Managerial Economics: Analysis and Management, with eBook Access Code, 10th Edition

PREFACE

The last 25 years have witnessed an unprecedented increase in competition in both national and world markets. In this competitive environment, managers must make increasingly complex business decisions that will determine whether the firm will prosper or even survive. Today, economic analysis is more important than ever as a tool for decision making.

OBJECTIVES OF THIS BOOK

The aims of this textbook are to illustrate the central decision problems managers face and to provide the economic analysis they need to guide these decisions. It was written with the conviction that an effective managerial economics textbook must go beyond the “nuts and bolts” of economic analysis; it should also show how practicing managers use these economic methods. Our experience teaching managerial economics to undergraduates, MBAs, and executives alike shows that a focus on applications is essential.

KEY FEATURES

Managerial Decision Making

The main feature that distinguishes Managerial Economics, Tenth Edition, is its consistent emphasis on managerial decision making. In a quest to explain economics per se, many texts defer analysis of basic managerial decisions such as optimal output and pricing policies until later chapters—as special applications or as relevant only to particular market structures. In contrast, decision making is woven throughout every chapter in this book. Each chapter begins with a description of a real managerial problem that challenges students to ponder possible ...