The discipline of managerial economics is often considered as “too theoretical and not practical
enough for the real world.” The seventh edition of Managerial Economics is an attempt to
provide a resourceful supplement to classroom teachings that will help students understand the
importance and utility of economic theory for business decision making.
This text is designed for upper-level undergraduate and first-year MBA courses in managerial
economics and applied economics. In addition to discussing the applications of economic
theory to the firm, this text includes chapters on various tools of analysis that are helpful to
business decision makers but that are not part of the core of traditional microeconomic theory.
These are demand, production, and cost estimation using regression analysis, forecasting,
capital budgeting, and risk analysis. A discussion of linear programming is also available
online, along with a review of the time value of money. A review of the mathematical concepts
and tools used in the text has been placed on the Companion Website.
About the Author
Paul G. Keat has been a member of the Global Business Faculty at Thunderbird School
of Global Management for the past twenty-five years. At present he is an Associate Professor
Emeritus. Prior to his coming to Thunderbird, he was associated for many years
with the International Business Machines Corporation in professional and managerial
capacities.
Philip K. Y. Young is the founder and president of Nth Degree Systems, Inc., a consulting firm
that provides customized education and training programs to major corporations around the world.
He recently co-founded Learning Burst Academy, a company that produces courses in
business education in an innovative, digital format. He is also a member of the global
faculty network of Duke Corporate Education. He has thirty years of teaching experience
as a professor of economics in MBA programs and over twenty-five years of experience
developing and teaching customized education and training programs.
Stephen E. Erfle began his career as a managerial economist during a 1994–1995 sabbatical
at Seagram Classics Wine Company (SCWC). Dr. Erfle received a B.S. in mathematics and B.A. in
economics from the University of California, Davis, and a master’s and Ph.D. in economics from
Harvard University. He has also taught in the Economics Department at Dickinson College and in the
School of Social Sciences at the University of California, Irvine.
Sreejata Banerjee is Visiting Professor, formerly Associate Professor and the Union
Bank Chair for Excellence in Banking at the Madras School of Economics. Presently,
she is Adjunct Professor at the Chennai Mathematical Institute. She taught economics
and finance at the Loyola Institute of Business of Management, Great Lakes Institute
of Management, and Chennai Business School. She has also taught at the Heriot Watt
University’s Edinburgh Business School.
She is reviewer at Applied Economics (Routledge), NCAER and other journals. Her research
interests are macroeconomics, managerial economics, commodities, derivatives, and international
finance. Dr. Banerjee received B.A. Hons from Calcutta University and masters from Jadavpur University
PhD from Madras University Department of Econometrics.
Features
· Excel Applications have been developed for the numerical and graphical illustrations used
throughout the text. They allow readers to turn the static figures and tables in the text into
dynamic illustrations, and they will also strengthen students’ ability to use Excel, which we
believe is a critical skill in today’s job market.
· Chapters have been updated and a few of them rewritten to include recent developments
and in-depth coverage of current topics.
· Valuable inputs and learnings have been provided by outside experts from improve
discussions about other topics of importance and current interest in business. Supply chain
systems implementation in companies such as Dell and IBM have also been included to
obtain a better idea of the actual challenges of initiating and implementing a supply chain
management system.
· A novelty of this edition is a discussion on disruptive technology and its implication. This is
with reference to the cab hailing application(app) Uber and Ola that have taken the world
by storm.
Table Content
Chapter 1 Introduction
Chapter 2 The Firm and Its Goals
Chapter 3 Supply and Demand
Appendix 3A The Mathematics of Supply and Demand
Chapter 4 Demand Elasticity
Appendix 4A Applications of Supply and Demand
Chapter 5 Demand Estimation and Forecasting
Appendix 5A The Demand for White Zinfandel in Los Angeles
Appendix 5B Understanding Consumer Behavior Through Testing
Chapter 6 The Theory and Estimation of Production
Appendix 6A Productivity in Services
Appendix 6B The Multiple-Input Case
Appendix 6C Analyzing Production Functions with the Use of Calculus
Chapter 7 The Theory and Estimation of Cost
Appendix 7A A Mathematical Restatement of the Short-Run Cost Function
Appendix 7B The Estimation of Cost
Appendix 7C Interview with a Supply Chain Management Executive
Chapter 8 Pricing and Output Decisions: Perfect Competition and Monopoly
Appendix 8A The Use of Calculus in Pricing and Output Decisions
Appendix 8B Break-Even Analysis (Volume-Cost-Profit)
Chapter 9 Pricing and Output Decisions: Monopolistic Competition and Oligopoly
Appendix 9A A Mathematical Restatement of Monopolistic Competition
Chapter 10 Special Pricing Practices
Chapter 11 Game Theory and Asymmetric Information
Chapter 12 Capital Budgeting and Risk
Appendix 12A The Value of a Corporation
Chapter 13 The Multinational Corporation in a Global Setting
Chapter 14 Government and Industry: Challenges and Opportunities for Today’s Manager
Chapter 15 The Global Soft Drink Industry
Appendix A Statistical and Financial Tables
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