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Managerial Economics For Dummies


Learn to:

  • Make sense of complicated business concepts
  • Improve your critical thinking skills
  • Apply managerial economics to make sound managerial decisions

The easy way to make sense of managerial economics

Does the study of managerial economics make your head spin? Relax! This hands-on, friendly guide helps you make sense of complex business concepts and explains to you in plain English how managerial economics enhances analytical skills, aids in problem-solving, and assists rational decision making. If you're enrolled in business courses or a manager already in the corporate world looking for a refresher, Managerial Economics For Dummies has you covered.

  • Managerial Economics 101 — get an easy-to-understand intro to fundamental aspects of managerial economics and the theory of price determination
  • Whose side are you on? — make sense out of the relationship between price and quantity to understand why consumers are willing to purchase more at lower prices (and how business owners can influence that relationship)
  • Know your rivals — find out how to determine price in situations ranging from an extremely large number of rivals (perfect competition) to no rivals (monopoly)
  • Risky business — discover how to execute your mission and maximize profit in a world of risk and uncertainty

Open the book and find:

  • Tips to increase profit
  • Input vs. output and production costs vs. supply
  • The lowdown on price discrimination
  • Techniques to help you balance your profit goals with the goals of your employees
  • Managerial mistakes (and how to avoid them)
  • Critical concepts you'll want to remember

Robert Graham, PhD, is a Professor of Economics with an extensive administrative background, serving for three-and-a-half years as the Interim Vice President and Dean of Academic Affairs at Hanover College.

Introduction  1

Part I: The Nature of Managerial Economics  9

Chapter 1: Managerial Economics: Taking Care of Business 11

Chapter 2: Supply and Demand: You Have What Consumers Want 23

Chapter 3: Calculus, Optimization, and You 39

Part II: Considering What Side You’re On in the Decision-Making Process  55

Chapter 4: Using the Elasticity Shortcut 57

Chapter 5: Consumer Behavior: A Market for Anything? 73

Chapter 6: Production Magic: Pulling a Rabbit Out of the Hat 91

Chapter 7: Innovation and Technological Change: The Future Is Now109

Chapter 8: Production Costs: Where Less Is More 121

Part III: Recognizing Rivals: Market Structures and the Decision-Making Environment  137

Chapter 9: Limited Decision-Making in Perfect Competition 139

Chapter 10: Monopoly: Decision-Making Without Rivals 161

Chapter 11: Oligopoly: I Need You 181

Chapter 12: Game Theory: Fun Only if You Win 203

Chapter 13: Monopolistic Competition: Competitors, Competitors Everywhere 223

Chapter 14: Increasing Revenue with Advanced Pricing Strategies 235

Part IV: Anticipating Surprises: Risk and Uncertainty  261

Chapter 15: Risk Analysis: Walking Through the Fog 263

Chapter 16: Using Capital Budgeting to Prepare for the Future 285

Chapter 17: Principal-Agent Issues and Adverse Selection: Can Everyone Agree? 299

Chapter 18: Rules, Rules Everywhere: Government and Managerial Decision-Making 315

Part V: The Part of Tens  333

Chapter 19: Ten Critical Concepts 335

Chapter 20: Ten Managerial Mistakes and How to Avoid Them 343

Index  351