Microeconomics: theory and applications with calculus

Microeconomics: Theory and Applications with Calculus, 5th Edition, Global Edition remains the premiere microeconomics text to marry formal theory with robust, thoroughly analysed real-world problems. Intended as an intermediate microeconomics text, Perloff introduces economic theory through a combination of calculus, algebra, and graphs. It then integrates estimated, real-life problems and applications, using a step-by-step approach to demonstrate how microeconomic theory can be applied to solve practical problems and policy issues. Compared with similar texts, the author places greater emphasis on using contemporary theories to analyse markets, so students are prepared to apply economic theory to the latest policy analysis in the field. New to this edition Solved Problems provide students with a step-by-step model for working out qualitative and quantitative problems using algebra and calculus. Students get the opportunity to practice the method modeled in a series of related exercises at the end of each chapter (744 exercises in total). Challenges combine an Application and a Solved Problem. Each chapter (excluding Chapter 1) begins with a Challenge, which discusses a real-world issue, and concludes with one or more questions based on that discussion. At the end of the chapter, a Challenge Solution answers these questions. Real-World Examples use real people, companies, and data to illustrate basic microeconomic theory and provide students with a practical perspective that showcases the versatility of modern microeconomics. Extensive coverage of problems from resource economics, labour economics, international trade, public finance, and industrial organisation analysed using contemporary theories is included. What-If Policy Analysis sections use microeconomic models to probe the likely outcomes of changes in public policies. Students learn how to conduct what-if analyses of policies such as taxes, subsidies, barriers to entry, price floors and ceilings, quotas and tariffs, zoning, pollution controls, and licensing laws. The text analyses the effects of taxes on virtually every type of market, as well as the limitations of applying economic theory to policy analysis.