Managerial Economics in a Global Economy

by Salvatore, Dominick

• ISBN13: 9780195307191
• ISBN10: 0195307194
• Edition: 6th
• Format: Hardcover
• Copyright: 2006-10-27
• Publisher: Oxford University Press

Summary

Managerial Economics in a Global Economy, Sixth Edition, synthesizes economic theory, decision science, and various aspects of business administration studies, examining how they interact as a firm attempts to reach optimal profitability and efficiency in the face of constraints. It features129 real-world case studies and six longer, detailed studies--more than any other text on the market. In addition, author Dominick Salvatore fully integrates material on the international ramifications of managerial decisions into the entire text, instead of segregating it in a separate chapter orin a few case studies.The book is divided into five parts. Part One examines the nature and scope of managerial economics, presents the theory of the firm, and reviews optimization techniques. Part Two analyzes demand. Part Three presents the theory and measurement of the firm's production and costs. Part Four bringstogether demand analysis with production and cost analysis to show how price and output are determined under various forms of market organization. Part Five examines regulation and antitrust, the role of government in the economy, risk analysis, long-term investment decisions, and capital budgeting.Managerial Economics in a Global Economy, Sixth Edition, is ideal for upper-level undergraduate and graduate courses in managerial economics.

Author Biography

Dominick Salvatore is Professor of Economics and Business at Fordham University, Visiting Professor at the Vienna Economics and Business Administration University, and Honorary Professor at the Shanghai Finance University. He is president of the North American Economics and Finance Association, a former chairman of the New York Academy of Sciences, and a consultant to the Economic Policy Institute in Washington, the United Nations, and various multinational banks and corporations. He is the author, coauthor, or editor of forty-four books.

Table of Contents

Preface

About the Author

Each ends with a summary, discussion questions, and problems

Introduction

The Nature and Scope of Managerial Economics

The Scope of Managerial Economics

The Basic Process of Decision Making

Case Study

Peter Drucker--The Man Who Invented Management

Case Study

The Management Revolution

The Theory of the Firm

Case Study

The Objective and Strategy of Firms in the Cigarette Industry

The Nature and Function of Profits

Case Study

Profits in the Personal Computer Industry

Business Ethics

Case Study

Business Ethics at Boeing

Case Study

Enron--Andersen, and Other Financial Disasters

The International Framework of Managerial Economics

Case Study

The Rise of the Global Corporation

Case Study

The Global Business Leader

Case Study

Global Most Admired Companies

Case Study

Globalization and Terrorism

Managerial Economics and the Internet

Case Study

The Most Important Internet Site Addresses for Managerial Economics

The Basics of Demand, Supply, and Equilibrium

Case Study

Changes in Demand and Supply and the Price of PCs

Case Study

Changes in Demand and Supply and Coffee Prices

Optimization Techniques and New Management Tools

Methods of Expressing Economic Relationships

Total, Average, and Marginal Relationships

Case Study

Total, Average, and Marginal Cost in the U.S. Steel Industry

Optimization Analysis

Case Study

Optimal Pollution Control

Constrained Optimization

Case Study

Pursuing Multiple Objectives under Constraints by Global Corporations

New Management Tools for Optimization

Case Study

Benchmarking at Xerox, Ford, and Mobil

Case Study

Total Quality Management at Johnson and Johnson, Motorola, General Electric, and Ford

Case Study

Reenginering at GE

Case Study

Applying Learning-Organization Principles at Ford and Southwest Airlines

Other Management Tools for Optimization

New Management Tools and Functional Specialization

Case Study

The American Business Model

Case Study

When Governance Rules Fail, Public Trust is Eroded

Differential Calculus and Optimization Techniques

Demand Analysis

Demand Theory

The Demand for a Commodity

Case Study

The Demand for Big Macs

Case Study

The Demand for Sweet Potatoes in the United States

Price Elasticity of Demand

Case Study

Price Elasticities of Demand in the Real World

Income Elasticity of Demand

Case Study

Income Elasticities of Demand in the Real World

Cross-Price Elasticity of Demand

Case Study

Cross-Price Elasticities of Demand in the Real World

Case Study

Substitution between Domestic and Foreign Goods

Using Elasticities in Managerial Decision Making

Case Study

Demand Elasticities for Alcoholic Beverages in the United States

International Convergence of Tastes

Case Study

Gillette Introduces Sensor and Mach3 Razors--Two Truly Global Products

Case Study

Ford's World Car(s)

Electronic Commerce

Case Study

e-Commerce at Amazon.com

Case Study

eBay and Some Internet Veterans are Cashing In

Behind the Market Curve-The Theory of Consumer Choice

Demand Estimation

The Identification Problem

Marketing Research Approaches to Demand Estimation

Case Study

Micromarketing: Marketers Zero In on Their Customers

Case Study

Estimation of the Demand for Oranges by Market Experiment

Case Study

Reaching Consumers in the Vanishing Mass Market

Introduction to Regression Analysis

Simple Regression Analysis

Multiple Regression Analysis

Problems in Regression Analysis

Demand Estimation by Regression Analysis

Estimating the Demand for U.S. Imports and Exports

Case Study

Price and Income Elasticities of Imports and Exports in the Real World

Case Study

The Major Commodity Exports and Imports of the United States

Case Study

The Major Trade Partners of the United States

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