Managerial Economics A Problem Solving Approach

Managerial Economics A Problem Solving Approach-64
In many countries it is possible to read for a degree in Business Economics which often covers managerial economics, financial economics, game theory, business forecasting and industrial economics.Managerial economics to a certain degree is prescriptive in nature as it suggests course of action to a managerial problem.

In many countries it is possible to read for a degree in Business Economics which often covers managerial economics, financial economics, game theory, business forecasting and industrial economics.Managerial economics to a certain degree is prescriptive in nature as it suggests course of action to a managerial problem.

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If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Report copyright / DMCA form S O N SOUTH-W ES ’s in RN THO M TE MBA series Eco n o mi cs Managerial Economics A Problem Solving Approach Luke M. Mc Cann Purdue University Australia Brazil Canada Mexico Singapore Spain United Kingdom United States Managerial Economics: A Problem-Solving Approach Luke M. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution or information storage and retrieval systems, or in any other manner—without the written permission of the publisher.

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Content Header .feed_item_answer_user.js-wf-loaded . Problems can be related to various departments in a firm like production, accounts, sales, etc.(a) Operational issues Demand is the willingness of potential customers to buy a commodity.To learn more or modify/prevent the use of cookies, see our Cookie Policy and Privacy Policy.Teach your MBA students how to use economics to solve business problems with this breakthrough text.Printed in the United States of America 1 2 3 4 5 09 08 07 06 ISBN-13: 978-0-324-35981-7 ISBN-10: 0-324-35981-0 For more information about our products, contact us at: Thomson Learning Academic Resource Center 1-800-423-0563 For Lisa, Halley, Jake, and Chris BRIEF CONTENTS PREFACE: TEACHING STUDENTS TO SOLVE PROBLEMS SECTION I PROBLEM SOLVING AND DECISION MAKING 1 2 3 4 5 SECTION II More Realistic and Complex Pricing Direct Price Discrimination 145 Indirect Price Discrimination 155 135 Strategic Games 167 Bargaining 189 Making Decisions with Uncertainty 203 The Problem of Adverse Selection 221 The Problem of Moral Hazard 233 ORGANIZATIONAL DESIGN 18 19 20 SECTION VII Getting Employees to Work in the Firm’s Best Interests 247 Getting Divisions to Work in the Firm’s Best Interests 261 Managing Vertical Relationships 277 WRAPPING UP 21 You Be the Consultant 291 EPILOGUE: Out of the Classroom, into the Fire—What I Learned as a Manager 299 GLOSSARY 301 INDEX 305 iv 97 UNCERTAINT Y 15 16 17 SECTION VI Simple Pricing 65 Economies of Scale and Scope 83 Understanding Markets and Industry Changes How to Keep Profit from Eroding 117 STRATEGIC DECISION MAKING 13 14 SECTION V 51 PRICING FOR GREATER PROFIT 10 11 12 SECTION IV Introduction: What This Book Is About 3 The One Lesson of Business 11 Benefits, Costs, and Decisions 25 Extent (How Much) Decisions 39 Investment Decisions: Look Ahead and Reason Back PRICING, COSTS, AND PROFITS 6 7 8 9 SECTION III ix BRIEF CONTENTS TABLE OF CONTENTS ix PREFACE: TEACHING STUDENTS TO SOLVE PROBLEMS SECTION I PROBLEM SOLVING AND DECISION MAKING CHAPTER 1: INTRODUCTION: WHAT THIS BOOK IS ABOUT 3 Problem Solving 3 Ethics and Economics 5 Economics in Job Interviews 7 Summary & Homework Problems 9 CHAPTER 2: THE ONE LESSON OF BUSINESS 11 Capitalism and Wealth 12 Do Mergers Move Assets to Higher-Valued Uses? 15 Economics versus Business 16 Wealth Creation in Organizations 21 Summary & Homework Problems 21 CHAPTER 3: BENEFITS, COSTS, AND DECISIONS 14 25 Background: Variable, Fixed, and Total Costs 25 Background: Accounting versus Economic Profit 27 Costs Are What You Give Up 29 Fixed- or Sunk-Cost Fallacy 30 Hidden-Cost Fallacy 32 Economic Value Added 33 Does EVA Work?34 Summary & Homework Problems 35 CHAPTER 4: EXTENT (HOW MUCH) DECISIONS 39 Background: Average and Marginal Costs 39 Marginal Analysis 41 Incentive Pay 44 Tie Pay to Performance Measures That Reflect Effort 45 If Incentive Pay Is So Good, Why Don’t More Companies Use It?Nick Wilkinson is Assistant Professor in Economics at Richmond, The American International University in London.He has taught business and economics in various international institutions in the UK and US, as well as working in business management in both countries.Managerial economics deals with the application of the economic concepts, theories, tools, and methodologies to solve practical problems in a business.In other words, managerial economics is the combination of economics theory and managerial theory.

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