Written primarily for students taking courses in managerial economics in Britain and Europe, The Business Economics and Managerial Decision Making analyses the growth and development of privately owned firms and also the decisions made by firms operating in both private and public sector enterprises. Coverage is clear and concise, and avoids specialist techniques such as linear programming, which in a European context tend to belong in courses dealing with operations research. The book also avoids straying into areas of industrial economics, instead retaining a sharp focus on relevant issues such as the theory of the firm and the varying objectives that may be adopted in practice. Key sections are supported by case studies of real firms and actual decisions made.
Widely acknowledged, this popular and detailed text is a comprehensive treatise on Managerial Economics both micro and macro-economic aspects. This text ensures a thorough understanding of core concepts before advancing to provide an expanded treatment of topics. It explains the economic environment and the impact on managerial decisions regarding price & output determination in different market structures followed by an account of the behaviour of individuals under conditions of uncertainty.
Economic foundations -- Managerial economics and decision making -- Demand and supply -- Measuring and using demand -- Market structure and managerial decisions -- Production and costs -- Perfect competition -- Monopoly and monopolistic competition -- Cartels and oligopoly -- Game theory and oligopoly -- A manager's guide to antitrust policy -- Managerial decisions -- Advanced pricing decisions -- Decisions about vertical integration and distribution -- Decisions about production, products, and location -- Marketing decisions : advertising and promotion -- Business decisions under uncertainty -- Managerial decisions about information -- Using present value to make multiperiod managerial decisions -- Answer key to chapters -- Answer key to calculus appendix
Originally published in 1981. Risk is a problem which all business decision makers have to cope with. The problem is not insurmountable, however, as there now exist well-established techniques for minimising risk and for calculating which of various available options is the optimal one to pursue. This book outlines and discusses these techniques and the theories behind them. Unlike many economic theories which only rarely have any practical applications, the techniques put forward in this book can be used by real businessmen to solve real business problems. The book concentrates on decision-making in two main areas: the allocation of a firm’s resources and the selection of new investments; and the techniques and theories discussed fall into three broad groups: linear programming, decision theory and capital market theory. Intended as an advanced undergraduate textbook for students taking business economics or managerial economics courses, this valuable book will interest specialists and students involved in management studies, microeconomics, strategic planning, operational research, accounting and MBA programmes.
Economic principles inform good business decision making. Although economics is sometimes dismissed as a discourse of practical relevance to only a relatively small circle of academicians and policy analysts who call themselves economists, sound economic reasoning benefits any manager of a business, whether they are involved with production/operations, marketing, finance, or corporate strategy. Along with enhancing decision making, the field of economics provides a common language and framework for comprehending and communicating phenomena that occur within a business, as well as between a business and its environment. This text addresses the core of a subject commonly called managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are presented in form of simple conceptual models. The text includes key elements from the economics of consumer demand and the economics of production. The book discusses economic motivations for expanding a business and contributions from economics for improved organization of large firms. Market price quantity equilibrium, competitive behavior, and the role of market structure on market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of the generic problems that create the need for regulation and possible remedies for those problems. Although the academic literature of managerial economics often employs abstract mathematics and large corporations create and use sophisticated mathematical models that apply economics, this book focuses on concepts, terminology, and principles, with minimal use of mathematics. The reader will gain a better understanding of why businesses and markets function as they do and how those institutions can function better.
This book provides a unified framework for business decision-making, by developing a logical and systematic approach to business problems. The book is split into three parts - The Nature of Decisions, The Decision Environment and Decision Areas, whilst each chapter concludes with a specific application of the principles and concepts outlined. The intended readership includes both undergraduate and postgraduate students of business, whilst its depth and range make it relevant to business studies and professional courses. Included in the book are a selection of undergraduate and postgraduate examination questions, together with notes on answers.
The effectiveness of a good strategy well implemented determines a business' future success or failure. Yet history is full of strategic decisions, big and small, that were ill-conceived, poorly organized and consequently disastrous. This updated guide looks at the whole process of strategic decision-making, from vision, forecasting, and resource allocation, through to implementation and innovation. Strategy is about understanding where you are now, where you are heading and how you will get there. There is no room for timidity or confusion. Although the CEO and the board decide a company's overall direction, it is the managers at all levels of the organization who will determine how the vision can be transformed into action. In short, everyone is involved in strategy. But getting it right involves difficult choices: which customers to target, what products to offer, and the best way to keep costs low and service high. And constantly changing business conditions inevitably bring risks. Even after business strategy has been developed, a company must remain nimble and alert to change, and view strategy as an ongoing and evolving process. The message of this guide is simple: strategy matters, and getting it right is fundamental to business success.
