Managerial Economics for Decision Making

by Adams, John; Juleff, Linda

• ISBN13: 9780333961117
• ISBN10: 0333961110
• Format: Paperback
• Copyright: 2003-06-14
• Publisher: Red Globe Pr

Summary

Managerial Economics for Decision Makingplaces managerial economics firmly in the context of decision making and provides readers with the tools to use economic theory to make effective management decisions. It minimizes the use for maths and presents the subject in a user-friendly and accessible way.

Author Biography

John Adams and Linda Juleff are both Lecturers in Economics, Napier University.

Table of Contents

List of figures

List of tables

Preface

Part I The Macroeconomic Environment

Further reading for Part I

Chapter 1 Globalisation

1.1 Introduction

1.2 A Brief History

1.3 What Is Globalisation?

1.4 Measuring Globalisation

1.5 National and Business Implications of Globalisation End of Chapter Summary

References

Answers to Self-Assessment Questions

Chapter 2 The economic environment

2.1 Introduction

2.2 The Economic Framework

2.3 A Simple Model of the Economy

2.4 Using the Model

2.5 The Economic Environment and Business

End of Chapter Summary

Answers to Self-Assessment Questions

Chapter 3 Measuring economic performance

3.1 Introduction

3.2 Measurement of Economic Variables

3.3 Macroeconomic Performance Indicators

3.4 Business and Macroeconomic Performance End of Chapter Summary

Appendix 1 Analysis of the UK's Economic Performance in the Short Run

Appendix 2 Analysis of the UK's Economic Performance in the Long Run References

Answers to Self-Assessment Questions

Part II The Theory of the Firm and Competitive Strategy

Chapter 4 Business objectives

4.1 Introduction

Case Study ConsFirm

4.2 Profit Maximisation

Case Study ConsFirm

4.3 Sales Revenue Maximisation

Case Study ConsFirm

4.4 Sales Volume or Output Maximisation

4.5 Managerial Utility Maximisation

Case Study ConsFirm

4.6 Wealth or Value Maximisation

4.7 Growth Maximisation Models

Case Study ConsFírm

4.8 Behavioural Models of Business Objectives

End of Chapter Summary

References

Answers to Self-Assessment Questions

Chapter 5 Demand estimation and forecasting

5.1 Introduction

5.2 Demand Theory

Case Study Marks & Spencer

5.3 Demand Estimation and Forecasting

5.4 The Marketing Approach to Demand Measurement

5.5 Regression Analysis

Case Study Motorola in Scotland

5.6 Demand Forecasting Techniques

End of Chapter Summary

Answers to Self-Assessment Questions

Chapter 6 Production and cost estimation

6.1 Introduction

6.2 Supply Theory

Case Study easyJet

6.3 Introduction to Production Theory

Case Study easyJet

Case Study A Sample Regression Equation

6.4 Cost Estimation

Case study easyJet

End of Chapter Summary

Answers to self-Assessment Questions

Chapter 7 Pricing in theory and practice

7.1 Introduction

7.2 Pricing and Market Structures

Case Study The Price of Rail Travel

7.3 New Product Pricing

Case Study Penetration Pricing versus Price Skimming

7.4 Pricing in Established Markets

Case Study ASDA

7.5 Specialist Forms of Pricing

7.6 Changing Prices over Time

End of Chapter Summary

Answers to Self-Assessment Questions

Chapter 8 Non-price competition

8.1 Introduction

8.2 Promotion and Advertising

Case Study Advertising by Universities

8.3 Product Policy

Case Study University Product Policy

8.4 Product Distribution and Production Site Location

Case Study 'Place' Decisions for Universities

End of Chapter Summary

Answers to Self-Assessment Questions

Chapter 9 Managerial decisions and the firm's competitive strategy

9.1 Introduction

Case Study Strategic Choices in the Pharmaceutical Industry

9.2 The Firm's Competitive Strategy

9.3 Implementation of the Firm's Competitive Strategy

9.4 The Applicability of Competitive Strategies and Managerial Decision-making Tools to Different Industries

End of Chapter Summary

Reference

Answers to Self-Assessment Questions

Part III Investment Decisions

Further reading for Part III

Chapter 10 Investment appraisal

10.1 Introduction

10.2 The Economic Nature of Investment

10.3 Traditional Techniques

10.4 Discounted Cash Flow Techniques

10.5 Capital Constraint Problems

End of Chapter Summary

Answers to Self-Assessment Questions

Chapter 11 Investment appraisal under risk and uncertainty

11.1 Introduction

11.2 Risk versus Uncertainty

11.3 Risk Assessment Methods

11.4 Probability Analysis in Investment Appraisal

11.5 A Case Study in Risk and Sensitivity Analysis

Case study Alarms R Us

11.6 Investment Decisions under Uncertainty

11.7 Investment Analysis: Implications for Economic Efficiency

End of Chapter Summary

Answers to Self-Assessment Questions

Chapter 12 Public sector decisions

12.1 Introduction

12.2 Market Failure

12.3 Making a Difference?

12.4 Objectives in Public Sector Decision Making

12.5 The Meaning of Value for Money in the Public Sector

12.6 Public Sector Investment

Case Study The 'NEWSITE' Project

End of Chapter Summary

Reference

Answers to Self-Assessment Questions

Appendix Discount tables and the normal distribution table

How to Use the Tables

Index