Cover: Microeconomics: Canadian Edition, 5th Edition by Paul Krugman; Robin Wells; Iris Au; Jack Parkinson

Microeconomics: Canadian Edition

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Fifth  Edition©2025  Paul Krugman; Robin Wells; Iris Au; Jack Parkinson

ISBN:9781319572204

ISBN:9781319571924

ISBN:9781319570538

ISBN:9781319484958

ISBN:9781319596910

ISBN:9781319596903

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Table of Contents

PART 1: What Is Economics?

Introduction: The Covid-19 Economy

Chapter 1. First Principles

Chapter 2. Economic Models: Trade-offs and Trade

Appendix: Graphs in Economics

PART 2: Supply and Demand

Chapter 3. Supply and Demand

Appendix: The Algebra of Demand, Supply, and Equilibrium

Chapter 4. Consumer and Producer Surplus

Chapter 5. Price Controls and Quotas: Meddling with Markets

Chapter 6. Elasticity

Appendix: The Algebra of Elasticity

PART 3: Individuals and Markets

Chapter 7. Taxes

Chapter 8. International Trade

PART 4: Economics and Decision Making

Chapter 9. Decision Making by Individuals and Firms

Appendix: How to Make Decisions Involving Time: Understanding Present Value

PART 5: The Consumer

Chapter 10. The Rational Consumer

Appendix: Consumer Preferences and Consumer Choice

PART 6: The Production Decision

Chapter 11. Behind the Supply Curve: Inputs and Costs

Appendix: Inverse Relationships Between Productivity and Cost

Chapter 12. Perfect Competition and the Supply Curve

Chapter 13. Monopoly

PART 7: Market Structure - Beyond Perfect Competition

Chapter 14. Oligopoly

Chapter 15. Monopolistic Competition and Product Differentiation

PART 8: Microeconomics and Public Policy

Chapter 16. Externalities

Chapter 17. Public Goods and Common Resources

Chapter 18. The Economics of the Welfare State

PART 9: Factor Markets and Risk

Chapter 19. Factor Markets and the Distribution of Income

Appendix: Indifference Curve Analysis of Labour Supply

Chapter 20. Uncertainty, Risk, and Private Information

Additional Sections

Solutions to Check Your Understanding Questions

Glossary

Index

Paul Krugman

Paul Krugman, recipient of the 2008 Nobel Memorial Prize in Economic Sciences, is a faculty member of the Graduate Center of the City University of New York, associated with the Luxembourg Income Study, which tracks and analyzes income inequality around the world. Prior to that, he taught at Princeton University for 14 years. He received his Barroom Yale and his PhD from MIT. Before Princeton, he taught at Yale, Stanford, and MIT. He also spent a year on the staff of the Council of Economic Advisers in 1982–1983. His research has included pathbreaking work on international trade, economic geography, and currency crises. In 1991, Krugman received the American Economic Association’s John Bates Clark medal. In addition to his teaching and academic research, Krugman writes extensively for nontechnical audiences. He is a regular-ed columnist for the New York Times. His best-selling trade books include End This Depression Now!, The Return of Depression Economics and the Crisis of 2008, a history of recent economic troubles and their implications for economic policy, and The Conscience of a Liberal, a study of the political economy of economic inequality and its relationship with political polarization from the Gilded Age to the present. His earlier books, Peddling Prosperity and The Age of Diminished Expectations, have become modern classics.

Robin Wells

Robin Wells was a lecturer and researcher in Economics at Princeton University, where she has taught undergraduate courses.  She received her BA from the University of Chicago and her PhD from the University of California, Berkeley; she then did her postdoctoral work at MIT.  She has taught at the University of Michigan, the University of Southhampton (United Kingdom), Stanford, and MIT.  Her teaching and research focus on the theory of organizations and incentives.

Iris Au

Iris Au is a Professor, Teaching Stream in Economics at the University of Toronto Scarborough (UTSC). She received her BA, MA, and PhD from Simon Fraser University. She taught at Simon Fraser University and Kwantlen University College (now known as Kwantlen Polytechnic University) before joining UTSC. Currently, she teaches introductory and intermediate macroeconomics, international finance, economics of public policy, and topics on financial crises on a regular basis.

Jack Parkinson

Jack Parkinson is an Associate Professor, Teaching Stream in Economics at the University of Toronto Scarborough (UTSC). He received his Hons. BA from Western University and his MA and PhD from the University of Toronto. He has worked as a corporate tax policy analyst for the Ontario Ministry of Finance while teaching during his lunchtime or evenings. Over the past 30 years he has taught on all three campuses of the University of Toronto. Currently, he teaches introductory microeconomics and macroeconomics, intermediate microeconomics and macroeconomics, money and banking, economics of organization, and industrial organization.

Robin Wells

Robin Wells was a Lecturer and Researcher in Economics at Princeton University. She received her BA from the University of Chicago and her PhD from the University of California at Berkeley; she then did postdoctoral work at MIT. She has taught at the University of Michigan, the University of Southampton (United Kingdom), Stanford, and MIT.