background in diverse contributors and their impacts on economic thought and analysis.

Coverage and scope

In response to faculty feedback and to ease transition to a new edition, Principles of Microeconomics 3e

retains the organization of the previous editions. The book covers the breadth of economics topics and also

provides the necessary depth to ensure the course is manageable for instructors and students alike. We strove

to balance theory and application, as well as the amount of calculation and mathematical examples.

The book is organized into five main parts:

• What is Economics? The first two chapters introduce students to the study of economics with a focus on

making choices in a world of scarce resources.

• Supply and Demand, Chapters 3 and 4, introduces and explains the first analytical model in

economics–supply, demand, and equilibrium–before showing applications in the markets for labor and

finance.
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