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Managerial Economics Theory Applications and Cases 8th Edition by Bruce Allen, Keith Weigelt, Neil Doherty, Edwin Mansfield ISBN 0393903532 9780393903539

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ISBN 10: 0393903532
ISBN 13: 9780393903539
Author: Bruce Allen, Keith Weigelt, Neil Doherty, Edwin Mansfield

Thoroughly updated to reflect the post-crisis, global, and digital economy. Modernized for the 21st century, the Eighth Edition emphasizes strategic thinking by managers and includes over 50 new case studies on events from 2010 to 2012 that prepare students for today’s changing economy.

Managerial Economics Theory Applications and Cases 8th Table of contents:

Part 1: The Need for a Guide
Chapter 1: Introduction

  • The Theory of the Firm
  • What is Profit?
  • Reasons for the Existence of Profit
  • Managerial Interests and the Principal–Agent Problem
  • Demand and Supply: A First Look
    • The Demand Side of a Market
    • The Supply Side of a Market
    • Equilibrium Price
    • Actual Price
    • What If the Demand Curve Shifts?
    • What If the Supply Curve Shifts?
  • Summary
  • Problems
  • Excel Exercise: Demand, Supply, and Market Equilibrium

Part 2: The Nature of Markets
Chapter 2: Demand Theory

  • The Market Demand Curve
  • Industry and Firm Demand Functions
  • The Own-Price Elasticity of Demand
    • Point and Arc Elasticities
    • Using the Demand Function to Calculate the Price Elasticity of Demand
    • The Effect of Price Elasticity on the Firm’s Revenue
    • Funding Public Transit
  • Determinants of the Own-Price Elasticity of Demand
  • The Strategic Use of the Price Elasticity of Demand
  • Total Revenue, Marginal Revenue, and Price Elasticity
  • The Income Elasticity of Demand
  • Cross-Price Elasticities of Demand
  • The Advertising Elasticity of Demand
  • The Constant-Elasticity and Unitary Elastic Demand Functions
  • Summary
  • Problems

Chapter 3: Consumer Behavior and Rational Choice

  • Indifference Curves
  • The Marginal Rate of Substitution
  • The Concept of Utility
  • The Budget Line
  • The Equilibrium Market Bundle
  • Maximizing Utility: A Closer Look
  • Corner Solutions
  • How Managers Can Strategically Influence Consumer Choices
  • Deriving the Individual Demand Curve
  • Deriving the Market Demand Curve
  • Consumer Surplus
  • Summary
  • Problems

Chapter 4: Estimating Demand Functions

  • The Identification Problem
  • Consumer Interviews
  • Market Experiments
  • Regression Analysis
    • Simple Regression Model
    • Sample Regression Line
    • Method of Least Squares
    • Coefficient of Determination
    • Multiple Regression
    • Software Packages and Computer Printouts
    • Interpreting the Output of Statistical Software
  • Multicollinearity
  • Serial Correlation
  • Further Analysis of the Residuals
  • Summary
  • Problems
  • Appendix: The Coefficient of Determination and the Concept of Explained Variation

Part 3: Production and Cost
Chapter 5: Production Theory

  • The Production Function with One Variable Input
  • The Law of Diminishing Marginal Returns
  • The Production Function with Two Variable Inputs
  • Isoquants
  • The Marginal Rate of Technical Substitution
  • The Optimal Combination of Inputs
  • Corner Solutions
  • Returns to Scale
  • The Output Elasticity
  • Estimations of Production Functions
  • Summary
  • Problems
  • Appendix: Lagrangian Multipliers and Optimal Input Combinations

Chapter 6: The Analysis of Costs

  • Opportunity Costs
  • Short-Run Cost Functions
  • Average and Marginal Costs
  • Long-Run Cost Functions
  • Managerial Use of Scale Economies
  • Managerial Use of Scope Economies
  • Transactions Costs Can Take Many Forms
  • Network Economies
  • Managerial Use of Break-Even Analysis
  • Profit Contribution Analysis
  • Summary
  • Problems
  • Excel Exercise: Production and Cost
  • Appendices:
    • A: Break-Even Analysis and Operating Leverage
    • B: Measurement of Short-Run Cost Functions: The Choice of a Mathematical Form

Part 4: Market Structure and Simple Pricing Strategies
Chapter 7: Perfect Competition

  • Market Structure
  • Market Price in Perfect Competition
  • Shifts in Supply and Demand Curves
  • The Output Decision of a Perfectly Competitive Firm
  • Setting the Marginal Cost Equal to the Price
  • Another Way of Viewing the Price Equals Marginal Cost Profit-Maximizing Rule
  • Producer Surplus in the Short Run
  • Long-Run Equilibrium of the Firm
  • The Long-Run Adjustment Process: A Constant-Cost Industry
  • The Long-Run Adjustment Process: An Increasing-Cost Industry
  • How a Perfectly Competitive Economy Allocates Resources
  • Summary
  • Problems
  • Excel Exercise: Perfect Competition

Chapter 8: Monopoly and Monopolistic Competition

  • Pricing and Output Decisions in Monopoly
  • Cost-Plus Pricing
    • Cost-Plus Pricing at Therma-Stent
    • Cost-Plus Pricing at Internet Companies and Government-Regulated Industries
    • Can Cost-Plus Pricing Maximize Profit?
  • The Multiple-Product Firm: Demand Interrelationships
  • Pricing of Joint Products: Fixed Proportions
  • Output of Joint Products: Variable Proportions
  • Monopsony
  • Monopolistic Competition
  • Advertising Expenditures: A Simple Rule
  • Using Graphs to Help Determine Advertising Expenditure
  • Advertising, Price Elasticity, and Brand Equity: Evidence on Managerial Behavior
  • Summary
  • Problems
  • Excel Exercise: Simple Monopoly
  • Appendix: Allocation of Output Among Plants

Part 5: Sophisticated Market Pricing
Chapter 9: Managerial Use of Price Discrimination

  • Motivation for Price Discrimination
  • Price Discrimination
  • Using Coupons and Rebates for Price Discrimination
  • Peak Load Pricing
  • Two-Part Tariffs
  • Summary
  • Problems
  • Excel Exercise: Perfect Price Discrimination
  • Excel Exercise: Third-Degree Price Discrimination
  • Appendix: Two-Part Tariff with Intersecting Demands

Chapter 10: Bundling and Intrafirm Pricing

  • The Mechanics of Bundling
  • When to Unbundle
  • Bundling as a Preemptive Entry Strategy
  • Tying at IBM, Xerox, and Microsoft
  • Transfer Pricing
    • Transfer Pricing: A Perfectly Competitive Market for the Upstream Product
    • The Global Use of Transfer Pricing
  • Summary
  • Problems
  • Excel Exercise: Transfer Pricing

Part 6: The Strategic World of Managers
Chapter 11: Oligopoly

  • Cooperative Behavior
  • The Breakdown of Collusive Agreements
  • Price Leadership
  • Possible Behavior in Markets with Few Rivals
  • Duopolists and Price Competition with Differentiated Products
  • The Sticky Pricing of Managers
  • Summary
  • Problems
  • Excel Exercise: Dominant Firm Price Leader
  • Excel Exercise: Cournot
  • Excel Exercise: Stackelberg

Chapter 12: Game Theory

  • Making Strategy and Game Theory
  • Strategy Basics
  • Visual Representation
  • Solution Concepts
  • Equilibria
  • Dominant Strategies
  • The Nash Equilibrium
  • Strategic Foresight: The Use of Backward Induction
  • Repeated Games
  • Incomplete Information Games
  • Reputation Building
  • Coordination Games
  • Strictly Competitive Games
  • Summary
  • Problems
  • Excel Exercise: Game Theory

Chapter 13: Auctions

  • A Short History of Auctions
  • Types of Auction Mechanisms
  • Auction Mechanism and Revenue Generation
  • Bidding Strategies
  • Strategies for Sellers
  • Value of Information
  • Risk Aversion
  • Number of Bidders
  • Winner’s Curse
  • Concerns in Auction Design
  • Summary
  • Problems
  • Excel Exercise: Auctions

Part 7: Risk, Uncertainty, and Incentives
Chapter 14: Risk Analysis

  • Risk and Probability
  • Probability Distributions and Expected Values
  • Comparisons of Expected Profit
  • Road Map to Decision
  • The Expected Value of Perfect Information
  • Measuring Attitudes Toward Risk: The Utility Approach
  • Attitudes Toward Risk: Three Types
  • The Standard Deviation and Coefficient of Variation: Measures of Risk
  • Adjusting the Valuation Model for Risk
  • Certainty Equivalence and the Market for Insurance
  • Summary
  • Problems
  • Excel Exercise: Expected Utility

Chapter 15: Principal–Agent Issues and Managerial Compensation

  • Principal–Agent Issues
  • The Diverging Paths of Owners and Managers
  • The Principal–Agent Situation
  • The Effect of Risk, Information, and Compensation on Principal–Agent Issues
  • Resolving the Incentive Conflict When Output Is Risky and Effort Is Not Observable
  • Some Refinements to Managerial Compensation
  • Principal–Agent in Other Contexts
    • Product Liability and the Safety of Consumer Goods
  • Summary
  • Problems
  • Excel Exercise: Moral Hazard

Chapter 16: Adverse Selection

  • The Market for “Lemons”
  • Adverse Selection in Automobile Insurance
  • The Market for Annuities
  • Resolving Adverse Selection Through Self-Selection
  • Using Education as a Signal: Adverse Selection in the Job Market
  • Using Warranties as Signals: Adverse Selection in the Product Market
  • Summary
  • Problems
  • Excel Exercise: Adverse Selection

Part 8: Government Actions and Managerial Behavior
Chapter 17: Government and Business

  • Competition Versus Monopoly
  • Regulation of Monopoly
  • The One Star Gas Company: A Pseudo-Case Study
  • Effects of Regulation on Efficiency
  • The Concentration of Economic Power
  • The Sherman Act
  • The Clayton Act, the Robinson-Patman Act, and the Federal Trade Commission Act
  • Interpretation of the Antitrust Laws
  • The Patent System
  • Trade and Trade Policy
  • Government Price Ceilings and Price Floors
  • The Welfare Impacts of Taxes
  • Regulation of Environmental Pollution
  • Public Goods
  • Summary
  • Problems
  • Excel Exercise: Externalities

Chapter 18: Optimization Techniques

  • Functional Relationships
  • Marginal Analysis
  • Relationships Among Total, Marginal, and Average Values
  • The Concept of a Derivative
  • How to Find a Derivative
  • Using Derivatives to Solve Maximization and Minimization Problems
  • Marginal Cost Equals Marginal Revenue and the Calculus of Optimization
  • Partial Differentiation and the Maximization of Multivariable Functions
  • Constrained Optimization
  • Lagrangian Multipliers
  • Comparing Incremental Costs with Incremental Revenues
  • Summary
  • Problems

Appendices

  • A: Technological Change and Industrial Innovation
  • B: Business and Economic Forecasting
  • C: Discounting and Present Values
  • D: Answers to Select End-Of-Chapter Problems
  • E: Tables

Index

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