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Managerial Economics details the concepts and techniques used in microeconomic theory and study key applications to business decision-making in organizations. It is a comprehensive textbook specially designed to meet the need of management students, It explore the core concepts of managerial economics and spplements them with relevant managerial examples, caselets, and detailed case studies. It provides in-depth coverage of the four key components of managerial economics: the household and the firm, price and output decisions in product markets, market failures, and the macroeconomic environment.
Beginning with an overview of managerial economics, the book discusses in detail the household and the consumer, demand analysis, demand estimation and forecasting techniques, the firm as a producer, the production function, and costs. It goes on to discuss the competitive and monopoly model, monopolistic competition and oligopoly, special pricing practices, markets for factor inputs, externalities and public goods, and long-term investment and risk analysis. Finally, it discusses macroeconomic aggregates and provides insights into fiscal and monetary policies.
Users would find this book highly useful for its coverage of the key concepts of managerial economics explained through caselets, numerical examples, illustrations, and tables.
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