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Managerial Economics : Economic Tools for Today's Decision Makers,9780131860155
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Managerial Economics : Economic Tools for Today's Decision Makers

by ;
Edition:
6th
ISBN13:

9780131860155

ISBN10:
0131860151
Format:
Hardcover
Pub. Date:
1/1/2009
Publisher(s):
Prentice Hall
List Price: $180.00

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Summary

For managerial economics courses taught in business schools and economics departments.This text provides a vivid learning environment by integrating a running case study and providing a dynamic capstone case.

Table of Contents

Preface xv
Introduction
1(25)
Introduction: Economics and Managerial Decision Making
3(3)
The Economics of a Business
6(3)
A Brief Review of Important Economic Terms and Concepts
9(6)
The Case of Global Foods, Inc.: Situations and Solutions
15(1)
Summary of the Situations and Solutions
16(4)
International Application: Reinventing the Corporation
20(6)
Summary
24(1)
Important Concepts
24(1)
Questions
24(2)
The Firm and Its Goals
26(22)
Introduction
27(1)
The Firm
27(5)
The Economic Goal of the Firm and Optimal Decision Making
32(1)
Goals Other Than Profit
33(2)
Once Again---Do Companies Maximize Profits?
35(3)
Maximizing the Wealth of Stockholders
38(4)
Economic Profits
42(1)
International Application
43(5)
Summary
45(1)
Important Concepts
45(1)
Questions
46(2)
Supply and Demand
48(28)
Introduction
49(1)
Market Demand
49(4)
Market Supply
53(2)
Market Equilibrium
55(2)
Comparative Statics Analysis
57(8)
Supply, Demand, and Price: The Managerial Challenge
65(2)
International Application: Competition Among Countries for the Global Demand for Coffee
67(9)
Summary
70(1)
Important Concepts
71(1)
Questions
72(1)
Problems
73(3)
Appendix 3A The Mathematics of Supply and Demand
76(35)
Demand Elasticity
79(32)
The Economic Concept of Elasticity
80(1)
The Price Elasticity of Demand
81(16)
The Cross-Elasticity of Demand
97(2)
Income Elasticity
99(3)
Other Elasticity Measures
102(1)
Elasticity of Supply
103(1)
International Application: Price Elasticities in Asia
103(8)
Summary
106(1)
Important Concepts
106(1)
Questions
107(1)
Problems
108(3)
Appendix 4A Applications of Supply and Demand
111(108)
Interference with the Price Mechanism
111(3)
The Incidence of Taxes
114(2)
Actual Situations
116(9)
Summary
124(1)
Demand Estimation and Forecasting
125(54)
Demand Estimation
127(1)
Introduction
127(2)
Regression Analysis: A Management Briefing
129(8)
Problems in the Use of Regression Analysis
137(4)
International Application: Food in Spain, Cigarettes in Taiwan
141(2)
Forecasting
143(1)
Introduction
143(1)
Subjects of Forecasts
143(1)
Prerequisites of a Good Forecast
144(1)
Forecasting Techniques
144(23)
International Application: Forecasting Exchange Rates
167(12)
Summary
170(1)
Important Concepts
171(1)
Questions
172(1)
Problems
173(6)
The Theory and Estimation of Production
179(40)
The Production Function
181(2)
A Short-Run Analysis of Total, Average, and Marginal Product
183(10)
The Long-Run Production Function
193(3)
The Estimation of Production Functions
196(9)
The Importance of Production Functions in Managerial Decision Making
205(2)
Call Centers: Applying the Production Function to a Service
207(1)
International Application: Is China Running Out of Workers?
208(11)
Summary
210(1)
Important Concepts
211(1)
Questions
212(1)
Problems
213(6)
Appendix 6A The Multiple-Input Case
219(10)
Substituting Input Factors
219(5)
The Optimal Combination of Multiple Inputs
224(2)
The Optimal Levels of Multiple Inputs
226(3)
Appendix 6B Expressing the Production Function with the Use of Calculus
229(47)
A Brief Review of the Production Function
229(1)
Marginal Product: The First Derivative of the Total Product Function
229(1)
Converting the Cobb-Douglas Function into a Linear Form
230(1)
The Optimal Combination of Two Inputs
231(2)
The Theory and Estimation of Cost
233(43)
The Importance of Cost in Managerial Decisions
235(1)
The Definition and Use of Cost in Economic Analysis
236(2)
The Relationship between Production and Cost
238(2)
The Short-Run Cost Function
240(6)
The Long-Run Cost Function
246(9)
The Learning Curve
255(3)
Economies of Scope
258(1)
Economies of Scale: The Short Run versus the Long Run
259(1)
Supply Chain Management
259(3)
Examples of Ways Companies Have Cut Costs to Remain Competitive
262(4)
International Application: Will All Our Clothes Be Made in China?
266(10)
Summary
268(1)
Important Concepts
269(1)
Questions
270(1)
Problems
271(5)
Appendix 7A A Mathematical Restatement of the Short-Run Cost Function
276(1)
Appendix 7B The Estimation of Cost
277(45)
The Estimation of Short-Run Cost Functions
277(4)
The Estimation of Long-Run Cost Functions
281(7)
Summary
286(2)
Pricing and Output Decisions: Perfect Competition and Monopoly
288(34)
Introduction
290(1)
Competition and Market Types in Economic Analysis
291(3)
Pricing and Output Decisions in Perfect Competition
294(13)
Pricing and Output Decisions in Monopoly Markets
307(4)
The Implications of Perfect Competition and Monopoly for Managerial Decision Making
311(2)
International Application: Perfect Competition Means More Than Just the Shifting of Supply and Demand Diagrams
313(9)
Summary
317(1)
Important Concepts
317(1)
Questions
318(1)
Problems
319(3)
Appendix 8A The Use of Calculus in Pricing and Output Decisions
322(2)
Perfect Competition
322(1)
Monopoly
322(2)
Appendix 8B Break-Even Analysis (Volume-Cost-Profit)
324(159)
Introduction
325(1)
The Break-Even Point
326(2)
Break-Even Revenue
328(1)
Required Profit
329(1)
Combining Break-Even Analysis with Demand
329(1)
Degree of Operating Leverage
329(3)
The Uses and Limitations of Volume-Cost-Profit Analysis
332(1)
An Application: The Restaurant Industry
333(5)
Summary
335(1)
Important Concepts
335(1)
Questions
335(1)
Problems
336(2)
Pricing and Output Decisions: Monopolistic Competition and Oligopoly
338(29)
Introduction
339(1)
Monopolistic Competition
340(3)
Oligopoly
343(3)
Pricing in an Oligopolistic Market: Rivalry and Mutual Interdependence
346(3)
Competing in Imperfectly Competitive Markets
349(5)
Strategy: The Fundamental Challenge for Firms in Imperfect Competition
354(6)
International Application: The Market for Beer
360(7)
Summary
362(1)
Important Concepts
362(1)
Questions
363(1)
Problems
364(3)
Special Pricing Practices
367(42)
Introduction
368(1)
Cartel Arrangements
368(5)
Price Leadership
373(2)
Revenue Maximization
375(2)
Price Discrimination
377(11)
Nonmarginal Pricing
388(4)
Multiproduct Pricing
392(5)
Transfer Pricing
397(2)
Other Pricing Practices
399(1)
International Application
400(9)
Summary
403(1)
Important Concepts
404(1)
Questions
404(1)
Problems
405(4)
Game Theory and Asymmetric Information
409(28)
Introduction
410(1)
Game Theory
410(1)
A Selected Sample of Games of Particular Relevance in Economics
411(7)
Game Theory and Auctions
418(2)
Strategy and Game Theory
420(5)
Asymmetric Information
425(1)
Markets with Asymmetric Information
426(2)
Market Responses to Asymmetric Information
428(1)
Reputation
428(1)
Standardization
429(1)
Market Signaling
429(2)
A Final Example: Two Banking Systems as Responses to Information Asymmetries
431(6)
Summary
434(1)
Important Concepts
435(1)
Questions
435(1)
Problems
436(1)
Capital Budgeting and Risk
437(46)
Introduction
439(1)
The Capital Budgeting Decision
439(1)
Time Value of Money
440(1)
Methods of Capital Project Evaluation
441(6)
Cash Flows
447(2)
Cost of Capital
449(3)
The Capital Budgeting Model
452(1)
Capital Rationing
453(1)
Risk versus Uncertainty
454(1)
Sources of Business Risk
455(1)
The Measures of Risk
455(5)
Capital Budgeting under Conditions of Risk
460(1)
Two Other Methods for Incorporating Risk
461(2)
Sensitivity and Scenario Analysis
463(1)
Simulation
464(1)
Decision Trees
465(1)
Real Options in Capital Budgeting
466(2)
International Application: Political Risk
468(15)
Summary
474(1)
Important Concepts
475(1)
Questions
476(1)
Problems
477(6)
Appendix 12A The Value of a Corporation
483(64)
The Multinational Corporation and Globalization
485(24)
Introduction
487(1)
Globalization
488(1)
Is Globalization Good or Bad?
488(1)
Proglobalization Arguments
489(1)
AntiGlobalization Arguments
490(1)
Globalization and the Future
490(2)
Risks Faced by a Multinational Corporation
492(1)
Exchange Rates
493(1)
Exchange Rate Hedging
494(2)
Foreign Direct Investment
496(1)
Multinational Capital Budgeting
496(2)
The Repositioning of Funds
498(1)
Multinational Transfer Pricing
499(3)
International Application: ``From Here to the Moon in Six Months''
502(7)
Summary
506(1)
Important Concepts
507(1)
Questions
507(1)
Problems
508(1)
Government and Industry: Challenges and Opportunities for Today's Manager
509(23)
Introduction
510(1)
The Rationale for Government Involvement in a Market Economy
510(6)
Stabilization of the Aggregate Economy: Monetary and Fiscal Policy
516(2)
Doing Business with the U.S. Government
518(5)
Government Deregulation, Mergers, and Acquisitions
523(5)
International Application: The Failed Attempt to Merge by General Electric and Honeywell
528(4)
Summary
530(1)
Important Concepts
531(1)
Questions
531(1)
Managerial Economics in Action: The Case of the Semiconductor Industry
532(15)
Introduction
532(2)
Industry Background
534(3)
Industry Analysis
537(6)
Managerial Decision Making in Action
543(3)
Question for Further Study
546(1)
Appendix A Statistical and Financial Tables 547(15)
Index 562


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