Microeconomics

The Ninth Edition of Microeconomics is substantially updated and modified based on the extremely helpful suggestions of faculty and students who used the first eight editions. The main changes in this edition are:

■■ Every chapter has been extensively rewritten to make it easier to read.

■■ Most of the Challenges and Applications throughout the book are updated or new.

■■ The book has several new and revised Solved Problems.

■■ Many of the end-of-chapter questions are new, updated, or revised.

■■ All chapters are revised and contain new and updated material.

■■ This edition has five new features: Common Confusion, Spreadsheet Exercises, Thinking Critically About a Current Event, Interactive Figures, and Review Questions. (The latter three appear only in the eText.)

(And, possibly most importantly, the book has nearly one-third more cartoons than

the previous edition.)

Applications

The Ninth Edition has 142 Challenges and Applications, 9 more than in the previous edition. Of these, 30% are new, and 54% are updated, so 84% are new or updated. The vast majority of the Applications cover events in the past two years, a few address historical events, and a handful examine timeless material. To make room for the new Applications, we moved 16 older Applications from the Eighth Edition to MyLab Economics.

Table of Contents

Chapter 1. Introduction

Chapter 2. Supply and Demand

Chapter 3. Applying the Supply-and-Demand Model

Chapter 4. Consumer Choice

Chapter 5. Applying Consumer Theory

Chapter 6. Firms and Production

Chapter 7. Costs

Chapter 8. Competitive Firms and Markets

Chapter 9. Applying the Competitive Model

Chapter 10. General Equilibrium and Economic Welfare

Chapter 11. Monopoly

Chapter 12. Pricing and Advertising

Chapter 13. Oligopoly and Monopolistic Competition

Chapter 14. Game Theory

Chapter 15. Factor Markets

Chapter 16. Interest Rates, Investments, and Capital Markets

Chapter 17. Uncertainty

Chapter 18. Externalities, Open-Access, and Public Goods

Chapter 19. Asymmetric Information

Chapter 20. Contracts and Moral Hazards

Chapter Appendixes

Answers to Selected Questions and Problems

Sources for Challenges and Applications

About the Author

Jeffrey M. Perloff is a well-known economist and educator, recognized for his work in industrial organization and microeconomics. Here’s a concise overview of his professional profile and contributions.

Key Roles and Background

• Academic economist with a focus on microeconomics, industrial organization, and price theory.
• Educational background: He holds advanced degrees in economics (typically a Ph.D.). Specific institutions and years may vary by source.

Academic positions:

• Longstanding association with the University of California, Berkeley as a professor of economics.
• He has had affiliations with other universities and research centers over his career.
• Research areas:
• Industrial organization
• Price theory and game theory
• Empirical microeconomics
• Market structure, competition, and pricing strategies