Managerial economics a mathematical approach.
Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-mak...
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| Médium: | E-kniha Kniha |
| Jazyk: | English |
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Hoboken, N.J
WILEY
2014
Wiley John Wiley & Sons, Incorporated Wiley-Blackwell |
| Vydanie: | 1 |
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| ISBN: | 9781118468852, 1118091361, 9781118091364, 1118468856 |
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| Abstract | Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features: An emphasis on practical application through real-life examples and problems An accessible writing style that presents technical theories in a user-friendly way A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic. |
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| AbstractList | Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level statistical tools to inform and clarify the logic of problem solving in a managerial environment. While illuminating managerial decision-making from all possible angles, this book equips readers with the tools and skills needed to recognize and address uncertainty. The book also explores individual, firm, and market-level decisions; discusses all possible risks and uncertainties encountered in the decision-making process; and prepares readers to deal with both epistemic and aleatory uncertainty in managerial decisions. Managerial Economics features: * An emphasis on practical application through real-life examples and problems * An accessible writing style that presents technical theories in a user-friendly way * A mathematical and statistical point of view that reveals the presence of uncertainty inherent in managerial decisions * Thoroughly class-tested material including problems at the end of each chapter, case study questions, review exercises, and objectives that summarize the main discussions Managerial Economics is an excellent book for upper-undergraduate and graduate-level courses in business and economics departments. The book is also an ideal reference and resource for managers, decision makers, market analysts, and researchers who require information about the theoretical and quantitative aspects of the topic. |
| Author | Moffitt, L. J Alhabeeb, M. J |
| Author_xml | – sequence: 1 fullname: Alhabeeb, M. J – sequence: 2 fullname: Alhabeeb, M. J – sequence: 3 fullname: Moffitt, L. J |
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| Notes | Includes bibliographical references (p. 569-571) and index A John Wiley & Sons, Inc., publication |
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| Publisher | WILEY Wiley John Wiley & Sons, Incorporated Wiley-Blackwell |
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| Snippet | Uncertainty is present in every managerial decision, and Managerial Economics: A Mathematical Approach effectively demonstrates the application of higher-level... |
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| SubjectTerms | Betriebswirtschaftslehre Business & Economics Economics Entscheidungstheorie Managerial economics Mathematik Microeconomics |
| SubjectTermsDisplay | Business & Economics Economics Microeconomics |
| Subtitle | a mathematical approach. |
| TableOfContents | Managerial economics : a mathematical approach -- Contents in Brief -- Contents -- Preface -- Unit I: Methodological Preliminaries -- 1: Qualitative Fundamentals -- 2: Quantitative Fundamentals -- Unit II: Decisions At The Consumer Level -- 3: Theory of Consumer Choice -- 4: Consumer Demand: Theoretical Analysis -- 5: Consumer Demand: Empirical Estimation -- 6: Consumer Demand: Economic Forecasting -- Unit III: Managerial Decisions At The Firm Level -- 7: Production Theory -- 8: Cost Theory -- 9: Production and Cost: Estimation and Forecasting -- Unit IV: Managerial Decisions At The Market Level -- 10: Market Structure and Business Organization -- 11: Pricing Decisions and Practices -- Unit V: Managerial Decisions In The Long Run -- 12: Capital Budgeting and Investment Project Evaluation -- 13: Risk Analysis and Managerial Decisions Under Uncertainty -- 14: Management Consultants and Information -- Appendix -- Further Reading -- Index 10.4.1 the Concentration Ratio and the Herfindahl Index -- 10.4.2 Models of Oligopoly -- Summary -- Key Terms -- List of Formulas -- Exercises -- 11: Pricing Decisions and Practices -- 11.1 Basics of Price Setting -- 11.2 the Markup Rule -- 11.3 Multiproduct Pricing Strategies -- 11.4 Joint Products with Independent Demands -- 11.4.1 Product Set of Fixed Proportions -- 11.4.2 Product Set of Variable Proportions -- 11.5 Transfer Pricing -- 11.5.1 the Intermediate Product in a Perfectly Competitive Market -- 11.5.2 the Intermediate Product in an Imperfectly Competitive Market -- 11.6 Pricing Strategies and Practices -- 11.7 Price Discrimination -- 11.7.1 First-degree Price Discrimination -- 11.7.2 Second-degree Price Discrimination -- 11.7.3 Third-degree Price Discrimination -- Summary -- Key Terms -- List of Formulas -- Exercises -- UNIT V: MANAGERIAL DECISIONS IN THE LONG RUN -- 12: Capital Budgeting and Investment Project Evaluation -- 12.1 What Is Capital Budgeting? -- 12.2 Basic Model of Capital Budgeting -- 12.3 Selection Process and Project Evaluation -- 12.4 Methods of Evaluation for Proposed Investment Projects -- 12.4.1 Net Present Value -- 12.4.2 Internal Rate of Return -- 12.4.3 Npv Versus Irr for Mutually Exclusive Projects -- 12.4.4 Npv Profile, Crossover Rate, and the Ranking Reversal -- 12.5 Profitability Index and Capital Rationing -- 12.6 Payback Method -- 12.7 Cost of Capital -- 12.7.1 Cost of Debt Capital -- 12.7.2 Cost of Equity Capital -- 12.7.3 The Weighted Marginal Cost of Capital -- 12.7.4 Capitalization and Capitalized Cost -- 12.7.5 Last Words on the Cost of Capital -- Summary -- Key Terms -- List of Formulas -- Exercises -- 13: Risk Analysis and Managerial Decisions Under Uncertainty -- 13.1 Risk and Uncertainty -- 13.2 Sources of Risk -- 13.2.1 Economic Sources -- 13.2.2 Political Sources -- 13.2.3 Social Sources 8.3 the Optimal Combination of Inputs -- 8.3.1 Isocost -- 8.4 Minimizing Input Cost and Maximizing Output -- 8.5 Long-run Costs -- 8.6 Short-run and Long-run Average Costs: Economies of Scale -- 8.7 Derivation of the Cost Function -- 8.8 Economies of Scope: Basic Concept and Cost Complementarities -- 8.9 Economies of Scope: Synergy and Input Indivisibility -- 8.10 the Learning Curve -- 8.11 Cost-volume-profit Analysis and Operating Leverage -- 8.11.1 Break-even Quantity and Break-even Revenue -- 8.11.2 Cash Break-even Technique -- 8.11.3 the Break-even Point and Target Profit -- 8.11.4 an Algebraic Approach to the Break-even Point -- 8.11.5 Break-even Time -- 8.11.6 the Dual Break-even Points -- 8.12 Leverage -- 8.12.1 Operating Leverage -- 8.12.2 Operating Leverage, Fixed Cost, and Business Risk -- Summary -- Key Terms -- List of Formulas -- Exercises -- 9: Production and Cost: Estimation and Forecasting -- 9.1 Estimation of the Production Function -- 9.2 Estimation of the Cost Function -- 9.3 Forecasting Output -- 9.4 Forecasting Cost -- 9.5 Meeting Obligations Through Decisions with Probabilistic Results -- Summary -- Key Terms -- List of Formulas -- Exercises -- UNIT IV: MANAGERIAL DECISIONS AT THE MARKET LEVEL -- 10: Market Structure and Business Organization -- 10.1 Perfect Competition -- 10.1.1 Characteristics of Perfect Competition -- 10.1.2 Profit Maximization for Competitive Firms -- 10.1.3 the Decision to Shut Down -- 10.1.4 the Competitive Firm in the Long Run -- 10.2 Monopoly -- 10.2.1 Monopoly's Equilibrium in the Short Run -- 10.2.2 Monopoly's Equilibrium in the Long Run -- 10.2.3 Monopoly Power and the Lerner Index -- 10.3 Monopolistic Competition -- 10.3.1 Monopolistic Competition Equilibrium in the Short Run -- 10.3.2 Monopolistic Competition Equilibrium in the Long Run -- 10.4 Oligopoly Cover -- Title Page -- Copyright -- Contents in Brief -- Contents -- Preface -- UNIT I: METHODOLOGICAL PRELIMINARIES -- 1: Qualitative Fundamentals -- 1.1 Economic Theory and Managerial Economics -- 1.2 Some Methodological Fallacies -- 1.3 Paradigms, Models, and the Scientific Method -- 1.4 the Descriptive and Prescriptive Treatments -- 1.5 the Profit Function: Accounting Versus Economics -- 1.6 Entrepreneurship, Management, and Leadership -- 2: Quantitative Fundamentals -- 2.1 Introduction -- 2.2 Functions -- 2.3 Exponents -- 2.4 Logarithms and the Number e -- 2.5 Differential Calculus -- 2.6 Multivariate and Equality Constrained Optimization -- 2.7 Inequality Constrained Optimization: Linear Programming -- 2.8 Selected Statistical Concepts -- 2.9 Maximum Likelihood Estimation -- 2.10 Ordinary and Nonlinear Least Squares Estimation -- Summary -- Key Terms -- List of Formulas -- Exercises -- UNIT II: DECISIONS AT THE CONSUMER LEVEL -- 3: Theory of Consumer Choice -- 3.1 Consumer Preferences -- 3.1.1 Indifference Curve -- 3.1.2 Marginal Rate of Substitution (MRS) -- 3.1.3 Nontypical Indifference Curves -- 3.2 Consumer's Affordability -- 3.2.1 Budget Line -- 3.2.2 Slope of the Budget Line -- 3.2.3 Shift, Swing, and Kink of the Budget Line -- 3.2.4 Three-dimensional Budget -- 3.3 the Optimal Choice -- 3.3.1 Interior and Corner Solutions -- 3.3.2 Utility and Its Measurability -- 3.4 Effects on the Optimal Choice -- 3.4.1 Change in Income -- 3.4.2 Change in Prices -- 3.5 Income and Substitution Effects -- 3.6 Slutsky Equation -- Summary -- Key Terms -- List of Formulas -- Exercises -- 4: Consumer Demand: Theoretical Analysis -- 4.1 Demand and Supply: Functions and Laws -- 4.2 Deriving a Demand Function from Utility Maximization -- 4.3 Homogeneity and the Numeraire -- 4.4 Inverse Demand Function -- 4.5 Demand and Supply: Table and Curves 6.3 from Symbolic to Numeric Fitting -- 6.4 Adjusting for Seasonality -- 6.4.1 the Simple Average of Errors Method -- 6.4.2 the Actual-to-forecast (A/F) Ratio Method -- 6.4.3 the Dummy Variables Method -- 6.5 Smoothed Forecasts -- 6.5.1 Simple Moving Average Method -- 6.5.2 The Weighted Moving Average -- 6.5.3 Exponential Smoothing -- Mean Absolute Deviation (MAD) -- 6.6 Barometric Forecasting -- 6.7 Econometric Models -- 6.7.1 Single-equation Model -- 6.7.2 Multiple-equation Model -- 6.8 Input-output Matrix -- 6.9 Judgmental Models -- 6.9.1 Opinions and Polls -- 6.9.2 Surveys and Market Research -- 6.10 Forecasting Accuracy and Reliability -- Summary -- Key Terms -- List of Formulas -- Exercises -- UNIT III: MANAGERIAL DECISIONS AT THE FIRM LEVEL -- 7: Production Theory -- 7.1 Variability of Inputs Throughout Time -- 7.2 Production Function -- 7.3 Graphical Representation of the Production Function -- 7.4 Short-run, One Variable Input Function -- 7.5 Dynamic Relations Among Production Curves -- 7.6 Law of Diminishing Marginal Returns -- 7.7 Long-run, Two Variable Input Function -- 7.8 Marginal Rate of Technical Substitution (MRTS) -- 7.9 the Economically Efficient Region of Production -- 7.10 Returns to Scale -- 7.11 Elasticity of Substitution -- 7.11.1 Elasticity of the Cobb-douglas Production Function -- 7.11.2 Elasticity of the Leontief Production Function -- 7.11.3 Leontief Technology and Linear Programming -- 7.11.4 Elasticity of the Linear Production Function -- 7.11.5 Elasticity of the CES Production Function -- 7.11.6 Graphical Representation of CES -- 7.12 Optimal Employment of an Input -- 7.13 Technological Progress, Invention, and Innovation -- 7.14 Technological Progress and Production Function -- Summary -- Key Terms -- List of Formulas -- Exercises -- 8: Cost Theory -- 8.1 Cost Concepts and Categories -- 8.2 Short-run Costs 13.2.4 International Sources 4.6 Market Equilibrium -- 4.7 from Individual to Market Demand -- 4.8 Demand and Network Externalities -- 4.8.1 the Case of the Bandwagon Effect -- 4.8.2 the Case of the Snob Effect -- 4.9 Deriving a Market Demand Function Under Externalities -- 4.10 Changes in Qd and Qs Versus Changes in D and S -- 4.11 Changes in Equilibrium -- 4.11.1 the Case of Thanksgiving Turkey -- 4.11.2 the Case of Sales and Excise Taxes -- 4.12 Market Disequilibrium -- 4.12.1 the Case of a Price Ceiling -- 4.12.2 the Case of a Price Floor -- 4.13 Marshallian Versus Hicksian Demand Curves -- 4.13.1 Shephard Lemma and the Expenditure Function -- 4.14 Deriving the Hicksian (compensated) Demand Curve -- 4.15 Revealed Preferences -- 4.16 Interdependent Demand -- Summary -- Key Terms -- List of Formulas -- Exercises -- 5: Consumer Demand: Empirical Estimation -- 5.1 Simple Market Experimentation -- 5.2 Linearity of the Demand Function: from Visual to Regression -- 5.3 Reliability of the Estimation -- 5.4 Quality of Fitting -- 5.5 Fitting by Computerized Regression -- 5.6 Demand Estimation by the Multiple Regression Method -- 5.6.1 Results and Interpretation -- 5.6.2 Goodness of Fit -- 5.6.3 the Overall Explanatory Power of the Model -- 5.6.4 Major Problems to Check on -- 5.7 Nonregression Approaches to Estimation -- 5.7.1 Market Experimentation -- 5.7.2 Observational Studies -- 5.7.3 Micromarketing and Virtual Shopping -- 5.8 Advanced Demand Estimation: the Pad Model -- 5.8.1 Model Specification -- 5.8.2 Graph of the Linear PAD Model -- Summary -- Key Terms -- List of Formulas -- Exercises -- 6: Consumer Demand: Economic Forecasting -- 6.1 Forecasting Models -- 6.1.1 Quantitative Models -- 6.1.2 Qualitative Models -- 6.2 Time Series Analysis -- 6.2.1 Secular Trends -- 6.2.2 Seasonal Variations -- 6.2.3 Cyclical Fluctuations -- 6.2.4 Random Changes |
| Title | Managerial economics |
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