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Managerial Economics

ISBN-10: 0470282428
ISBN-13: 9780470282427
Edition: 6th 2009
List price: $236.95
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Description: Managerial Economics illustrates the central decision problems managers face and provides the economic analysis needed to guide these decisions. The book integrates theory with extensive real-world applications throughout which makes it more  More...

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Book details

List price: $236.95
Edition: 6th
Copyright year: 2009
Publisher: John Wiley & Sons, Incorporated
Publication date: 9/1/2009
Binding: Hardcover
Pages: 768
Size: 7.75" wide x 9.25" long x 1.25" tall
Weight: 3.058
Language: English

Managerial Economics illustrates the central decision problems managers face and provides the economic analysis needed to guide these decisions. The book integrates theory with extensive real-world applications throughout which makes it more accessible.The presentations begin simply and are progressively applied to more and more challenging applications. The right level of mathematical rigor is integrated throughout to make it accessible to a wide range of readers with varied mathematical backgrounds. Decision-making is introduced early and a strong emphasis is placed on strategic behavior and the application of game theory. This revision also continues to provide managers with real-world examples and necessary decision-making skills to make thoughtful and advantageous managerial decisions.

Introduction to Economic Decision Making
Seven Examples Of Managerial Decisions
Six Steps To Decision Making
Define the Problem
Determine the Objective
Explore the Alternatives
Predict the Consequences
Make a Choice
Perform Sensitivity Analysis
Private And Public Decisions: An Economic View
Things To Come
The Aim of This Book
Decisions Within Firms
Optimal Decisions Using Marginal Analysis
Siting a Shopping Mall
A Simple Model Of The Firm
A Microchip Manufacturer
Marginal Analysis
Marginal Analysis and Calculus
Marginal Revenue And Marginal Cost
Marginal Revenue
Marginal Cost
Profit Maximization Revisited
Sensitivity Analysis
Asking What if
Appendix To Chapter 2: Calculus And Optimization Techniques
Special Appendix To Chapter 2: Optimization Using Spreadsheets
Demand Analysis And Optimal Pricing
Determinants Of Demand
The Demand Function
The Demand Curve and Shifting Demand
General Determinants of Demand
Elasticity Of Demand
Price Elasticity
Other Elasticities
Price Elasticity and Prediction
Demand Analysis And Optimal Pricing
Price Elasticity, Revenue, and Marginal Revenue
Maximizing Revenue
Optimal Markup Pricing
Price Discrimination
Information Goods
Appendix To Chapter 3: Consumer Preferences And Demand
Estimating and Forecasting Demand
Collecting Data
Consumer Surveys
Controlled Market Studies
Uncontrolled Market Data
Regression Analysis
Ordinary Least-Squares Regression
Interpreting Regression Statistics
Potential Problems in Regression
Choosing a Regression Equation
Forecasting
Time-Series Models
Fitting a Simple Trend
Barometric Models
Forecasting Performance
Final Thoughts
Appendix To Chapter 4: Regression Using Spreadsheets
Special Appendix To Chapter 4: Statistical Tables
Production
Basic Production Concepts
Production Technology
Production With One Variable Input
Short-Run and Long-Run Production
Optimal Use of an Input
Production In The Long Run
Returns to Scale
Least-Cost Production
Measuring Production Functions
Linear Production
Production with Fixed Proportions
Polynomial Functions
The Cobb-Douglas Function
Estimating Production Functions
Other Production Decisions
Multiple Plants
Multiple Products
Cost Analysis
Relevant Costs
Opportunity Costs and Economic Profits
Fixed and Sunk Costs
Profit Maximization with Limited Capacity: Ordering a Best Seller
The Cost Of Production
Short-Run Costs
Long-Run Costs
Returns To Scale And Scope
Returns to Scale
Economies of Scope
Cost Analysis And Optimal Decisions
A Single Product
The Shut-Down Rule
Multiple Products
Appendix To Chapter 6: Transfer Pricing
Special Appendix To Chapter 6: Short-Run And Long-Run Costs
Competing Within Markets
Perfect Competition
The Basics Of Supply And Demand
Competitive Equilibrium
Decisions of the Competitive Firm
Market Equilibrium
Market Efficiency
Private Markets: Benefits and Costs
International Trade
Monopoly
Pure Monopoly
Barriers to Entry
Perfect Competition Versus Pure Monopoly
Cartels
Natural Monopolies
Monopolistic Competition
Oligopoly
Oligopoly
Industry Concentration
Concentration And Prices
Quantity Competition
A Dominant Firm
Competition Among Symmetric Firms
Price Competition
Price Rigidity And Kinked Demand
Price Wars And The Prisoner's Dilemma
Other Dimensions Of Competition
Advertising
Strategic Commitments
Appendix To Chapter 9: Tying And Bundling
Game Theory And Competitive Strategy
Sizing Up Competitive Situations
Analyzing Payoff Tables
Equilibrium Strategies
Competitive Strategy
Market Entry
Bargaining
Sequential Competition
Repeated Competition
Appendix To Chapter 10: Mixed Strategies
Regulation, Public Goods, And Benefit-Cost Analysis
Market Failures And Regulation
Market Failure Due To Monopoly
Government Responses
Market Failure Due To Externalities
Remedying Externalities
Subsidizing Positive Externalities
Market Failure Due To Imperfect Information
Benefit-Cost Analysis And Public Goods Provision
Public Goods
Public Goods And Efficiency
The Basics Of Benefit-Cost Analysis
Applying The Net Benefit Rule
Dollar Values
Efficiency Versus Equity
Evaluating A Public Project
Public Investment In A Bridge
Valuing Benefits And Costs
Market Values
Nonmarketed Benefits And Costs
Decision-Making Applications
Decision Making Under Uncertainty
Uncertainty, Probability, And Expected Value
Expected Value
Decision Trees
An Oil Drilling Problem
Features Of The Expected-Value Criterion
Sequential Decisions
Risk Aversion
Expected Utility
Expected Utility And Risk Aversion
The Value Of Information
The Value Of Information
The Oil Wildcatter Revisited
Imperfect Information
Revising Probabilities
Bayes Theorem
Other Applications
Predicting Credit Risks
Intuitive Prediction
Business Behavior And Decision Pitfalls
Optimal Search
Optimal Stopping
Optimal Sequential Decisions
The Value Of Additional Alternatives
Simultaneous Search
Asymmetric Information And Organizational Design
Asymetric Information
Adverse Selection
Signalling
Principals, Agents, And Moral Hazard
Organizational Design
The Nature Of The Firm
The Breadth Of The Firm
Assigning Decision-Making Responsibilities
Monitoring And Rewarding Performance
Separation Of Ownership And Control In The Modern Corporation
Appendix To Chapter 14: A Principal-Agent Model
Bargaining And Negotiation
The Economic Sources Of Beneficial Agreements
Resolving Disputes
Differences In Values
Contingent Contracts
Multiple-Issue Negotiations
Continuous Variablee
Negotiation Strategy
Perfect Information
Imperfect Information
Actions And Competitive Bidding
The Advantages Of Auctions
Bidder Strategies
English And Dutch Auctions
Sealed-Bid Auctions
Common Values And The Winner's Curse
Optimal Auctions
Expected Auction Revenue
Competitive Procurement
Linear Programming
Linear Programs
Graphing The LP Problem
A Minimization Problem
Sensitivity Analysis And Shadow Prices
Changes In The Objective Function
Shadow Prices
Formulation And Computer Solution
For Larger LP Problems
Computer Solutions
Answers To Odd-Numbered Questions

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