Microeconomics Theory and Policy (Third Edition) provides a fresh and innovative approach to microeconomics. This analysis and policy oriented text uses real-life examples to develop the basic microeconomic model step by step. Designed for students taking their first economics course, this text presents microeconomics using simple language, without sacrificing rigor. Students will learn how to conduct microeconomic analysis, rather than simply bombarding them with massive amounts of disparate facts and figures. Each chapter begins with an introduction and review of the background materials that students will need to understand the discussions within the chapter. Chapter summaries and exercises are also provided throughout the text.

After reading Microeconomics: Theory and Policy (Third Edition), students will be able to:



Apply microeconomic concepts to different situations in everyday life.
Tell whether a particular situation is economically inefficient and, if so, whether a government policy might be justified.
Identify some of the problems that exist in the democratic political processes, and why even democracies may produce economically inefficient outcomes.