Synopses & Reviews
This distinctive book features a running case study at the beginning and end of each chapter that explores the decision-making processes of managers within a hypothetical company. It creates a vivid, dynamic business setting that highlights microeconomic theory and the tools of quantitative analysis used in management decision-making. In addition, actual business examples from the popular press--including numerous international examples--are incorporated into the chapters to reinforce the connection between economic and real business situations. Chapter topics cover supply and demand, demand elasticity, demand estimation, forecasting, the theory and estimation of production, the theory and estimation of cost, competition and monopoly, monopolistic competition and oligopoly, special pricing practices, economic decision making in the 21st century, capital budgeting, and risk and uncertainty. For today's managers in government and industry.
Table of Contents
1. Introduction
2. The Firm and Its Goals
Appendix 2A: Review of Mathematical Concepts Used in Managerial Economics (Online Only)
3. Supply and Demand
Appendix 3A: The Mathematics of Supply and Demand
4. Demand Elasticity
Appendix 4A: Applications of Supply and Demand
5. Demand Estimation and Forecasting
6. The Theory and Estimation of Production
Appendix 6A: The Multiple-Input Case
Appendix 6B: Expressing the Production Function with the Use of Calculus
7. The Theory and Estimation of Cost
Appendix 7A: A Mathematical Restatement of the Short-Run Cost Function
Appendix 7B: The Estimation of Cost
8. Pricing and Output Decisions: Perfect Competition and Monopoly
Appendix 8A: The Use of Calculus in Pricing and Output Decisions
Appendix 8B: Break-Even Analysis (Volume-Cost-Profit)
9. Pricing and Output Decisions: Monopolistic Competition and Oligopoly
10. Special Pricing Practices
11. Game Theory and Asymmetric Information
12. Capital Budgeting, Risk, and Uncertainty
Appendix 12A: Calculations for Time Value of Money (Online Only)
13. Multinational Corporation and Globalization
14. Government and Industry: Challenges and Opportunities for Today’s Manager
15. Managerial Economics in Action: The Case of the Semiconductor Industry
Appendix A: Statistical and Financial Tables
Appendix B: Solutions to Odd-Numbered Problems (Online Only)
Linear Programming (online only)
Index