Managerial Economics: Economic Tools for Today's Decision Makers
This distinctive text features a running case study at the beginning and end of each chapter that explores the decision-making processes of managers within a hypothetical company. It creates a vivid, dynamic business setting highlights microeconomic theory and the tools of quantitative analysis used in management decision-making. In addition, actual business examples from the popular press - including numerous international examples - are incorporated into the chapters to reinforce the connection between economic and real business situations.*Each chapter starts and concludes with a running case study of ahypothetical company called Global Foods'*Current business examples from the popular press (e.g., Business Week, the Wall Street Journal) are integrated throughout the text*International Application sections are interspersed throughout the textbook. Nearly every chapter includes a special section called International Application', which provides global application of the theory*NEW - Integrative chapter on economic concepts and tools*NEW - Chapter 2, The Firm and Its Goals, ' now includes new examples and a discussion on transactions costs and a discussion both on Economic Value
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The Firm and Its Goals
Review of Mathematical Concepts Used in Managerial Economics
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additional amount arc elasticity assume average cost average variable cost calculated cash flows chapter coefficient company's competition considered constant consumers corporation cost curve cost function decision decrease demand curve demand for pizza derivative discount discussed diseconomies of scale economic analysis economists estimated example expected Explain f-test factors firm firm's fixed cost forecast Global Foods graph impact important income increase independent variables indicates industry isoquant labor linear long-run managerial economics manufacturing marginal cost marginal product marginal revenue maximization measure method operating optimal percent period plant present value price elasticity problem production function profit quantity demanded regression analysis regression equation relationship relative represents returns to scale risk sample sell sellers short-run cost soft drink statistical supply and demand Table tion total cost total revenue variable input