Managerial Economics

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Cengage Learning, Feb 20, 2008 - Business & Economics - 844 pages
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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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macdonlad restaurant do the business do the bulk of their business at lunch time ,but have found that promotionally priced meal at breakfast and dinner make a significant profit contribution. does the sucess of macdy restaurant in this regard reflect on effective application of the marginal profit concept or the incrimental profit concept ? explain 

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About the author (2008)

Mark Hirschey is the Anderson W. Chandler Professor of Business at the University of Kansas, where he teaches undergraduate and graduate courses in managerial economics and finance. He also is president of the Association of Financial Economists and a member of several professional organizations. Professor Hirschey has published articles for such leading academic journals as the AMERICAN ECONOMIC REVIEW, REVIEW OF ECONOMICS AND STATISTICS, JOURNAL OF BUSINESS, JOURNAL OF BUSINESS AND ECONOMIC STATISTICS, JOURNAL OF FINANCE, JOURNAL OF FINANCIAL ECONOMICS, and JOURNAL OF INDUSTRIAL ECONOMICS. He also is the author of FUNDAMENTALS OF MANAGERIAL ECONOMICS AND INVESTMENTS: ANALYSIS & BEHAVIOR, the editor of ADVANCES IN FINANCIAL ECONOMICS, and past editor of MANAGERIAL AND DECISION ECONOMICS. He earned his PhD from the University of Wisconsin-Madison.

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