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

Microeconomics: Canadian Edition

Fifth Edition  ©2025 Paul Krugman; Robin Wells; Iris Au; Jack Parkinson Formats: Achieve, E-book, Print

Authors

  • Headshot of Paul Krugman

    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.

  • Headshot of Robin Wells

    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.

  • Headshot of Iris Au

    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.

  • Headshot of Jack Parkinson

    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.

Table of Contents

PART 1: What Is Economics?

  • Introduction: The Covid-19 Economy
  • 1. First Principles
  • 2. Economic Models: Trade-offs and Trade
  • Appendix: Graphs in Economics

PART 2: Supply and Demand

  • 3. Supply and Demand
  • Appendix: The Algebra of Demand, Supply, and Equilibrium
  • 4. Consumer and Producer Surplus
  • 5. Price Controls and Quotas: Meddling with Markets
  • 6. Elasticity
  • Appendix: The Algebra of Elasticity

PART 3: Individuals and Markets

  • 7. Taxes
  • 8. International Trade

PART 4: Economics and Decision Making

  • 9. Decision Making by Individuals and Firms
  • Appendix: How to Make Decisions Involving Time: Understanding Present Value

PART 5: The Consumer

  • 10. The Rational Consumer
  • Appendix: Consumer Preferences and Consumer Choice

PART 6: The Production Decision

  • 11. Behind the Supply Curve: Inputs and Costs
  • Appendix: Inverse Relationships Between Productivity and Cost
  • 12. Perfect Competition and the Supply Curve
  • 13. Monopoly

PART 7: Market Structure - Beyond Perfect Competition

  • 14. Oligopoly
  • 15. Monopolistic Competition and Product Differentiation

PART 8: Microeconomics and Public Policy

  • 16. Externalities
  • 17. Public Goods and Common Resources
  • 18. The Economics of the Welfare State

PART 9: Factor Markets and Risk

  • 19. Factor Markets and the Distribution of Income
  • Appendix: Indifference Curve Analysis of Labour Supply
  • 20. Uncertainty, Risk, and Private Information

Additional Sections

  • Solutions to Check Your Understanding Questions
  • Glossary
  • Index

Product Updates

Winter 2024 Updates:

The updated Econ Math and Graphing Tutorials in Achieve bridge foundational math gaps for economics students through revamped, interactive modules featuring modern videos, algorithmically generated questions, and improved assessments designed to deepen understanding and reflection. Comprehensive accessibility features ensure that all students can effectively engage with the material.

This materials covers 10 foundational areas including Slope, Graphs, Percent Change, Ratios, Linear Equations, Averages, and more.

Fifth Edition Updates (2025):

New Canadian specific examples throughout the text:

  • Nutrien, a Canadian fertilizer company (Ch. 3, 3 Supply and Demand)
  • Canadian money bloggers Bridget Casey and Robb Engen about managing student debt (Ch. 9, Decision Making by Individuals and Firms)
  • Updated EIA: Biotech: The World’s Biggest Loser with Canadian company Deep Genomics
  • Business Case: Help Wanted! Robots Fill Worker Shortages on robots replacing people in manufacturing during Covid featuring Canadian company Tigercat Industries (Ch. 11, Behind the Supply Curve: Inputs and Costs)
New Introduction! The Covid-19 Economy on the lasting economic impact of the pandemic.

Revised Ch. 18, The Economics of the Welfare State—the section on  Poverty, Inequality, and Policy adds new arguments for and against the welfare state, and covers the adoption of MBM as the official measure of poverty in Canada

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