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By illustrating how effective managers apply economic theory and techniques to solve real-world problems, MANAGERIAL ECONOMICS 13E helps future business leaders learn to think analytically and make better decisions. As always, the seasoned author team balances a solid foundation of traditional microeconomic theory with extensive exploration of the latest analytical tools in managerial economics, such as game-theoretic tactics, information economics, and organizational architecture. This new edition is concise, comprehensive, and current with cutting-edge coverage of important management topics relevant to today's students, including an exciting focus on "green" business and environmentally friendly practices and products. Available with InfoTrac® Student Collections http://gocengage.com/infotrac.
- New Manager Challenges include hedonic price of home, Lee Jeans, and GM cost structure before and after the bailout.
- Expanded public policy application to wind/solar economics in the Case Studies at end of Chapter 1.
- InfoTrac® Student Collections are specialized databases expertly drawn from the Gale Academic One library. Each InfoTrac® Student Collection enhances the student learning experience in the specific course area related to the product. These specialized databases allow access to hundreds of scholarly and popular publications - all reliable sources - including journals, encyclopedias, and academic reports. Learn more and access at: http://gocengage.com/infotrac.
- Updated oil market and CFL/LED bulb content in Chapter 2.
- New content on Intel Chip Flaws as marginal analysis in Chapter 2.
- New content on the value of the Chinese yuan, WTO rulings and antidumping sanctions, European debt crisis.
- New boxed features on smart phones, tablets, video demand in its various forms.
- Updated direct costing content with regards to gross margin to reflect SGA on shelf allowances and Manufacturing overhead on set-up costs to reflect new financial analyst practices.
- New content on Subway/Quizno and Playstation/Xbox/Wii price tactics.
- More International Coverage: The 12th edition demonstrates a strong emphasis on international business issues with coverage on China, India, and the global marketplace. The book integrates international issues throughout, illustrating how they relate to managerial efficiency and shareholder wealth maximization. Additionally, intriguing "International Perspectives" illustrate how chapter concepts can be applied to problems faced by managers in an increasingly global climate, helping readers understand the international impact of economics.
- Diverse Approaches: The authors present key analytical concepts in several different ways−including tabular analysis, graphical analysis, and algebraic analysis−making difficult material more accessible and enabling students to learn in the format with which they are most comfortable. When elementary differential calculus is used, at least one alternative mode of analysis also is presented for readers. The book also has a strong finance emphasis.
- Real-World Emphasis: The 300-plus applications and examples from actual practice give student's hands-on experience with the decision-making challenges they will face as managers−as well as effective tools to solve them. For example, each chapter opens with a Managerial Challenge illustrating an economic analysis problem faced by actual managers that relates to chapter material.
- Decision-Making Skills: "What Went Right/What Went Wrong" features, now included in all chapters, enable students to apply what they have learned to real-business decisions and see the positive and negative outcomes of management decisions. These insightful features show the relevance of managerial economic insights to avoiding widely discussed corporate mistakes, teaching students how to critically evaluate good and bad decisions and the subsequent effects.
- Contemporary Coverage: A strong emphasis is placed on the most current topics in microeconomic thinking, including organizational economics, game-theoretic tactics, auction economics, strategy, information economics, and more. This coverage is balanced with more traditional neoclassical micro theory.
- Streamlined Approach: Responding to user feedback, the 12th edition is succinct and streamlined. The book thoroughly covers key topics, while less-used material is now found on the textbook's website to give the authors optimal flexibility in their course coverage.
About the Authors.
PART I: INTRODUCTION.
1. Introduction and Goals of the Firm.
2. Fundamental Economic Concepts.
PART II: DEMAND AND FORECASTING.
3. Demand Analysis.
4. Estimating Demand.
4A. Problems in Applying the Linear Regression Model.
5. Business and Economic Forecasting.
6. Managing in the Global Economy.
6A. Foreign Exchange Risk Management.
PART III: PRODUCTION AND COST.
7. Production Economics.
7A. Maximization of Production Output Subject to a Cost Constraint.
7B. Production Economics of Renewable and Exhaustible Natural Resources.
8. Cost Analysis.
8A. Long-Run Costs with a Cobb-Douglas Production Function.
9. Applications of Cost Theory.
PART IV: PRICING AND OUTPUT DECISIONS: STRATEGY AND TACTICS.
10. Prices, Output, and Strategy: Pure and Monopolistic Competition.
11. Price and Output Determination: Monopoly and Dominant Firms.
12. Price and Output Determination: Oligopoly.
13. Best-Practice Tactics: Game Theory.
13A. Entry Deterrence and Accommodation Games.
14. Pricing Techniques and Analysis.
PART V: ORGANIZATIONAL ARCHITECTURE AND REGULATION.
15. Contracting, Governance, and Organizational Form.
15A. Auction Design and Information Economics.
16. Government Regulation.
17. Long-Term Investment Analysis.
A. The Time Value of Money.
C. Differential Calculus Techniques in Management .
D. Check Answers to Selected End-of-Chapter Exercises.
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.
Companion Website (with Instructor's Manual, Test Bank, PowerPoint®)
Find everything you need for your course in one place. This collection of book-specific lecture and class tools is available online via www.cengage.com/login. Easily access and download password-protected PowerPoint® presentations, images, the instructor’s manual, test bank, and more that reflect the latest changes in this edition.
Cengage Learning Testing, powered by Cognero® Instant Access
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.