Managerial Economics : Principles and Worldwide Applications

Managerial Economics: Principles and Worldwide Applications, 9e synthesizes economic theory, decision sciences, and business administration to help instructors train students on how managerial decisions are made in the modern, globalized world. Theory is explained clearly and the applications are numerous, real, and relevant. The book is divided into five parts: Part One reviews the basics of supply and demand, examines the nature and scope of managerial economics, presents the theory of the firm, and reviews optimization techniques. Part Two analyses demand. Part Three presents the theory and measurement of the firm’s production and costs. Part Four brings together demand analysis with production and cost analysis to show how price and output are determined under various forms of market organization. Part Five examines regulation and the role of government in the economy. The theory and practical examples help illustrate how local economic decision-making is now inescapably global. Key Features• Integrates examples, data, and theories on the international ramifications of managerial decisions into the entire text, rather than segregating the material in a separate chapter• Incorporates 109 Boxes, showing how firms actually reach managerial decisions todayNew to this edition• Approximately one-fifth of the 109 Boxes included are new or have been completely rewritten, the rest have been revised and updated for relevancy• New sections added on Big Data, Big Data Analytics, and Behavioural Economics and Marketing• Sections such as Managerial Economics in a More Risky, Crisis-prone, and Sluggish Global Economy, Managerial Economics and the Internet, and Barometric Methods of Forecasting have been completely rewritten• The number of chapter-end Spreadsheet Problems have been increased from the previous edition to a total of 38.