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About the AuthorPrefacePart One: Introduction1. The Nature and Scope of Managerial Economics1-1. The Scope of Managerial EconomicsDefinition of Managerial EconomiRelationship to Economic TheoryRelationship to the Decision SciencesRelationship to the Functional Areas of Business Administration Studies1-2. The Basic Process of Decision MakingCase Study 1-1: Peter Drucker - The Man Who Invented ManagementCase Study 1-2: The Management Revolution1-3. The Theory of the FirmReasons for the Existence of Firms and Their FunctionsThe Objective and Value of the FirmConstraints on the Operation of the FirmLimitations of the Theory of the FirmCase Study 1-3: The Objective and Strategy of Firms in the Cigarette Industry1-4. The Nature and Function of ProfitsBusiness versus Economic ProfitTheories of ProfitFunction of ProfitCase Study 1-4: Profits in the Personal Computer Industry1-5. Business EthicsCase Study 1-5: Business Ethics at BoeingCase Study 1-6: Enron-Andersen and Other Financial DisastersCase Study 1-7: The Global Financial Crisis1-6. The International Framework of Managerial EconomicsCase Study 1-8: The Rise of the Global CorporationCase Study 1-9: The Global Business LeaderCase Study 1-10: Global Most Admired CompaniesCase Study 1-11: Terrorism, the World Financial Crisis, and Globalization1-7. Managerial Economics and the InternetCase Study 1-12: The Most Important Internet Site Addresses for Managerial EconomicsSummary * Discussion Questions * ProblemsAppendix: Solving Managerial Decision Problems Using SpreadsheetsMicrosoft ExcelExampleSolutionSpreadsheet Problem * Supplementary Readings2. Demand, Supply, and Equilibrium Analysis2-1. Market Analysis2-2. Market DemandDemand Schedule and Demand CurveChanges in Demand2-3. Market SupplySupply Schedule and Supply CurveChanges in Supply2-4. When Is a Market in Equilibrium?Case Study 2-1: Equilibrium Price by Auction2-5. Adjustment to Changes in Demand and Supply: Comparative Static AnalysisAdjustment to Changes in DemandAdjustment to Changes in SupplyCase Study 2-2: Changes in Demand and Supply and Coffee Prices2-6. Domestic Demand and Supply, Imports, and PricesCase Study 2-3: Lower Consumer Prices with Imports2-7. Interfering with versus Working through the MarketCase Study 2-4: Rent Control Harms the Housing MarketCase Study 2-5: The Economics of U.S. Farm Support ProgramsCase Study 2-6: Working through the Market with an Excise TaxSummary * Discussion Questions * Problems * Spreadsheet ProblemsAppendix: The Algebra of Demand, Supply, and EquilibriumMarket Equilibrium AlgebraicallyShifts in Demand and Supply, and EquilibriumThe Effect of an Excise TaxAppendix Problems * Supplementary Readings3. Optimization Techniques and New Management Tools3-1. Methods of Expressing Economic Relationships3-2. Total, Average, and Marginal RelationshipsTotal, Average, and Marginal CostGeometric Derivation of the Average- and Marginal-Cost Curves , Case Study 3-1: Total, Average, and Marginal Cost in the U.S. Steel Industry3-3. Optimization AnalysisProfit Maximization by the Total-Revenue and Total-Cost ApproachOptimization by Marginal AnalysisCase Study 3-2: Optimal Pollution Control3-4. Constrained OptimizationCase Study 3-3: Pursuing Multiple Objectives under Constraints by Global Corporations3-5. New Management Tools for OptimizationBenchmarkingTotal Quality ManagementCase Study 3-4: Benchmarking at Xerox, Ford, and MobilReengineeringCase Study 3-5: Total Quality Management at Johnson and Johnson, Motorola, General Electric, and FordCase Study 3-6: Reengineering at GEThe Learning OrganizationCase Study 3-7: Applying Learning-Organization Principles at Ford and Southwest Airlines3-6. Other Management Tools for Optimization3-7. New Management Tools and Functional SpecializationCase Study 3-8: The American Business ModelCase Study 3-9: When Governance Rules Fail, Public Trust Is ErodedCase Study 3-10: Management Practices across CountriesSummary * Discussion Questions * Problems * Spreadsheet ProblemsAppendix
1: Optimization Using SpreadsheetsAppendix ProblemAppendix
2: Differential Calculus and Optimization TechniquesThe Derivative and Rules of DifferentiationThe Concept of the DerivativeRules of DifferentiationOptimization with CalculusDetermining a Maximum or a Minimum by CalculusDistinguishing between a Maximum and a Minimum: The Second DerivativeMultivariate OptimizationPartial DerivativesMaximizing a Multivariable FunctionConstrained OptimizationConstrained Optimization by SubstitutionConstrained Optimization by the Lagrangian Multiplier MethodAppendix Problems * Supplementary ReadingsIntegrating Case Study
1: The Decade of Steve: How Apple''s Imperious, Brilliant CEO Transformed American BusinessThe Decade of SteveApple''s FuturePart Two: Demand Analysis4. Demand Theory4-1. The Demand for a CommodityAn Individual''s Demand for a CommodityFrom Individual to Market DemandCase Study 4-1: The Demand for Big MacsThe Demand Faced by a FirmCase Study 4-2: The Demand for Sweet Potatoes in the United States4-2. Price Elasticity of DemandPoint Price Elasticity of DemandArc Price Elasticity of DemandPrice Elasticity, Total Revenue, and Marginal RevenueFactors Affecting the Price Elasticity of DemandCase Study 4-3: Price Elasticities of Demand in the Real World4-3. Income Elasticity of DemandCase Study 4-4: Income Elasticities of Demand in the Real World4-4. Cross-Price Elasticity of DemandCase Study 4-5: Cross-Price Elasticities of Demand in the Real WorldCase Study 4-6: Substitution between Domestic and Foreign Good4-5. Using Elasticities in Managerial Decision MakingCase Study 4-7: Demand Elasticities for Alcoholic Beverages in the United States4-6. International Convergence of TastesCase Study 4-8: Gillette Introduces the Sensor and Mach3 Razors - Two Truly Global ProductsCase Study 4-9: Ford''s World Car(s)4-7 Electronic CommerceCase Study 4-10: E-Commerce at Amazon.comCase Study 4-11: Amazon Puts an End to eBay Star PerformanceSummary * Discussion Questions * Problems * Spreadsheet ProblemsAppendix: Behind the Market Demand Curve--The Theory of Consumer ChoiceThe Consumer''s Tastes: Indifference CurvesThe Consumer''s Constraints: The Budget LineThe Consumer''s EquilibriumDerivation of the Consumer''s Demand CurveIncome and Substitution Effects of a Price ChangeThe Theory of Consumer Choice MathematicallyAppendix Problems * Supplementary Readings5. Demand Estimation5-1. The Identification Problem5-2. Marketing Research Approaches to Demand EstimationConsumer Surveys and Observational ResearchConsumer Clinics , Case Study 5-1: Micromarketing: Marketers Zero in on Their CustomersMarket ExperimentsVirtual Shopping and Virtual Management , Case Study 5-2: Estimation of the Demand for Oranges by Market ExperimentCase Study 5-3: Reaching Consumers in the Vanishing Mass Market5-3. Introduction to Regression Analysis5-4. Simple Regression AnalysisThe Ordinary Least-Squares MethodTests of Significance of Parameter EstimatesOther Aspects of Significance Tests and Confidence IntervalsTest of Goodness of Fit and Correlation5-5. Multiple Regression AnalysisThe Multiple Regression ModelThe Coefficient of Determination and Adjusted R2Analysis of VariancePoint and Interval Estimates5-6. Problems in Regression AnalysisMulticollinearityHeteroscedasticityAutocorrelation5-7. Demand Estimation by Regression AnalysisModel SpecificationCollecting Data on the VariablesSpecifying the Form of the Demand EquationTesting the Econometric ResultsCase Study 5-4: Estimation of the Demand for Air Travel over the North Atlantic5-8. Estimating the Demand for U.S. Imports and ExportsCase Study 5-5: Price and Income Elasticities of Imports and Exports in the Real WorldCase Study 5-6: The Major Commodity Exports and Imports of the United StatesCase Study 5-7: The Major Trade Partners of the United StatesCase Study 5-8: The Top U.S. International ExportersSummary * Discussion Questions * ProblemsAppendix: Regression Analysis with ExcelSimple RegressionMultiple Regression AnalysisAppendix Problems * Supplementary Readings6. Demand Forecasting6-1. Qualitative ForecastsSurvey TechniquesOpinion PollsSoliciting a Foreign PerspectiveCase Study 6-1: Forecasting the Number of McDonald''s Restaurants Worldwide6-2. Time-Series AnalysisReasons for Fluctuations in Time-Series DataTrend ProjectionSeasonal VariationsCase Study 6-2: Forecasting New-Housing Starts with Time-Series Analysis6-3. Smoothing TechniquesMoving AveragesExponential SmoothingCase Study 6-3: Forecasting Lumber Sales with Smoothing Techniques6-4. Barometric MethodsCase Study 6-4: Forecasting the Level of Economic Activity with Composite and Diffusion IndexesCase Study 6-5: The Index of Leading Indicators Goes Global6-5. Econometric ModelsSingle-Equation ModelsCase Study 6-6: Forecasting the Demand for Air Travel over the North AtlanticMultiple-Equation ModelsCase Study 6-7: Economic Forecasts with Large Econometric ModelsCase Study 6-8: Risks in Demand Forecasting6-6. Input-Output ForecastingSummary * Discussion Questions * ProblemsAppendix: Forecasting Fluctuations in Time-Series Analysis Using ExcelForecasting New-Housing Starts with Regression AnalysisAdjusting the Trend Forecasts of New-Housing Starts for Seasonal Variations by the Ratio-to-Trend MethodAdjusting the Trend Forecasts of New-Housing Starts for Seasonal Variations by Using Seasonal DummiesAppendix Problems * Supplementary ReadingsIntegrating Case Study
2: Ford''s Bet: It''s a Small World After AllIntegrating Case Study
3: Estimating and Forecasting the U.S. Demand for ElectricityPart Three: Production and Cost Analysis7. Production Theory and Estimation7-1. The Organization of Production and the Production FunctionThe Organization of ProductionThe Production Function7-2. The Production Function with One Variable InputTotal, Average, and Marginal ProductThe Law of Diminishing Returns and Stages of Production7-3. Optimal Use of the Variable InputCase Study 7-1: Labor Productivity and Total Com