Business professionals that struggle to understand key concepts in economics and how they are applied in the field rely on Microeconomics. The 5th edition makes the material accessible while helping them build their problem-solving skills. It includes numerous new practice problems and exercises that arm them with a deeper understanding. Learning by Doing exercises explore the theories while boosting overall math skills. Graphs are included throughout the mathematical discussions to reinforce the material. In addition, the balanced approach of rigorous economics gives business professionals a more practical resource.

DAVID BESANKO is the Alvin J. Huss Distinguished Professor of Management and Strategy at the Kellogg School of Management at Northwestern University. He received his AB in Political Science from Ohio University in 1977, his MS in Managerial Economics and Decision Sciences from Northwestern University in 1982. Before joining the Kellogg faculty in 1991, Professor Besanko was a member of the faculty of the School of Business at Indiana University from 1982 to 1991. In addition, in 1985, he held a post-doctorate position on the Economics Staff at Bell Communications Research. Professor Besanko teaches courses in the fields of Management and Strategy, Competitive Strategy, and Managerial Economics. In 1995, the graduating class at Kellogg awarded Professor Besanko the L.G. Lavengood Professor of the Year, the highest teaching honor a faculty member at Kellogg can receive.

RONALD R. BRAEUTIGAM is the Harvey Kapnick Professor of Business Institutions in the Department of Economics at Northwestern University. He is Associate Dean for Undergraduate Studies in the Weinberg College of Arts and Sciences. He received a BS in Petroleum Engineering from the University of Tulsa in 1970 and then attended Stanford University and the California Institute of Technology, and he has also held an appointment as a Senior Research Fellow at the Wissenschaftszentrum Berlin (Science Center Berlin). He has also worked in both government and industry, beginning his career as a petroleum engineer with Standard Oil of Indiana (now BP), serving as research economist in The White House office of Telecommunications Policy, and as an economic consultant to Congress, many government agencies and private firms on matters of pricing, costing, managerial strategy, antitrust, and regulation.

PART ONE: ECONOMICS: THE SCIENCE OF SCARCITY.

1. What Economics is About. Appendix A: Working with Diagrams.

2. Trade, Tradeoffs, and Economics Systems.

3. Supply, Demand, and Price: The Theory.

4. Applications of Supply and Demand: Explaining and Predicting Market and Nonmarket Behavior.

MICROECONOMICS.

PART TWO: MICROECONOMIC FUNDAMENTALS.

5. Elasticity.

6. The Logic of Consumer Choice.

Appendix B: Budget Constraint and Indifference Curve Analysis.

7. The Firm.

8. Production and Costs.

PART THREE: PRODUCT MARKETS AND POLICIES.

9. Perfect Competition.

10. Monopoly.

11. Monopolistic Competition and Oligopoly.

12. Government and Product Markets: Antitrust and Regulation.

13. Agriculture: Farmers' Problems, Government Policies, and Unintended Effects.

PART FOUR: FACTOR MARKETS AND RELATED ISSUES.

14. Factor Markets: With Emphasis on the Labor Market.

15. Wages, Unions, and Labor.

16. The Distribution of Income and Poverty.

17. Interest, Rent, and Profit.

PART FIVE: MARKET FAILURE AND PUBLIC CHOICE.

18. Market Failure: Externalities, Public Goods, and Asymmetric Information.

19. Public Choice: Economic Theory Applied to Politics. THE WORLD ECONOMY.

PART SIX: INTERNATIONAL ECONOMICS: THEORY AND POLICY.

20. International Trade.

21. International Finance.

22. International Economic Development.