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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Hlavní autoři: Alhabeeb, M. J, Moffitt, L. J
Médium: E-kniha Kniha
Jazyk:angličtina
Vydáno: Hoboken, N.J WILEY 2014
Wiley
John Wiley & Sons, Incorporated
Wiley-Blackwell
Vydání:1
Témata:
Betriebswirtschaftslehre
Business & Economics
Economics
Entscheidungstheorie
Managerial economics
Mathematik
Microeconomics
ISBN:9781118468852, 1118091361, 9781118091364, 1118468856
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Obsah:
  • 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