Microeconomics for Managers

This fully updated fourth edition explores microeconomic concepts with a distinctive emphasis on 'the economic way of thinking' and its applicability to sharp managerial thinking productivity and good decision-making. It stands apart due to its strong focus on practical and applied knowledge from the business context and its unique structure (Part I of each chapter develops key economic principles; Part II draws on those principles to discuss organizational and incentive issues in management focusing on solving the 'principal-agent' problem to maximize the profitability of the firm). There are plentiful real-life scenarios and provocative examples in each chapter. Accessible to MBA students other graduate students and undergraduates it is ideal as a core text for courses in Managerial Economics. Requiring an understanding of only basic algebra this new edition is more concise with a wealth of online resources including additional online chapters and an online appendix with more advanced mathematical applications.