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Book Details

  • Hardcover
  • March 2009
  • ISBN 978-0-393-93224-9
  • 7.8 × 9.6 in / 704 pages
  • Territory Rights: Worldwide

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  1. Economics

Managerial Economics

Theory, Applications, and Cases

Seventh Edition (See all editions)

Hardcover

W. Bruce Allen (Author, Wharton School of Business), Keith Weigelt (Author, Wharton School of Business), Neil A. Doherty (Author, Wharton School of Business), Edwin Mansfield (Author, late of University of Pennsylvania)

 

In today’s managerial world, it’s critical that students learn how to make strategic economic decisions.

The seventh edition of Managerial Economics is the most current text available, encouraging students to see beyond the equations and graphs to the general precepts, such as marginal analysis and backward induction. Its new content draws on dozens of contemporary case studies, inviting students to apply problem-solving skills and to reflect on real-world economic decisions.

The most experienced authors emphasize strategy throughout

W. Bruce Allen, Keith Weigelt, and Neil Doherty regularly teach the managerial economics course at the Wharton School of Business. The authors have drawn upon their extensive experience as teachers, advisors, and leaders in industry and government to integrate the most current coverage of business and public policy, risk management, pricing, and more into every chapter of Managerial Economics.

The most up-to-date case studies show how real-world business decisions are made

Drawing upon their extensive experience in industry and government, the authors include the most engaging and current case studies available. Identified as Strategy Session boxes throughout the text, these case studies show students how to apply strategic thinking to actual situations and project the outcomes of their management decisions.

The most relevant content delivers the knowledge students need to be successful managers

Answering instructors’ call for contemporary, practical, and streamlined content that prepares students to make smart decisions in today’s dynamic business markets, Managerial Economics provides the best coverage of the foundational topics students need to know and the cutting-edge content instructors love to teach.

The Seventh Edition also includes extensive coverage of topics students are reading about in the news and that relate to the economic crisis—risk analysis, principle-agent issues, moral hazard, and adverse selection—as well as up-to-date chapters on game theory and auctions.

A focus on real-world business decisions and the strategic problem-solving skills they require

Numerous Problem Solved boxes in each chapter challenge students to fully understand and apply chapter concepts to real-world business decisions. Students who exercise their problem-solving skills with these features are prepared to tackle the end-of-chapter problems.

Examples of Problem Solved boxes in Chapter 13: Risk Analysis include:

  • Pfizer’s risk analysis in deciding whether or not to release a new cholesterol drug
  • Evaluating a potential investment in a new chemical plant
  • TomCo decision to drill for oil in Blair West, Kansas

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    Part I: The Need for a Guide

    1 Introduction

    Part II: The Nature of Markets

    2 Demand Theory

    3 Consumer Behavior and Rational Choice

    Part III: Production and Cost

    4 Production Theory

    5 The Analysis of Costs

    Part IV: Market Structure

    6 Perfect Competition

    7 Monopoly and Monopolistic Competition

    Part V: Sophisticated Market Pricing

    8 The Managerial Use of Price Discrimination

    9 Bundling and Intra-firm Pricing

    10 Oligopoly

    Part VI: The Strategic World of Managers

    11 Game Theory

    12 Auctions

    Part VII: The Asymmetry of Managerial Life

    13 Risk Analysis

    14 Principle-Agent Issues and Managerial Compensation

    15 Adverse Selection

    16 Government-Business Relations and the Global Market

    Appendix: Optimization Techniques