Teach your MBA students how to use economics to solve business problems with this breakthrough text. MANAGERIAL ECONOMICS: A PROBLEM SOLVING APPROACH, 3E covers traditional material using a problem-based pedagogy built around common business mistakes. Models are used sparingly, and then only to the extent that they help students figure out why mistakes are made, and how to fix them.
This edition's succinct, fast-paced presentation and challenging, interactive applications place students in the role of a decision maker who has to not only identify profitable decisions, but also implement them. The lively book provides an excellent ongoing reference for students pursuing business careers. Instructor's remark, "The Froeb/McCann/Shor/Ward textbook is designed for decision makers. Each chapter provides logical steps to solve common but misunderstood business problems. The books candor and novelty make for easy, enjoyable reading."
Key Features
- Strong, proven, MBA-level presentation emphasizes problem-solving: written specifically for the MBA-level managerial economics class, this book's solid pedagogy teaches students to solve problems rather than simply learn models. Students connect economics to decisions made on the job. This book emphasizes fewer math and technical models, as well as fewer graphs and figures than traditional managerial economics texts, but provides a much stronger emphasis on today's real business world.
- Interactive end-of-chapter material places students in role of decision maker: a variety of effective end-of-chapter applications present real business scenarios that give students the opportunity to resolve actual business problems and pursue the most profitable and rational decisions. Eight to 10 end-of-chapter scenarios for every chapter provide excellent choices for individual assignments, group projects, or class discussions.
- First chapter clearly introduces book's subject matter: students begin with a strong foundation and understanding of the managerial economics to follow as chapter 1 overviews and introduces the principles with an emphasis on how economics impact today's business decisions.
- High level of readability ensures student comprehension: both instructors using this text and reviewers agree that this edition offers a highly effective level of readability to make sure your students thoroughly understand concepts and how they apply before moving ahead. Succinct lessons present relevant theory in an accessible and compact way, while learning features enable students to clearly understand the theory and immediately apply it.
New to This Edition
- Economics CourseMate offers a dynamic way to bring course concepts to life with interactive learning, study, and exam preparation tools that support the text. Watch student comprehension soar with an interactive e-book, chapter outlines, chapter summaries, flash cards, Luke Froeb's blog, video lectures, interactive quizzing, related links, and more! Engagement Tracker, a first-of-its-kind tool, monitors student engagement and progress.
- New Test Bank: A test bank of 1,000 multiple-choice questions and 100 short answer questions facilitate evaluation of your students progress and comprehension. All questions are linked to chapters and identified by degree of difficulty.
- Increased number of End of Chapter Questions: More questions have been added to the end of each chapter and students can now check their understanding by looking at the answers to the odd numbered questions.
- Updated Anecdotes: Many of the examples have been updated to reflect recent managerial decisions.
- Updated Content and Improved Pedagogy: All of the chapters have been carefully rewritten and updated based on customer feedback.
Contents
SECTION I: PROBLEM SOLVING AND DECISION MAKING.
- 1. Introduction: What This Book Is About.
- 2. The One Lesson of Business.
- 3. Benefits, Costs, and Decisions.
- 4. Extent (How Much) Decisions.
- 5. Investment Decisions: Look Ahead and Reason Back.
SECTION II: PRICING, COSTS, AND PROFITS.
- 6. Simple Pricing.
- 7. Economies of Scale and Scope.
- 8. Short-run Market-level Pricing.
- 9. Long-run Market-level Pricing.
- 10. Strategy—The Quest to Keep Profit from Eroding.
- 11. Foreign Exchange, Trade, and Bubbles.
SECTION III: PRICING FOR GREATER PROFIT.
- 12. More Realistic and Complex Pricing.
- 13. Direct Price Discrimination.
- 14. Indirect Price Discrimination.
SECTION IV: STRATEGIC DECISION MAKING.
- 15. Strategic Games.
- 16. Bargaining.
SECTION V: UNCERTAINTY.
- 17. Making Decisions with Uncertainty.
- 18. Auctions.
- 19. The Problem of Adverse Selection.
- 20. The Problem of Moral Hazard.
SECTION VI: ORGANIZATIONAL DESIGN.
- 21. Getting Employees to Work in the Firm's Best Interests.
- 22. Getting Divisions to Work in the Firm's Best Interests.
- 23. Managing Vertical Relationships.
SECTION VII: WRAPPING UP.
- 23. You Be the Consultant.
- Epilogue: Can Those Who Teach, Do?
About the Authors
- Luke Froeb served as Chief Economist of the Federal Trade Commission for two years where he managed 75 economists who tore down barriers to competition (often erected by well-meaning bureaucrats) and enforced the antitrust and consumer protection laws of the United States. In July 2005 Professor Froeb returned to Vanderbilt University where today he holds the Margaret and William Oehmig Chair of Entrepreneurship and Free Enterprise. His students voted him outstanding professor of the 2005, 2006, and 2007 executive MBA programs. The first stage of his get-rich-slowly-scheme, MANAGERIAL ECONOMICS: A PROBLEM-SOLVING APPROACH was published in 2007 by Cengage Learning. Dr. Froeb's research focuses on the economics of competition policy. After earning his Ph.D. at the University of Wisconsin, he taught at Tulane University, worked at the U.S. Department of Justice, and spent a year at the University of Chicago Law School before teaching at Vanderbilt. When the antitrust agencies began using Froeb's merger models to predict the competitive effects of mergers, his academic articles became well read. Dr. Froeb received his undergraduate degree from Stanford University, and his Ph.D. from the University of Wisconsin.
- Dr. Brian T. McCann has taught courses in managerial economics, strategic management, and entrepreneurship at the undergraduate, MBA and executive education levels. He holds an MBA from Vanderbilt University where he earned the Founder's Medal as the top graduate of the class. Dr. McCann received his doctoral training in strategic management at Purdue University's Krannert School of Management where he was awarded the Ross Fellowship, the Krannert Certificate for Distinguished Teaching, and the Purdue Research Foundation Research Grant. His more than 10 years of industry experience include running a residential land development company, serving as the CFO for an Internet start-up, and implementing new strategic initiatives for a non-profit economic development group. In addition to co-authoring this MBA-level textbook in managerial economics, Dr. McCann's work has appeared or is forthcoming in journals such as Strategic Management Journal, Journal of Management, and Journal of Management Studies. His current research interests span strategic management and entrepreneurship and include the performance implications of firm agglomeration, the effects of ownership structure on competitive behaviors, and the role of threshold-based decision making in the entrepreneurial process.
- Mike Ward has taught courses in Managerial Economics, Industrial Organization and Business Strategy, Human Resource Economics, and Economics and Regulation of Information. He has spent nearly two decades in academia, holding academic positions at the University of Illinois and the University of Texas at Arlington where he is currently Professor of Economics in the Business School. Prior to returning to academia, Professor Ward served as an Economist at the Federal Trade Commission for four years attempting to tear down barriers to competition (though he was not managed by Professor Froeb). Dr. Ward's research focuses on the economics of innovation and competition. He earned his undergraduate degree in mathematics and economics from UCLA and his Ph.D. in economics from the University of Chicago.
- Mike Shor has taught courses in game theory, pricing, law and economics, industrial organization, and behavioral economics. He is currently at the Department of Economics at the University of Connecticut. Prior to UConn, Professor Shor taught at the business school at Vanderbilt University, where he was twice elected the best professor by the graduating MBA class. Professor Shor earned his undergraduate degree in foreign affairs and economics from the University of Virginia, and his PhD in economics from Rutgers University. Professor Shor's research is focused on industrial organization and behavioral economics. His interdisciplinary research has appeared in journals in accounting, marketing, information systems, and psychology, as well as economics.
Book Details
- Hardcover: 320 pages
- Publisher: Cengage Learning; 3 edition (2013)
- Language: English
- ISBN-10: 1133951481
- ISBN-13: 978-1133951483
- Product Dimensions: 9.2 x 7.3 x 0.7 inches
- List Price: $ 206.95