Test Bank for Managerial Economics A Problem Solving Approach 5th Edition by Luke Froeb, Brian McCann, Michael Ward, Mike Shor ISBN 1337106666 978-1337106665

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ISBN 10: 1337106666
ISBN 13: 978-1337106665
Author: Luke Froeb, Brian McCann, Michael Ward, Mike Shor

Discover how to use managerial economics to both diagnose and solve business problems with this breakthrough text, designed specifically for MBA students. Froeb/McCann/Ward/Shor’s MANAGERIAL ECONOMICS, 5E offers a succinct, fast-paced, yet challenging, approach full of invaluable insights. This edition incorporates less math and fewer technical models, graphs and figures than traditional managerial economics texts, while emphasizing the real decisions that today’s managers face daily. You’ll find this learning guide useful both now and throughout your business career. The latest economic updates keep you abreast of the most recent economic developments and current economic challenges worldwide. You learn how to apply economic theory to even the most formidable business challenges.

Managerial Economics A Problem Solving Approach 5th Table of contents:

Section 1. Problem Solving and Decision Making

Chapter 1. Introduction: What This Book Is About

1.1. Using Economics to Solve Problems

1.2. Problem-Solving Principles

1.3. Test Yourself

1.4. Ethics and Economics

1.5. Economics in Job Interviews

Summary & Homework Problems

Chapter 2. The One Lesson of Business

2.1. Capitalism and Wealth

2.2. Does the Government Create Wealth?

2.3. How Economics Is Useful to Business

Taxes

Subsidies

Price Controls

2.4. Wealth Creation in Organizations

Summary & Homework Problems

Chapter 3. Benefits, Costs, and Decisions

3.1. Background: Variable, Fixed, and Total Costs

3.2. Background: Accounting versus Economic Profit

3.3. Costs Are What You Give Up

3.4. Sunk-Cost Fallacy

3.5. Hidden-Cost Fallacy

3.6. A Final Warning

Summary & Homework Problems

Chapter 4. Extent (How Much) Decisions

4.1. Fixed Costs Are Irrelevant to an Extent Decision

4.2. Marginal Analysis

4.3. Deciding between Two Alternatives

4.4. Incentive Pay

4.5. Tie Pay to Performance Measures That Reflect Effort

4.6. Is Incentive Pay Unfair?

Summary & Homework Problems

Chapter 5. Investment Decisions: Look Ahead and Reason Back

5.1. Compounding and Discounting

5.2. How to Determine Whether Investments Are Profitable

5.3. Break-Even Analysis

5.4. Choosing the Right Manufacturing Technology

5.5. Shut-Down Decisions and Break-Even Prices

5.6. Sunk Costs and Post-Investment Hold-Up

Summary & Homework Problems

Section 2. Pricing, Costs, and Profits

Chapter 6. Simple Pricing

6.1. Background: Consumer Values and Demand Curves

6.2. Marginal Analysis of Pricing

6.3. Price Elasticity and Marginal Revenue

6.4. What Makes Demand More Elastic?

6.5. Forecasting Demand Using Elasticity

6.6. Stay-Even Analysis, Pricing, and Elasticity

6.7. Cost-Based Pricing

Summary and Homework Problems

Chapter 7. Economies of Scale and Scope

7.1. Increasing Marginal Cost

7.2. Economies of Scale

7.3. Learning Curves

7.4. Economies of Scope

7.5. Diseconomies of Scope

Summary & Homework Problems

Chapter 8. Understanding Markets and Industry Changes

8.1. Which Industry or Market?

8.2. Shifts in Demand

8.3. Shifts in Supply

8.4. Market Equilibrium

8.5. Predicting Industry Changes Using Supply and Demand

8.6. Explaining Industry Changes Using Supply and Demand

8.7. Prices Convey Valuable Information

8.8. Market Making

Summary and Homework Problems

Chapter 9. Market Structure and Long-Run Equilibrium

9.1. Competitive Industries

9.2. The Indifference Principle

9.3. Monopoly

Summary & Homework Problems

Chapter 10. Strategy: The Quest to Keep Profit from Eroding

10.1. A Simple View of Strategy

10.2. Sources of Economic Profit

The Industry (External) View

The Resource (Internal) View

10.3. The Three Basic Strategies

Summary & Homework Problems

Chapter 11. Foreign Exchange, Trade, and Bubbles

11.1. The Market for Foreign Exchange

11.2. The Effects of a Currency Devaluation

11.3. Bubbles

11.4. How Can We Recognize Bubbles?

11.5. Purchasing Power Parity

Summary & Homework Problems

Section 3. Pricing for Greater Profit

Chapter 12. More Realistic and Complex Pricing

12.1. Pricing Commonly Owned Products

Commonly Owned Substitutes

Commonly Owned Complements

12.2. Revenue or Yield Management

12.3. Advertising and Promotional Pricing

12.4. Psychological Pricing

Summary & Homework Problems

Chapter 13. Direct Price Discrimination

13.1. Why (Price) Discriminate?

13.2. Direct Price Discrimination

13.3. Robinson-Patman Act

13.4. Implementing Price Discrimination

Pricing Laptops

Pricing Museum Tickets

13.5. Only Schmucks Pay Retail

Summary & Homework Problems

Chapter 14. Indirect Price Discrimination

14.1. Indirect Price Discrimination

HP Printers

14.2. Volume Discounts as Discrimination

14.3. Bundling Different Goods Together

Summary & Homework Problems

Section 4. Strategic Decision Making

Chapter 15. Strategic Games

15.1. Sequential-Move Games

15.2. Simultaneous-Move Games

How to Find Nash Equilibria

15.3. Prisoners’ Dilemma

Price Discrimination Dilemma

Advertising Dilemma

Free-Riding Dilemma

Getting Out of a Prisoners’ Dilemma

When Prisoners’ Dilemmas Are Repeated

15.4. Other Games

Game of Chicken

Dating Game

Shirking/Monitoring Game

Summary & Homework Problems

Chapter 16. Bargaining

16.1. Strategic View of Bargaining

16.2. Nonstrategic View of Bargaining

16.3. Conclusion

Summary & Homework Problems

Section 5. Uncertainty

Chapter 17. Making Decisions with Uncertainty

17.1. Random Variables and Probability

17.2. Uncertainty in Pricing

Price Discrimination

17.3. Data-Driven Decision Making

17.4. Minimizing Expected Error Costs

17.5. Risk versus Uncertainty

Summary & Homework Problems

Chapter 18. Auctions

18.1. Oral Auctions

18.2. Second-Price Auctions

18.3. First-Price Auctions

18.4. Bid Rigging

18.5. Common-Value Auctions

Summary & Homework Problems

Chapter 19. The Problem of Adverse Selection

19.1. Insurance and Risk

19.2. Anticipating Adverse Selection

19.3. Screening

19.4. Signaling

19.5. Adverse Selection and Internet Sales

Summary & Homework Problems

Chapter 20. The Problem of Moral Hazard

20.1. Introduction

Progressive Snapshot

Social Capital as a Motivator

20.2. Insurance

20.3. Moral Hazard versus Adverse Selection

20.4. Shirking

20.5. Moral Hazard in Lending

20.6. Moral Hazard and the 2008 Financial Crisis

Summary & Homework Problems

Section 6. Organizational Design

Chapter 21. Getting Employees to Work in the Firm’s Best Interests

21.1. Principal–Agent Relationships

21.2. Controlling Incentive Conflict

21.3. Marketing versus Sales

21.4. Franchising

21.5. A Framework for Diagnosing and Solving Problems

Summary & Homework Problems

Chapter 22. Getting Divisions to Work in the Firm’s Best Interests

22.1. Incentive Conflict between Divisions

22.2. Transfer Pricing

22.3. Organizational Alternatives

22.4. Budget Games: Paying People to Lie

Summary & Homework Problems

Chapter 23. Managing Vertical Relationships

23.1. How Vertical Relationships Increase Profit

23.2. Double Marginalization

23.3. Incentive Conflicts between Retailers and Manufacturers

Quality Control

Promotional Activities

“Free Riding” among Retailers

New Product Introduction

23.4. Price Discrimination

Use Vertical Integration When Contractual Solutions Aren’t Enough

23.5. Antitrust Risks

23.6. Do NOT Buy a Customer or Supplier Simply Because It Is Profitable

Summary & Homework Problems

Section 7. Wrapping Up

Chapter 24. Test Yourself

24.1. Should You Keep Frequent Flyer Points for Yourself?

24.2. Should You Lay Off Employees in Need?

24.3. Manufacturer Hiring

24.4. American Airlines

24.5. Law Firm Pricing

24.6. Should You Give Rejected Food to Hungry Servers?

24.7. Managing Interest-Rate Risk at Banks

24.8. What You Should Have Learned

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Tags: Luke Froeb, Brian McCann, Michael Ward, Mike Shor, Managerial Economics, Solving Approach