The economic concepts presented in MANAGERIAL ECONOMICS, 12e, show students how to use common sense to understand business and solve managerial problems. This innovative text helps students develop and sharpen their economic intuition--an invaluable skill that helps students, as future managers, decide which products to produce, costs to consider, and prices to charge, as well as the best hiring policy and the most effective style of organization. With its unique integrative approach, the text presents the firm as a cohesive, unified organization and demonstrates that important business decisions are interdisciplinary. A basic valuation model is constructed and used as the underlying economic model of the firm; each topic is then related to an element of the value maximization model--a process that shows how management integrates accounting, finance, marketing, personnel, and production functions. The text also provides an intuitive guide to marginal analysis and basic economic relations. Once students grasp the importance of marginal revenue and marginal costs, the process of economic optimization becomes intuitively obvious. In addition, a wide variety of examples and simple numerical problems vividly illustrate the application of managerial economics to a vast assortment of practical situations. By studying the material in MANAGERIAL ECONOMICS, 12e, those seeking to further their business careers learn how to more effectively collect, organize, and analyze information. They gain powerful tools that can help them become more successful--and satisfied--in their careers.
Table of Contents
Part 1: OVERVIEW OF MANAGERIAL ECONOMICS.
1. Nature and Scope of Managerial Economics.
2. Economic Optimization.
3. Demand and Supply.
Part 2: DEMAND ANALYSIS AND ESTIMATION.
4. Demand Analysis.
5. Demand Estimation.
Part 3: PRODUCTION AND COMPETITIVE MARKETS.
7. Production Analysis and Compensation Policy.
8. Cost Analysis and Estimation.
9. Linear Programming.
10. Competitive Markets.
11. Performance and Strategy in Competitive Markets.
Part 4: IMPERFECT COMPETITION.
12. Monopoly and Monopsony.
13. Monopolistic Competition and Oligopoly.
14. Game Theory and Competitive Strategy.
15. Pricing Practices.
Part 5: LONG-TERM INVESTMENT DECISIONS.
16. Risk Analysis.
17. Capital Budgeting.
18. Organization Structure and Corporate Governance.
19. Government in the Market Economy.