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Managerial Economics 7th Edition by Paul Keat, Philip Young ISBN 0273791958 9780273791959

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ISBN 10: 0273791958
ISBN 13: 9780273791959
Author: Paul Keat, Philip Young

For upper-level undergraduate and first-year MBA courses in managerial and applied economics. This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory.    To strengthen students’ ability to use Excel—a critical skill in today’s job market—new Excel Applications (Excel Apps) allow readers to turn the static figures and tables in the text into dynamic illustrations.  The full text downloaded to your computer With eBooks you can: search for key concepts, words and phrases make highlights and notes as you study share your notes with friends eBooks are downloaded to your computer and accessible either offline through the Bookshelf (available as a free download), available online and also via the iPad and Android apps. Upon purchase, you’ll gain instant access to this eBook. Time limit The eBooks products do not have an expiry date. You will continue to access your digital ebook products whilst you have your Bookshelf installed.

Managerial Economics 7th Table of contents:

Chapter 1: Introduction

  • Introduction: Economics and Managerial Decision Making
  • A Brief Review of Important Economic Terms and Concepts
  • The Case of Global Foods, Inc.: Situations and Solutions
  • Summary of the Situations and Solutions
  • Global Application: The BRIC Countries
  • Summary
  • Important Concepts
  • Questions

Chapter 2: The Firm and Its Goals

  • Introduction
  • The Firm
  • Coase and the Internet
  • The Economic Goal of the Firm and Optimal Decision Making
  • Goals Other Than Profit
    • Economic Goals
    • Noneconomic Objectives
  • Do Companies Really Try to Maximize Profits?
  • Profit Maximization, Restated
  • Maximizing the Wealth of Stockholders
  • Market Value Added and Economic Value Added
  • Economic Profits
  • Global Application
  • Summary
  • Important Concepts
  • Questions

Chapter 3: Supply and Demand

  • Introduction
  • Market Demand
  • Market Supply
  • Market Equilibrium
  • Comparative Statics Analysis
  • Short-Run Market Changes: The “Rationing Function” of Price
  • Long-Run Market Analysis: The “Guiding” or “Allocating Function” of Price
  • Using Supply and Demand in Forecasting
  • Supply, Demand, and Price: The Managerial Challenge
  • Global Application: The BRIC Countries and the Supply and Demand for Oil
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 3A: The Mathematics of Supply and Demand

Chapter 4: Demand Elasticity

  • The Economic Concept of Elasticity
  • The Price Elasticity of Demand
  • Measurement of Price Elasticity
  • The Determinants of Elasticity
  • The Effect of Elasticity on Price and Quantity
  • The Elasticity of Derived Demand
  • Elasticity in the Short Run and in the Long Run
  • Demand Elasticity and Revenue
  • The Mathematics of Elasticity and Revenue
  • Empirical Elasticities
  • The Cross-Price Elasticity of Demand
  • Income Elasticity
  • Other Elasticity Measures
  • Elasticity of Supply
  • Global Application: Price Elasticities in Asia
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 4A: Applications of Supply and Demand

Chapter 5: Demand Estimation and Forecasting

  • Demand Estimation
    • Introduction
    • Key Chapter Objectives
    • The Critical Importance of Good Data
    • Introduction to Regression Analysis
    • Specifying the Regression Equation and Obtaining the Data
    • Estimating and Interpreting the Regression Coefficients
    • Statistical Evaluation of the Regression Results
    • Review of Key Steps for Analyzing Regression Results
    • Implications of Regression Analysis for Management Decisions
    • Problems in the Use of Regression Analysis
    • The Identification Problem
    • Multicollinearity
    • Autocorrelation
    • Examples of Regression Analysis Across the Disciplines
    • Global Application: Food in Spain, Cigarettes in Taiwan
  • Forecasting
    • Introduction
    • Subjects of Forecasts
    • Demand Estimating and Demand Forecasting
    • Prerequisites of a Good Forecast
    • Forecasting Techniques
      • Expert Opinion
      • Opinion Polls and Market Research
      • Surveys of Spending Plans
      • Economic Indicators
      • Projections
      • Econometric Models
    • Global Application: Forecasting Exchange Rates
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 5A: The Demand for White Zinfandel in Los Angeles
  • Appendix 5B: Understanding Consumer Behavior Through Testing

Chapter 6: The Theory and Estimation of Production

  • The Production Function
  • A Short-Run Analysis of Total, Average, and Marginal Product
  • The Law of Diminishing Returns
  • The Three Stages of Production in the Short Run
  • Derived Demand and the Optimal Level of Variable Input Usage
  • The Case of Multiple Inputs (Abridged Version)
  • The Long-Run Production Function
  • The Estimation of Production Functions
  • The Various Forms of a Production Function
  • The Cobb-Douglas Production Function
  • Statistical Estimation of Production Functions
  • Aggregate Production Functions
  • The Importance of Production Functions in Managerial Decision Making
  • Careful Planning Can Help a Firm to Use Its Resources in a Rational Manner
  • Going “Beyond the Curves”: Current Production Issues and Challenges for Today’s Managers
  • Call Centers: Applying the Production Function to a Service
  • Global Application: Shifting Trends in Global Outsourcing
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 6A: Productivity in Services
  • Appendix 6B: The Multiple-Input Case
  • Appendix 6C: Analyzing Production Functions with the Use of Calculus

Chapter 7: The Theory and Estimation of Cost

  • The Importance of Cost in Managerial Decisions
  • The Definition and Use of Cost in Economic Analysis
    • Historical Versus Replacement Cost
    • Opportunity Cost Versus Out-of-Pocket Cost
    • Sunk Versus Incremental Cost
  • The Relationship Between Production and Cost
  • The Short-Run Cost Function
    • Increasing Cost Efficiency in the Short Run
    • Alternative Specifications of the Total Cost Function
  • The Long-Run Cost Function
    • The Relationship Between Long-Run Production and Long-Run Cost
    • Economies of Scale
    • The Long-Run Average Cost Curve as the Envelope of Short-Run Average Cost
    • Using Long-Run Average Cost as a Decision-Making Tool: The Importance of Coordinating Production Planning
  • The Learning Curve
  • Economies of Scope
  • Economies of Scale: The Short Run Versus the Long Run
  • Supply Chain Management
  • Examples of Ways Companies Have Cut Costs to Remain Competitive
  • Cautionary Note to Managers About the Use of Cost-Cutting as a Strategy
  • Global Applications: Li & Fung Will Do It All for You
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 7A: A Mathematical Restatement of the Short-Run Cost Function
  • Appendix 7B: The Estimation of Cost
  • Appendix 7C: Interview with a Supply Chain Management Executive

Chapter 8: Pricing and Output Decisions: Perfect Competition and Monopoly

  • Introduction
  • Competition and Market Types in Economic Analysis
    • The Meaning of Competition
    • Examples of Market Types
    • Market Types and Competition in Theory and Reality
  • Pricing and Output Decisions in Perfect Competition
    • The Basic Business Decision
    • Key Assumptions of the Perfectly Competitive Market
    • The Total Revenue–Total Cost Approach to Selecting the Optimal Output Level
    • The Marginal Revenue–Marginal Cost Approach to Finding the Optimal Output Level
    • Economic Profit, Normal Profit, Loss, and Shutdown
    • The Competitive Market in the Long Run
  • Pricing and Output Decisions in Monopoly Markets
  • The Implications of Perfect Competition and Monopoly for Managerial Decision Making
  • Global Application: The $736,000 Bluefin Tuna
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 8A: The Use of Calculus in Pricing and Output Decisions
  • Appendix 8B: Break-Even Analysis (Volume-Cost-Profit)

Chapter 9: Pricing and Output Decisions: Monopolistic Competition and Oligopoly

  • Introduction
  • Monopolistic Competition
  • Oligopoly
    • Market Concentration
    • Pricing in an Oligopolistic Market: Rivalry and Mutual Interdependence
    • Competing in Imperfectly Competitive Markets
    • Nonprice Competition
    • The Reality of Monopolistic Competition and Oligopoly: “Imperfect” Competition
  • Strategy: The Fundamental Challenge for Firms in Imperfect Competition
  • Industrial Organization
    • The Structure-Conduct-Performance Paradigm
    • The “New” Theory of Industrial Organization
  • Strategy and the Ideas of Michael Porter
  • Concluding Remarks on the Linkages Between Managerial Economics and Strategy
  • Global Application: Competition in the Computer Tablet Market
  • Summary
  • Important Concepts
  • Questions
  • Problems
  • Appendix 9A: A Mathematical Restatement of Monopolistic Competition

Chapter 10: Special Pricing Practices

  • Introduction
  • Cartel Arrangements
    • Cases of Price Fixing by Cartels
    • Price Leadership
    • Barometric Price Leadership
    • Dominant Price Leadership
    • Revenue Maximization
    • Price Discrimination
      • Third-Degree Discrimination
      • Examples of Price Discrimination
      • Some Examples of Price Discrimination Practices
      • Pricing in the Hotel Industry: Example of Price Discrimination
      • Tying Arrangements: A Possible Extension of Price Discrimination
      • Social Welfare Implications of Price Discrimination
    • Nonmarginal Pricing
    • Cost-Plus Pricing
    • Incremental Pricing and Costing Analysis
    • Multiproduct Pricing
      • Products Complementary in Demand
      • Products Substitutable in Demand
      • Joint Products with Fixed Proportions
      • Joint Products in Variable Proportions
    • Transfer Pricing
      • No External Markets
      • External Markets
    • Other Pricing Practices
  • Global Application: The Decline of European Cartels
    • The European Carton-Board Cartel
    • The European Vitamin Cartel
    • Some Recent Cases of Price Fixing
    • Price Discrimination by Airlines
    • An Airline Pricing Example
  • Summary
  • Important Concepts
  • Questions
  • Problems

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Paul Keat,Philip Young,Managerial Economics