Managerial Economics A Mathematical Approach

by Alhabeeb, M. J.; Moffitt, L. J.

• ISBN13: 9781118091364
• ISBN10: 1118091361
• Edition: 1st
• Format: Hardcover
• Copyright: 2012-12-10
• Publisher: Wiley

Summary

This completely accessible, classroom-tested book focuses on the need for training in managerial economics to be more responsive to the presence of uncertainty surrounding managerial decisions. It takes a mathematical and statistical approach to microeconomics and provides the opportunity for quantitative methods to illustrate and clarify the underlying fundamental logic of problem solving. Filled with real-life examples and problems, it covers methodological and mathematical fundamentals; decisions at the consumer, firm, and market levels; decision and risk analysis; and decisions under uncertainty.

Author Biography

M. J. ALHABEEB, PhD, is Professor of Economics and Finance in the Department of Resource Economics at the University of Massachusetts, Amherst. Dr. Alhabeeb has been teaching finance and economics for over thirty years and is a recipient of the Academy of Educational Leadership’s Outstanding Teaching Award for Innovative and Creative Teaching.

L. JOE MOFFITT, PhD, is Professor in the Department of Resource Economics at the University of Massachusetts, Amherst. The author of over fifty journal articles, Dr. Moffitt received his PhD.

Table of Contents

PREFACE xix

UNIT I METHODOLOGICAL PRELIMINARIES

1 Qualitative Fundamentals 3

2 Quantitative Fundamentals 13

UNIT II DECISIONS AT THE CONSUMER LEVEL

3 Theory of Consumer Choice 47

4 Consumer Demand: Theoretical Analysis 103

5 Consumer Demand: Empirical Estimation 160

6 Consumer Demand: Economic Forecasting 200

UNIT III MANAGERIAL DECISIONS AT THE FIRM LEVEL

7 Production Theory 243

8 Cost Theory 287

9 Production and Cost: Estimation and Forecasting 349

UNIT IV MANAGERIAL DECISIONS AT THE MARKET LEVEL

10 Market Structure and Business Organization 367

11 Pricing Decisions and Practices 414

UNIT V MANAGERIAL DECISIONS IN THE LONG RUN

12 Capital Budgeting and Investment Project Evaluation 451

13 Risk Analysis and Managerial Decisions under Uncertainty 487

14 Management Consultants and Information 546

APPENDIX 560

FURTHER READING 569

INDEX 573