Managerial Economics, Global Edition
For upper-level undergraduate and first-year MBA courses in managerial and applied economics.
This Global Edition has been edited to include enhancements making it more relevant to students outside the United States
This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory.
The Seventh Edition welcomes a new co-author, Stephen Erfle of Dickinson College, who has contributed many revisions and improvements to the quantitative sections of the text, as well as provided a major addition: the use of Excel in the presentation of many of the numerical and graphical illustrations presented throughout the text.
To strengthen students’ ability to use Excel—a critical skill in today’s job market—new Excel Applications (Excel Apps) allow readers to turn the static figures and tables in the text into dynamic illustrations.
Integrated Running Case
Every chapter begins and ends with a situation facing managers at Global Foods, Inc., a company competing in the beverage industry. By encapsulating the concepts with this integrated case, students will always know how the concepts apply to them. By following one company, in one industry, students are able to see how economic decision-making can be applied across the vast array of functional units within the same organization.
In order to avoid distractions, the authors have deliberately chosen not to use boxed or shaded section of stories scattered throughout the chapter.
At the end of each chapter, the authors have included a “Global Application,” so readers understand the global implications of the concepts and tools of managerial economic analysis. In this edition, more examples, both in the Global Application sections and in the main body of the chapter, are drawn from world growth markets such as China, India, Brazil, and Russia.
New to this Edition
New co-author, Stephen Erfle of Dickinson College, has contributed many revisions and improvements to the quantitative sections of the text, as well as provided a major addition: the use of Excel in the presentation of many of the numerical and graphical illustrations presented throughout the text.
Excel Applications (Excel Apps) have been added for a number of the numerical and graphical illustrations used throughout the text. Excel Apps allow readers to turn the static figures and tables in the text into dynamic illustrations. In so doing, they will also strengthen students’ ability to use Excel–a critical skill in today’s job market. These apps, noted with an icon, are available to readers on the website; an index delineating what is in each Excel app is provided on the inside rear cover of the text.
A series of Regression Excel Apps provide readers with a more detailed discussion of many of the topics in regression analysis touched on in Chapter 5. See the Excel apps listing on the back cover for further information about regression topic coverage in various chapters.
A rewritten chapter on game theory and asymmetric information (Chapter 11). This was in response to user feedback asking for stronger intuition of this challenging topic. There is increased coverage of game theory and bargaining as well as a more in depth discussion of adverse selection and moral hazard.
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