Managerial Economics, 12th Edition

  • includes InfoApps 2-Semester Printed Access Card
  • Mark Hirschey University of Kansas
  • ISBN-10: 0324584849
  • ISBN-13: 9780324584844
  • 844 Pages Hardcover 
  • Previous Editions: 2006, 2003, 1996
  • © 2009 | Published
  • College Bookstore Wholesale Price = $206.00 
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About The Solution

Overview

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.


Additional Product Information

Features/Benefits

  • In every chapter, the text incorporates a variety of simple numerical examples and detailed practical illustrations of concepts. These features portray the valuable use and real-world applications of the material covered. Although the book contains calculus, the focus is on the economics--not the mathematics--of the managerial decision process.
  • Each chapter includes four short “Managerial Applications” boxes that illustrate current examples of how text concepts apply to real-world situations. Boxes include articles from BARRON’S, BUSINESS WEEK, FORBES, FORTUNE, THE WALL STREET JOURNAL, and more. To increase awareness of international issues, numerous examples, Managerial Applications, and case studies relate to global business topics.
  • The 12th edition incorporates several new regression-based illustrations of chapter concepts using actual company data and hypothetical data adapted from real-world situations. Like all aspects of the text, this material is self-contained and intuitive.
  • Case studies included with each chapter provide in-depth treatment of text concepts. Written to allow--but not require--a computer-based approach, case studies are fully self-contained and are especially helpful to instructors who want to more fully incorporate the use of basic spreadsheet and statistical software in their courses.
  • The text includes 380 new end-of-chapter questions and problems. Questions help students grasp basic concepts on an intuitive level and express understanding in a nonquantitative way. Problems illustrate the role of economic analysis from within a simple numerical framework. Self-test problems show students how economic tools and techniques can be used to solve practical business problems.

What's New

  • Chapter 2 has been completely rewritten to clarify key economic concepts and the intuition of marginal analysis, ensuring that your students have a solid understanding before progressing to other topics. Additionally, a new Appendix 2A, Math Analysis for Managers, has been added to help those students who might benefit from a quick review of basic math concepts.
  • Chapter 4, “Demand Analysis,” delivers expanded coverage of economic principles used to explain the underpinnings of demand at the individual and market levels. This material provides an essential theoretical backdrop for subsequent analysis of demand estimation and pricing practices.
  • Chapter 7, “Production Analysis and Compensation Policy,” now delves more deeply into important labor market issues that confront employers and their employees. This material provides the background for lively classroom discussions and debates of such hot topics as minimum wage policy, imperfectly competitive labor markets, and internal labor markets.
  • The all-new Chapter 9, “Linear Programming,” illustrates how linear programming can be used to solve real-world decision problems quickly and easily. It gives students practical experience applying linear programming, which is an especially useful tool for addressing problems encountered in numerous business, engineering, financial, and scientific applications.
  • Chapter 14, “Game Theory and Competitive Strategy,” has been revised to clearly present essential game theory concepts and illustrate how firms use these ideas to improve decision making when payoffs depend on actions taken by others. In addition, Chapter 15, “Pricing Practices,” includes discussion of two-part pricing practices often featured in markets for distinctive goods and services.

Table of Contents

Preface.
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.
6. Forecasting.
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.

Supplements

Instructor Supplements

Instructor Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" tab, then select "What's New" for updates specific to title's edition. For more information about these supplements, or to obtain them, contact your Learning Consultant.

Electronic Study Guide Instant Access Code  (ISBN-10: 1439042128 | ISBN-13: 9781439042120)

List Price = $29.50  | CengageBrain Price = $29.50  | College Bookstore Wholesale Price = $29.50


Instructor's Resource CD-ROM  (ISBN-10: 0324589603 | ISBN-13: 9780324589603)

Bringing powerful tools to your fingertips, the IRCD includes an electronic version of the Instructor’s Manual, the Test Bank, ExamView® (computerized testing software), and PowerPoint® slides.


Data Sets  (ISBN-10: 0324314906 | ISBN-13: 9780324314908)

Prepared by the author, case study data for the in-text cases are available electronically to adopters at academic.cengage.com/economics/hirschey.


Excel™ for Economics  (ISBN-10: 0324314884 | ISBN-13: 9780324314885)

These powerful Excel® spreadsheets are a student's interactive introduction to a revolutionary approach to learning managerial economics. The power of these text-specific Excel® spreadsheets--on either the PC or Macintosh platform--is used to present economics models in a live, interactive context. These files are available for download at the text's Student Companion Web Site.


Student Supplements

Student Supplements

All supplements have been updated in coordination with the main title. Select the main title’s "About the Solution" tab, then select "What's New" for updates specific to title's edition. For more information about these supplements, or to obtain them, contact your Learning Consultant.

Managerial Economics (Book Only)  (ISBN-10: 0324588860 | ISBN-13: 9780324588866)

List Price = $277.95  | CengageBrain Price = $221.99  | College Bookstore Wholesale Price = $206.00


Electronic Study Guide Instant Access Code  (ISBN-10: 1439042128 | ISBN-13: 9781439042120)

List Price = $29.50  | CengageBrain Price = $29.50  | College Bookstore Wholesale Price = $29.50


Electronic Study Guide Printed Access Card  (ISBN-10: 1439042179 | ISBN-13: 9781439042175)

List Price = $26.95  | College Bookstore Wholesale Price = $20.00


Preview Guide (with Reply Card)  (ISBN-10: 0324588623 | ISBN-13: 9780324588620)

List Price = $33.95  | College Bookstore Wholesale Price = $25.50


Meet the Author

About the Author

Mark Hirschey

Mark Hirschey is the Anderson W. Chandler Professor of Business at the University of Kansas, where he teaches undergraduate and graduate courses in managerial economics and finance. He also is president of the Association of Financial Economists and a member of several professional organizations. Professor Hirschey has published articles for such leading academic journals as the AMERICAN ECONOMIC REVIEW, REVIEW OF ECONOMICS AND STATISTICS, JOURNAL OF BUSINESS, JOURNAL OF BUSINESS AND ECONOMIC STATISTICS, JOURNAL OF FINANCE, JOURNAL OF FINANCIAL ECONOMICS, and JOURNAL OF INDUSTRIAL ECONOMICS. He also is the author of FUNDAMENTALS OF MANAGERIAL ECONOMICS AND INVESTMENTS: ANALYSIS & BEHAVIOR, the editor of ADVANCES IN FINANCIAL ECONOMICS, and past editor of MANAGERIAL AND DECISION ECONOMICS. He earned his PhD from the University of Wisconsin-Madison.

Reviews

Customer Reviews

"Dr. Hirschey, I am preparing for my final in Managerial Economics, and I thought I would drop you an email to thank for writing such a great textbook. I don’t know how many thank you notes you get, but you did a superb job in writing this text. I am no mathematical genius, and I really have a good shot at an A in this class. Thanks for writing something PRACTICAL."
— Doug Carlile, The University of the Incarnate Word, San Antonio, TX

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