Fundamentals of Managerial Economics, 9th Edition

by Mark Hirschey  (Author)



The economic concepts presented in FUNDAMENTAL OF MANAGERIAL ECONOMICS, 9e, show students how to use common sense to understand business and solve managerial problems without calculus. This innovative text helps students develop and sharpen their economic intuition--an invaluable skill that helps students, as future managers, decide which products to produce, costs to consider, and prices to charge, as well as the best hiring policy and the most effective style of organization. With its unique integrative approach, the text presents the firm as a cohesive, unified organization and demonstrates that important business decisions are interdisciplinary. A basic valuation model is constructed and used as the underlying economic model of the firm; each topic is then related to an element of the value maximization model--a process that shows how management integrates accounting, finance, marketing, personnel, and production functions. The text also provides an intuitive guide to marginal analysis and basic economic relations. Once students grasp the importance of marginal revenue and marginal costs, the process of economic optimization becomes intuitively obvious. In addition, a wide variety of examples and simple numerical problems vividly illustrate the application of managerial economics to a vast assortment of practical situations. By studying the material in FUNDAMENTALS OF MANAGERIAL ECONOMICS, 9e, those seeking to further their business careers learn how to more effectively collect, organize, and analyze information. They gain powerful tools that can help them become more successful--and satisfied--in their careers.

Features

• In every chapter, the text incorporates a variety of simple numerical examples and detailed practical illustrations of concepts. These features portray the valuable use and real-world applications of the material covered. The focus is on the economics--not the mathematics--of the managerial decision process.

• Each chapter includes four short "Managerial Applications" boxes that illustrate current examples of how text concepts apply to real-world situations. Boxes include articles from BARRON'S, BUSINESS WEEK, FORBES, FORTUNE, THE WALL STREET JOURNAL, and more. To increase awareness of international issues, numerous examples, Managerial Applications, and case studies relate to global business topics.

• Case studies included with each chapter provide in-depth treatment of text concepts. Written to allow--but not require--a computer-based approach, case studies are fully self-contained and are especially helpful to instructors who want to more fully incorporate the use of basic spreadsheet and statistical software in their courses.

• The text includes 380 new end-of-chapter questions and problems. Questions help students grasp basic concepts on an intuitive level and express understanding in a nonquantitative way. Problems illustrate the role of economic analysis from within a simple numerical framework. Self-test problems show students how economic tools and techniques can be used to solve practical business problems.

Table of Contents

PART ONE OVERVIEW OF MANAGERIAL ECONOMICS.
1 Introduction to Managerial Economics.
2 Basic Economic Relations.
3 Statistical Analysis of Economic Relations.

PART TWO DEMAND ANALYSIS AND ESTIMATION.
4 Demand and Supply.
5 Demand Analysis and Estimation.
6 Forecasting.

PART THREE PRODUCTION AND COMPETITIVE MARKETS.
7 Production Analysis and Compensation Policy.
8 Cost Analysis and Estimation.
9 Linear Programming.
10 Competitive Markets.
11 Performance and Strategy in Competitive Markets.

PART FOUR IMPERFECT COMPETITION.
12 Monopoly and Monopsony.
13 Monopolistic Competition and Oligopoly.
14 Game Theory and Competitive Strategy.
15 Pricing Practices.

PART FIVE LONG-TERM INVESTMENT DECISIONS.
16 Risk Analysis.
17 Capital Budgeting.
18 Government in the Market Economy.

816 Pages