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Managerial Economics : Economic Tools for Today's Decision Makers

by: Keat, Paul; Young, Philip K

Managerial Economics : Economic Tools for Today's Decision Makers

by: Keat, Paul; Young, Philip K

ISBN 13:
9780131860155
ISBN 10:
0131860151
Edition: 5th
Format: Hardcover
Copyright: 01/01/2009
Publisher: Prentice Hall
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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.

Preface

Introduction

(25)

Introduction: Economics and Managerial Decision Making

(3)

The Economics of a Business

(3)

A Brief Review of Important Economic Terms and Concepts

(6)

The Case of Global Foods, Inc.: Situations and Solutions

(1)

Summary of the Situations and Solutions

(4)

International Application: Reinventing the Corporation

(6)

Summary

(1)

Important Concepts

(1)

Questions

(2)

The Firm and Its Goals

(22)

Introduction

(1)

The Firm

(5)

The Economic Goal of the Firm and Optimal Decision Making

(1)

Goals Other Than Profit

(2)

Once Again---Do Companies Maximize Profits?

(3)

Maximizing the Wealth of Stockholders

(4)

Economic Profits

(1)

International Application

(5)

Summary

(1)

Important Concepts

(1)

Questions

(2)

Supply and Demand

(28)

Introduction

(1)

Market Demand

(4)

Market Supply

(2)

Market Equilibrium

(2)

Comparative Statics Analysis

(8)

Supply, Demand, and Price: The Managerial Challenge

(2)

International Application: Competition Among Countries for the Global Demand for Coffee

(9)

Summary

(1)

Important Concepts

(1)

Questions

(1)

Problems

(3)

Appendix 3A The Mathematics of Supply and Demand

(35)

Demand Elasticity

(32)

The Economic Concept of Elasticity

(1)

The Price Elasticity of Demand

(16)

The Cross-Elasticity of Demand

(2)

Income Elasticity

(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

Amazon no longer offers textbook rentals. We do!

Managerial Economics : Economic Tools for Today's Decision Makers

Managerial Economics : Economic Tools for Today's Decision Makers

9780131860155

0131860151

Summary

Table of Contents

Supplemental Materials

Write a Review

Amazon no longer offers textbook rentals. We do!

Managerial Economics : Economic Tools for Today's Decision Makers

Managerial Economics : Economic Tools for Today's Decision Makers

9780131860155

0131860151

Summary

Table of Contents

Supplemental Materials

Write a Review

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