- Managerial Economics, 7/E
- ISBN-10: 0133020266 • ISBN-13: 9780133020267
- ©2014 • Prentice Hall • Cloth, 624 pp
Published 01/03/2013 • Instock
For upper-level undergraduate and first-year MBA courses in managerial and applied economics.
The Seventh Edition welcomes a new co-author, Stephen Erfle of Dickinson College, who has contributed many revisions and improvements to the quantitative sections of the text, as well as provided a major addition: the use of Excel in the presentation of many of the numerical and graphical illustrations presented throughout the text.¿¿
To strengthen students’ ability to use Excel—a critical skill in today’s job market—new Excel Applications (Excel Apps) allow readers to turn the static figures and tables in the text into dynamic illustrations.¿
Stemmed from a student commenting, “This book is very dry. What it needs is a plot!” the authors have created a text based on challenges managers face in the fictional company, Global Foods Inc. Each chapter includes a:
Integrated Running Case
Every chapter begins and ends with a situation facing managers at Global Foods, Inc., a company competing in the beverage industry. By encapsulating the concepts with this integrated case, students will always know how the concepts apply to them. By following one company, in one industry, students are able to see how economic decision-making can be applied across the vast array of functional units within the same organization.
OTHER TOPICS OF DISTINCTION
In order to avoid distractions, the authors have deliberately chosen not to use boxed or shaded section of stories scattered throughout the chapter.
At the end of each chapter, the authors have included a “Global Application,” so readers understand the global implications of the concepts and tools of managerial economic analysis. In this edition, more examples, both in the Global Application sections and in the main body of the chapter, are drawn from world growth markets such as China, India, Brazil, and Russia.
Appendices and Companion Website www.pearsonhighered.com/keat
The website contains Internet exercises, activities, and resources related specifically to Managerial Economics: Economic Tools for Today’s Decision Makers. A number of other resources are available on the Companion Website such as the Mathematical Appendix, Time Value of Money Appendix, and Excel exercise modules. The modules provide students with templates of the economic models in the text. In this edition, we have introduced a new feature for our Companion Website: Excel Apps A listing of Excel Apps is provided on the inside back cover. The Excel Apps provide students with instructions to build their own models. In so doing, they gain a deeper understanding of the underlying assumptions of the models themselves.
2. The firm and Its Goals
3A. Supply and Demand
Appendix 3. The Mathematics of Supply and Demand
4. Demand Elasticity
Appendix 4. Applications of Supply and Demand
5. Demand Estimation and Forecasting
6. The Theory and Estimation of Production
Appendix 6A. The Production of Services
Appendix 6B. The Multiple-Input Case
Appendix 6C. Expressing the Production Function with the Use of Calculus
7. The Theory and Estimation of Cost
Appendix 7A. A Mathematical Restatement of the Short-Run Cost Function
Appendix 7B. The Estimation of Cost
8. Pricing and Output Decisions: Perfect Competition and Monopoly
Appendix 8A. The Use of Calculus in Pricing and Output Decisions
Appendix 8B. Break-Even Analysis (Volume-Cost-Profit)
9. Pricing and Output Decision: Monopolistic Competition and Oligopoly
10. Special Pricing Practices
11. Game Theory and Asymmetric Information
12. Capital Budgeting and Risk
Appendix 12A. The Value of A Corporation
13. The Multinational Corporation and Globalization
14. Government and Industry: Challenges and Opportunities for Today’s Manager
15. Managerial Economics in Action
Part 1. Beverage Industry Survey
Part 2. The Business Planning Process
Appendix 15A. Beverage Industry Executives
Appendix A. Statistical and Financial Tables
Review of mathematical concepts used in managerial economics
Calculations for the time value of money
Solutions to odd-numbered problems
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