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Managerial Economics 4th Edition

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

  • Published
  • Previous Editions 2014
  • 352 Pages
Starting At 99.00 See pricing and ISBN options

Overview

Teach your MBA students how to use economics most effectively to solve today's business problems with this breakthrough text. Froeb/McCann/Ward/Shor's MANAGERIAL ECONOMICS, 4E covers traditional material using a problem-based approach built around common business mistakes. Models are used sparingly, and then only to the extent that they help students determine why mistakes are made and how to fix them. This edition's succinct, fast-paced presentation and challenging, interactive applications place the reader in the role of a decision maker who has to not only identify profitable decisions, but also implement them. The lively, practical book provides an excellent ongoing reference for future professionals pursuing business careers.

Luke M. Froeb, Vanderbilt University

Dr. Froeb received his undergraduate degree from Stanford University and 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 text, 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 Dr. 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.

Brian T. McCann, Vanderbilt University

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 his 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.

Michael R. Ward, University of Texas, Arlington

Dr. Mike Ward has taught courses in Managerial Economics, Industrial Organization and Business Strategy, Human Resource Economics, and Economics and Regulation of Information. He has spent nearly two decades in academia, holding positions at the University of Illinois and the University of Texas at Arlington where he is currently Professor of Economics in the Business School. Prior to returning to academia, Dr. Ward served as an Economist at the Federal Trade Commission for four years attempting to tear down barriers to competition (though he was not managed by Dr. Froeb). Dr. Ward's research focuses on the economics of innovation and competition. He earned his undergraduate degree in mathematics and economics from UCLA and his Ph.D. in economics from the University of Chicago.

Mike Shor, University of Connecticut

Dr. 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, Dr. Shor taught at the business school at Vanderbilt University, where he was twice elected the best professor by the graduating MBA class. Dr. Shor earned his undergraduate degree in foreign affairs and economics from the University of Virginia, and his Ph.D. in economics from Rutgers University. Dr. 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.
  • Online Mindtap® Economics Empowers Students To Produce Their Best Work Consistently: By seamlessly integrating course material with videos, activities, apps, and much more, MindTap® Economics for MANAGERIAL ECONOMICS, 4E creates a unique learning path that fosters increased comprehension and efficiency.
  • Step-By-Step End-of-Chapter Video Exercises Clarify Complicated Problems and Exercises: These new video problems, available on MindTap®, walk students through every step in the development of complex problems or exercises in the book. These helpful instructional videos serve as invaluable guides for other assignments.
  • New Interactive Homework Provides Immediate Feedback: Now all end-of-chapter multiple-choice questions are interactive on MindTap®. Students can answer all questions and receive real-time feedback on their performances.
  • New Video Lectures Summarizes The Most Compelling Theories In The Book: This series of videos was produced by the textbook's author team and reflects the authors' innovative, real-world teaching style.
  • New Computerized Test Bank Saves You Time: Written by the author team to ensure the highest quality, this edition's test bank provides fresh, revised questions and operates efficiently in a computerized system, Cognero®.
  • Proven, MBA-Level Presentation Emphasizes Problem-Solving: Written specifically for your MBA-level managerial economics class, this book's solid approach teaches students to solve problems rather than simply learn models. Students connect economics to decisions made on the job. This book emphasizes fewer math and technical models with fewer graphs and figures than traditional managerial economics texts, but provides a much stronger emphasis on today's real business world.
  • Interactive End-Of-Chapter Material Places Students Into Roles of Decision Makers: A variety of effective end-of-chapter applications present real business scenarios that give students the opportunity to resolve actual business problems and pursue the most profitable and rational decisions. Eight to ten end-of-chapter scenarios for every chapter provide excellent choices for individual assignments, group projects, or class discussions.
  • First Chapter Clearly Introduces Book's Subject Matter: Students begin with a strong foundation and understanding of the managerial economics to follow as Chapter 1 overviews and introduces the principles with an emphasis on how economics impact today's managerial business decisions.
  • High Level Of Readability Ensures Student Comprehension: Both instructors using this text and reviewers agree that this edition offers a highly effective level of readability to make sure your students thoroughly understand concepts and how they apply. Succinct lessons present relevant theory in an accessible way, while learning features enable students to clearly understand theory and immediately apply it.
SECTION I: PROBLEM SOLVING AND DECISION MAKING.
1. Introduction: What This Book Is About.
2., The One Lessor of Business.
3. Benefits, Costs, and Decisions.
4. Extent (How Much) Decisions.
5. Investment Decisions: Look Ahead and Reason Back.
SECTION II: PRICING, COST, AND PROFITS.
6. Simple Pricing.
7. Economies of Scale and Scope.
8. Understanding Markets and Industry Changes.
9. Market Structure and Long-Run Equilibrium.
10. Strategy: The Quest to Keep Profit from Eroding.
11. Foreign Exchange, Trade, and Bubbles.
SECTION III: PRICING FOR GREATER PROFIT.
12. More Realistic and Complex Pricing.
13. Direct Price Discrimination.
14. Indirect Price Discrimination.
SECTION IV: STRATEGIC DECISION MAKING.
15. Strategic Games.
16. Bargaining.
SECTION V: UNCERTAINTY.
17. Making Decisions with Uncertainty.
18. Auctions.
19. The Problem of Adverse Selection.
20. The Problem of Moral Hazard.
SECTION VI: ORGANIZATIONAL DESIGN.
21. Getting Employees to Work in the Firm's Best Interest.
22. Getting Divisions to Work in the Firm's Best Interest.
23. Managing Vertical Relationships.
SECTION VII: WRAPPING UP.
24. You Be the Consultant.
MindTap
Each MindTap product offers the full, mobile-ready textbook combined with superior and proven learning tools at one affordable price. Students who purchase digital access can add a print option at any time when a print option is available for their course.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

Standalone Digital Access — Ultimate Value

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Aplia
Aplia is an online learning solution that increases student engagement with automatically graded assignments and detailed explanations.

This Cengage solution can be seamlessly integrated into most Learning Management Systems (Blackboard, Brightspace by D2L, Canvas, Moodle, and more) but does require a different ISBN for access codes. Please work with your Cengage Learning Consultant to ensure the proper course set up and ordering information. For additional information, please visit the LMS Integration site.

Standalone Digital Access — Ultimate Value

Recommended and most popular

  • ISBN-10: 1133367186
  • ISBN-13: 9781133367185
  • Bookstore Wholesale Price $99.00
  • RETAIL $99.00

Digital Access + Print — Flexible Value

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  • ISBN-10: 1305722159
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Textbook Only Options

Traditional eBook and Print Options

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  • ISBN-10: 1305259335
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Cengage provides a range of supplements that are updated in coordination with the main title selection. For more information about these supplements, contact your Learning Consultant.

FOR INSTRUCTORS

Instructor's Companion Website

ISBN: 9781305261013
Expand students' understanding and streamline class preparation with the numerous instructor and student resources available on this edition's robust companion website. Easily download password-protected instructor resources, including the Solution's Manual, Test Bank powered by Congerno®, and PowerPoint® slides.

Cengage Learning Testing, powered by Cognero® Instant Access for Froeb/McCann/Ward/Shor's Managerial Economics

ISBN: 9781305260603
Cengage Learning Testing powered by Cognero® is a flexible, online system that allows you to: import, edit, and manipulate content from the text's test bank or elsewhere, including your own favorite test questions; create multiple test versions in an instant; and deliver tests from your LMS, your classroom, or wherever you want.