Includes index.

Microeconomics and well-being: a statistical portrait -- Economic activity in context -- Markets and society -- Supply and demand -- Elasticity -- Welfare analysis -- International trade and trade policy -- Economic behavior and rationality -- Consumption and the consumer society -- Markets for labor -- Economic and social inequality -- Taxes and tax policy -- The economics of the environment -- Common property resources and public goods -- Capital stocks and resource maintenance -- Production costs -- Markets without market power -- Markets with market power.

Microeconomics in Context lays out the principles of microeconomics in a manner that is thorough, up to date, and relevant to students. Like its counterpart, Macroeconomics in Context , the book is uniquely attuned to economic realities. The " in Context " books offer affordability, accessible presentation, and engaging coverage of current policy issues from economic inequality and global climate change to taxes. Key features include: --Clear explanation of basic concepts and analytical tools, with advanced models presented in optional chapter appendices; --Presentation of policy issues in historical, institutional, social, political, and ethical context--an approach that fosters critical evaluation of the standard microeconomic models, such as welfare analysis, labor markets, and market competition; --A powerful graphical presentation of various measures of well-being in the United States, from income inequality and educational attainment to home prices; --Broad definition of well-being using both traditional economic metrics and factors such as environmental quality, health, equity, and political inclusion; --New chapters on the economics of the environment, taxes and tax policy, common property and public goods, and welfare analysis; --Expanded coverage of high-interest topics such as behavioral economics, labor markets, and healthcare; --Full complement of instructor and student support materials online, including test banks and grading through Canvas.