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Principles of Microeconomics
First Edition| ©2020New Edition Available Betsey Stevenson; Justin Wolfers
Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. The authors p...
Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. The authors provide a fresh take on a wide range of principles topics and develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests. This text is available in Achieve, a new, integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class.
Prepare to be amazed... interactive graphing in the coming edition.
Learn more about Stevenson/Wolfers →
ISBN:9781319346300
This package includes Achieve and Loose-Leaf.
ISBN:9781319362775
This package includes Achieve and Paperback.

Broadly applicable. Extraordinarily useful. Refreshingly intuitive.
Betsey Stevenson and Justin Wolfers present a new synthesis of economic principles for a new generation of students. Their focus on useful economics employs compelling explanations and real-life examples to help students develop economic intuition and apply it to everyday decisions. The authors provide a fresh take on a wide range of principles topics and develop macroeconomics from its microfoundations in an engaging presentation that has drawn enthusiastic reviews from hundreds of instructors and thousands of students in pre-publication class-tests. This text is available in Achieve, a new, integrated online learning system that features powerful tools for each step of the Learning Path: pre-class, in-class, and post-class.
Features
Technology that offers the best value and price. Because students’ needs are changing, our most powerful learning option is also our most affordable. Achieve is a new digital solution that supports students and instructors at each stage in the learning path, from pre-class to in-class and post-class. It combines LearningCurve with an integrated e-Book, robust homework, an improved Graphing Player, and fully digital end-of-chapter problems including Work It Outs. Unique to Stevenson/Wolfers are Step-by-Step graphs that break complex graphs and other figures into their component parts to help students understand how graphs are built and Decision Points that move students step-by-step through decision-making scenarios, receiving feedback about how the economic principles did (or did not) play into their choices. And if print is important, a package with a loose-leaf copy of the text is only a few dollars more.
An intuitive decision-making framework based on four key principles is referenced throughout the text and guides students to make better choices in all aspects of their lives.
Unparalleled presentation of the basics. Dedicated, full chapters on supply, demand, and equilibrium walk students patiently through these topics and align with how most instructors already teach – by working through these foundational concepts over several lectures. This deliberate approach gives students a deeper understanding of the ideas behind the curves, and builds a strong foundation for success in later chapters.
A unique approach to topics that matter in the real world. Students will learn how businesses, workers, and ideas compete across a range of market structures, how microfoundations underpin macroeconomic theory, how modern economists use models to understand the business cycle, and the implications for macroeconomic policy decisions.
A flexible presentation of Business Cycle Models. To convey the understanding of macroeconomic fluctuations that’s used by policy makers, Stevenson and Wolfers offer a stylized version of the framework that the Federal Reserve uses to interpret the business cycle including the IS curve to explain spending decisions, MP curve to describe monetary policy, and Phillips curve to explain inflation. As an alternative, they also offers a full chapter on Aggregate Demand and Aggregate Supply giving instructors a range of options. A clear roadmap lays out options for these alternative pathways.
Applications that keep it real. Features and content help students develop an intuitive understanding of fundamental economic concepts while consistently demonstrating that students’ lives already involve—and will always involve—real economic decisions.
Everyday Economics. No widgets, no lemonade stands. The authors invite students to apply their economic toolkit to the sorts of situations they’ll face—from salary negotiations to the division of labor in their home.
Interpreting the Data. These brief features show students how to interpret real-world observations through an economic lens. The goal is to help students build muscle memory as they see how to use economic theory to transform data into insight.
Do the Economics. Embedded directly into the text narrative, these brief exercises confront students with real-life scenarios and challenge them to "do economics," by analyzing the underlying logic of each situation, and helping them work through the solutions.
Tools to Prepare and Engage Students. Features and study tools meet students where they are, giving them the information that they’ll need to master the material.
Useful navigational tools. To help students avoid getting lost in the economic woods, the text provides useful tools to help them see the road ahead: A clear graphic organizer for each part helps students see the big picture, chapter openers motivate the topic ahead and lay out the roadmap that follows, and learning objectives for every major heading.
Built-in Study Guide. Boldfaced, full-sentence text headings provide a useful preview while rereading enables students to review and check their understanding.
Tying it Together. End-of-chapter sections go beyond simple summaries by showing students how to synthesize new information with prior knowledge.
Chapter-at-a-Glance. Innovative, visual summaries offer a clear overview of the key topics in each chapter including essential graphs, providing useful guidance for study and review.
Practice the process of graphing. Economics graphs are not static objects for students to look at and memorize; students need to work through them. That’s why the text reimagines these graphs in a way that emphasizes this process. Step-by-step breakdowns crack open curves to show carefully formulated steps and add a time element in the online Achieve version, while unique casual graphs encourage students to embrace the process of graphing—to see themselves doodling in the margins—by sketching thumbnail graphs in the margin of the text.
New to This Edition
"The Stevenson/Wolfers textbook is as revolutionary as Greg Mankiw's first edition and definitely surpasses Mankiw's current edition. It will convince the students that microeconomics is fun and easy to learn."
— Debashis Pal, University of Cincinnati
"The quality of the writing is excellent and appealing."
— Robert McComb, Texas Tech University
"This is by far the best chapter on Externalities and Public Goods that I have seen in a Principles textbook…This is an outstanding chapter with a clear and insightful presentation backed up with excellent examples. I would expect that students will find the material interesting and the examples captivating... The S/W text is very well written and is full of very good examples. It goes a long way to accomplishing the goal of making economics a living, breathing subject. The in-depth analysis of each chapter is far superior to the text that I am currently using. It is the treatment of "economics as a verb" that appeals to me and is the way that I currently teach my class. The book discusses standard economic topics in a unique way and has excellent potential, based upon the chapters that I have reviewed."
— Richard Kirk, Georgia State University Perimeter College
"If you are looking for a text that is written primarily in a familiar way, directly reaching out to the student as in a conversation and incorporating a clear set of core principles outlining the "Economic Way of Thinking" to all aspects of the principles of micro- and macroeconomics, this might be the text for you. While the core principles are not new or unique, the authors are consistent in their use and enforce them throughout the book using relevant examples at the personal, business and political/governmental levels."
— Wendy Wasnich, Ashland University
"A chatty rollicking tale about economics. A good text which concentrates on narrative rather than math and graphs to apply economic analysis and concepts."
— Robert Sonora, Fort Lewis College
[Regarding the Supply, Demand, Equilibrium chapters] "I thought the treatment was very good and I particularly like the equilibrium chapter with the numerous examples and the inclusion of so many graphs. This is precisely what I find lacking in many other textbooks!...It is extremely easy to read and follow along. I found the examples to be very relevant to students and easy to understand."
— Audrey Kline, University of Louisville
"It provides a more practical on-the-ground view of macro than other textbooks. It's more up-to-date in terms of the economic issues facing the US economy and current thinking about how to approach them. The integration of learning objectives and foundations throughout the text is a good innovation."
— Susan Laury, Georgia State University
"I think the text is more personal and user-friendly than most economics texts today. It addresses some of the nagging questions that students have about hot topics and maintains the systematic approach using basic principles and easy-to-follow "three-step recipes" to explain challenging theoretical concepts. I also liked the "Check Yourself", "Learning Objectives" within the chapter, "Tying It Together" and the end-of-chapter "one page summaries". For graphing concepts, I found the extra explanation/flow chart on the derivation in the left-hand margins useful."
— Rita Madarassy, Santa Clara University
"The material is engaging and easy to read yet still rigorous enough to enable tremendous appeal, applicability and learning. Brings solid economic concepts down from the ivory tower that many other economic texts put them in."
— Timothy Sweeney, Metropolitan Community College
"These chapters have convinced me that figuring out the numbers is not so important as understanding the consequences of economic decisions."
— Shelley Tapp, Wayland Baptist University
"A bright and fresh take on the dismal science."
— Matthew Friedman, University of Wisconsin - Madison
"This book gives a thorough and insightful presentation of microeconomics foundation topics. There are many real-world applications throughout the text that are both explained and shown in economic modeling formats. The writing is also very clear and almost conversational, which will help to engage students in the material."
— Anastasia Smith, Pfeiffer University

Principles of Microeconomics
First Edition| ©2020
Betsey Stevenson; Justin Wolfers
Digital Options

Achieve
Achieve is a comprehensive set of interconnected teaching and assessment tools that incorporate the most effective elements from Macmillan Learning's market leading solutions in a single, easy-to-use platform.

Principles of Microeconomics
First Edition| 2020
Betsey Stevenson; Justin Wolfers
Table of Contents
Brief Contents
Preface
A Quick Review of Graphs
PART I: Foundations of Economics
Chapter 1: The Core Principles of Economics
Chapter 2: Demand: Thinking Like a Buyer
Chapter 3: Supply: Thinking Like a Seller
Chapter 4: Equilibrium: Where Supply Meets Demand
PART II: Analyzing Markets
Chapter 5: Elasticity: Measuring Responsiveness
Chapter 6: When Governments Intervene in Markets
Chapter 7: Welfare and Efficiency
Chapter 8: Gains from Trade
PART III: Applications and Policy Issues
Chapter 9: International Trade
Chapter 10: Externalities and Public Goods
Chapter 11: The Labor Market
Chapter 12: Wages, Workers, and Management
Chapter 13: Inequality, Social Insurance, and Redistribution
PART IV: Market Structure and Business Strategy
Chapter 14: Market Structure and Market Power
Chapter 15: Entry, Exit, and Long-Run Profitability
Chapter 16: Business Strategy
Chapter 17: Sophisticated Pricing Strategies
Chapter 18: Game Theory and Strategic Choices
PART V: Advanced Decisions
Chapter 19: Decisions Involving Uncertainty
Chapter 20: Decisions Involving Private Information
Glossary
Index

Principles of Microeconomics
First Edition| 2020
Betsey Stevenson; Justin Wolfers
Authors

Betsey Stevenson
Betsey Stevenson is a professor of economics and public policy at the University of Michigan. Her research focuses on the impact of public policies on the labor market, and explores women’s labor market experiences, the economic forces shaping the modern family, and the role of subjective well-being data for public policy. She serves on the Executive Committee of the American Economic Association, and is also a research associate with the National Bureau of Economic Research, a fellow of the Institute for Economic Research in Munich, a visiting associate professor of economics at the University of Sydney, and a research Fellow with the Centre for Economic Policy Research in London. She served as a member of the Council of Economic Advisers from 2013 to 2015, where she advised President Obama on social policy, labor market, and trade issues. She also served as the chief economist of the U.S. Department of Labor from 2010 to 2011. Betsey is an occasional editorialist for Bloomberg, and a trusted presence in the public debate about economics and public policy. She earned a BA in economics and mathematics from Wellesley College and an AM and PhD in economics from Harvard University.

Justin Wolfers
Justin Wolfers is a professor of economics and public policy at the University of Michigan. He does research in both macroeconomics and applied microeconomics topics, and has explored unemployment and inflation, the power of prediction markets, the economic forces shaping the modern family, discrimination, and happiness. He is a research associate with the National Bureau for Economic Research, a fellow of the Brookings Institution, a fellow of the Peterson Institute for International Economics, a research fellow with the Centre for Economic Policy Research in London, a fellow of the Institute for Economic Research in Munich, a visiting professor of economics at the University of Sydney, and an international research fellow at the Kiel Institute for the World Economy in Germany. He has been an editor of the Brookings Papers on Economic Activity, a board member on the Committee on the Status of Women in Economics, a member of the Panel of Advisors of the U.S. Congressional Budget Office, among many other board and advisory positions. He is currently a contributing columnist for the New York Times , and has written about economic issues in numerous other outlets. He is frequently quoted in the media on economic policy and relied upon to provide unbiased assessments of the current state of the macroeconomy. Justin earned a BA in economics from the University of Sydney and an AM and PhD in economics from Harvard University.

Principles of Microeconomics
First Edition| 2020
Betsey Stevenson; Justin Wolfers
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Betsey Stevenson; Justin Wolfers | First Edition | ©2020 | ISBN:9781319259372
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Principles of Microeconomics
First Edition| 2020
Betsey Stevenson; Justin Wolfers
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