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MANAGERIAL ECON & BUS STRAT (TEXT),9780072289176
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MANAGERIAL ECON & BUS STRAT (TEXT)

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Edition:
3RD
ISBN13:

9780072289176

ISBN10:
0072289171
Pub. Date:
1/1/2000
Publisher(s):
MCG
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Table of Contents

The Fundamentals of Managerial Economics
1(32)
Headline: Amcott Loses $3.5 Million; Manager Fired
1(1)
Introduction
1(3)
The Manager
3(1)
Economics
3(1)
Managerial Economics Defined
4(1)
The Economics of Effective Management
4(4)
Identify Goals and Constraints
4(1)
Recognize the Nature and Importance of Profits
5(1)
Economic Versus Accounting Profits
5(2)
The Role of Profits
7(1)
Understand Incentives
8(2)
Understand Markets
10(2)
Consumer--Producer Rivalry
10(1)
Consumer--Consumer Rivalry
11(1)
Producer--Producer Rivalry
11(1)
Government and the Market
12(1)
Recognize the Time Value of Money
12(6)
Present Value Analysis
12(3)
The Value of the Firm
15(3)
Use Marginal Analysis
18(6)
Discrete Decisions
18(3)
Continuous Decisions
21(2)
Incremental Decisions
23(1)
Learning Managerial Economics
24(1)
Answering the Headline
25(1)
Key Terms and Concepts
26(1)
Problems
26(4)
Selected Readings
30(1)
Appendix: The Calculus of Maximizing Net Benefits
31(2)
Inside Business 1--1: What Are the Goals of Firms?
7(2)
Inside Business 1--2: Profits and the Computer Industry
9(4)
Inside Business 1--3: The Five Forces Model: The Link Between Strategic Management and Managerial Economics
13(3)
Inside Business 1--4: Joining the Jet Set
16(17)
Market Forces: Demand and Supply
33(36)
Headline: Samsung and Hyundai Electronics to Cut Chip Production
33(1)
Introduction
33(1)
Demand
34(9)
Demand Shifters
35(1)
Income
36(1)
Prices of Related Goods
36(2)
Advertising and Consumer Tastes
38(1)
Population
38(1)
Consumer Expectations
39(1)
Other Factors
39(1)
The Demand Function
39(2)
Consumer Surplus
41(2)
Supply
43(7)
Supply Shifters
44(1)
Input Prices
44(1)
Technology or Government Regulations
44(1)
Number of Firms
45(1)
Substitutes in Production
45(1)
Taxes
45(1)
Producer Expectations
46(1)
The Supply Function
47(2)
Producer Surplus
49(1)
Market Equilibrium
50(2)
Price Restrictions and Market Equilibrium
52(5)
Price Ceilings
52(4)
Price Floors
56(1)
Comparative Statics
57(6)
Changes in Demand
58(2)
Changes in Supply
60(1)
Simultaneous Shifts in Supply and Demand
61(2)
Answering the Headline
63(1)
Summary
64(1)
Key Terms and Concepts
64(1)
Problems
65(3)
Selected Readings
68(1)
Inside Business 2--1: Asahi Breweries Ltd. and the Asian Recession
37(8)
Inside Business 2--2: NAFTA and the Supply Curve
45(14)
Inside Business 2--3: Changes in Indonesian Incomes and the Market for Clone PCs
59(10)
Quantitative Demand Analysis
69(44)
Headline: Winners of Wireless Auction to Pay $7 Billion
69(1)
Introduction
70(1)
Elasticities of Demand
70(1)
Own Price Elasticity
71(10)
Elasticity and Total Revenue
72(3)
Factors Affecting the Own Price Elasticity
75(1)
Available Substitutes
75(3)
Time
78(1)
Expenditure Share
78(1)
Marginal Revenue and the Own Price Elasticity of Demand
79(2)
Cross-Price Elasticity
81(3)
Income Elasticity
84(2)
Other Elasticities
86(1)
Obtaining Elasticities from Demand Functions
87(6)
Elasticities for Linear Demand Functions
87(2)
Elasticities for Nonlinear Demand Functions
89(4)
Regression Analysis
93(10)
Evaluating the Statistical Significance of Estimated Coefficients
96(1)
Confidence Intervals
96(1)
The t-Statistic
97(1)
Evaluating the Overall Fit of the Regression Line
98(1)
The R-Square
98(1)
The F-Statistic
99(1)
Nonlinear and Multiple Regressions
100(1)
Nonlinear Regressions
100(1)
Multiple Regression
101(2)
Answering the Headline
103(2)
Summary
105(1)
Key Terms and Concepts
105(1)
Problems
106(6)
Selected Readings
112(1)
Inside Business 3--1: Calculating and Using the Arc Elasticity: An Application to the Housing Market
76(3)
Inside Business 3--2: GM's Pricing Strategy for the Saturn
79(4)
Inside Business 3--3: Using Cross-Price Elasticities to Improve New Car Sales in the Wake of Increasing Gasoline Prices
83(30)
The Theory of Individual Behavior
113(39)
Headline: Packaging Firm Uses Overtime Pay to Overcome Labor Shortage
113(1)
Introduction
113(1)
Consumer Behavior
114(3)
Constraints
117(7)
The Budget Constraint
117(5)
Changes in Income
122(1)
Changes in Prices
123(1)
Consumer Equilibrium
124(2)
Comparative Statics
126(6)
Price Changes and Consumer Behavior
126(1)
Income Changes and Consumer Behavior
127(2)
Substitution and Income Effects
129(3)
Applications of Indifference Curve Analysis
132(10)
Choices by Consumers
132(1)
Buy One, Get One Free
132(2)
Cash Gifts, In-Kind Gifts, and Gift Certificates
134(4)
Choices by Workers and Managers
138(1)
A Simplified Model of Income-Leisure Choice
138(1)
The Decisions of Managers
139(3)
The Relationship Between Indifference Curve Analysis and Demand Curves
142(2)
Individual Demand
142(1)
Market Demand
143(1)
Answering the Headline
144(1)
Summary
145(1)
Key Terms and Concepts
146(1)
Problems
146(3)
Selected Readings
149(1)
Appendix: A Calculus Approach to Individual Behavior
150(2)
Inside Business 4--1: Indifference Curves and Risk Preferences
119(11)
Inside Business 4--2: Price Changes and Inventory Management for Multiproduct Firms
130(2)
Inside Business 4--3: Income Effects and the Business Cycle
132(2)
Inside Business 4--4: Are AT&T Wireless Customers In for a Busy Signal?
134(18)
The Production Process and Costs
152(49)
Headline: GM and UAW Butt Heads over jobs
152(1)
Introduction
153(1)
The Production Function
153(22)
Short-Run Versus Long-Run Decisions
153(2)
Measures of Productivity
155(1)
Total Product
156(1)
Average Product
156(1)
Marginal Product
157(2)
The Role of the Manager in the Production Process
159(1)
Produce on the Production Function
159(1)
Use the Right Level of Inputs
159(3)
Algebraic Forms of Production Functions
162(1)
Algebraic Measures of Productivity
163(2)
Isoquants
165(3)
Isocosts
168(3)
Cost Minimization
171(2)
Optimal Input Substitution
173(2)
The Cost Function
175(13)
Short-Run Costs
176(2)
Average and Marginal Costs
178(2)
Relations Among Costs
180(2)
Fixed and Sunk Costs
182(1)
Algebraic Forms of Cost Functions
183(1)
Long-Run Costs
184(2)
Economies of Scale
186(1)
A Reminder: Economic Costs Versus Accounting Costs
187(1)
Multiple-Output Cost Functions
188(3)
Economies of Scope
188(1)
Cost Complementarity
188(3)
Answering the Headline
191(1)
Summary
191(1)
Key Terms and Concepts
192(1)
Problems
192(5)
Selected Readings
197(1)
Appendix: The Calculus of Production and Costs
198(3)
Inside Business 5--1: Where Does Technology Come From?
154(15)
Inside Business 5--2: A Cobb-Douglas Production Function for Water Desalination
169(7)
Inside Business 5--3: Fringe Benefits and Input Substitution
176(25)
The Organization of the Firm
201(36)
Headline: Incentives at Saturn: Will a New Kind of Car Company Continue to Roll?
201(1)
Introduction
202(1)
Methods of Procuring Inputs
203(2)
Purchase the Inputs Using Spot Exchange
203(1)
Acquire Inputs Under a Contract
204(1)
Produce the Inputs Internally
204(1)
Transaction Costs
205(5)
Types of Specialized Investments
206(1)
Site Specificity
206(1)
Physical-Asset Specificity
206(1)
Dedicated Assets
207(1)
Human Capital
207(1)
Implications of Specialized Investments
207(1)
Costly Bargaining
207(1)
Underinvestment
208(1)
Opportunism and the ``Hold-Up Problem''
208(2)
Optimal Input Procurement
210(8)
Spot Exchange
210(1)
Contracts
211(4)
Vertical Integration
215(1)
The Economic Trade-Off
216(2)
Managerial Compensation and the Principal-Agent Problem
218(3)
Forces That Discipline Managers
221(3)
Incentive Contracts
221(1)
External Incentives
222(1)
Reputation
222(1)
Takeovers
223(1)
The Manager-Worker Principal-Agent Problem
224(4)
Solutions to the Manager-Worker Principal-Agent Problem
224(1)
Profit Sharing
224(1)
Revenue Sharing
224(2)
Piece Rates
226(1)
Time Clocks and Spot Checks
227(1)
Answering the Headline
228(1)
Summary
228(1)
Key Terms and Concepts
229(1)
Problems
229(3)
Selected Readings
232(1)
Appendix: An Indifference Curve Approach to Managerial Incentives
233(4)
Inside Business 6--1: The Cost of Using an Inefficient Method of Procuring Inputs
209(6)
Inside Business 6--2: Factors Affecting the Length of Coal and Natural-Gas Contracts
215(4)
Inside Business 6--3: The Evolution of Input Decisions in The Automobile Industry
219(4)
Inside Business 6--4: Compensation in Fast Food Restaurants
223(2)
Inside Business 6--5: What are Profits Worth to CEO's?
225(1)
Inside Business 6--6: Incentive Based Contracts for School Superintendents
226(11)
The Nature of Industry
237(31)
Headline: Microsoft Puts Halt to Merger Plans
237(1)
Introduction
237(1)
Market Structure
238(12)
Firm Size
238(1)
Industry Concentration
239(1)
Measures of Industry Concentration
240(1)
The Concentration of U.S. Industry
241(2)
Limitations of Concentration Measures
243(1)
Global Markets
243(1)
National, Regional, and Local Markets
243(1)
Industry Definitions and Product Classes
243(1)
Technology
244(2)
Demand and Market Conditions
246(2)
Potential for Entry
248(2)
Conduct
250(6)
Pricing Behavior
250(2)
Integration and Merger Activity
252(1)
Vertical Integration
252(1)
Horizontal Integration
252(1)
Conglomerate Mergers
253(1)
Trends in Mergers, Takeovers, and Acquisitions
253(2)
Research and Development
255(1)
Advertising
256(1)
Performance
256(2)
Profits
256(1)
Social Welfare
256(2)
The Structure-Conduct-Performance Paradigm
258(1)
The Causal View
258(1)
The Feedback Critique
258(1)
Overview of the Remainder of the Book
259(3)
Perfect Competition
259(1)
Monopoly
259(1)
Monopolistic Competition
260(1)
Oligopoly
260(2)
Answering the Headline
262(1)
Summary
262(1)
Key Terms and Concepts
263(1)
Problems
263(2)
Selected Readings
265(1)
Appendix: Data Sources for Managers
266(2)
Inside Business 7--1: The North American Industry Classification System (NAICS)
245(4)
Inside Business 7--2: The Elasticity of Demand at the Firm and Market Levels
249(5)
Inside Business 7--3: The Language of Corporate Takeovers
254(6)
Inside Business 7--4: The Evolution of Market Structure in the Computer Industry
260(8)
Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets
268(51)
Headline: No Profits, No Cake for Japanese VCR Makers
268(1)
Introduction
268(1)
Perfect Competition
268(14)
Demand at the Market and the Firm
270(1)
Short-Run Output Decisions
270(1)
Maximizing Profits
271(4)
Minimizing Losses
275(1)
Short-Run Operating Losses
275(1)
The Decision to Shut Down
276(2)
The Short-Run Firm and Industry Supply Curves
278(1)
Long-Run Decisions
279(3)
Monopoly
282(19)
Monopoly Power
282(2)
Sources of Monopoly Power
284(1)
Economies of Scale
284(1)
Economies of Scope
285(1)
Cost Complementarity
286(1)
Patents and Other Legal Barriers
287(1)
Maximizing Profits
288(1)
Marginal Revenue
288(5)
The Output Decision
293(4)
The Absence of a Supply Curve
297(1)
Multiplant Decisions
297(2)
Implications of Entry Barriers
299(2)
Monopolistic Competition
301(6)
Conditions for Monopolistic Competition
301(1)
Profit Maximization
301(3)
Long-Run Equilibrium
304(2)
Implications of Product Differentiation
306(1)
Optimal Advertising Decisions
307(2)
Answering the Headline
309(1)
Summary
310(1)
Key Terms and Concepts
310(1)
Problems
310(5)
Selected Readings
315(1)
Appendix: The Calculus of Profit Maximization
316(1)
Appendix: The Algebra of Perfectly Competitive Supply Functions
317(2)
Inside Business 8--1: Competition in the Poultry Market
282(4)
Inside Business 8--2: Minimum Efficient Scale and Monopoly Power
286(3)
Inside Business 8--3: Factors That Affect Technological Progress
289(30)
Basic Oligopoly Models
319(39)
Headline: Crude Oil Prices Fall, but Consumers in Some Areas See No Relief at the Pump
319(1)
Introduction
319(1)
Conditions for Oligopoly
320(1)
The Role of Beliefs and Strategic Interaction
320(2)
Profit Maximization in Four Oligopoly Settings
322(21)
Sweezy Oligopoly
322(2)
Cournot Oligopoly
324(1)
Reaction Functions and Equilibrium
324(7)
Isoprofit Curves
331(3)
Changes in Marginal Costs
334(1)
Collusion
335(1)
Stackelberg Oligopoly
336(6)
Bertrand Oligopoly
342(1)
Comparing Oligopoly Models
343(5)
Cournot
345(1)
Stackelberg
346(1)
Bertrand
346(1)
Collusion
346(2)
Contestable Markets
348(1)
Answering the Headline
349(1)
Summary
350(1)
Key Terms and Concepts
351(1)
Problems
351(4)
Selected Readings
355(1)
Appendix: Differentiated-Product Bertrand Oligopoly
356(2)
Inside Business 9--1: Using Experiments to Understand Oligopoly Behavior
329(11)
Inside Business 9--2: Stackelberg Oligopoly and International Trade
340(4)
Inside Business 9--3: Managerial Compensation in Bertrand and Cournot Oligopoly
344(3)
Inside Business 9--4: Using a Spreadsheet to Calculate Cournot, Stackelberg, and Collusive Outcomes
347(11)
Game Theory: Inside Oligopoly
358(44)
Headline: Airline Seeks Government Regulation of Carry-On Baggage
358(1)
Introduction
359(1)
Overview of Games and Strategic Thinking
359(1)
Simultaneous-Move, One-Short Games
360(12)
Theory
360(4)
Applications of One-Shot Games
364(1)
Pricing Decisions
364(1)
Advertising and Quality Decisions
365(2)
Coordination Decisions
367(1)
Monitoring Employees
368(2)
Nash Bargaining
370(2)
Infinitely Repeated Games
372(8)
Theory
372(1)
Review of Present Value
372(1)
Supporting Collusion with Trigger Strategies
373(3)
Factors Affecting Collusion in Pricing Games
376(1)
Number of Firms
376(1)
Firm Size
376(1)
History of the Market
377(1)
Punishment Mechanisms
378(1)
An Application of Infinitely Repeated Games to Product Quality
378(2)
Finitely Repeated Games
380(6)
Games with an Uncertain Final Period
380(3)
Repeated Games with a Known Final Period: The End-of-Period Problem
383(2)
Applications of the End-of-Period Problem
385(1)
Resignations and Quits
385(1)
The ``Snake-Oil'' Salesman
386(1)
Multistage Games
386(8)
Theory
386(3)
Applications of Multistage Games
389(1)
The Entry Game
389(1)
Innovation
390(1)
Sequential Bargaining
391(3)
Answering the Headline
394(1)
Summary
395(1)
Key Terms and Concepts
395(1)
Problems
396(5)
Selected Readings
401(1)
Inside Business 10--1: Coordinating Activities: How Hard Is It?
368(9)
Inside Business 10--2: Trigger Strategies in the Waste Industry
377(2)
Inside Business 10--3: Collusion on NASDAQ?
379(23)
Pricing Strategies for Firms with Market Power
402(37)
Headline: Mickey Mouse Lets You Ride ``For Free'' at Disney World
402(1)
Introduction
402(1)
Basic Pricing Strategies
403(6)
Review of the Basic Rule of Profit Maximization
403(1)
A Simple Pricing Rule for Monopoly and Monopolistic Competition
404(3)
A Simple Pricing Rule for Cournot Oligopoly
407(2)
Strategies That Yield Even Greater Profits
409(23)
Extracting Surplus from Consumers
410(1)
Price Discrimination
410(5)
Two-Part Pricing
415(3)
Block Pricing
418(2)
Commodity Bundling
420(2)
Pricing Strategies for Special Cost and Demand Structures
422(1)
Peak-Load Pricing
423(1)
Cross Subsidies
424(1)
Transfer Pricing
425(2)
Pricing Strategies in Markets with Intense Price Competition
427(1)
Price Matching
427(3)
Inducing Brand Loyalty
430(1)
Randomized Pricing
430(2)
Answering the Headline
432(1)
Summary
433(1)
Key Terms and Concepts
433(1)
Problems
433(5)
Selected Readings
438(1)
Inside Business 11--1: Pricing Markups as Rules of Thumb
405(24)
Inside Business 11--2: The Prevalence of Price-Matching Policies and Other Low-Price Guarantees
429(2)
Inside Business 11--3: Randomized Pricing in the Airline Industry
431(8)
The Economics of Information
439(40)
Headline: Firm Chickens Out in the FCC Spectrum Auction
439(1)
Introduction
439(1)
The Mean and the Variance
440(3)
Uncertainty and Consumer Behavior
443(7)
Risk Aversion
443(1)
Managerial Decisions with Risk-Averse Consumers
444(1)
Product Quality
444(1)
Chain Stores
445(2)
Insurance
447(1)
Consumer Search
447(3)
Uncertainty and the Firm
450(5)
Risk Aversion
450(3)
Producer Search
453(1)
Profit-Maximization
454(1)
Uncertainty and the Market
455(7)
Asymmetric Information
455(2)
Adverse Selection
457(1)
Moral Hazard
458(1)
Signaling and Screening
459(3)
Auctions
462(12)
Types of Auctions
463(1)
English Auctions
463(1)
First Price, Sealed-Bid Auction
463(1)
Second-Price, Sealed-Bid Auction
464(1)
Dutch Auction
464(1)
Information Structures
464(1)
Independent Private Values
465(1)
Correlated Value Estimates
465(1)
Optimal Bidding Strategies for Risk-Neutral Bidders
466(1)
Strategies for Independent Private Values Auctions
466(3)
Strategies for Correlated Values Auctions
469(2)
Expected Revenues in Alternative Types of Auctions
471(3)
Answering the Headline
474(1)
Summary
474(1)
Key Terms and Concepts
475(1)
Problems
475(3)
Selected Readings
478(1)
Inside Business 12--1: The Likelihood of Business Failure
445(1)
Inside Business 12--2: Risk Aversion and the Value of Selling the Firm: The St. Petersburg Paradox
446(7)
Inside Business 12--3: Searching for Workers
453(19)
Inside Business 12--4: Auctions with risk-Averse Bidders
472(1)
Inside Business 12--5: Uncertainty and Real Estate Foreclosure Sales
473(6)
A Manager's Guide to Government in the Marketplace
479(36)
Headline: Justice Department Settles Price-Fixing Case Involving Eight Major Airlines
479(1)
Introduction
479(1)
Market Failure
480(22)
Market Power
480(1)
Antitrust Policy
481(4)
Price Regulation
485(3)
Externalities
488(2)
The Clean Air Act
490(3)
Public Goods
493(5)
Incomplete Information
498(1)
Rules Against Insider Trading
498(1)
Certification
499(1)
Truth in Lending
500(1)
Truth in Advertising
500(1)
Enforcing Contracts
501(1)
Rent Seeking
502(2)
Government Policy and International Markets
504(6)
Quotas
504(2)
Tariffs
506(1)
Lump-Sum Tariffs
507(1)
Excise Tariffs
507(3)
Answering the Headline
510(1)
Summary
510(1)
Key Terms and Concepts
511(1)
Problems
511(3)
Selected Readings
514(1)
Inside Business 13--1: False Advertisements
501(8)
Inside Business 13--2: Motorcycle Tariffs
509(6)
Appendix A Answers to Selected End-of-Chapter Problems 515(9)
Appendix B Additional Readings and References 524(19)
Name Index 543(6)
General Index 549


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