Directed primarily toward undergraduate/MBA students in Economics, this text also provides practical content to current and aspiring industry professionals.
This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory.
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 readers’ 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.
Table of Contents
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
These online resources are available at no cost.
Companion Website for Managerial Economics, 7th Edition