Synopses & Reviews
This text exhibits four unique features: 1) it uses the theory of the firm as the unifying theme to examine the managerial decision process; 2) it fully introduces a global view into managerial economics to reflect the internationalization of tastes, production, and distribution in today's globalizing world; 3) it introduces many exciting new topics and managerial tools into the study of managerial economics that are not discussed at all or discussed only very superficially in other texts, such as firm architecture, strategic behavior, business ethics, electronic commerce, risk management, international economies of scale, the virtual corporation, reengineering, benchmarking, the learning organization, and the digital factory; and 4) it shows how managerial decisions are actually made today with more relevant and interesting real-world case applications and integrative case studies than any other text on the market.
Review
The number of case studies is certainly impressive, and they provide nice examples of the theory.
Review
Managerial Economics in a Global Economy by Dominick Salvatore, fourth edition, is definitely one of the top contenders in this field. As is evident from his other texts on micro theory and international economics, in his Managerial text, Professor Salvatore has succeeded in negotiating the often fine line between accessibility, rigor, and comprehensiveness. The result is a text that scores very high in readability, rigor, and coverage. He deserves much credit, and our applause, for integrating international topics that give the students the added benefit of insights into global management education. I strongly recommend this book for senior-level or MBA programs.
Synopsis
Dominick Salvatore once again offers an opportunity to provide an international perspective to managerial economics courses in his latest edition of the popular Managerial Economics in a Global Economy. Salvatore unifies the theme of managerial decision making around the theory of the firm. This edition offers 28 new case studies and several new chapters that will allow instructors to present the most current and exciting coverage available in a managerial economics text.
About the Author
Dominick Salvatore is Professor of Economics and Business at Fordham University. He was chairman of the New York Academy of Sciences and consultant to the Economic Policy Institute in Washington, the United Nations in New York, and various multinational banks and corporations. Professor Salvatore is the author of 38 books, among which are: Microeconomics Theory and Applications (5th ed., 2004) and International Economics (8th ed., 2004), Financial Economics in the New Global Economy (2004), Protectionism and World Welfare (1993), and The Japanese Competitive Challenge and the U.S. Response (1990). He has also written Schaums Outlines in Microeconomics, International Economics, and Statistics and Econometrics. Professor Salvatore is the editor of the Handbook Series in Economics for the Greenwood Press. He is the co-editor of the Journal of Policy Modeling and Open Economies Review, and associate editor of the American Economist. His research has been published in more than 100 journal articles in leading business and economics journals and presented at numerous national and international conferences.
Table of Contents
PART I. INTRODUCTION 1. The Nature and Scope of Managerial Economics Appendix: The Basics of Demand, Supply, and Equilibrium 2. Optimization Techniques and New Management Tools Integrating Case Study 1: Michael Dell Turns the PC World Inside Out PART II. DEMAND ANALYSIS 3. Demand Theory. Appendix: Behind the Market Demand Curve - The Theory of Consumer Choice 4. Demand Estimation 5. Demand Forecasting Integrating Case Study 2: Estimating and Forecasting the U.S. Demand for Elasticity PART III. PRODUCTION AND COST ANALYSIS 6. Production Theory and Estimation. Appendix: Production Analysis with Calculus 7. Cost Theory and Estimation. Appendix: Cost Analysis with Calculus Integrating Case Study 3: Production and Cost Functions in the Petroleum Industry PART IV. MARKET STRUCTURE AND PRICING PRACTICES 8. Market Structure: Perfect Competition, Monopoly, and Monopolistic Competition Appendix: Profit Maximization with Calculus 9. Oligopoly and Firm Behavior Appendix: Oligopoly Theory Mathematically 10. Game Theory and Strategic Behavior 11. Pricing Practices Appendix: Third Degree Price Discrimination with Calculus Integrating Case Study 4: The Art of Devising Airfares PART V. REGULATION, RISK ANALYSIS, AND CAPITAL BUDGETING 12. Regulation and Antitrust: The Role of Government in the Economy 13. Risk Analysis 14. Long-Run Investment Decisions: Capital Budgeting Integrating Case Study 5: Regulation, Risk, Capital Budgeting, and the Price of International Telephone Calls APPENDICES: A: Compounding, Discounting, and Present Value B: Interest Factor Tables C: Statistical Tables D: Answers to Selected Problems