Managerial Economics: Economic Tools for Today's Decision Makers [Hardcover]

Features and Benefits

FEATURES

KEY FEATURE-Each chapter starts and concludes with a running case study of ahypothetical company called "Global Foods"-Presents students with a specific scenario highlighting a challenge and implications for the firm's competitive position in the soft drink industry. The students are shown how the concepts of the chapter help managers solve realbusiness problems enabling them to apply economic principles to everyday business activity. Interests students in the chapter content so that they can better understand the analytical tools that help managers make decisions. Gives instructors a springboard for managerial role-playing or class discussion.
KEY FEATURE-Current business examples from the popular press (e.g., Business Week, theWall Street Journal) are integrated throughout the text. Highlights the relevance of economic concepts to current events.
UNIQUE -International Application sections are interspersed throughout the textbook. Nearly every chapter includes a special section called "International Application," which provides global application of the theory. Shows students how economic tools help businesses compete in the global economy.
NEW-Integrative chapter on economic concepts and tools. Provides students with the analysis of the semiconductor industry and the competitive challenges of a company within that industry. Shows students the immediate practicality of the most basic, yet critical, concepts in Managerial Economics.
NEW-Chapter 2, "The Firm and Its Goals," now includes new examples and a discussion on transactions costs and a discussion both on Economic Value Added (EVA) and Market Value Added (MVA) which measures the wealth creation.
NEW-Topic on isoquants and isocosts-Treated in an appendix to Chapter 7 for added convenience for instructors who want to focus on key concepts of production theory in the chapter without putting too much emphasis on particulars of the graphical and algebraic analysis of production.
NEW-Complete explanation of linear programming and its uses-Includes reference to the use of Microsoft Excel to help solve LP problems. Enables students to quickly solve LP problems without resorting to packaged programs. Gives students a concise, but thorough understanding of linear programming without going through graphics of simplex method.
NEW-Industrial Economics material in Chapter 10 has been completely rewritten and now shows the linkage of the structure-conduct-performance approach to Porter's strategy.
NEW-Game Theory and its application to pricing and strategy is discussed in the chapter covering Monopolistic competition and oligopoly.
NEW-An appendix to the Forecasting chapter-Provides a descriptive review of the latest software packages for forecasting.
NEW-Chapter 14 (Risk and Uncertainty), now includes an elementary discussion of Real Options.