Economics for Managers presents the fundamental ideas of microeconomics and macroeconomics and integrates them from a managerial decision-making perspective in a framework that can be used in a single-semester course.
To be competitive in today’s business environment, managers must understand how economic forces affect their business and the factors that must be considered when making business decisions. This is the only book that provides business students and MBAs with a thorough and applied understanding of both micro- and macroeconomic concepts in a way non-economics majors can understand.
The third edition retains all the same core concepts and straightforward material on micro- and macroeconomics while incorporating new case material and real-world examples that relate to today’s managerial student.
Key Features
- Straightforward Mathematics: Students are dissatisfied when their MBA economics courses are taught from a traditional and mathematical perspective, which is why you’ll find no calculus in this text, only basic algebra and graphs.
- Chapter Opening Cases for Analysis: Each chapter begins with a Case for Analysis section and examines an article drawn from the current news media that illustrates issues in the chapter.
- Managerial Decision-Making Perspective: This text has developed a perspective that speaks directly to those students who will be making the decisions for their respective firm or industry.
- Cases: This edition features cases such as McDonald’s entry and expansion in China, or Wal-Mart’s entry into Mexico, and illustrates both the micro- and macroeconomics issues that managers face today.
- Material on Global Issues: The updated material on global issues provides students with real-world examples that explain the decisions and influence foreign and domestic policymakers have on the competitive strategies of managers and firms.
New to This Edition
- Twelve of the sixteen chapters have entirely new cases, while the cases in the remaining four chapters have been updated extensively. New cases include: Micro- and Macro-Economic Influences in the Global Automobile Industry; Procter & Gamble’s Pricing Strategies; The iPhone in China; Changing Market Power for Eastman Kodak Co.; Airline Pricing Strategies: Will They Start Charging for the Use of the Lavatories?; Mixed Signals on the U.S. Economy in Summer 2012; The Chairman’s Quandary; and Strong Headwinds for McDonald’s.
- Linkage to the marketing literature, particularly in Chapter 4, Techniques for Understanding Consumer Demand and Behavior, and Chapter 10. Pricing Strategies for the Firm, has been increased.
- The macroeconomics section of the text has been completely rewritten, given the changes in the macro economy since 2008 when the second edition was drafted.
- The macroeconomic data in the tables have been updated to 2011, and the data in the figures show trends from 2000 — 2012.
- The macroeconomics discussion, which makes extensive use of Federal Reserve Monetary Policy Reports to the Congress and reports and analyses by the Congressional Budget Office, includes recent policy issues such as the impact of the American Recovery and Reinvestment Act of 2009, the fiscal cliff debates in 2012, and the Federal Reserve’s use of nontraditional policy tools to stimulate the economy.
- An extensive discussion of the situation in the European Union from 2010 to 2012, which includes the banking, sovereign debt, and growth crises and the impact of these events on managerial decision making, is presented.
Contents
PART 1. MICROECONOMIC ANALYSIS
- 1. Managers and Economics
- 2. Demand, Supply, and Equilibrium Prices
- 3. Demand Elasticities
- 4. Techniques for Understanding Consumer Demand and Behavior
- 5. Production and Cost Analysis in the Short Run
- 6. Production and Cost Analysis in the Long Run
- 7. Market Structure: Perfect Competition
- 8. Market Structure: Monopoly and Monopolistic Competition
- 9. Market Structure: Oligopoly
- 10. Pricing Strategies for the Firm
PART 2. MACROECONOMIC ANALYSIS
- 11. Measuring Macroeconomic Activity
- 12. Spending by Individuals, Firms, and Governments on Real Goods and Services
- 13. The Role of Money in the Macro Economy
- 14. The Aggregate Model of the Macro Economy
- 15. International and Balance of Payments Issues in the Macro Economy
PART 3. INTEGRATION OF THE FRAMEWORKS
- 16. Combining Micro and Macro Analysis for Managerial Decision Making
- SOLUTIONS TO EVEN-NUMBERED PROBLEMS
- GLOSSARY
- INDEX
Book Details
- Hardcover: 552 pages
- Publisher: Prentice Hall; 3 edition (June 24, 2013)
- Language: English
- ISBN-10: 0132773708
- ISBN-13: 978-0132773706
- Product Dimensions: 10 x 10 x 10 inches
- List Price: $224.40