Managerial Economics - Christopher R. Thomas-S. Charles Maurice

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BRIEF CONTENTSCHAPTER 1 Managers, Profits, and Markets 1CHAPTER 2 Demand, Supply, and MarketEquilibrium 38CHAPTER 3 Marginal Analysis for OptimalDecisions 88CHAPTER 4 Basic Estimation Techniques 121CHAPTER 5 Theory of ConsumerBehavior 159Online Appendix 1: Substitution and IncomeEffects of a Price ChangeCHAPTER 6 Elasticity and Demand 197CHAPTER 7 Demand Estimation andForecasting 236Online Appendix 2: Estimating and ForecastingIndustry Demand for Price-Taking FirmsCHAPTER 8 Production and Costin the Short Run 274CHAPTER 9 Production and Costin the Long Run 311CHAPTER 10 Production and CostEstimation 364Online Appendix 3: Linear ProgrammingCHAPTER 11 Managerial Decisions inCompetitive Markets 390CHAPTER 12 Managerial Decisions for Firmswith Market Power 446CHAPTER 13 Strategic Decision Making inOligopoly Markets 509CHAPTER 14Advanced PricingTechniques 575Online Appendix 4: Pricing Multiple ProductsRelated in ProductionCHAPTER 15 Decisions Under Risk andUncertainty 625CHAPTER 16Government Regulationof Business 656Web Chapter 1: The Investment Decisionxv
CONTENTSCHAPTER 1 Managers, Profits,and Markets 1xvi1.1 The Economic Way of Thinking about BusinessPractices and Strategy 2Economic Theory Simplifies Complexity 3The Roles of Microeconomics and IndustrialOrganization 31.2 Measuring and Maximizing EconomicProfit 7Economic Cost of Using Resources 7Economic Profit versus Accounting Profit 11Maximizing the Value of the Firm 14The Equivalence of Value Maximizationand Profit Maximization 16Some Common Mistakes Managers Make 161.3 Separation of Ownership and Controlof the Firm 21The Principal–Agent Problem 21Corporate Control Mechanisms 241.4 Market Structure and ManagerialDecision Making 25What Is a Market? 26Different Market Structures 27Globalization of Markets 291.5 Summary 30Key Terms 32Technical Problems 32Applied Problems 33Mathematical Appendix: Reviewof Present Value Calculations 35Mathematical Exercises 37CHAPTER 2 Demand, Supply, andMarket Equilibrium 382.1 Demand 39The General Demand Function:Q d5 f (P, M, P R, 7, P E, N ) 40Direct Demand Functions: Q d5 f (P) 44Inverse Demand Functions: P 5 f (Q d) 46Movements along Demand 47Shifts in Demand 482.2 Supply 52The General Supply Function:Q s5 f (P, P I, P r, T, P e, F ) 53Direct Supply Functions: Q s5 f (P ) 55Inverse Supply Functions: P 5 f (Q s) 56Shifts in Supply 572.3 Market Equilibrium 612.4 Measuring the Value of Market Exchange 64Consumer Surplus 65Producer Surplus 67Social Surplus 672.5 Changes in Market Equilibrium 68Changes in Demand (Supply Constant) 68Changes in Supply (Demand Constant) 69Simultaneous Shifts in Both Demand and Supply 70Predicting the Direction of Change in Airfares: AQualitative Analysis 74Advertising and the Price of Milk: A QuantitativeAnalysis 752.6 Ceiling and Floor Prices 762.7 Summary 78Key Terms 79Technical Problems 79Applied Problems 84CHAPTER 3 Marginal Analysis forOptimal Decisions 883.1 Concepts and Terminology 893.2 Unconstrained Maximization 91The Optimal Level of Activity (A*) 91Marginal Benefit and Marginal Cost 95Finding Optimal Activity Levels with MarginalAnalysis 97Maximization with Discrete Choice Variables 99Sunk Costs, Fixed Costs, and Average Costs AreIrrelevant 1013.3 Constrained Optimization 103Marginal Benefit per Dollar Spent on an Activity 103Constrained Maximization 104Optimal Advertising Expenditures: An Example ofConstrained Maximization 106Constrained Minimization 107
Page 2 and 3: MANAGERIALECONOMICSFoundations of B
Page 4 and 5: MANAGERIALECONOMICSFoundations of B
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Page 8 and 9: PREFACEWHY MANAGERIAL ECONOMICS?Ove
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CHAPTER 3 Marginal Analysis for Opt
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CHAPTER 6 Elasticity and Demand
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CHAPTER 7 Demand Estimation and For
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CHAPTER 8 Production and Cost in th
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CHAPTER 11 Managerial Decisions in
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APPENDIXStatistical TablesSTUDENT
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Critical F-ValuesNote: The values c
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INDEXAAbsolute risk, 635Accounting
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Index 707Demand, 39-52derivation of
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Index 709Learning/experience econom
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Index 711slope, 42-43, 122, 129-135
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Index 713prisoners’ dilemma, 514-
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Managerial Economics - Christopher R. Thomas-S. Charles Maurice

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