19.3 Equilibrium Changes in the Foreign Exchange Market
19.4 Flexible Exchange Rates

Editorial Reviews

"The readability of the Sexton text was its most striking feature and was the main reason my department adopted the text."

From the Publisher