Online Subscription *12-month access*

Access to a complete online package that includes everything you need.

- Dynamic videos explain all of the topics and concepts to make you successful.
- Interactive exercises with immediate feedback allow you to track your progress.
- Illustrated notes help you review what you've learned in the videos.
- Subscriptions start when you are ready. Buy now and activate your course anytime you like. Wait up to one year to activate your subscription; your 12-month subscription doesn't begin until you say so!

There is no easier way to learn!

Printed Notes *Illustrated lecture notes*

Our lecture notes on the go. A great way to review the lecture notes away from home.

CD Set *Video Lectures on CD-ROM*

This optional CD-ROM set delivers the exact same video lectures delivered online, but without an internet connection. Online Subscription is required; CDs not sold separately. The CDs only contain the videos.

**Thinkwell's Microeconomics with Steven Tomlinson** lays the foundation for success because, unlike a traditional textbook, students actually like using it. Thinkwell works with the learning styles of students who have found that traditional textbooks are not effective. Watch one **Thinkwell video lecture** and you'll understand why Thinkwell works better.

**Comprehensive Video Tutorials**

We've built Microeconomics around hundreds of multimedia tutorials that provide dozens of hours of instructional material. Thinkwell offers a more engaging, more effective way for you to learn.

Instead of reading dense chunks of text from a printed book, you can watch video lectures filled with illustrations, examples, and even humor. Students report learning more easily with Thinkwell than with traditional textbooks.

**Interactive Exercises with Feedback**

There are hundreds of exercise items with fully worked-out solutions and explanations. Each video topic has corresponding exercises to test your understanding.

Test your understanding with hundreds of exercises that are automatically graded. Your results are available immediately, including fully worked-out solutions and explanations for each exercise. You can work on the exercises at the computer or print them out to work on later. Access your cumulative results anytime.

**Review Notes and More**

While the video lectures are the heart of Thinkwell products, we also offer concise, illustrated review notes, a glossary, transcripts of the video lectures, and links to relevant websites. All of these materials may be viewed online, and the notes and transcripts may be printed and kept for reference.

- 1.1 Basic Economics Ideas
- 1.1.1 Defining Economics

- 1.1.2 Understanding the Concept of Value

- 1.2 Using Graphs
- 1.2.1 Using Graphs to Understand Direct Relationships

- 1.2.2 Plotting a Linear Relationship between Two Variables

- 1.2.3 Changing the Intercept of a Linear Function

- 1.2.4 Understanding the Slope of a Linear Function

- 1.3 Advanced Graphical Concepts
- 1.3.1 Understanding Tangent Lines

- 1.3.2 Working with Three Variables on a Graph

- 1.4 Production Possibilities
- 1.4.1 Understanding the Concept of Production Possibilities Frontiers

- 1.4.2 Understanding How a Change in Technology or Resources Affects the PPF

- 1.4.3 Deriving an Algebraic Equation for the Production Possibilities Frontier

- 1.5 Comparative Advantage
- 1.5.1 Defining Comparative Advantage with the Production Possibilities Frontier

- 1.5.2 Understanding Why Specialization Increases Total Output

- 1.5.3 Analyzing International Trade Using Comparative Advantage

- 2.1 Demand
- 2.1.1 Understanding the Determinants of Demand

- 2.1.2 Understanding the Basics of a Demand Curve

- 2.1.3 Analyzing Shifts in the Demand Curve

- 2.1.4 Changing Other Demand Variables

- 2.1.5 Deriving a Market Demand Curve

- 2.2 Supply
- 2.2.1 Understanding the Determinants of Supply

- 2.2.2 Deriving a Supply Curve

- 2.2.3 Understanding a Change in Supply versus a Change in Quantity Supplied

- 2.2.4 Analyzing Changes in Other Supply Variables

- 2.2.5 Deriving a Market Supply Curve from Individual Supply Curves

- 2.3 Equilibrium
- 2.3.1 Determining a Competitive Equilibrium

- 2.3.2 Defining Comparative Statics

- 2.3.3 Classifying Comparative Statics

- 2.4 Elasticity
- 2.4.1 Defining Elasticity

- 2.4.2 Calculating Elasticity

- 2.4.3 Applying the Concept of Elasticity

- 2.4.4 Identifying the Determinants of Elasticity

- 2.4.5 Understanding the Relationship between Total Revenue and Elasticity

- 2.5 Interfering with Markets
- 2.5.1 Understanding How Price Controls Damage Markets

- 2.5.2 Understanding the Problem of Minimum Wages in Labor Markets

- 2.5.3 Understanding How an Excise Tax Affects Equilibrium

- 2.6 Agriculture Economics
- 2.6.1 Examining Problems in Agricultural Economics

- 3.1 Utility Theory
- 3.1.1 Understanding Utility Theory

- 3.1.2 Finding Consumer Equilibrium

- 3.2 Budget Constraints and Indifference Curves
- 3.2.1 Constructing a Consumer's Budget Constraint

- 3.2.2 Understanding a Change in the Budget Constraint

- 3.2.3 Understanding Indifference Curves

- 3.3 Consumer Optimization
- 3.3.1 Locating the Consumer's Optimal Combination of Goods

- 3.3.2 Understanding the Effects of a Price Change on Consumer Choice

- 3.3.3 Deriving the Demand Curve

- 4.1 The Basics of Production
- 4.1.1 Understanding Output, Inputs, and the Short Run

- 4.1.2 Explaining the Total Product Curve

- 4.1.3 Drawing Marginal Product Curves

- 4.1.4 Understanding Average Product

- 4.1.5 Relating Costs to Productivity

- 4.2 Variable Costs
- 4.2.1 Defining Variable Costs

- 4.2.2 Graphing Variable Costs

- 4.2.3 Graphing Variable Costs Using a Geometric Trick

- 4.3 Marginal Costs
- 4.3.1 Defining Marginal Costs

- 4.3.2 Deriving the Marginal Cost Curve

- 4.3.3 Understanding the Mathematical Relationship between Marginal Cost and Marginal Product

- 4.4 Average Costs
- 4.4.1 Defining Average Variable Costs

- 4.4.2 Understanding the Relationship between Average Variable Cost and Average Product of Labor

- 4.4.3 Understanding the Relationship between Marginal Cost and Average Variable Cost

- 4.5 Total Costs
- 4.5.1 Defining and Graphing Average Fixed Cost and Average Total Cost

- 4.5.2 Calculating Average Total Cost

- 4.5.3 Putting the Cost Curves Together

- 4.6 Long-Run Production and Costs
- 4.6.1 Defining the Long Run

- 4.6.2 Determining a Firm's Returns to Scale

- 4.6.3 Understanding Short-Run and Long-Run Average Cost Curves

- 4.6.4 Shifts in Cost Curves

- 4.7 Isocost/Isoquant Analysis
- 4.7.1 Constructing Isocost Lines

- 4.7.2 Understanding Isoquants

- 4.7.3 Finding the Cost-Minimizing Combination of Capital and Labor

- 5.1 The Basic Assumptions of Competitive Markets
- 5.1.1 Understanding the Role of Price

- 5.1.2 Understanding Market Structures

- 5.1.3 Finding Economic and Accounting Profit

- 5.2 Calculating Profit and Loss
- 5.2.1 Finding the Firm's Profit-Maximizing Output Level

- 5.2.2 Proving the Profit-Maximizing Rule

- 5.2.3 Calculating Profit

- 5.2.4 Calculating Loss

- 5.2.5 Finding the Firm's Shut-Down Point

- 5.3 Market Supply
- 5.3.1 Deriving the Short-Run Market Supply Curve

- 5.3.2 Relating the Individual Firm to the Market

- 5.3.3 Examining Shifts in the Short-Run Market Supply Curve

- 5.3.4 Deriving the Long-Run Market Supply Curve

- 5.4 Competitive Firms' Responses to Price Changes
- 5.4.1 Examining the Firm's Long-Run and Short-Run Adjustments to a Price Increase

- 6.1 Monopolies
- 6.1.1 Defining Monopoly Power

- 6.1.2 Defining Marginal Revenue for a Firm with Market Power

- 6.1.3 Determining the Monopolist's Profit-Maximizing Output and Price

- 6.1.4 Calculating a Monopolist's Profit and Loss

- 6.1.5 Graphing the Relationship between Marginal Revenue and Elasticity

- 6.2 The Social Cost of Monopoly
- 6.2.1 Determining the Social Cost of Monopoly

- 6.2.2 Calculating Deadweight Loss

- 6.2.3 Understanding Monopoly Regulation

- 6.3 Oligopoly
- 6.3.1 Introducing Oligopoly and the Prisoner's Dilemma

- 6.3.2 Understanding a Cartel As a Prisoner's Dilemma

- 6.3.3 Understanding the Kinked-Demand Curve Model

- 6.4 Monopolistic Competition
- 6.4.1 Defining Monopolistic Competition

- 6.4.2 Understanding Pricing and Output under Monopolistic Competition

- 6.4.3 Understanding Monopolistic Competition As a Prisoner's Dilemma

- 7.1 The Derived Demand for Labor
- 7.1.1 Deriving the Factor Demand Curve

- 7.1.2 Deriving the Least-Cost Rule

- 7.1.3 Analyzing the Labor Market

- 7.2 Monopsony
- 7.2.1 Understanding Labor Market Power and Marginal Factor Cost

- 7.3 Capital Markets
- 7.3.1 Analyzing Capital Markets

- 8.1 Overview of Market Failures
- 8.1.1 Understanding Market Failures

- 8.2 Public Goods and Public Choice
- 8.2.1 Defining Public Goods

- 8.2.2 Analyzing the Tax System

- 8.2.3 Understanding Public Choice

- 8.3 Uncertainty
- 8.3.1 Understanding Expected Value, Risk, and Uncertainty

- 8.3.2 Understanding Asymmetric Information as an Economic Problem

- 8.3.3 Understanding Moral Hazards in Markets

- 8.4 Externalities
- 8.4.1 Defining Externalities

- 8.4.2 Explaining How to Internalize External Costs

- 8.4.3 Explaining How to Internalize External Benefits

- 8.5 Solutions to Externalities
- 8.5.1 Finding a Market Solution to External Costs

- 8.5.2 Finding a Negotiated Settlement to an External Cost

- 8.5.3 Applying the Coase Theorem

- 9.1 The Basics of Open Economies
- 9.1.1 Determining the Difference between a Closed Economy and an Open Economy

- 9.1.2 Understanding Exports in an Open Economy

- 9.1.3 Analyzing a Change in Equilibrium in an Open Economy

- 10.1 Normative Economics
- 10.1.1 Measuring the Benefits of Consumption

- 10.1.2 Using the Demand Curve As a Measure of Benefit

- 10.2 Calculating Total Economic Value
- 10.2.1 Quantifying Social Benefit

- 10.2.2 Quantifying Social Cost

- 10.2.3 Determining Total Social Cost

- 10.2.4 Understanding Economic Value

- 10.3 Consumer and Producer Surplus
- 10.3.1 Understanding Producer and Consumer Surpluses

- 10.3.2 Calculating Total Economic Value

- 10.4 Market Interference and Economic Value
- 10.4.1 Understanding the Effects of Price Controls

- 10.4.2 Understanding How Price Controls Destroy Economic Value

- 10.4.3 Evaluating the Effects of an Excise Tax

- 10.4.4 Assessing the Effect of an Excise Tax on Economic Value

- 10.4.5 Understanding How a Tax Can Create Deadweight Loss

- 10.5 International Trade and Economic Value
- 10.5.1 Evaluating the Gains from International Trade

- 10.5.2 Understanding the Effects of Tariffs on Consumer and Producer Surpluses

Select a product

**Learn more about Thinkwell for**

Sorry, there was a problem loading the video.

Sorry, there was a problem loading the video.

Sorry, there was a problem loading the video.

Sorry, there was a problem loading the video.

Sorry, there was a problem loading the video.

Sorry, there was a problem loading the video.

Sorry, there was a problem loading the video.