Publisher's Synopsis
Managerial Economics, Revised Edition is a combination of the two previous Hirschey/Pappas texts, designed, as they were, to provide a solid foundation of economic understanding for use in managerial decision making. One key feature of this text is its attempt to depict the firm as a cohesive, unified organisation rather than a series of discrete, unrelated areas. A basic valuation model is constructed and used as the underlying economic model of the firm. Each topic in the text is then related to an element of the value maximisation model. In this process management is seen to involve an integration of all business functions. Managerial Economics, Revised Edition is designed to present those aspects of economic theory and analysis that are most relevant to students of business administration in an intuitive calculus-based or non-calculus-based format, depending upon the preferences of the instructor. All calculus materials (found in Managerial Economics) now appear in end-of-chapter appendixes.;Features: * Offering an intuitive and practical treatment of economic theory and analysis, Mark Hirschey includes a wide variety of examples and simple numerical problems to illustrate managerial economics to a wide assortment of practical situations. * One key feature of this market-leading text is its attempt to depict the firm as a cohesive, unified organization. Students have found that the presentation of the business firm as a unified whole, rather than a series of discrete, unrelated areas, is one of the most valuable aspects of this text. * Extensive pedagogy including chapter objectives, in-chapter self-tests, applications throughout each chapter, and analytical exercises. New to this edition: * NEW Chapter 16, Organization Structure and Corporate Governance, shows the importance of effective organization design in the value maximization process. * Chapter 14, Risk Analysis, has been revised to better explain the wide variety of business risks and the special risks borne by firms with multinational operations. * Chapter 6, Forecasting, has been thoroughly revised to illustrate the comparative strengths and weaknesses of alternative forecasting techniques.;* Chapter 7, Production Analysis and Estimation, now fully develops the concept of optimal input combinations. * Chapter 12, Pricing Practices, has been revised to explain the use of two-part and bundle pricing practices, and riddles like odd-number (99 cent) pricing. * Chapter 13, Government Regulation of the Market Economy, has undergone comprehensive revision to offer perspective on recent moves to deregulate and reregulate private-market activity * Chapters 10 and 11 have been expanded and streamlined to emphasize development of an effective competitive strategy, including the use of game theory in oligopoly markets.
