Higher Education


Managerial Economics

Author(s): Mark Hirschey

ISBN: 9788131519424

Edition: 12th

© Year : 2013


Binding: Paperback

Pages: 864

Trim Size : 254 x 203 mm

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'The economic concepts presented in MANAGERIAL ECONOMICS, 12e , show students how to use common sense to understand business and solve managerial problems. This innovative text helps students develop and sharpen their economic intuitionan invaluable skill that helps students, as future managers, decide which products to produce, costs to consider, and prices to charge, as well as the best hiring policy and the most effective style of organization. With its unique integrative approach, the text presents the firm as a cohesive, unified organization and demonstrates that important business decisions are interdisciplinary. A basic valuation model is constructed and used as the underlying economic model of the firm each topic is then related to an element of the value maximization modela process that shows how management integrates accounting, finance, marketing, personnel, and production functions. The text also provides an intuitive guide to marginal analysis and basic economic relations. Once students grasp the importance of marginal revenue and marginal costs, the process of economic optimization becomes intuitively obvious. In addition, a wide variety of examples and simple numerical problems vividly illustrate the application of managerial economics to a vast assortment of practical situations. By studying the material in MANAGERIAL ECONOMICS, 12e, those seeking to further their business careers learn how to more effectively collect, organize, and analyze information. They gain powerful tools that can help them become more successfuland satisfiedin their careers.
' In every chapter, the text incorporates a variety of simple numerical examples and detailed practical illustrations of concepts. These features portray the valuable use and real-world applications of the material covered. Although the book contains calculus, the focus is on the economicsnot the mathematicsof the managerial decision process. Each chapter includes four short "Managerial Applications" boxes that illustrate current examples of how text concepts apply to real-world situations. Boxes include articles from BARRON''S, BUSINESS WEEK, FORBES, FORTUNE, THE WALL STREET JOURNAL, and more. To increase awareness of international issues, numerous examples, Managerial Applications, and case studies relate to global business topics. The 12th edition incorporates several new regression-based illustrations of chapter concepts using actual company data and hypothetical data adapted from real-world situations. Like all aspects of the text, this material is self-contained and intuitive. Case studies included with each chapter provide in-depth treatment of text concepts. Written to allowbut not requirea computer-based approach, case studies are fully self-contained and are especially helpful to instructors who want to more fully incorporate the use of basic spreadsheet and statistical software in their courses. The text includes 380 new end-of-chapter questions and problems. Questions help students grasp basic concepts on an intuitive level and express understanding in a nonquantitative way. Problems illustrate the role of economic analysis from within a simple numerical framework. Self-test problems show students how economic tools and techniques can be used to solve practical business problems. Chapter 2 has been completely rewritten to clarify key economic concepts and the intuition of marginal analysis, ensuring that your students have a solid understanding before progressing to other topics. Additionally, a new Appendix 2A, Math Analysis for Managers, has been added to help those students who might benefit from a quick review of basic math concepts. Chapter 4, "Demand Analysis," delivers expanded coverage of economic principles used to explain the underpinnings of demand at the individual and market levels. This material provides an essential theoretical back for subsequent analysis of demand estimation and pricing practices. Chapter 7, "Production Analysis and Compensation Policy," now delves more deeply into important labor market issues that confront employers and their employees. This material provides the background for lively classroom discussions and debates of such hot topics as minimum wage policy, imperfectly competitive labor markets, and internal labor markets. The all-new Chapter 9, "Linear Programming," illustrates how linear programming can be used to solve real-world decision problems quickly and easily. It gives students practical experience applying linear programming, which is an especially useful tool for addressing problems encountered in numerous business, engineering, financial, and scientific applications. Chapter 14, "Game Theory and Competitive Strategy," has been revised to clearly present essential game theory concepts and illustrate how firms use these ideas to improve decision making when payoffs depend on actions taken by others. In addition, Chapter 15, "Pricing Practices," includes discussion of two-part pricing practices often featured in markets for distinctive goods and services.
'Part 1: OVERVIEW OF MANAGERIAL ECONOMICS. 1. Nature and Scope of Managerial Economics. 2. Economic Optimization. 3. Demand and Supply. Part 2: DEMAND ANALYSIS AND ESTIMATION. 4. Demand Analysis. 5. Demand Estimation. 6. Forecasting. Part 3: PRODUCTION AND COMPETITIVE MARKETS. 7. Production Analysis and Compensation Policy. 8. Cost Analysis and Estimation. 9. Linear Programming. 10. Competitive Markets. 11. Performance and Strategy in Competitive Markets. Part 4: IMPERFECT COMPETITION. 12. Monopoly and Monopsony. 13. Monopolistic Competition and Oligopoly. 14. Game Theory and Competitive Strategy. 15. Pricing Practices. Part 5: LONG-TERM INVESTMENT DECISIONS. 16. Risk Analysis. 17. Capital Budgeting. 18. Organization Structure and Corporate Governance. 19. Government in the Market Economy.
'Mark Hirschey Mark Hirschey is the Anderson W. Chandler Professor of Business at the University of Kansas, where he teaches undergraduate and graduate courses in managerial economics and finance. He also is president of the Association of Financial Economists and a member of several professional organizations. Professor Hirschey has published articles for such leading academic journals as the AMERICAN ECONOMIC REVIEW, REVIEW OF ECONOMICS AND STATISTICS, JOURNAL OF BUSINESS, JOURNAL OF BUSINESS AND ECONOMIC STATISTICS, JOURNAL OF FINANCE, JOURNAL OF FINANCIAL ECONOMICS, and JOURNAL OF INDUSTRIAL ECONOMICS. He also is the author of FUNDAMENTALS OF MANAGERIAL ECONOMICS AND INVESTMENTS: ANALYSIS & BEHAVIOR, the editor of ADVANCES IN FINANCIAL ECONOMICS, and past editor of MANAGERIAL AND DECISION ECONOMICS. He earned his PhD from the University of Wisconsin-Madison