Managerial Economics

ISBN-10: 1133951481
ISBN-13: 9781133951483
Edition: 3rd 2014
List price: $254.95 Buy it from $38.14
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Description: Teach your MBA students how to use economics to solve business problems with this breakthrough text. MANAGERIAL ECONOMICS: A PROBLEM SOLVING APPROACH, 3E covers traditional material using a problem-based pedagogy built around common business  More...

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Book details

List price: $254.95
Edition: 3rd
Copyright year: 2014
Publisher: Cengage South-Western
Publication date: 3/22/2013
Binding: Hardcover
Pages: 320
Size: 7.25" wide x 9.00" long x 0.50" tall
Weight: 1.430
Language: English

Teach your MBA students how to use economics to solve business problems with this breakthrough text. MANAGERIAL ECONOMICS: A PROBLEM SOLVING APPROACH, 3E covers traditional material using a problem-based pedagogy built around common business mistakes. Models are used sparingly, and then only to the extent that they help students figure out why mistakes are made, and how to fix them. This edition's succinct, fast-paced presentation and challenging, interactive applications place students in the role of a decision maker who has to not only identify profitable decisions, but also implement them. The lively book provides an excellent ongoing reference for students pursuing business careers. Instructor's remark, "The Froeb/McCann/Shor/Ward textbook is designed for decision makers. Each chapter provides logical steps to solve common but misunderstood business problems. The books candor and novelty make for easy, enjoyable reading."

Professor Froeb received his undergraduate degree from Stanford University and his Ph.D. from the University of Wisconsin. When the antitrust agencies began using his models to predict the competitive effects of mergers, his academic research passed what he calls "a market test." This resulted in his 2003 appointment to Chief Economist of the Federal Trade Commission where he enforced the antitrust and consumer protection laws of the United States. He also managed 75 economists who tore down barriers to competition (often erected by well-meaning bureaucrats). In July 2005 Dr. Froeb returned to Vanderbilt University where today he holds the William Oehmig Chair of Entrepreneurship and Free Enterprise. He used to win the "Most Outstanding Teacher" award, but now he finishes behind his co-author, Brian McCann. His textbook, MANAGERIAL ECONOMICS: A PROBLEM-SOLVING APPROACH is well recognized for teaching students to apply economics to real business problems. It is filled with real world problems (and solutions) from Professor Froeb's students and clients. Dr. Froeb's research focuses on the economics of competition policy. He has taught at Tulane University, worked at the U.S. Department of Justice, and spent a year at the University of Chicago Law School.

Dr. Brian T. McCann has taught courses in managerial economics, strategic management, and entrepreneurship at the undergraduate, MBA and executive education levels. He holds an MBA from Vanderbilt University where he earned the Founder's Medal as the top graduate of the class. Dr. McCann received his doctoral training in strategic management at Purdue University's Krannert School of Management where he was awarded the Ross Fellowship, the Krannert Certificate for Distinguished Teaching, and the Purdue Research Foundation Research Grant. His more than 10 years of industry experience include operating a residential land development company, serving as the CFO for an Internet start-up, and implementing new strategic initiatives for a non-profit economic development group. In addition to co-authoring this MBA-level textbook in managerial economics, Dr. McCann's work has appeared or is forthcoming in journals, such as STRATEGIC MANAGEMENT JOURNAL, JOURNAL OF MANAGEMENT, and JOURNAL OF MANAGEMENT STUDIES. His current research interests span strategic management and entrepreneurship and include the performance implications of firm agglomeration, the effects of ownership structure on competitive behaviors, and the role of threshold-based decision making in the entrepreneurial process.

Mike Shor has taught courses in game theory, pricing, law and economics, industrial organization, and behavioral economics. He is currently at the Department of Economics at the University of Connecticut. Prior to UConn, Professor Shor taught at the business school at Vanderbilt University, where he was twice elected the best professor by the graduating MBA class. Professor Shor earned his undergraduate degree in foreign affairs and economics from the University of Virginia, and his PhD in economics from Rutgers University. Professor Shor's research is focused on industrial organization and behavioral economics. His interdisciplinary research has appeared in journals in accounting, marketing, information systems, and psychology, as well as economics.

Preface: Teaching Students to Solve Problems
Problem Solving and Decision Making
Introduction: What this Book is About
Using Economics to Solve Problems
Problem Solving Principles
Test Yourself
Ethics and Economics
Economics in Job Interviews
Summary & Homework Problems
End Notes
The One Lesson of Business
Capitalism and Wealth
Does the Government Create Wealth?
Why Economics is Useful to Business
Wealth Creation in Organizations
Summary & Homework Problems
End Notes
Benefits, Costs, and Decisions
Background: Variable, Fixed, and Total Costs
Background: Accounting Versus Economic Profit
Costs are What You Give Up
Sunk-Cost Fallacy
Hidden-Cost Fallacy
A Final Warning
Summary & Homework Problems
End Notes
Extent (How Much) Decisions
Background: Average and Marginal Costs
Marginal Analysis
Incentive Pay
Tie Pay to Performance Measures that Reflect Effort
Is Incentive Pay Unfair?
Summary & Homework Problems
End Notes
Investment Decisions: Look Ahead and Reason Back
Compounding and Discounting
How to Determine Whether Investments are Profitable
Breakeven Analysis
Choosing the Right Manufacturing Technology
Shutdown Decisions and Breakeven Prices
Sunk Costs and Post-Investment Hold-Up
Anticipate Hold-Up
Summary & Homework Problems
End Notes
Pricing, Costs, and Profits
Simple Pricing
Background: Consumer Values and Demand Curves
Marginal Analysis of Pricing
Price Elasticity and Marginal Revenue
What Makes Demand More Elastic?
Forecasting Demand Using Elasticity
Stay-Even Analysis, Pricing, and Elasticity
Cost-Based Pricing
Summary & Homework Problems
End Notes
Economies of Scale and Scope
Increasing Marginal Cost
Economies of Scale
Learning Curves
Economies of Scope
Diseconomies of Scope
Summary & Homework Problems
End Notes
Understanding Markets and Industry Changes
Which Industry or Market?
Shifts in Demand
Shifts in Supply
Market Equilibrium
Predicting Industry Changes Using Supply and Demand
Explaining Industry Changes Using Supply and Demand
Prices Convey Valuable Information
Market Making
Summary & Homework Problems
End Notes
Relationships between Industries: The Forces Moving Us Toward Long-Run Equilibrium
Competitive Industries
The Indifference Principle
Monopoly
Summary G Homework Problems
End Notes
Strategy: The Quest to Keep Profit from Eroding
Strategy is Simple
Sources of Economic Profit
The: Three Basic Strategies
Summary & Homework Problems
End Notes
Foreign Exchange, Trade, and Bubbles
The Market for Foreign Exchange
The Effects of a Currency Devaluation
Bubbles
How Can We Recognize Bubbles?
Purchasing Power Parity
Summary & Homework Problems
End Notes
Pricing for Greater Profit
More Realistic and Complex Pricing
Pricing Commonly Owned Products
Revenue or Yield Management
Advertising and Promotional Pricing
Psychological Pricing
Summary & Homework Problems
End Notes
Direct Price Discrimination
Introduction
Why (Price) Discriminate?
Direct Price Discrimination
Robinson-Patman Act
Implementing Price Discrimination Schemes
Only Schmucks Pay Retail
Summary & Homework Problems
End Notes
Indirect Price Discrimination
Introduction
Indirect Price Discrimination
Volume Discounts as Discrimination
Bundling Different Goods Together
Summary & Homework Problems
End Notes
Strategic Decision Making
Strategic Games
Sequential-Move Games
Simultaneous-Move Games
What Can I Learn from Studying Games Like the Prisoners' Dilemma?
Other Games
Summary & Homework Problems
End Notes
Bargaining
Strategic View of Bargaining
Nonstrategic view of Bargaining
Conclusion
Summary & Homework Problems
End Notes
Uncertainly
Making Decisions With Uncertainty
Random Variables and Probability
Uncertainty in Pricing
Run Experiments to Reduce Uncertainty
Minimizing Expected Error Costs
Risk Versus Uncertainty
Summary & Homework Problems
End Notes
Auctions
Oral Auctions
Second-Price Auctions
First-Price Auctions
Bid Rigging
Common-Value Auctions
Summary & Homework Problems
End Notes
The Problem of Adverse Selection
Insurance and Risk
Anticipating Adverse Selection
Screening
Signaling
Adverse Selection and Internet Sales
Summary & Homework Problems
End Notes
The Problem of Moral Hazard
Introduction
Insurance
Moral Hazard versus Adverse Selection
Shirking
Moral Hazard in Lending
Moral Hazard and The 2008 Financial Crisis
Summary & Homework Problems
End Notes
Organizational Design
Getting Employees to Work in the Firm's Best Interests
Principal-Agent Relationships
Principles for Controlling Incentive Conflict
Marketing versus Sales
Franchising
A Framework for Diagnosing and Solving Problems
Summary & Homework Problems
End Notes
Getting Divisions to Work in the Firm's Best Interests
Incentive Conflict between Divisions
Transfer Pricing
Functional Silos versus Process Teams
Budget Games: Paying People to Lie
Summary & Homework Problems
End Notes
Managing Vertical Relationships
Incentive Conflicts Between Retailers and Manufacturers
A Variety of Contractual and Organizational Forms Can Address Incentive Conflict
Tax Avoidance
Antitrust Risks
Do Not Buy a Customer or Supplier Simply Because it is Profitable
Summary & Homework Problems
End Notes
Wrapping Up
You Be the Consultant
Low Profits on Rental Apartments
Excess Inventory of Prosthetic Heart Valves
High Transportation Costs at a Coal-Burning Utility
Overpaying for Acquired Hospitals
Losing Money on Homeowner's Insurance
Quantity Discounts on Hip Replacements
What You Should Have Learned
End Note
Epilogue: Can Those Who Teach, Do?
Glossary
Index

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