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Managerial Economics: A Problem-Solving Approach [Minkštas viršelis]

3.50/5 (11 ratings by Goodreads)
(Richmond: The American International University in London)
  • Formatas: Paperback / softback, 556 pages, aukštis x plotis x storis: 247x176x36 mm, weight: 1090 g
  • Išleidimo metai: 05-May-2005
  • Leidėjas: Cambridge University Press
  • ISBN-10: 0521526256
  • ISBN-13: 9780521526258
Kitos knygos pagal šią temą:
Managerial Economics: A Problem-Solving ApproachDidesnis paveikslėlis
  • Formatas: Paperback / softback, 556 pages, aukštis x plotis x storis: 247x176x36 mm, weight: 1090 g
  • Išleidimo metai: 05-May-2005
  • Leidėjas: Cambridge University Press
  • ISBN-10: 0521526256
  • ISBN-13: 9780521526258
Kitos knygos pagal šią temą:
Pastovi nuoroda: https://www.kriso.lt/db/9780521526258.html
Raktažodžiai:
Managerial economics, meaning the application of economic methods in the managerial decision-making process, is a fundamental part of any business or management course. This textbook covers all the main aspects of managerial economics: the theory of the firm; demand theory and estimation; production and cost theory and estimation; market structure and pricing; game theory; investment analysis and government policy. It includes numerous and extensive case studies, as well as review questions and problem-solving sections at the end of each chapter. Nick Wilkinson adopts a user-friendly problem-solving approach which takes the reader in gradual steps from simple problems through increasingly difficult material to complex case studies, providing an understanding of how the relevant principles can be applied to real-life situations involving managerial decision-making. This book will be invaluable to business and economics students at both undergraduate and graduate levels who have a basic training in calculus and quantitative methods.

Recenzijos

'A thoughtful and well-written text which explains key concepts in a rigorous and accessible way. A particular strength is the rich collection of applications and case studies which demonstrate the value of the economic approach to many management problems and decisions. The well-designed solved problems demonstrate how the analytical techniques can be applied and will be particularly valuable in helping students to connect theory with practice and to solve problems for themselves. A very useful addition to the field.' Martin Carter, Leeds University Business School 'This is an exhaustive study of managerial economics with well-chosen case studies and clear explanations from an experienced teacher.' John Mark, King's College London

Daugiau informacijos

A comprehensive, student-friendly introduction with extensive case studies and problem-solving exercises.
PART I INTRODUCTION
1(70)
Nature, scope and methods of managerial economics
3(17)
Introduction
4(3)
Case study 1.1: Global warming
4(3)
Definition and relationships with other disciplines
7(4)
Definition
7(1)
Relationship with economic theory
8(2)
Relationship with decision sciences
10(1)
Relationship with business functions
10(1)
Elements of managerial economics
11(1)
Subject areas and relationships
11(1)
Presentation of topics
11(1)
Methods
12(8)
Scientific theories
12(2)
Learning economics
14(1)
Case study 1.2: Import quotas on Japanese cars
15(1)
Tools of analysis: demand and supply
16(1)
Case study 1.3: Equal prize money in tennis
17(1)
Summary
18(1)
Review questions
19(1)
Notes
19(1)
The theory of the firm
20(51)
Introduction
22(1)
The nature of the firm
23(9)
Economic organizations
23(2)
Transaction cost theory
25(1)
Motivation theory
26(3)
Property rights theory
29(3)
The basic profit-maximizing model
32(4)
Assumptions
32(3)
Limitations
35(1)
Usefulness
35(1)
The agency problem
36(12)
Contracts and bounded rationality
37(1)
Hidden information
38(1)
Hidden action
39(1)
Control measures
40(3)
Limitations of the agency model
43(1)
Case study 2.1: Corporate governance
44(4)
Measurement of profit
48(9)
Nature of measurement problems
48(2)
Efficient markets hypothesis*
50(1)
Limitations of the EMH*
51(2)
Case study 2.2: Enron
53(4)
Risk and uncertainty
57(3)
Attitudes to risk
58(1)
Risk and objectives
58(1)
Risk and the agency problem
59(1)
Multiproduct strategies
60(2)
Product line profit maximization
60(1)
Product mix profit maximization
61(1)
Case study 2.3: PC World
62(1)
Conclusion
62(9)
The public sector and non-profit organizations
63(1)
Satisficing
63(1)
Surveys of business objectives
64(1)
Ethics
64(1)
Profit maximization revisited
65(1)
Summary
66(1)
Review questions
67(1)
Notes
68(3)
PART II DEMAND ANALYSIS
71(104)
Demand theory
73(49)
Introduction
74(1)
Definition and representation
74(6)
Meaning of demand
74(1)
Tables, graphs and equations
75(3)
Interpretation of equations
78(2)
Consumer theory
80(11)
Assumptions
81(2)
Analysis
83(5)
Limitations
88(1)
Alternative approaches
88(2)
Conclusions
90(1)
Factors determining demand
91(7)
Controllable factors
92(1)
Uncontrollable factors
93(3)
Demand and quantity demanded
96(1)
Case study 3.1: Marks & Spencer
97(1)
Elasticity
98(12)
Price elasticity
99(6)
Promotional elasticity
105(2)
Income elasticity
107(1)
Cross-elasticity
108(2)
A problem-solving approach
110(12)
Examples of solved problems
110(5)
Case study 3.2: The Oresund bridge
115(1)
Case study 3.3: The Texas state bird
116(1)
Case study 3.4: Oil production
116(2)
Summary
118(1)
Review questions
118(1)
Problems
119(1)
Notes
120(2)
Demand estimation
122(53)
Introduction
124(1)
Methods
125(2)
Consumer surveys
125(1)
Market experiments
126(1)
Statistical methods
127(1)
Model specification
127(2)
Mathematical models
127(2)
Statistical models
129(1)
Data collection
129(4)
Types of data
129(1)
Sources of data
130(1)
Presentation of data
131(2)
Simple regression
133(2)
The OLS method
133(1)
Application of OLS
133(2)
Goodness of fit
135(2)
Correlation
135(1)
The coefficient of determination
136(1)
Power regression
137(2)
Nature of the model
138(1)
Application of the model
138(1)
Forecasting
139(1)
Nature
139(1)
Application
139(1)
Multiple regression
140(10)
Nature of the model
140(1)
Advantages of multiple regression
141(1)
Dummy variables*
142(1)
Mathematical forms*
143(1)
Interpretation of the model results*
144(4)
Selecting the best model*
148(1)
Case study 4.1: The demand for coffee
149(1)
Implications of empirical studies
150(1)
The price--quality relationship
150(1)
Lack of importance of price
150(1)
Dynamic relationships
151(1)
A problem-solving approach
151(24)
Examples of solved problems
152(3)
Case study 4.2: Determinants of car prices
155(1)
Case study 4.3: The Sports Connection
155(2)
Appendix A: Statistical inference*
157(1)
Nature of inference in the OLS model
157(1)
Assumptions
157(2)
Calculations for statistical inference
159(1)
Consequences of assumptions
160(2)
Estimation
162(1)
Hypothesis testing
162(1)
Confidence intervals for forecasts
163(2)
Appendix B: Problems of the OLS model*
165(1)
Specification error
165(1)
The identification problem
165(1)
Violation of assumptions regarding the error term
166(2)
Multicollinearity
168(1)
Summary
169(1)
Review questions
169(1)
Problems
170(1)
Notes
171(4)
PART III PRODUCTION AND COST ANALYSIS
175(110)
Production theory
175(37)
Introduction
176(1)
Basic terms and definitions
177(5)
Factors of production
177(1)
Production functions
178(1)
Fixed factors
179(1)
Variable factors
179(1)
The short run
180(1)
The long run
180(1)
Scale
180(1)
Efficiency
181(1)
Input-output tables
181(1)
The short run
182(11)
Production functions and marginal product
182(1)
Derivation of the short-run input-output table
183(2)
Increasing and diminishing returns
185(1)
Relationships between total, marginal and average product
186(2)
Determining the optimal use of the variable input
188(3)
Case study 5.1: Microsoft -- increasing or diminishing returns?
191(1)
Case study 5.2: State spending
192(1)
The long run
193(10)
Isoquants
193(1)
The marginal rate of technical substitution
194(1)
Returns to scale
194(4)
Determining the optimal combination of inputs
198(5)
A problem-solving approach
203(9)
Planning
203(1)
Marginal analysis
203(1)
Example of a solved problem
204(1)
Evaluating trade-offs
205(1)
Example of a solved problem
206(1)
Case study 5.3: Factor Substitution in the National Health Service
207(1)
Summary
208(1)
Review questions
209(1)
Problems
210(1)
Notes
211(1)
Cost theory
212(42)
Introduction
213(4)
Importance of costs for decision-making
213(1)
Explicit and implicit costs
214(1)
Historical and current costs
214(1)
Sunk and incremental costs
215(1)
Private and social costs
215(1)
Relevant costs for decision-making
216(1)
Case study 6.1: Brewster Roofing
216(1)
Summary of cost concepts
216(1)
Short-run cost behaviour
217(9)
Classification of costs
217(1)
Types of unit cost
217(1)
Derivation of cost functions from production functions
218(2)
Factors determining relationships with output
220(3)
Efficiency
223(1)
Changes in input prices
223(1)
Different forms of cost function
223(3)
Long-run cost behaviour
226(9)
Derivation of cost functions from production functions*
226(1)
Economies of scale
227(2)
Diseconomies of scale
229(1)
Economies of scope
230(1)
Relationships between short- and long-run cost curves
231(3)
Strategy implications
234(1)
The learning curve
235(1)
Cost-volume-profit analysis
236(4)
Purpose and assumptions
236(2)
Break-even output
238(1)
Profit contribution
238(1)
Operating leverage*
239(1)
Limitations of CVP analysis
239(1)
A problem-solving approach
240(14)
Examples of solved problems
241(4)
Case study 6.2: Converting to LPG - is it worth it?
245(1)
Case study 6.3: Rescuing Nissan
245(1)
Case study 6.4: Earls Court Gym
246(4)
Summary
250(1)
Review questions
250(1)
Problems
251(2)
Notes
253(1)
Cost estimation
254(31)
Introduction
255(4)
Importance of cost estimation for decision-making
255(1)
Types of cost scenario
256(1)
Methodology
256(3)
Short-run cost estimation
259(6)
Types of empirical study
260(1)
Problems in short-run cost estimation
260(3)
Different forms of cost function, interpretation and selection
263(2)
Implications of empirical studies
265(1)
Long-run cost estimation
265(6)
Types of empirical study
266(1)
Problems in long-run cost estimation
266(2)
Different forms of cost function
268(1)
Implications of empirical studies
268(2)
Case study 7.1: Banking
270(1)
The learning curve
271(6)
Types of specification
271(1)
Case study 7.2: Airlines
272(1)
Case study 7.3: Electricity generation
273(2)
Application of the learning curve
275(1)
Example of a solved problem
275(1)
Implications of empirical studies
276(1)
A problem-solving approach
277(8)
Examples of solved problems
278(2)
Summary
280(1)
Review questions
280(1)
Problems
281(1)
Notes
282(3)
PART IV STRATEGY ANALYSIS
285(237)
Market structure and pricing
287(44)
Introduction
288(3)
Characteristics of markets
289(1)
Types of market structure
289(1)
Relationships between structure, conduct and performance
290(1)
Methodology
291(1)
Perfect competition
291(9)
Conditions
291(1)
Demand and supply
292(1)
Graphical analysis of equilibrium
293(3)
Algebraic analysis of equilibrium
296(1)
Adjustment to changes in demand
297(3)
Monopoly
300(13)
Conditions
300(1)
Barriers to entry and exit
300(4)
Graphical analysis of equilibrium
304(1)
Algebraic analysis of equilibrium
305(1)
Pricing and price elasticity of demand
306(3)
Comparison of monopoly with perfect competition
309(2)
Case study 8.1: Electricity generation
311(2)
Monopolistic competition
313(5)
Conditions
313(1)
Graphical analysis of equilibrium
313(1)
Algebraic analysis of equilibrium
314(2)
Comparison with perfect competition and monopoly
316(1)
Comparison with oligopoly
316(1)
Case study 8.2: Price cuts for medicines
317(1)
Oligopoly
318(9)
Conditions
318(1)
The kinked demand curve model
319(2)
Collusion and cartels
321(3)
Price leadership
324(1)
Case study 8.3: Mobile phone networks
324(1)
Case study 8.4: Private school fees
325(2)
A problem-solving approach
327(4)
Summary
328(1)
Review questions
328(1)
Problems
329(1)
Notes
330(1)
Game theory
331(51)
Introduction
332(6)
Nature and scope of game theory
333(1)
Elements of a game
333(3)
Types of game
336(2)
Static games
338(15)
Equilibrium
338(2)
Oligopoly models
340(9)
Property rights
349(2)
Nash bargaining
351(1)
Case study 9.1: Experiments testing the Cournot equilibrium
352(1)
Dynamic games
353(8)
Equilibrium
353(2)
Strategic moves and commitment
355(3)
Stackelberg oligopoly
358(3)
Case study 9.2: Monetary policy in Thailand
361(1)
Games with uncertain outcomes*
361(9)
Mixed strategies
362(3)
Moral hazard and pay incentives
365(2)
Moral hazard and efficiency wages
367(3)
Repeated games*
370(5)
Infinitely repeated games
370(5)
Finitely repeated games
375(1)
Limitations of game theory
375(3)
Case study 9.3: Credible commitments
376(2)
A problem-solving approach
378(4)
Summary
378(1)
Review questions
379(1)
Problems
379(1)
Notes
380(2)
Pricing strategy
382(48)
Introduction
384(1)
Competitive advantage
385(4)
Nature of competitive advantage
385(1)
Value creation
385(3)
Case study 10.1: Mobile phones - Nokia
388(1)
Market positioning, segmentation and targeting
389(7)
Cost advantage
390(1)
Benefit advantage
390(1)
Competitive advantage, price elasticity and pricing strategy
391(1)
Segmentation and targeting
392(2)
Role of pricing in managerial decision-making
394(1)
Case study 10.2: Handheld Computers - Palm
394(2)
Price discrimination
396(9)
Definition and conditions
396(1)
Types of price discrimination
397(2)
Price discrimination in the European Union
399(2)
Analysis
401(1)
Example of a solved problem
401(2)
Case study 10.3: Airlines
403(2)
Multiproduct pricing
405(6)
Context
405(1)
Demand interrelationships
406(1)
Production interrelationships
407(1)
Joint products
407(1)
Example of a solved problem
408(3)
Transfer pricing
411(5)
Context
411(1)
Products with no external market
412(1)
Example of a solved problem
412(3)
Products with perfectly competitive external markets
415(1)
Products with imperfectly competitive external markets
415(1)
Pricing and the marketing mix*
416(5)
An approach to marketing mix optimization
416(1)
The constant elasticity model
417(3)
Complex marketing mix interactions
420(1)
Dynamic aspects of pricing
421(1)
Significance of the product life-cycle
421(1)
Early stages of the product life-cycle
421(1)
Later stages of the product life-cycle
422(1)
Other pricing strategies
422(8)
Perceived quality
423(1)
Perceived price
423(1)
The price--quality relationship
423(1)
Perceived value
424(1)
Summary
424(2)
Review questions
426(1)
Problems
426(2)
Notes
428(2)
Investment analysis
430(39)
Introduction
431(3)
The nature and significance of capital budgeting
431(1)
Types of capital expenditure
432(2)
A simple model of the capital budgeting process
434(1)
Cash flow analysis
434(5)
Identification of cash flows
435(1)
Measurement of cash flows
435(1)
Example of a solved problem
435(4)
Case study 11.1: Investing in a corporate fitness programme
439(1)
Risk analysis
439(6)
Nature of risk in capital budgeting
439(1)
Measurement of risk
440(5)
Cost of capital
445(5)
Nature and components
445(1)
Cost of debt
446(1)
Cost of equity
447(2)
Weighted average cost of capital
449(1)
Evaluation criteria
450(9)
Net present value
450(1)
Internal rate of return
451(1)
Comparison of net present value and internal rate of return
452(1)
Other criteria
452(2)
Decision-making under risk
454(1)
Example of a solved problem
455(3)
Decision-making under uncertainty
458(1)
The optimal capital budget
459(3)
The investment opportunity (IO) schedule
460(1)
The marginal cost of capital (MCC) schedule
460(2)
Equilibrium of IO and MCC
462(1)
A problem-solving approach
462(7)
Case study 11.2: Under-investment in transportation infrastructure
462(1)
Case study 11.3: Over-investment in fibre optics
463(2)
Summary
465(1)
Review questions
466(1)
Problems
466(2)
Notes
468(1)
Government and managerial policy
469(53)
Introduction
471(2)
Importance of government policy
471(1)
Objectives of government policy
471(2)
Market failure
473(4)
Definition and types
473(1)
Monopolies
474(1)
Externalities
475(1)
Public goods
475(1)
Imperfect information
476(1)
Transaction costs
476(1)
Monopoly and Competition Policy
477(30)
Basis of government policy
477(2)
The structure-conduct-performance (SCP) model
479(1)
Detection of monopoly
480(1)
Public ownership
481(5)
Privatization and regulation
486(4)
Promoting competition
490(3)
Restrictive practices
493(6)
Case study 12.1: Electricity
499(4)
Case study 12.2: Postal services
503(4)
Externalities
507(6)
Optimality with externalities
508(1)
Implications for government policy
509(2)
Implications for management
511(1)
Case study 12.3: Fuel taxes and optimality
512(1)
Imperfect information
513(9)
Incomplete information
514(1)
Asymmetric information
514(2)
Implications for government policy
516(2)
Implications for management
518(1)
Summary
518(2)
Review questions
520(1)
Notes
520(2)
Index 522
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.