Microeconomics and Behaviour, 3rd Edition
Robert Frank and Edward Cartwright
ISBN: 9781526847843
Microeconomics and Behaviour, third edition, is an accessible, yet intellectually challenging and engaging textbook for students. It develops core analytical and technical tools and embeds them in a collection of real-world examples and applications to illuminate the power and versatility of the economic way of thinking.
With this approach, students develop economic intuition and are stimulated to think more deeply about the technical tools they learn, and to find more interesting ways to apply them. This enables students to not just understand microeconomics, but to think like economists themselves, and to develop a lasting interest in the discipline.
Unique Selling Points
Up-to-date content
Microeconomics and Behaviour prepares students for its end-of-chapter problems by taking them through a sequence of carefully crafted examples and exercises within each chapter.
Because most of these examples and exercises are drawn from familiar contexts, and because students engage more readily with the concrete than with the abstract, this approach has proven effectiveness.
Economic Naturalists
Economic Naturalist examples that show how economic principles can be used to explain experiences and observations of everyday life.
New examples include:
- “Why do firms benefit from the gig economy?”
- “Why is self-checkout becoming the norm in shops?”
- “Why do online retailers have flagship stores?”
Chapter Problems and Summaries
- The chapter introductions and summaries are another innovative feature of Microeconomics and Behaviour, with most chapters starting with an anecdote that poses a problem or question that the material developed in the chapter will enable the student to answer.
- The chapter summaries are written in a narrative form that carefully synthesizes the material covered in the chapters.
- Each chapter concludes with a selection of problems that range in difficulty from routine to highly challenging and have all been class-tested to assure their accuracy and effectiveness in helping students master the most important concepts in the chapters.
| Part 1: Introduction | Part 3: The Theory of the Firm and Market Structure Economics |
| 1. Thinking Like an Economist |
10. Production |
| 2. Supply and Demand |
11. Costs |
| 3. Game Theory |
12. Perfect Competition |
| Part 2: The Theory fo Consumer Behaviour |
13. Monopoly |
| 4. Rational Consumer Choice |
14. Imperfect Competition |
| 5. Individual and Market Demand |
Part 4: Factor Markets |
| 6. Applications of Rational Choice and Demand Theories |
15. Labour |
| 7. Choice under Uncertainty and the Economics of Information | 16. Capital |
| 8. Explaining Tastes: The Importance of Altruism and Other Non-Egoistic Behaviour |
Part 5: Externalities, Public Goods and Welfare |
| 9. Cognitive Limitations and Consumer Behaviour |
17. General Equilibrium and Market Efficiency |
| 18. Externalities, Property Rights and the Coase Theorem | |
| 19. Government |
Key changes in response to development reviews:
- NEW sections on Economics, Technology, Environment and Legal
- UPDATED case studies in a range of topics such as Amazon, Apple’s Share price and more Segments on Revenues and Cost Monopoly as well as a short section on Social function of profits
- Detailed updates on various mergers e.g. Disney/Comcast and 21st Century Fox as well a Sainsburys and Asda
- NEW unit on the Happiness Index discussing GDP growth to determine average happiness levels in a population
- ADDED sections that discuss Cryptocurrencies, Ledgers and Blockchain and the impact of Crypto currencies
Click here to view a sample chapter
About the authors
Robert Frank
Robert Frank is the Henrietta Johnson Louis Professor of Management, a Professor of Economics at the Johnson Graduate School of Management at Cornell University and a Distinguished Senior Fellow at Demos. For more than a decade his ‘Economic View’ column appeared monthly in the New York Times.
Edward Cartwright
Edward Cartwright is a Professor of Economics in the Department of Strategic Management and Marketing at De Monfort University. He has extensive experience of teaching microeconomics, public economics and game theory and a particular passion for interactive classroom experiments.
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Real-time assessments help accelerate learning and drive continuous progression. This is proven to help drive up retention rates, boost grades and improve the overall learning experience for students and educators.
Connect’s integrated, adaptive SmartBook maximises learning by helping students study more efficiently, highlighting where in the chapter to focus, asking review questions, and pointing them to additional resources until they master the content.
The Connect Application-Based Activities (ABAs) provide students valuable practice using problem solving skills to apply their knowledge to realistic scenarios. Students’ progress from understanding basic concepts to using their knowledge to analyse complex scenarios and solve problems.
As a learning science company, we created these Application-Based Activities to help students develop their higher order thinking skills aligned with Bloom’s Taxonomy. By assigning these activities, you can help students move from simple memorization to concept application.
| 1. Basics of Money | 2. Demand and Supply |
| 3. Econ Production and Cost | 4. Externalities |
| 5. Fiscal Policy and Multipliers | 6. Government Intervention |
| 7. International Trade | 8. Labour Market Indicators and Unemployment |
| 9. Oligopoly | 10. Opportunity, Cost, Specialization and Trade |
| 11. Perfect Competition | 12. Price Discrimination |
| 13. Prisoner's Dilemma | 14. Real and Nominal GDP |
| 15. Reserves and Monetary Policy | 16. Savings and Lending Versions |
| 17. Types of Elasticity |
New interactive graphs within Connect® help students see the relevance of the subject matter by providing visual displays of real data for students to manipulate. All graphs are accompanied by assignable assessment questions and feedback to guide students through the experience of learning to read and interpret graphs and data.
Over 30 interactive graphs available, a few of which are Comparative Advantage, Consumer Price Index, The Consumer Price Index and Inflation, Diminishing Marginal Productivity and Diminishing Marginal Utility.
| 1. Comparative Advantage | 2. Consumer Price Index |
| 3. Consumer Price Index and Inflation | 4. Diminishing Marginal Productivity |
| 5. Diminishing Marginal Utility | 6. Economic Data |
| 7. Elasticity and Revenue | 8. Exchange Rates |
| 9. GDP Deflator |
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