Managerial Economics: Application, Strategy & Tactics

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This book seeks to train learners to think analytically in a business context. Specifically, it uses over 250 real-world, managerially-oriented applications to show readers how managers apply theories and techniques to solve real-world business problems. The book includes extensive coverage of the latest analytical tools in managerial economics: game-theoretic tactics, best-practices mechanism design, information economics, and organizational architecture, as well as a thorough integration of international issues. Key Feature Game theory treatment is expanded to include more real-world exercises on game-theoretic tactics. Demonstrates Negative Outcomes: New "What Went Right?/What Went Wrong?" features show the relevance of managerial economics insights to avoiding widely-discussed corporate mistakes. Theory-In-Context Approach: The book contains far more of these managerially-oriented applications (over 300 updated Managerial Challenge" features, examples, and cases) than any other text.. Contemporary, Decision-making Approach: A strong emphasis is placed on the most current topics in microeconomic thinking, including organizational economics, game-theoretic tactics, auction economics, strategy, information economics. This coverage is balanced with more traditional neoclassical micro theory. International Treatment: International issues and how they relate to managerial efficiency and shareholder wealth maximization are emphasized to demonstrate the importance of understanding the global economic environment. "International Perspectives" sections illustrate the application of managerial economics concepts to problems faced by managers in an increasingly global economy. Quantitative Flexibility: Important analytical concepts are presented in several different ways, including tabular analysis, graphical analysis, and algebraic analysis. Cases: Short case exercises that extend the concepts and tools developed in the text are included. Table of Contents Part I: Introduction 1. Introduction and Goals of the Firm. 2. Fundamental Economic Concepts. Appendix. Differential Calculus Techniques in Management. Part II: Demand and Forecasting 3. Demand Analysis. Appendix. Indifference Curve Analysis of Demand. 4. Estimation of Demand. Appendix. Problems in Applying Regression Models. 5 Business and Economic Forecasting. 6. Managing Exports. Appendix. International Parity Conditions. Part III: Production and Cost 7. Production Economics. *Appendix. Maximization of Production Output Subject toa Cost Constraint. Appendix. Production Decisions and Linear Programming. 8. Cost Analysis. Appendix. Long-Run Costs with a Production Function. 9. Applications of Cost Theory. Appendix. The Learning Curve. Part IV: Pricing and Output Decisions: Strategy and Tactics 10. Pure and Monopolistic Competition. 11. Price and Output: Monopoly and Dominant Firms. 12. Price and Output Determination: Oligopoly. 13. Game-Theoretic Rivalry: Best Practice Tactics. Appendix. Capacity Planning and Pricing Against a Low-Cost Competitor. 14. Pricing Techniques and Analysis. Appendix Revenue Management. Appendix. Pricing of Joint Products. Part V: Institutional Economics 15. Contracting, Governance, and Organizational Form. 16. Optimal Mechanism Design. 17. Government Regulation. Part VI: Long-term Investment Decisions and Risk Management. 18. Long-Term Investment Analysis. 19. Decisions Under Risk and Uncertainty.