Managerial Economics 2/ED

The economic concepts presented in MANAGERIAL ECONOMICS show students how to use commonsense 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 to 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 MANAGERIAL ECONOMICS those seeking to further their business careers learn how to effectively collect organize and analyze information. They gain powerful tools that can help them become more successful—and satisfied—in their careers. Extremely user-friendly the text caters to a variety of learning styles as it presents key analytical concepts in several ways including tabular analysis graphical analysis and algebraic analysis. Students learn in a format with which they are comfortable making difficult material more accessible and easier to understand. The new streamlined edition is concise current and cutting edge and gives instructors more flexibility than ever before. The author balances traditional neoclassical micro theory with extensive coverage of the latest analytical tools in managerial economics. Its focus is on presenting those aspects of economic theory and analysis that are most relevant to students of business administration and a wide variety of examples and simple numerical problems are used to illustrate the application of managerial economics to a vast assortment of practical situations. The nature of the decision process and the role that economic analysis plays in that process are emphasized throughout.Contents :-PART-I : 1. The Economic Nature of Decision Making 2. The Goals of the Firm 3. The Analysis of Value and Risk 4. Maximization and Optimization 5. Modelling the Decision Context 6. Consumer Behaviour and Demand 7. Elasticity and Demand Specification 8. Production in the Short Run 9. Production in the Long Run 10. Costs in the Short Run 11. Costs in the Long Run 12. The Competitive Environment 13. Monopoly 14. Monopolistic Competition 15. Oligopolistic Competition 16. Extending the Models 17. Challenges to the Theory of the Firm 18. Ethical Dimensions of Managerial Decisions 19. The Role of the Government 20. The Firm in Society 21. Reallocation of Resources by Government 22. International Commerce 23. The Multinationalization of Enterprise 24. Opportunities in Developing Economies PART - II : 25. History of International Trade 26. Absolute Advantage Theory of International Trade 27. Comparative Advantage Theory of International Trade 28. Heckscher-Ohlin Model 29. Terms of Trade 30. Gains from International Trade 31. Balance of Payment 32. The Foreign Exchange Market 33. Financial Market 34. Purchasing Power Parity 35. Indian Foreign Exchange Market—Basic Information 36. International Monetary Fund 37. World Trade Organization 38. Composition and Direction of Foreign Trade