Fundamentals of Managerial Economics [antikvár]

Preface In the years since the first edition of Fundamentals of Managerial Economics was published, the role of managers has become ever more challenging and vital to long-term success in all types of organizations. Dynamic change in the economic environment often makes difficult the accurate assessment of demand and supply conditions, as it increases the need for timely and effective managerial decision making. Volatility in input prices and their availability, the rapid pace of technical change, plus the ongoing globalization of markets all combine to make difficult the efficient use of economic resources. Sound economic analysis has never been more important than it is in the 1990s — regardless of whether the decision-making unit is an individual, household, firm, nonprofit organization, or government agency. Fundamentals of Managerial Economics, fourth edition, is designed to provide a solid foundation of economic understanding for use in managerial decision making. This text offers an intuitive non-calculus-based treatment of economic theory and analysis. A wide variety of examples and numerical problems is used to illustrate the application of managerial economics to practical situations. The nature of the decision process and the role that economic analysis plays in that process are emphasized throughout the text. A key feature of this text is its attempt to depict the firm as a cohesive, unified organization. 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 maximization model. In this process, management is seen to involve an integration of the accounting, finance, marketing, personnel, and production functions. This integrative approach demonstrates that important business decisions are interdisciplinary in the truest sense of the word. Our students have found that the presentation of the business firm as a unified whole, rather than as a series of discrete, unrelated areas, is one of the most valuable aspects of the study of managerial economics. Although both micro- and macroeconomic relations have implications for managerial decision making, this edition continues our concentration on microeconomic topics of particular importance. Following the development of the economic model of the firm, we examine the vital role of profits. Because demand for a firm's products plays a major role in determining its profitability and ongoing success, demand analysis is an essential area of study. Production theory and cost analysis, which examine the economics of resource allocation and employment, are also explored. Another important topic is market structure analysis, which provides a foundation for studying the external economic environment and for examining the pricing practices required for successful management. The impact of government on the