Microeconomics [with MyEconLab Access Code]

by Robert S. Pindyck, Daniel L. Rubinfeld

For undergraduate and graduate economics majors who are enrolled in an Intermediate Microeconomics course. A book that provides a treatment of microeconomic theory that stresses the relevance and application to managerial and public policy decision making.

Genres: Economics, Nonfiction, Business, Textbooks, School, Academic, Reference

736 pages, Hardcover

First published January 1, 2005

Reviews

[Robert · Rating 5 out of 5]

A textbook and a classic in its seventh edition. Quite comprehensive and readable. My favourite was chapter 15.7 - "Investments in human capital". I'm from Austria, and here it isn't common knowledge that you have to invest time and money into getting an education, and that this human capital has to pay off. We also lack the understanding, that a degree is essentially a mean of communication for communicating quality to the employer. This textbook covers both points.
The last two chapter, "17. Markets with Asymmetric Information" and "18. Externalities and Public Goods", supported my understanding of markets in an excellent way. I found it useful that there's a Study Guide too.

[Flor Márquez · Rating 3 out of 5]

¿Quién dijo que los libros que leo para la facultad no cuentan en el challenge del año?

[Truls Ljungström · Rating 4 out of 5]

Det är nyttigt att läsa om gamla skolböcker, framförallt i kurser man misslyckades med. Man förstår mer när man läser dem igen, och även om det tar brutalt lång tid, så får man ut något. Skillnaden nu är att jag förstår mer av matten. Oavsett är det skönt att lägga boken på hyllan igen - för en person som läste nationalekonomi på fritiden som tonåring, var universitetsundervisningen svårslagen i att få mig övertygad om att jag varken var intresserad eller förstod ämnet. Nå, det var uppsala det.

Det är skönt att återerövra, om än i liten skala, fascinationen för ekonomiska system.

[Tiago Vinagre · Rating 4 out of 5]

This book helped me understand some microeconomics concepts that were very superficially explained in the other book recommended for the course. I think it's a perfect book for students in courses of an intermediate level, for it goes a little deeper in the analyses of the themes than the books for initial levels, but not as deep as a master degree would require. The examples and the graphics are very helpful, making the understanding of the topics much easier. Still, it doesn't explore the calculus part as much as it should.

[Daniela · Rating 5 out of 5]

Definitivamente, ha marcado mi vida 😂 de buena y mala manera, pero ahí fue 🙌🏻

[maria]

nunca había leído un libro completo para la facultad por dios, claramente va a entrar acá ;)

[Danel Homméus · Rating 5 out of 5]

As a review of this book, Macroeconomics, third Edition (Krugman and Wells), I will overview the intro and the first chapter.

a) The invisible hand, my benefit your cost, good and bad times
b) And some of the principles that underlie individual choices (principle 1 and principle, how economies work (principle 5 and principle 9), and finally economy-wide interaction (principle 10 and principle 12).

Invisible hand
The invisible hand refers to the way in which the individual pursuit of self-interest can lead to good results for society as a whole. This concept was appearing for the first time in a famous passage in the book (The Wealth of Nations) of one of the pioneers of economics, the Scottish Adam Smith.
The pursuit of this self-interest also implied either in the production, the distribution or the consumption of goods and services, and the study of this whole activity is what are called economics.

The first chapter is also about principles; which are the core of economics and underlie individual choice; such as:

Principle 1: people must make choice because resources are scarce.
There are at least two factors that constrain people to not have all they want: the limited time and income. Even though someone may have the necessary money to purchase all he/she wants, but the fact is there’s not enough time to use or enjoy all of them. So people need to make choices.

Principle 2: the opportunity cost of an item-what you must give up in order to get it-is its true cost.

Resources are limited, a choice has to be made about what goods or services to have or not. By making a choice, certainly they have any other goods and services that would be left out, and this is the price to pay for the one you opt for. In economics, this term (the opportunity cost) refers to what you must give up when making a choice.

Principle 3: “How much” decisions require making trade-offs at the margin: comparing the costs and benefits of doing a little bit more of an activity versus doing a little bit less. (“How much” is a decision at the margin)

Principle 4: People usually respond to incentive, exploiting opportunities to make them better off. As people tend to make choices in each of the situation that presents to them, so incentive would be a key element to encourage and prompt people in making a specific choice rather than another one.

The invisible hand and the twelve principles, respectively, for the introduction and the first chapter is the basis to dive into the rest of the book, but also the necessary key element in order to have a better understanding of economics in general.

[Lenni Jones · Rating 4 out of 5]

As far as textbooks go, this one wasn’t terrible. I actually quite enjoyed learning microeconomics this semester, and this textbook did a great job at explaining all the concepts. I really appreciated the abundance of real-world problems that enabled me to truly understand what I was reading through relevant examples. This edition was so up to date that it included the COVID-19 pandemic, which was greatly appreciated as a teaching mechanism.

The only place this book lost a star is because the author called Justin Bieber “the Biebs” and I hated that so much 😭.

Anyway, if you’re taking a microeconomics course and are unsure you’re actually going to read the textbook, I recommend doing the readings, as they are incredibly informative. And if you’re planning to teach a microeconomics course, from the student POV, this is a decent text to do so.

[Jessica · Rating 2 out of 5]

This book was so well written and helpful that I stopped going to lecture because the book provided me with all of the information I needed in an easily understandable format.

[per.pri · Rating 3 out of 5]

Not for fun...

[Tiffany · Rating 2 out of 5]

Very disappointing. I was hoping for an interesting study, and got anecdotes. And I hated her self-important tone.

[Ivy · Rating 5 out of 5]

Had to read for my microeconomics class. Very interesting.

[Abiodun Olomofe]

I want to read

[Kikynov]

.

[Benard · Rating 5 out of 5]

the book is all about involvement between the government and the house hold behavior,which generates to individual daily life of the consumer.

[Infractuss · Rating 1 out of 5]

University of Toronto sits in the top 20 universities in the world but got worse organisation than a 20-employee tech startup that's 5 million dollars in debt.

[Grace · Rating 4 out of 5]

I’ve declared myself an Econ goddess and this books a serious comedian

[Alankrit Mittal · Rating 4 out of 5]

Its a great book for starters. As a person who know almost nothing about microeconomic theories this book was a great read as it explains everything but by simplifying it upto a level that anybody can understand. After almost every important theories there are follow through examples which are incredibly helpful.

[Nijat · Rating 3 out of 5]

In my opinion, this book is great for entrepreneurs, it provides detailed information, with real-life examples, and considers many factors in it is analysis, incl. politics.
If you are a PhD student and looking for an analysis, this is definitely not the best book to look up, but I think for new businesses it can be a good guide in terms of market and product analysis.

[Дима Богданович · Rating 5 out of 5]

Great preview for easier understanding any MOOC you can find online.

[Shibajee Samaddar · Rating 3 out of 5]

Ideal to start but for further details other books are needed

[Byron Flores · Rating 5 out of 5]

Es un libro que me ayudo mucho en este tema con ejemplo prácticos y sencillos

[bookaholic · Rating 4 out of 5]

Comprehensible and fun

[Nico · Rating 4 out of 5]

I don't know if it was written to be a tragedy, but it surely made this reader cry.

[die Marie van O · Rating 5 out of 5]

Muy completo. Uno de los libros de micro más determinados en explayar las ideas en estructura y sencillez.

[Shirin]

“Majority rule is inefficient because it weighs each citizen’s preference equally: The efficient outcome weighs each citizen’s vote by his or her strength of preference.” 🥲

[emily.reads16 · Rating 3 out of 5]

3 stars

[Milkcrate · Rating 4 out of 5]

I read about two-thirds of this text for my intro to microeconomics class. Got an A so I'm happy, but economics is not for me.

I actually have the Fourth Canadian Edition.

[Waseem · Rating 3 out of 5]

Good book

[Eduardo Cafe · Rating 3 out of 5]

This is a great book to start studying Microeconomics. The authors express clearly the concepts and give very interesting examples. My only complaint is that, after investing a lot of money in this book, you still cannot access the answers for the exercises. This is a pity.