Managerial Economics

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The economic concepts presented in market-leading Managerial Economics: An Integrative Approach show you how to use common sense to understand business and solve managerial problems. This innovative text helps you sharpen your economic intuition--an invaluable skill that helps you, as a future manager, 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 demonstrates that important business decisions are interdisciplinary, illustrating how different functions work together. Key Feature 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 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 text includes 200 end-of-chapter questions and problems. Questions help students grasp basic concepts on an intuitive level and express understanding in a nonquantitative way Table of Contents Part I: Overview Of Managerial Economics 1. Nature and Scope of Managerial Economics 2. Economic Optimization 3. Demand and Supply Part II: Demand Analysis and Estimation 4. Demand Analysis 5. Demand Estimation 6. Forecasting Part III: 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 IV: Imperfect Competition 12. Monopoly and Monopsony 13. Monopolistic Competition and Oligopoly 14. Game Theory and Competitive Strategy 15. Pricing Practices Part V: Long-term investment decisions 16. Risk Analysis 17. Capital Budgeting 18. Organization Structure and Corporate Governance 19. Government in the Market Economy Appendix A: Statistical Tables Appendix B: Case Study Appendix C: Selected References