Thus both explicit costs ( accounting costs ) and implicit costs must be taken into
account to calculate money costs or expenses of production ( i.e. economic cost )
. Pure economic profit is the difference between total receipts and the aggregate
Author: Arun Kumar
Publisher: Atlantic Publishers & Dist
Planned As A Textbook On The Subject, This Book Covers The Syllabi Presented At Various Universities And Institutes In The Papers Entitled Managerial Economics Or Business Economics. In Presenting The Subject Matter, The Authors Have Everywhere Drawn From Indian Examples, Used Simple Language, Narrated Through Analytic Style, Using Central, Side And Running Headings, Utilised Latest Books On The Subject And Given, At The End Of Each Chapter, Questions For Exercise Actually Asked At University Examinations. Thus, No Stones Have Been Left Unturned To Make It An Ideal Book Needed On The Desk Of Every Serious Student Of The Subject.
What are customers buying? (demand theory) What should we produce? (production theory) Which costs do I need to worry about now? (cost theory) What market am I in? (competition theory) What should we charge for it? (pricing theory) To ...
Managers can use economics to strategize and solve a variety of business problems, from the mundane to the mission critical. In this course, IMD Professor of Strategic Marketing Stefan Michel explains how to use economic theory to answer strategic questions such as... What are customers buying? (demand theory) What should we produce? (production theory) Which costs do I need to worry about now? (cost theory) What market am I in? (competition theory) What should we charge for it? (pricing theory) To understand what managerial economics looks like in practice, Stefan explains how Google's auction-based advertising system employs the principles of game theory and how understanding this can help decision makers to outmaneuver their competitors.
This well-known book on the subject has stood the test of time for the last 35 years because of the quality of presentation of its text.
Author: Dwivedi D.N.
Publisher: Vikas Publishing House
This well-known book on the subject has stood the test of time for the last 35 years because of the quality of presentation of its text. It has become students’ favourite as it provides the latest theories, thoughts and applications on the subject with timely revisions to stay up-to-date all the time. Since its first edition, it has provided complete, comprehensive and authentic text on micro and macro aspects of managerial economics. It has now been revised thoroughly with added interpretations of economic theories and concepts and their application to managerial decisions. NEW IN THE EIGHTH EDITION • Summary at the end of each chapter for quick recap • One complete new chapter; several new sections Some New Important Sections • ‘Derivation of Demand Curve with Changing Marginal Utility of Money’, and ‘Why Demand Curve Slopes Downward to Right’ • ‘Expansion Path of Production’ and ‘Equilibrium of Multi-plant Monopoly’ • ‘Theory of Interest Rate Determination’ and ‘Monetary Sector Equilibrium’ • ‘Current Foreign Trade Policy of India’ and ‘Current Role of the IMF’ • ‘Monetary Policy’ and ‘Current Scenario of CSR in India’
In addition to the essentials of managerial economics, the book presents links to other managerial functions, including accounting, finance, human resource management, and marketing.
Author: Ivan Png
"Managerial Economics" develops simple, practical tools and concepts for business students as well as practising managers. In addition to the essentials of managerial economics, the book presents links to other managerial functions, including accounting, finance, human resource management, and marketing. As necessary in globally integrated markets, the book draws on examples and cases from throughout the world, and considers both consumer and industrial businesses. The 100 lively, practical cases cover topics such as - global software piracy, the Barings' Collapse, Indian tea prices, Dean Witter's poison pill, and the management of H. J. Heinz. Written in an easily accessible style, "Managerial Economics" covers modern managerial topics and includes original analytical frameworks for cost and pricing analysis as well as new applications including activity-based costing, brand extensions, takeover tactics, and real estate strategy.
in attract and influence basic economic terms of finding the most efficient way of
allocating scarce agents (like firms and consumers) are organisational resources
and the key topics for study and analysis in managerial (or business) economics.
Publisher: McGraw-Hill Education
Managerial Economics, 3e, provides a detailed introduction of economic concepts to management students. It illustrates the technique of systematic problem solving and taking effective decisions by applying concepts of economics in different situations. With its unique integrative approach, this revised edition covers the recent developments in the interdisciplinary fields related to economics and business such as Demonetization, Jio case study, Patanjali, restriction on H1B visa, GST, Highlights of Budget 2017, and many more. Besides being a comprehensive textbook for management students, it will prove to be of great utility for the practising managers. Salient Features: What’s New? - Chapter 17: Externalities, Public Goods and Role of Government - 20 full-length cases, 22 caselets and 28 Reality Bites across relevant chapters Revamped chapters - Chapter 3: Consumer Preference and Choice - Chapter 4: Demand and Supply Analysis - Chapter 7: Cost and Revenue - Chapter 9: Financial Evaluation of Long-Term Projects Powered by: - Pedagogical features such asThink Out of the Box, Remember Box Questions have been refreshed and added at appropriate places
While Economics has existed as a branch of knowledge since the ancient era,
managerial economics is an emerging branch of economics which integrates
business theories with practical business applications. In early days when
Early traders dealt with competition on a relatively smaller scale as we do today. Most businesses were run mainly on the business acumen and knowledge of the trader without much study about the theories that ruled the world of business. While Economics has existed as a branch of knowledge since the ancient era, managerial economics is an emerging branch of economics which integrates business theories with practical business applications. In early days when business was less competitive, the application of economics to business was not considered to be important. But with the considerable amount of changes in the business landscape, and the cut-throat competition that dominates every aspect of business makes it important for business leaders in today’s world to understand economic theories and apply it prudently to the business to ensure steady growth and profits and to achieve the desired business goals.
The descriptive approach is concerned with positive economics. ... Just like
economics, managerial economics is essentially apositive science where
managers are not suppose make their decisions on the basisoftheir sentiments.
They are ...
Author: M. J. Alhabeeb
Publisher: John Wiley & Sons
Uncertainty is present in every managerial decision, andManagerial Economics: A Mathematical Approach effectivelydemonstrates the application of higher-level statistical tools toinform and clarify the logic of problem solving in a managerialenvironment. While illuminating managerial decision-making from all possibleangles, this book equips readers with the tools and skills neededto recognize and address uncertainty. The book also exploresindividual, firm, and market-level decisions; discusses allpossible risks and uncertainties encountered in the decision-makingprocess; and prepares readers to deal with both epistemic andaleatory uncertainty in managerial decisions. ManagerialEconomics features: • An emphasis on practical application through real-lifeexamples and problems • An accessible writing style that presents technicaltheories in a user-friendly way • A mathematical and statistical point of view thatreveals the presence of uncertainty inherent in managerialdecisions • Thoroughly class-tested material including problems atthe end of each chapter, case study questions, review exercises,and objectives that summarize the main discussions Managerial Economics is an excellent book forupper-undergraduate and graduate-level courses in business andeconomics departments. The book is also an ideal reference andresource for managers, decision makers, market analysts, andresearchers who require information about the theoretical andquantitative aspects of the topic.
THIRD EDITION YOGESH MAHESHWARI Professor of Finance Indian Institute of
Management Indore Pl-ll Learning ... Delhi-110092 2013 MANAGERIAL
ECONOMICS, Third Edition Yogesh Maheshwari © 2013 by PHI Managerial
Author: YOGESH MAHESHWARI
Publisher: PHI Learning Pvt. Ltd.
For courses in managerial economics, this textbook, now in its third edition, is specifically designed for the students of management, commerce and economics to provide them with a thorough understanding of economic concepts and methodologies and the economic environment influencing managerial decisions. The book first lays a sound theoretical foundation of basic concepts, defi-nitions, and methodologies of economics, being an essential prerequisite for students to understand the theory of managerial economics. All the basic principles are introduced with mathematical complexity kept to minimum—essentials of applied mathematics needed for comprehending the under-lying ideas of models and theories of economics are covered. The book then moves on to systematically enumerates the various tools of analysis such as demand analysis, cost analysis, elasticity of demand, production analysis and price theory, and highlights their importance in managerial decision making through the concept-example format, wherein a concept discussed is immediately followed by a practical situation so that the reader can understand its application. The end-of-chapter questions reinforce a deeper understanding of the concepts introduced in the text. An exclusive chapter on linear programming emphasizes the importance of this mathematical tool in finding optimal business solutions. The book concludes with an exhaustive introduction to macroeconomics, analyzing in depth the concepts of inflation, income, savings and investments, and growth and employment in Indian context. New to the Third Edition Revised and expanded coverage of evolution of economic thought, and basic economic terms. An enriched inclusion of demand forecasting techniques, and the Cobb-Douglas production function. An extensive illustration of the commonly used pricing methods and market power. Value addition to the existing list of case studies to enhance students’ understanding of the theoretical concepts.
Inpractice itcansometimes be difficult todistinguish between the two types
ofstatement, especially ifthey are combined together inthe samesentence. What
isthe relevance of the above to thestudy of managerial economics?Itis often
claimed, for ...
Author: Nick Wilkinson
Publisher: Cambridge University Press
Managerial economics, meaning the application of economic methods in the managerial decision-making process, is a fundamental part of any business or management course. This textbook covers all the main aspects of managerial economics: the theory of the firm; demand theory and estimation; production and cost theory and estimation; market structure and pricing; game theory; investment analysis and government policy. It includes numerous and extensive case studies, as well as review questions and problem-solving sections at the end of each chapter. Nick Wilkinson adopts a user-friendly problem-solving approach which takes the reader in gradual steps from simple problems through increasingly difficult material to complex case studies, providing an understanding of how the relevant principles can be applied to real-life situations involving managerial decision-making. This book will be invaluable to business and economics students at both undergraduate and graduate levels who have a basic training in calculus and quantitative methods.
Of course, it may be argued that the selling firms, by virtue of their size and being
of limited number, could all agree to keep prices above their average cost so they
can sustain positive economic profits. However, here is where the assumption ...
Author: Donald N. Stengel
Publisher: Business Expert Press
Economic principles inform good business decision making. Although economics is sometimes dismissed as a discourse of practical relevance to only a relatively small circle of academicians and policy analysts who call themselves economists, sound economic reasoning benefits any manager of a business, whether they are involved with production/operations, marketing, finance, or corporate strategy. Along with enhancing decision making, the field of economics provides a common language and framework for comprehending and communicating phenomena that occur within a business, as well as between a business and its environment. This text addresses the core of a subject commonly called managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are presented in form of simple conceptual models. The text includes key elements from the economics of consumer demand and the economics of production. The book discusses economic motivations for expanding a business and contributions from economics for improved organization of large firms. Market price quantity equilibrium, competitive behavior, and the role of market structure on market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of the generic problems that create the need for regulation and possible remedies for those problems. Although the academic literature of managerial economics often employs abstract mathematics and large corporations create and use sophisticated mathematical models that apply economics, this book focuses on concepts, terminology, and principles, with minimal use of mathematics. The reader will gain a better understanding of why businesses and markets function as they do and how those institutions can function better.
Managerial. Economics. and. Strategy. For many of you reading these words, it is
probably safe to say that life after university is just around the corner. If
responsibility and leadership is what you are after, perhaps a corporate
Author: Thomas J. Webster
Publisher: Lexington Books
Each year, thousands of businesses file for bankruptcy protection because managers fail to efficiently organize the company’s operations, misread market trends, pay inadequate attention to product quality, or misinterpret the activities and intentions of rival companies. Perhaps they fail to formulate optimal advertising or financing strategies, procure raw materials and components at least cost, or provide adequate incentives to motivate workers to put forth their best efforts. Managerial economics is the application of economic principles to topics of concern to managers. This textbook develops a framework for predicting managerial responses to changes in the business environment. It combines the various business disciplines with quantitative methods to identify optimal solutions to more efficiently achieve a firm’s organizational objectives. The topics discussed in this textbook are readily accessible to students with a background in the principles of microeconomics and business mathematics. The selection and organizations of topics makes the textbook appropriate for use in a wide range of curricula by students with different backgrounds.