Managerial economics is the application of economic theory and quantitative methods (mathematics and statistics) to the managerial decision-making process. Simply stated, managerial economics is applied microeconomics with special emphasis on those topics of greatest interest and importance to managers. Offering a problem-solving approach to the study of managerial economics, this title aims to help business students develop analytical skills. It includes an extensive review of mathematical techniques and a chapter on the time value of money and capital budgeting.
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.
Thoroughly updated to reflect the post-crisis, global, and digital economy. Modernized for the 21st century, the Eighth Edition emphasizes strategic thinking by managers and includes over 50 new case studies on events from 2010 to 2012 that prepare students for today's changing economy.
Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features: • An emphasis on practical application through real-life examples and problems • An accessible writing style that presents technical theories in a user-friendly way • A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions • Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic.
Thomas and Maurice's goal for Managerial Economics is to teach students the economic way of thinking about business decisions and strategy. The 13th edition continues to develop critical thinking skills and provides students with a logical way of analysing both the routine decisions of managing daily business operations as well as the longer-run strategic plans that seek to manipulate the actions and reactions of rival firms. Approachable for students even without an economic background.
The easy way to make sense of managerial economics Does the study of Managerial Economics make your head spin? Relax! This hands-on, friendly guide helps you make sense of complex business concepts and explains to you in plain English how Managerial Economics enhances analytical skills, assists in rational configuration, and aids in problem-solving. Managerial Economics For Dummies gives you a better understanding of all the major concepts you'll encounter in the classroom: supply and demand, elasticity, decision-making, quantitative analysis of business situations, risk analysis, production analysis, pricing analysis, capital budgeting, critical thinking skills, and much more. Tracks to a typical Managerial Economics course Includes easy-to-understand explanations and examples Serves as a valuable classroom supplement If you're enrolled in business courses looking for a supplemental guide to aid your understand of the complex theories associated with this difficult topic, or a manager already in the corporate world looking for a refresher, Managerial Economics For Dummies has you covered.
Now in its third edition, this highly readable, non-technical introduction to the essential microeconomic principles is perfect for business managers. The new edition retains its global focus and economic rigor, with an emphasis on the role of information in decision-making. The text has been extensively updated and rewritten to include new and recent cases and examples from a multitude of countries and economic systems, applied to managerial situations. Utilizing economic analysis to spotlight topics in accounting, finance, human resources, and marketing, Managerial Economics, 3e employs a simple, pedagogic model, providing the most up-to-date and relevant foundation in the field. Written for managers rather than economists Each chapter begins with a real-world mini-case. Chapters are reinforced with progress checks, review questions, and discussion questions New coverage of oligopoly, time value of money, behavioral economics, experience curve, R&D strategy, and more Uses mathematics only where necessary Extensive online resources are available at http://www.comp.nus.edu.sg/~ipng/mecon.htm including updates to the book, PowerPoint slides, an Instructor’s Manual, and answers to discussion questions A wiki site at http://manecon.pbwiki.com/ provides additional examples as well as contributions from readers and instructors
This is the first book of its kind to bring together the microeconomic insights on the functioning of non-profit organizations, complementing the wide range of books on the management of non-profit organizations by instead focusing on both theoretical and empirical work. Jegers begins by considering definitions of non-profit organizations before ex
