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The New Managerial Economics,9780395828359
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The New Managerial Economics

by
Edition:
1st
ISBN13:

9780395828359

ISBN10:
039582835X
Format:
Hardcover
Pub. Date:
4/1/2003
Publisher(s):
South-Western College Pub

Questions About This Book?

What version or edition is this?
This is the 1st edition with a publication date of 4/1/2003.
What is included with this book?
  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.

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Summary

Boyes introduces non-majors to the power of economics in business decision making. The text's intuitive approach clearly highlights how economics influences marketing, management, and other business-related decisions. In addition to traditional principles of price theory, Managerial Economics examines organizational behavior, strategic management, human resource management, and emerging issues such as game theory, TQM, and information economics.

Table of Contents

PART I Introduction and Foundation
2(62)
Economics and Management
4(13)
Case: Lincoln Electric
4(1)
The Successful Firm
5(5)
Is It Just Luck?
5(1)
Quality
5(1)
First Mover
5(1)
Size/Market Share
6(2)
Globalization
8(1)
Leadership
9(1)
Management and Economics
10(5)
The Role of Economics
10(3)
How Management Theory and Economic Principles Relate
13(1)
The Study of Managerial Economics: How Do We Proceed?
14(1)
Case Review
15(1)
Summary
15(1)
Key Terms
15(1)
Exercises
16(1)
Chapter Notes
16(1)
Exchange, Efficiency, and Markets
17(26)
Case: Procter & Gamble: New Product Launch
17(1)
Choices
18(4)
Trade and Exchange
18(4)
Market System
22(6)
Allocation Mechanisms
22(2)
Market Outcomes
24(1)
Inefficiency
25(2)
The Firm's Architecture
27(1)
Markets and the Law of One Price
28(6)
Market Boundaries
28(1)
Law of One Price
29(1)
Demand and Supply: Equilibrium
30(4)
Case Review
34(1)
Summary
35(1)
Key Terms
36(1)
Exercises
36(1)
Chapter Notes
37(2)
Appendix: Optimization
39(4)
Performance
43(21)
Case: The Enron Caper
43(1)
Value
44(3)
Adding Value
44(1)
Economic Profit
45(2)
Measuring Economic Profit
47(3)
Cost of Capital
47(2)
Economic Profit
49(1)
The Relationship Between Economic Profit and Shareholder Value
50(4)
Shareholder Value
51(3)
Valuing the Dot.coms
54(1)
The Practical Effect of a Focus on Economic Profit
54(1)
Case Review
55(1)
Summary
56(1)
Key Terms
56(1)
Exercises
57(1)
Chapter Notes
58(2)
Appendix: Calculating Economic Profit
60(4)
PART II Seeking Competitive Advantage
64(82)
Demand
66(32)
Case: Knowing the Customer
66(1)
Know Your Customer
67(1)
Elasticity
67(4)
Price Elasticity of Demand
69(1)
Price Elasticity and Revenue
70(1)
Other Demand Elasticities
71(5)
Income Elasticity of Demand
71(2)
Cross-Price Elasticity
73(2)
Elasticity Estimates
75(1)
Case Review
76(1)
Summary
77(1)
Key Terms
78(1)
Exercises
78(1)
Chapter Notes
79(2)
Appendix A: Consumer Behavior
81(11)
Appendix B: Market Research
92(6)
Costs
98(25)
Case: Mrs. Fields' Cookies
98(1)
Costs and Output
99(6)
The Law of Diminishing Marginal Returns
100(1)
From Production to Costs
101(4)
The Planning Horizon: The Long Run
105(8)
Long-Run Cost Curves
106(1)
Economies and Diseconomies of Scale
107(2)
Large Scale Is Not Always Best
109(1)
Economies of Scope
110(1)
The Experience Curve
111(2)
Interpreting Some Business Buzzwords
113(3)
Downsizing
113(1)
Joint Ventures
114(1)
The Supply Chain
115(1)
Case Review
116(1)
Summary
117(1)
Key Terms
118(1)
Exercises
118(2)
Chapter Notes
120(1)
Appendix: Costs and Production
121(2)
Profit Maximization: Seeking Competitive Advantage
123(23)
Case: Kmart
123(1)
Seeking Competitive Advantage
124(3)
Profit Maximization: The MR = MC Rule
124(2)
Is the MR = MC Rule Useful in the Real World?
126(1)
Selling Environments: Market Structures
127(11)
Perfect Competition
128(3)
Monopoly
131(2)
Comparing Monopoly and Perfect Competition
133(1)
Monopolistic Competition and Oligopoly
134(3)
Sustaining Economic Profit
137(1)
Profit Maximization over Time: Present Value
138(3)
Valuing a Stream of Payments
138(3)
Case Review
141(1)
Summary
142(1)
Key Terms
142(1)
Exercises
142(2)
Chapter Notes
144(1)
Appendix: Profit Maximization
145(1)
PART III Sustaining Competitive Advantage
146(104)
Creating Barriers to Entry
148(14)
Case: Wal-Mart
148(1)
Sustaining Profit with Size
149(2)
Economies of Scale as a Barrier to Entry
149(1)
Capital Requirements
150(1)
Access to Distribution Channels
151(1)
Differentiation
151(6)
Reputation and Brand Name
152(4)
Guarantees
156(1)
Other Strategies to Deter Entry
157(2)
Government as a Source of Strategic Advantage
157(1)
Unique Resources
158(1)
Internal Strategic Assets
158(1)
Case Review
159(1)
Summary
159(1)
Key Terms
160(1)
Exercises
160(1)
Chapter Note
161(1)
Price Strategies
162(26)
Case: Pricing Chips
162(1)
What Price?
163(10)
The Internet, Auctions, and Pricing
163(3)
Personalized Pricing
166(2)
Self-Selection: Product-Line Extension
168(1)
Peak-Load Pricing
168(1)
Cost-Plus Pricing
169(1)
Framing
170(1)
Pricing to Deter Entry
171(2)
More Complexities
173(4)
Bundling
173(3)
Joint Products
176(1)
Profit Centers and Transfer Prices
176(1)
Interdependencies Among Firms
177(2)
Case Review
179(1)
Summary
179(1)
Key Terms
180(1)
Exercises
181(1)
Chapter Notes
182(2)
Appendix: Pricing Problems
184(4)
The New Economy: Technological Change and Innovation
188(21)
Case: Winner-Takes-All
188(1)
What Is the New Economy?
189(11)
Technological Changes and the Supply Chain
190(2)
Networks
192(8)
Technological Change
200(5)
Patent Races
200(3)
Firm Size
203(2)
The Old Versus the New Economy
205(1)
Case Review
205(1)
Summary
206(1)
Key Terms
207(1)
Exercises
207(1)
Chapter Notes
208(1)
The Firm's Architecture: Organization and Corporate Culture
209(20)
Case: Culture Clashes
209(1)
Organizational Change
210(1)
The Evolution of the Firm
210(1)
Vertical Boundaries
211(4)
Make or Buy?
211(1)
Transactions Costs
212(3)
Horizontal Boundaries
215(2)
Economies of Scope
215(1)
Diversification
216(1)
Relationship-Specific Assets
216(1)
Internal Structure
217(5)
U-Form
217(1)
M-Form
218(1)
Matrix
219(1)
Network
219(1)
Hierarchy
220(2)
Culture
222(3)
Creation of Culture
223(1)
Performance and Culture
224(1)
Case Review
225(1)
Summary
226(1)
Key Terms
227(1)
Exercises
227(1)
Chapter Notes
227(2)
Personnel and Compensation
229(21)
Case: Executive Compensation
229(1)
Incentives Matter
230(1)
The Principal--Agent Relationship
230(2)
Relationships Between the Firm and Its Employees
232(1)
Employee Compensation
232(7)
Efficiency Wage
232(1)
Backloaded Compensation
233(2)
Piece-Rate Compensation
235(1)
Teams
236(1)
Subjective Evaluations
237(1)
Risk
238(1)
Executive Compensation
239(6)
Stock Options
241(1)
Market for Corporate Control
242(1)
Corporate Governance
243(1)
Tournaments and Superstars
243(2)
Case Review
245(1)
Summary
245(1)
Key Terms
246(1)
Exercises
246(1)
Chapter Notes
247(1)
Appendix: Productivity and Employee Compensation
248(2)
PART IV Analytic Problem-Solving Tools
250(38)
Capital Allocation: Real Options
252(16)
Case: Merck and Medco
252(1)
Intertemporal Decision Making
253(11)
Present Value
253(2)
Options
255(3)
Valuing Real Options
258(4)
Use of Real Options in Business
262(2)
Case Review
264(1)
Summary
265(1)
Key Terms
265(1)
Exercises
265(2)
Chapter Notes
267(1)
Strategic Behavior: The Theory of Games
268(20)
Case: Unilever and P&G
268(1)
Games
269(4)
Sequential Games
269(1)
Simultaneous Games
270(3)
Components of the Game
273(4)
Number of Players
274(2)
Rules
276(1)
Perceptions
276(1)
Boundaries
277(1)
Prisoner's Dilemma Revisited
277(7)
Credible Commitments
278(2)
Repeated Transactions
280(1)
End-of-Game Problem
280(2)
Uncertainty
282(2)
Case Review
284(1)
Summary
285(1)
Key Terms
286(1)
Exercises
286(1)
Chapter Notes
287(1)
PART V Looking Outside the Firm
288(42)
Globalization
290(22)
Case: The Automakers and the Yen
290(1)
Exchange-Rate Fluctuations
291(6)
Foreign Exchange
291(3)
Arbitrage and the Law of One Price
294(3)
Exchange-Rate Exposure
297(5)
Types of Exposure
297(3)
Using Financial Markets to Reduce Exposure
300(2)
The Global Capital Market
302(6)
The Asian Crisis
303(1)
The Breakdown of Barriers
304(1)
Emerging Markets
305(1)
Tariffs and Other Restrictions
305(3)
Case Review
308(1)
Summary
308(1)
Key Terms
309(1)
Exercises
309(2)
Chapter Notes
311(1)
Government and Business
312(18)
Case: Microsoft
312(1)
Government Intervention in Business
313(1)
Antitrust Policy
314(6)
Defense Against Antitrust as a Strategy
317(1)
Antitrust as Strategy
318(1)
International Competition and Antitrust Strategy
319(1)
Government Regulation
320(7)
Economic Regulation
321(2)
Social Regulation
323(1)
Regulation as Strategy
324(3)
Case Review
327(1)
Summary
327(1)
Key Terms
328(1)
Exercises
328(1)
Chapter Notes
329(1)
PART VI Putting It All Together
330(19)
Strategy and Management
332(17)
Case: Edward Jones Brokerage
332(1)
Strategy
333(3)
Strategic Positioning
333(1)
Imitation or Innovation?
333(2)
Innovation Is Not for Everyone
335(1)
The Strategic Audit
336(4)
What Business Are We In?
336(1)
Who Are Our Customers?
337(1)
Costs
338(1)
Strategic Assets
338(1)
Fit
339(1)
The Executives
339(1)
Illustration of a Strategic Audit: Southwest Airlines
340(6)
What Is Southwest Airline's Distinctive Capability?
340(1)
What Business Are We In?
340(1)
Who Are Our Customers?
341(1)
Costs
341(2)
Corporate Culture
343(1)
Stategic Assets
343(1)
Fit
343(1)
Leadership
343(1)
Economic Performance
344(1)
New Economy
345(1)
Strategic Directions
346(1)
Summary of the Strategic Audit
346(1)
Case Review
347(1)
Summary
347(1)
Key Term
348(1)
Exercise
348(1)
Chapter Notes
348(1)
Glossary 349(4)
Company Index 353(4)
Subject Index 357


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