Managerial Economics
Theory and Practice
- 1st Edition - July 30, 2003
- Latest edition
- Author: Thomas J. Webster
- Language: English
Managerial economics is the application of economic theory and quantitative methods (mathematics and statistics) to the managerial decision-making process. This book will appeal to… Read more
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Managerial economics is the application of economic theory and quantitative methods (mathematics and statistics) to the managerial decision-making process. This book will appeal to students with limited prior training in economics and quantitative methods. It assumes that students will have had mathematics training at least through pre-calculus and that they have had a course in elementary statistics. It also expects students to have had an undergraduate course in intermediate microeconomics.
The book includes these features:
* A problem-solving approach to the study of managerial economics that combines the features of a standard managerial economics textbook with those of a separate study guide.
* A method for helping business students develop the analytical skills necessary for success in the study of managerial economics, finance, and management.
* A more extensive review of mathematical techniques than most comparable textbooks.
* A separate chapter on game theory, including:
* Noncooperative, simultaneous-move, one- shot games
* Cooperative, simultaneous-move, infinitely- repeated games (including collusions, cheating rules, and determinants of collusive agreements)
* Cooperative, simultaneous-move, finitely- repeated games
* Focal-point equilibria
* Multistage games
* Bargaining with and without symmetric and asymmetric impatience
* A chapter on the time value of money and capital budgeting
* The accentuation of risk, uncertainty, and the economics of information throughout
The book includes these features:
* A problem-solving approach to the study of managerial economics that combines the features of a standard managerial economics textbook with those of a separate study guide.
* A method for helping business students develop the analytical skills necessary for success in the study of managerial economics, finance, and management.
* A more extensive review of mathematical techniques than most comparable textbooks.
* A separate chapter on game theory, including:
* Noncooperative, simultaneous-move, one- shot games
* Cooperative, simultaneous-move, infinitely- repeated games (including collusions, cheating rules, and determinants of collusive agreements)
* Cooperative, simultaneous-move, finitely- repeated games
* Focal-point equilibria
* Multistage games
* Bargaining with and without symmetric and asymmetric impatience
* A chapter on the time value of money and capital budgeting
* The accentuation of risk, uncertainty, and the economics of information throughout
Book Hooks:
* Practice oriented, avoiding complex theoretical explanations with cumbersome notation
* Problems are included in each section and are made integral to learning and understanding subjects
* Math review uses economic relationships instead of general notation
* Excellent balance among motivation, theory, and examples
* Clear exposition
Key Features:
Emphasizes utility and applicability, not innovation
Chapters conclude with:
* chapter review
* key terms and concepts
* chapter questions
* chapter exercises
* selected readings
* Practice oriented, avoiding complex theoretical explanations with cumbersome notation
* Problems are included in each section and are made integral to learning and understanding subjects
* Math review uses economic relationships instead of general notation
* Excellent balance among motivation, theory, and examples
* Clear exposition
Key Features:
Emphasizes utility and applicability, not innovation
Chapters conclude with:
* chapter review
* key terms and concepts
* chapter questions
* chapter exercises
* selected readings
MBA and uper division undergraduate business students
1. Introduction
2.Introduction to Mathematical Economics
3.The Essentials of Demand and Supply
4. Additional Topics in Demand Theory
5.Production
6. Cost
7. Profit and Revenue Maximization
8. Market Structure: Perfect Competition and Monopoly
9. Market Structure: Monopolistic Competition
10. Market Structure: Duopoly and Oligopoly
11. Pricing Practices
12. Capital Budgeting
13. Introduction to Game Theory
14. Risk and Uncertainty
15. Market Failure and Government Intervention
2.Introduction to Mathematical Economics
3.The Essentials of Demand and Supply
4. Additional Topics in Demand Theory
5.Production
6. Cost
7. Profit and Revenue Maximization
8. Market Structure: Perfect Competition and Monopoly
9. Market Structure: Monopolistic Competition
10. Market Structure: Duopoly and Oligopoly
11. Pricing Practices
12. Capital Budgeting
13. Introduction to Game Theory
14. Risk and Uncertainty
15. Market Failure and Government Intervention
- Edition: 1
- Latest edition
- Published: July 30, 2003
- Language: English
TW
Thomas J. Webster
Thomas J. Webster is a professor in the department of finance and economics at the Lubin School of Business of Pace University in New York City. Before joining the faculty of the Lubin School of Business, Professor Webster held positions as international economist with a New York based money-center commercial bank and with the federal government in Washington, DC. In addition to his teaching duties at the Lubin School, Professor Webster has served as both graduate and undergraduate finance program chair, and faculty advisor for Beta Gamma Sigma, the international honor society for collegiate schools of business accredited by AACSB International: The Association to Advance Collegiate Schools of Business. Professor Webster is a recipient of the Lubin School of Business Scholarly Research Award for Basic Research, the Lubin School of Business Outstanding Faculty Service Award, the Pace Unviersity Award for Distinguished Service, and the Beta Gamma Sigma Commitment to Excellence Award. Professor Webster received his B.A. from the School of International Service of The American University in Washington, DC, and his M.A. and M.Phil. and Ph.D. from The City University of New York.
Affiliations and expertise
Pace University, New York, New York, U.S.A.