## Description

*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

1. Introduction

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

Online appendices

Review of mathematical concepts used in managerial economics

Linear programming

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

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