Instant download (Test Bank) Economics for Managers 3rd Edition by Paul G. Farnham pdf, docx, kindle format all chapters after payment. 0132773708, 9780132773706
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Author: Paul Farnham
Table of contents:
Part 1 Microeconomic Analysis
1 Managers and Economics
Two Perspectives: Microeconomics and Macroeconomics
Microeconomic Influences on Managers
Markets
Microeconomic Influences on Managers
Factors Affecting Macro Spending Behavior
Summary
Key Terms
Exercises Technical Questions
Application Questions
2 Demand, Supply, and Equilibrium Prices
Demand
Nonprice Factors Influencing Demand
Demand Function
Demand Curves
Change in Quantity Demanded and Change in Demand
Individual Versus Market Demand Curves
Linear Demand Functions and Curves
Mathematical Example of a Demand Function
Supply
Nonprice Factors Influencing Supply
Supply Function
Supply Curves
Change in Quantity Supplied and Change in Supply
Mathematical Example of a Supply Function
Summary of Demand and Supply Factors
Demand, Supply, and Equilibrium
Definition of Equilibrium Price and Equilibrium Quantity
Lower-Than-Equilibrium Prices
Higher-Than-Equilibrium Prices
Mathematical Example of Equilibrium
Changes in Equilibrium Prices and Quantities
Mathematical Example of an Equilibrium Change
Summary
Key Terms
Exercises Technical Questions
Application Questions
3 Demand Elasticities
Demand Elasticity
Price Elasticity of Demand
The Influence of Price Elasticity on Managerial Decision Making
Price Elasticity Values
Elasticity and Total Revenue
Determinants of Price Elasticity of Demand
Number of Substitute Goods
Percent of Consumer’s Income Spent on the Product
Time Period
Numerical Example of Elasticity, Prices, and Revenues
Calculating Price Elasticities
Numerical Example
The Demand Function
Other Functions Related to Demand
Calculation of Arc and Point Price Elasticities
Price Elasticity Versus Slope of the Demand Curve
Demand Elasticity, Marginal Revenue, and Total Revenue
Vertical and Horizontal Demand Curves
Vertical Demand Curves
Horizontal Demand Curves
Income and Cross-Price Elasticities of Demand
Income Elasticity of Demand
Cross-Price Elasticity of Demand
Elasticity Estimates: Economics Literature
Elasticity and Chicken and Agricultural/Food Products
Elasticity and Beer
Water Demand
Elasticity and the Tobacco Industry
Elasticity and Health Care
Tuition Elasticity in Higher Education
Elasticity Issues: Marketing Literature
Marketing Study I: Tellis (1988)
Marketing Study II: Sethuraman and Tellis (1991)
Marketing Study III: Hoch et al. (1995)
Marketing Study Update
Summary
Appendix 3A Economic Model of Consumer Choice
Consumer Tastes and Preferences
The Budget Constraint
The Consumer Maximization Problem
Changes in Income
Changes in Price
Key Terms
Exercises Technical Questions
Application Questions
4 Techniques for Understanding Consumer Demand and Behavior
Understanding Consumer Demand and Behavior: Marketing Approaches
Expert Opinion
Consumer Surveys
Test Marketing and Price Experiments
Analysis of Census and Other Historical Data
Unconventional Methods
Evaluating the Methods
Consumer Demand and Behavior: Economic Approaches
Relationship Between One Dependent and One Independent Variable: Simple Regression Analysis
Relationship Between One Dependent and Multiple Independent Variables: Multiple Regression Analysis
Other Functional Forms
Demand Estimation Issues
Case Study of Statistical Estimation of Automobile Demand
Relationships Between Consumer Market Data and Econometric Demand Studies
Case Study I: Carnation Coffee-mate
Case Study II: Carnation Evaporated Milk
Case Study III: The Demand for Cheese in the United States
Summary
Key Terms
Exercises Technical Questions
Application Questions
5 Production and Cost Analysis in the Short Run
Defining the Production Function
The Production Function
Fixed Inputs Versus Variable Inputs
Short-Run Versus Long-Run Production Functions
Productivity and the Fast-Food Industry
Model of a Short-Run Production Function
Total Product
Average Product and Marginal Product
Relationships Among Total, Average, and Marginal Product
Economic Explanation of the Short-Run Production Function
Real-World Firm and Industry Productivity Issues
Other Examples of Diminishing Returns
Productivity and the Agriculture Industry
Productivity and the Automobile Industry
Productivity Changes Across Industries
Model of Short-Run Cost Functions
Measuring Opportunity Cost: Explicit Versus Implicit Costs
Accounting Profit Measures Versus Economic Profit Measures
Definition of Short-Run Cost Functions
Fixed Costs Versus Variable Costs
Relationships Among Total, Average, and Marginal Costs
Relationship Between Short-Run Production and Cost
Other Short-Run Production and Cost Functions
Empirical Evidence on the Shapes of Short-Run Cost Functions
Econometric Estimation of Cost Functions
Survey Results on Cost Functions
Constant Versus Rising Marginal Cost Curves
Implications for Managers
Summary
Key Terms
Exercises Technical Questions
Application Questions
6 Production and Cost Analysis in the Long Run
Model of a Long-Run Production Function
Input Substitution
Model of a Long-Run Cost Function
Derivation of the Long-Run Average Cost Curve
Economies and Diseconomies of Scale
Factors Creating Economies and Diseconomies of Scale
Other Factors Influencing the Long-Run Average Cost Curve
The Minimum Efficient Scale of Operation
Long-Run Average Cost and Managerial Decision Making
Summary
Appendix 6A Isoquant Analysis
Production Technology and Input Substitution
The Isocost Line
Cost Minimization
Input Substitution
Changes in the Costs of Production
Technological Change
Key Terms
Exercises Technical Questions
Application Questions
7 Market Structure: Perfect Competition
The Model of Perfect Competition
Characteristics of the Model of Perfect Competition
Model of the Industry or Market and the Firm
The Short Run in Perfect Competition
Long-Run Adjustment in Perfect Competition: Entry and Exit
Adjustment in the Potato Industry
Long-Run Adjustment in Perfect Competition: The Optimal Scale of Production
Other Illustrations of Competitive Markets
Competition and the Agricultural Industry
Competition and the Broiler Chicken Industry
Competition and the Red-Meat Industry
Competition and the Milk Industry
Competition and the Trucking Industry
Summary
Appendix 7A Industry Supply
Elasticity of Supply
Agricultural Supply Elasticities
Key Terms
Exercises Technical Questions
Application Questions
8 Market Structure: Monopoly and Monopolistic Competition
Firms with Market Power
The Monopoly Model
Comparing Monopoly and Perfect Competition
Sources of Market Power: Barriers to Entry
Changes in Market Power
Measures of Market Power
Antitrust Issues
Monopolistic Competition
Characteristics of Monopolistic Competition
Short-Run and Long-Run Models of Monopolistic Competition
Examples of Monopolistically Competitive Behavior
Summary
Key Terms
Exercises Technical Questions
Application Questions
9 Market Structure: Oligopoly
Case Studies of Oligopoly Behavior
The Airline Industry
The Soft Drink Industry
The Doughnut Industry
The Parcel and Express Delivery Industry
Oligopoly Models
Noncooperative Oligopoly Models
The Kinked Demand Curve Model
Game Theory Models
Strategic Entry Deterrence
Predatory Pricing
Cooperative Oligopoly Models
Cartels
Tacit Collusion
Summary
Key Terms
Exercises Technical Questions
Application Questions
10 Pricing Strategies for the Firm
The Role of Markup Pricing
Marginal Revenue and the Price Elasticity of Demand
The Profit-Maximizing Rule
Profit Maximization and Markup Pricing
Business Pricing Strategies and Profit Maximization
Markup Pricing Examples
Price Discrimination
Definition of Price Discrimination
Theoretical Models of Price Discrimination
Price Discrimination and Managerial Decision Making
Marketing and Price Discrimination
Macroeconomics and Pricing Policies
Summary
Key Terms
Exercises Technical Questions
Application Questions
Part 2 Macroeconomic Analysis
11 Measuring Macroeconomic Activity
Measuring Gross Domestic Product (GDP)
The Circular Flow in a Mixed, Open Economy
National Income Accounting Systems
Characteristics of GDP
Real Versus Nominal GDP
Alternative Measures of GDP
Other Important Macroeconomic Variables
Price Level Measures
Measures of Employment and Unemployment
Major Macroeconomic Policy Issues
What Factors Influence the Spending Behavior of the Different Sectors of the Economy?
How Do Behavior Changes in These Sectors Influence the Level of Output and Income in the Economy?
Can Policy Makers Maintain Stable Prices, Full Employment, and Adequate Economic Growth over Time?
How Do Fiscal, Monetary, and Balance of Payments Policies Influence the Economy?
What Impact Do These Macro Changes Have on Different Firms and Industries?
Summary
Key Terms
Exercises Technical Questions
Application Questions
12 Spending by Individuals, Firms, and Governments on Real Goods and Services
Framework for Macroeconomic Analysis
Focus on the Short Run
Analysis in Real Versus Nominal Terms
Treatment of the Foreign Sector
Outline for Macroeconomic Analysis
The Components of Aggregate Expenditure
Personal Consumption Expenditure
Gross Private Domestic Investment Expenditure
Government Expenditure
Net Export Expenditure
Aggregate Expenditure and Equilibrium Income and Output
Aggregate Expenditure
Equilibrium Level of Income and Output
Effect of the Interest Rate on Aggregate Expenditures
Summary
Appendix 12A Numerical Example of Equilibrium and the Multiplier
Appendix 12B Algebraic Derivation of the Aggregate Expenditure Function
Consumption Spending (C)
Investment Spending (I)
Government Spending (G)
Export Spending (X)
Import Spending (M)
Aggregate Expenditure (E)
Key Terms
Exercises Technical Questions
Application Questions
13 The Role of Money in the Macro Economy
Money and the U.S. Financial System
Definition of Money
Measures of the Money Supply
Depository Institutions and the Fractional Reserve Banking System
The Central Bank (Federal Reserve)
Tools of Monetary Policy
Equilibrium in the Money Market
The Supply of Money
The Demand for Money
Equilibrium in the Money Market
Change in the Supply of Money
Change in the Demand for Money
Overall Money Market Changes
Summary
Appendix 13A Monetary Tools and the Market for Bank Reserves
Key Terms
Exercises Technical Questions
Application Questions
14 The Aggregate Model of the Macro Economy
The Model of Aggregate Demand and Supply
The Aggregate Demand Curve
Fiscal and Monetary Policy Implementation
The Aggregate Supply Curve
Using the Aggregate Model to Explain Changes in the Economy from 2007 to 2008 and from 2011 to 2012
Impact of Macro Changes on Managerial Decisions
Measuring Changes in Aggregate Demand and Supply
Summary
Appendix 14A Specific and General Equations for the Aggregate Macro Model
Key Terms
Exercises Technical Questions
Application Questions
15 International and Balance of Payments Issues in the Macro Economy
Exchange Rates
Equilibrium in the Open Economy
U.S. International Transactions in 2011 (Balance of Payments)
The Current Account
The Financial Account
Revenue or T-Account
Deriving the Foreign Exchange Market
The Demand for and Supply of Dollars in the Foreign Exchange Market
Equilibrium in the Foreign Exchange Market
Exchange Rate Systems
Flexible Exchange Rate System
Fixed Exchange Rate System
The Effect on the Money Supply
Sterilization
Policy Examples of International Economic Issues
The U.S. Economy, 1995–2000
The U.S. Economy, 2007–2008 and 2010–2012
Effects of the Euro in the Macroeconomic Environment
Euro Macro Environment Effects on Managerial Decisions
Southeast Asia: An Attempt to Maintain Fixed Exchange Rates
Macro and Managerial Impact of the Chinese Yuan Since 2003
Policy Effectiveness with Different Exchange Rate Regimes
Summary
Appendix 15A Specific and General Equations for the Balance of Payments
Key Terms
Exercises Technical Questions
Application Questions
Part 3 Integration of the Frameworks
16 Combining Micro and Macro Analysis for Managerial Decision Making
Microeconomic and Macroeconomic Influences on McDonald’s and the Fast-Food Industry
Shifting Product Demand
Oligopolistic Behavior
Strategies to Offset Shifting Demand
Cost-Cutting Strategies
Innovations for Different Tastes
Drawing on Previous Experience
2012 and Beyond: A Focus on China and Other Emerging Markets
Economic and Political Issues
Responses of Other Fast-Food Competitors
Calorie Counts on Menus
Macroeconomic Influences on the Fast-Food Industry in 2011 and 2012
Summary: Macro and Micro Influences on the Fast-Food Industry
Appendix 16 Statistical Estimation of Demand Curves
Exercises Technical Questions
Application Questions
Solutions to Even-Numbered Problems
Chapter 1
Technical Questions
Application Questions
Chapter 2
Technical Questions
Application Questions
Chapter 3
Technical Questions
Application Questions
Chapter 4
Technical Questions
Application Questions
Chapter 5
Technical Questions
Application Questions
Chapter 6
Technical Questions
Application Questions
Chapter 7
Technical Questions
Application Questions
Chapter 8
Technical Questions
Application Questions
Chapter 9
Technical Questions
Application Questions
Chapter 10
Technical Questions
Application Questions
Chapter 11
Technical Questions
Application Questions
Chapter 12
Technical Questions
Application Questions
Chapter 13
Technical Questions
Application Questions
Chapter 14
Technical Questions
Application Questions
Chapter 15
Technical Questions
Application Questions
Chapter 16
Technical Questions
Application Questions
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