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 intuition--an 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 model--a 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 successful--and satisfied--in their careers.
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Overview of Managerial Economics
Demand Analysis and Estimation
Production and Competitive Markets
LongTerm Investment Decisions
Compounding and the Time Value of Money
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2009 Cengage Learning advertising amount analysis average cost benefits Calculate cash flows coefficient company’s competitive market competitors constraint consumer surplus consumption Copyright 2009 Cengage corporate cost curve customers deadweight loss demand curve dollar earn economic profits Economic Review 97 effect efficient equal Equation estimate example factors Figure firm firm’s forecast function given income increase indifference curves industry input interest rates investment project isoquant linear programming long-run managers marginal cost marginal revenue marginal social market demand market equilibrium market price market supply maximization million monopolistically competitive monopoly Nash equilibrium oligopoly operating optimal output level percent period present value price elasticity price–output combination problem profit margins profit-maximizing quantity demanded rate of return regression relation result returns to scale Rights Reserved risk short-run solution strategy supply curve total cost total profit total revenue utility variable costs