Microeconomics plus MyEconLab in CourseCompass plus ebook Student Access Kit

Prentice Hall
Richard G. Lipsey / Christopher T.S. Ragan / Paul Storer  
Prentice Hall
November 2007

Product detail

Title no longer available


When asked to describe this text, most Lipsey readers use the same word: precise. The authors do not gloss over subjects when presenting economic ideas; rather, they offer a patient explanation of the concept and back it up with the latest research and data. Taken separately, neither theory nor data alone can give students a true understanding of the idea, but when combined these elements give students a complete view of economics in the real world.

The Thirteenth Edition is significantly revised to reflect the latest advancements in the field, including major updates to monetary policy, globalization issues, and hot research areas like experimental economics. Economic debates are explored for each major concept, so students learn to analyze policy intuitively and from an economic perspective.

MyEconLab now includes a subset of the text's end-of-chapter problems so that assignments can be automatically graded online. MyEconLab in CourseCompass™ provides additional optional customization and communication tools. Instructors who teach distance-learning courses or very large lecture sections find the CourseCompass™ format useful because they can upload course documents and assignments, customize the order of chapters, and use communication features such as Digital Dropbox and Discussion Board.

View a demo of MyEconLab. For more information about MyEconLab in CourseCompass™, or to request an Instructor Access Code, visit MyEconLab.


  • A policy-oriented presentation includes behind-the-scenes perspectives on difficult topics, explaining why economists draw particular conclusions rather than simply stating the conclusions.
  • Learning Objectives open each chapter, outlining the skills and knowledge to be covered. Learning Objectives are linked to chapter summaries, the Test Banks, and the Study Guide.
  • Major ideas are highlighted in yellow to draw students' attention and focus.
  • Captions for figures and tables summarize the underlying economic reasoning, beginning with a statement of the relevant economic conclusion.
  • Chapter summaries are organized using the learning objectives and are followed bykey concepts for a structured review process.
  • Mathematical Notes of advanced notations and derivations are included at the end of the book for those courses that want to include the algebra that underlies the theory.
  • A Time Line of Great Economists presents brief descriptions of the life and works of some great economists mentioned in the book.
  • MyEconLab, the online assessment and tutorial system that accompanies the text, gives students the tools they need to learn from their mistakes. Each online problem set becomes a true learning moment because, at the end of the assignment, students identify their weak spots and receive tutorial help to master those areas. With MyEconLab, students get more out of each assessment, and professors can choose how much-or how little-time they want to spend setting up the course. For more information, visit MyEconLab.

New to this Edition

  • Globalization. International analysis is a central theme throughout and is extended to comparative discussions of the U.S. and other countries.
  • Government taxation. Chapter 18, Taxation and Public Expenditure, now includes state-to-state comparisons that illustrate the variety of tax structures, such as income tax versus sales tax, and level of state taxes.
  • More empirical examples and data throughout. The connection between theory and application is enhanced through the addition of more empirical examples and data-based exercises. For example, in the section on public goods, a boxed feature discusses the use of experiments in economics. Examples and data are significantly updated to enhance the usefulness of the empirical and applied material.
  • Study exercises. Study exercises are added to every chapter, many using real-world data so students experience economic concepts in terms and situations they can relate to. Select end-of-chapter exercises can now be assigned online in MyEconLab.
  • Feature boxes. Three types of feature boxes present theoretical topics to students through interesting examples and empirical studies. They include:
    • Applying Economic Concepts boxes demonstrate economics in action, providing examples of how theoretical material relates to issues of current interest.
    • Extensions in Theory boxes provide in-depth treatment of a theoretical topic that is discussed in the text.
    • Lessons from History boxes contain discussions of a particular policy debate or empirical finding from the past.
  • Flexible options for instructors and students:
    • Select end-of-chapter problems can now be assigned online in MyEconLab. The system will automatically grade students' work and record it in the online Gradebook, offering quantifiable practice with the tools and models of economics.
    • New flexible options for professors. Professors can choose a traditional MyEconLab course with pre-loaded assessments and other tutorial learning aids. Professors who wish to customize can assign problems for a grade and track students' performance with the advanced functionality of MyEconLab in CourseCompass™. For more information, visit MyEconLab.
    • Choice of format for students. In addition to the traditional textbook format, which comes packaged with prepaid access to MyEconLab, students have additional purchase options online.

Table of Contents

Part I. What Is Economics?
Chapter 1. Economic Issues and Concepts
Chapter 2. How Economists Work

Part II. An Introduction to Demand and Supply
Chapter 3. Demand, Supply, and Price
Chapter 4. Elasticity
Chapter 5. Markets in Action

Part III. Consumers and Producers
Chapter 6. Consumer Behavior
Chapter 7. Producers in the Short Run
Chapter 8. Producers in the Long Run

Part IV. Market Structure and Efficiency
Chapter 9. Competitive Markets
Chapter 10. Monopoly, Cartels, and Price Discrimination
Chapter 11. Imperfect Competition and Strategic Behavior
Chapter 12. Economic Efficiency and Public Policy

Part V. Factor Markets
Chapter 13. How Factor Markets Work
Chapter 14. Labor Markets
Chapter 15. Interest Rates and the Capital Market

Part VI. Government in the Market Economy
Chapter 16. Market Failures and Government Intervention
Chapter 17. The Economics of Environmental Protection
Chapter 18. Taxation and Public Expenditure

Part XII. The United States in the Global Economy
Chapter 33. The Gains from International Trade
Chapter 34. Trade Policy

Mathematical Notes
Time Line of Great Economists


Dr. Richard G. Lipsey is currently professor emeritus of economics at Simon Fraser University and Fellow of the Canadian Institute for Advanced Research and member of their large-scale, international research project on Economic Growth and Policy. He is an officer of the Order of Canada, a fellow of the Royal Society of Canada and the Econometric Society and a past president of the Canadian Economic Society and the Atlantic Economic Society. He also holds honorary doctorates from the Universities of McMaster, Victoria, Carleton, Queen's, Toronto, Guelph, Western Ontario, Essex (England) and UBC. Dr. Lipsey received his B.A. from UBC., M.A. from Toronto and PhD from London School of Economics.


Christopher Ragan is an Associate Professor of Macroeconomics and Economic Policy at McGill University.  He received his Ph.D. from Massachusetts Institute of Technology.  He has served as Special Advisor for the Bank of Canada in Ottawa and as Associate Dean of Arts for McGill University.  He is currently the Editor in Chief of World Economic Affairs.


Paul Storer received his Ph.D. in 1992 from the University of Western Ontario. Prior to joining Western in 1996, he served as an economist for the Bank of Canada and as a faculty member at the University of Quebec at Montreal. Storer's teaching and research interests include macroeconomics, money and banking, labor, and Canadian economic policy and issues. His current research focuses on economic integration in North America and on the economics of education. In 1997, 2001, and 2004 he received the CBE Dean's research award. He received the 2004 “Excellence in Teaching Award, one of two awarded each year by the University.