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Managerial Economics Robert E. McCormick

Managerial Economics By Robert E. McCormick

Managerial Economics by Robert E. McCormick


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Summary

Goes beyond other managerial economics texts by covering recent research including property rights, uncertainty, transaction costs, information, etc. Has relevant business examples and solutions throughout the book.

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Managerial Economics Summary

Managerial Economics by Robert E. McCormick

This new book shows the power of economic thinking, and successfully incorporates real world examples to demonstrate that economics is a practical field about real life. Divided into five parts, the book covers - introductory material; consumer behaviour; finance related matter; the firm and its external relations with markets and customers; and the internal organisation of firms.

Table of Contents

(NOTE: Each chapter includes summary, topics to review, study problems, suggested readings, and suggested solutions to selected study problems.) 1. Introduction to Managerial Economics. The methodology of economic analysis. Topics. Analysis. The methodology of the book. 2. The Way Markets Work. Demand. Elasticity. Opportunity Cost. Supply. Demand and Supply Together. Comparative Statics. An application of the supply and demand model to sales taxes. An economists view of price gouging. Appendix: Mathematics Review. 3. Consumer Behavior. Theoretical micro foundations of demand. Consumers response to a price change. The concept opportunity cost. The empirical basis for the first law of demand. The self-interested individual. Applications of the first law of demand. Household production functions. Labor supply: The demand for leisure and income. Intertemporal decisions. The Second Law of Demand. Consumer Surplus. A note on consumer tastes. 4. Estimating Demand Functions. Regression analysis. The quality of the estimates. Examining the residuals. Managing econometric studies. 5. Timing, Interest, Discounting, and Arbitrage. Intertemporal decision making. Interest Rates. Capital goods. Discounting and present value. Compounding. Annuities. Perpetuities. Interest rate determination - A simple exposition. Risk and Interest Rate Return. Capital Budgeting. Applications. Project evaluation. Managing arbitrage opportunities: A study of professional basketball. 6. The Neoclassical Theory of Production and Cost. The firm. Cost minimization and profit maximization. Product functions. Short-run cost. Long-run cost. Economies of scale. On the Estimation of Production functions. The firms response to an input price change. Derived demand. Learning, rate, volume, intermittent production, and the multiproduct firm. The assignment of joint cost. The multiplant firm. 7. The Theory of the Firm in Competition. Opportunity Cost. Output Decisions. Breakeven Analysis. The Competitive Industry. 8. Monopoly, Searching for the Best Price. The Monopolist. Sources of Monopoly. Accounting for Monopoly Profits. The Study of Monopoly in a World of Competition. 9. Pricing and Price Discrimination. Price Discrimination. Market Segmentation. Block Pricing. Perfect Price Discrimination: All-or-Nothing Pricing. Multipart Pricing. Peak Load Pricing. 10. Other Market Structures-Between Monopoly and Competition. Monopolistic Competition. Oligopoly. Cartels. The Dominant Form. Industrial Organization. 11. Topics in Information. Measurement costs and Block Booking. Brand Names and Advertising as Quality Assuring Devices. Durable Goods. 12. An Introduction to Public Goods, Private Goods, and Common Access Goods. An Introduction to Public and Private Goods. Implications of Property Rights Assignment for Managers. Property Rights to Intangible Assets. Property Rights inside the Family: A Brief Case Study. 13. Team Production, Coordination, and Control. Team Production. Coordination and Control in Processes Where Team Production Exists. Managing in the Not-for-Profit Organization. The Role of Managers in Team Production. 14. Additional Topics in Property Rights and the Economics of Information. Opportunism. Transfer Pricing. Additional Topics in Contracting. Controlling Malfeasance: When Is It Useful to Overpay Employees? Rules of Conduct versus Discretionary Behavior. A Final Word on Public Goods, Brand Names, and Accountability. An Extended Discussion on Incentives. 15. The Economic Theory of Regulation. The Pigouvian Tax. The Logic of Government Intervention in the Market Place. An Introduction to the Reality of Regulation. Rent Seeking. The Economic Theory of Regulation. The Regulatory Triad. Antitrust Law. Some Important U.S. Government Regulatory Agencies. 16. Linear Programming. Basic concepts. General algebraic solution method. The dual program. Linear programming and production planning: One product. The assumption of linearity. 17. Plant Location Decision Making. A Case Study. Making decisions in the abstract. General case description. General Alternative Sites.

Additional information

CIN013544750XG
9780135447505
013544750X
Managerial Economics by Robert E. McCormick
Used - Good
Hardback
Pearson Education Limited
19930201
714
N/A
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
This is a used book - there is no escaping the fact it has been read by someone else and it will show signs of wear and previous use. Overall we expect it to be in good condition, but if you are not entirely satisfied please get in touch with us

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