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This text takes a traditional neo-classical approach to managerial economics. It is a proven book with a reputation for concise and clear writing, correct presentation of economics, outstanding end-of-chapter problems and cases. Its tried-and-true problem-solving approach helps the reader see how managers can use economic analysis to solve business problems and make better decisions.

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• Part 1 The Firm and its Environment(p. 1)
• 1 Introduction, Environment, and Methodology(p. 2)
• Managerial Economics and the Global Economy(p. 2)
• Economics and the Management of Organizations(p. 3)
• Our Approach to Problems Solving(p. 11)
• Organization of this Book(p. 12)
• Appendix 1 Demand, Supply, and Market Price: A Brief Review(p. 18)
• Demand and the Demand Curve(p. 18)
• Supply and the Supply Curve(p. 22)
• Determination of Market Price(p. 24)
• Carryover to Analysis of Other Markets(p. 27)
• 2 Revenue of the Firm(p. 28)
• Advertising, Consumer Demand, and Business Research(p. 33)
• The Demand Function(p. 36)
• Determinants of Demand(p. 46)
• A Note on Determinants of Supply(p. 48)
• Elasticity of Demand(p. 49)
• Summary: Elasticity of Demand, Revenue, and the Firm(p. 67)
• Appendix 2 Theory of Consumer Behavior(p. 78)
• Cardinal Utility Approach(p. 78)
• Ordinal Utility Theory(p. 81)
• Marginal Rate of Substitution(p. 83)
• Consumer Equilibrium(p. 85)
• Deriving a Demand Curve(p. 87)
• 3 Topics in Demand Analysis and Estimation(p. 90)
• Market Surveys(p. 92)
• Demand Estimation with Regression Analysis(p. 93)
• Market Experiments(p. 102)
• Summary: Techniques of Demand Estimation(p. 106)
• Appendix 3 Linear Regression Analysis(p. 109)
• The Linear Regression Model and Underlying Assumptions(p. 109)
• Logarithmic Transformations(p. 127)
• Summary: The Linear Regression Model(p. 130)
• 4 Economic Forecasting(p. 136)
• Types of Economic Forecasts(p. 136)
• Two Major Kinds of Data(p. 139)
• Factors Affecting Economic Variables(p. 139)
• Forecasting Methods(p. 140)
• Accuracy of Forecasts(p. 156)
• Summary: Economic Forecasting and the Firm(p. 162)
• Integrating Case 1A Are There Two Markets for Microwave Ovens?(p. 165)
• Integrating Case 1B Omega Distributing Company I(p. 168)
• Part 2 Production, Cost, and Profit Maximization(p. 171)
• 5 Theory of Production(p. 172)
• The Production Function and the Long Run(p. 177)
• Total Product Curves and the Short Run(p. 196)
• Summary: Production and the Firm's Profit(p. 205)
• Appendix 5 Mathematics of Determining the Least Cost Combination of Inputs(p. 217)
• 6 Cost of Production(p. 220)
• Types of Costs(p. 224)
• Costs in the Long Run(p. 226)
• Costs in the Short Run(p. 233)
• Relationship of Short-Run Cost Curves to Short-Run Product Curves(p. 239)
• Relation of Short-Run to Long-Run Average Costs(p. 247)
• The Learning Effect(p. 251)
• Economies of Scope(p. 251)
• Choosing the Optimal Plant Size: An Example(p. 252)
• Estimation of Cost(p. 257)
• Summary: Costs and the Firm(p. 261)
• International Capsule I Some International Dimensions of Demand, Production, and Cost(p. 274)
• The Basis for International Trade(p. 274)
• Payment for Exports(p. 276)
• The Problem of Trade Barriers(p. 278)
• 7 Profit Analysis of the Firm(p. 284)
• Profit Maximization(p. 289)
• Shut-Down Point(p. 295)
• Break-Even Analysis(p. 299)
• Profit Maximization Versus Break-Even Analysis(p. 303)
• Incremental Profit Analysis(p. 303)
• Summary: Profit Maximization and the Real World(p. 307)
• Appendix 7 Linear Programming and the Firm(p. 321)
• Relationship Between Linear Programming and Calculus Techniques(p. 321)
• The Primal Program(p. 323)
• The Dual Program(p. 336)
• Summary: Linear Programming as an Optimizing Tool(p. 343)
• Integrating Case 2A Frontier Concrete Products Company(p. 347)
• Integrating Case 2B Shanghai Magnificent Harmony Foundry I(p. 350)
• Part 3 Markets and the Behavior of the Firm(p. 353)
• 8 Perfect Competition and Monopoly: The Limiting Cases(p. 354)
• Perfect Competition and its Setting(p. 355)
• Monopoly and its Setting(p. 367)
• Summary: Competition, Monopoly, and Analysis of the Firm(p. 375)
• 9 Monopolistic Competition, Oligopoly and Related Topics(p. 384)
• Monopolistic Competition: A Case of Many Firms(p. 386)
• Duopoly: An Oligopoly with Two Firms(p. 392)
• The Question of Entry(p. 397)
• The Kinked Oligopoly Demand Curve: Price Rigidity without Collusion(p. 400)
• Tacit Collusion and Price Leadership(p. 406)
• Perfect Collusion--The Cartel(p. 413)
• Production with Multiple Plants(p. 414)
• Product Market Structures: Recap and Comparison(p. 417)
• Summary: Oligopoly Analysis and Business Behavior(p. 418)
• Appendix 9A Strategy and Game Theory in Oligopoly Analysis(p. 429)
• Some Game Theory Examples(p. 430)
• Multiple Equilibria, Sequencing, and First-Mover Advantage(p. 433)
• Cooperative Games(p. 431)
• Repeated Games(p. 436)
• Trees and Sequential Games(p. 439)
• Appendix 9B Decision Making and the Economics of Information(p. 444)
• Searching and Search Costs(p. 444)
• Asymmetric Information(p. 445)
• Adverse Selection and Guarantees Against Loss(p. 446)
• Moral Hazard and Business Decision Making(p. 447)
• Managing Problems Related to Information and Moral Hazard(p. 447)
• 10 Selected Topics in Pricing and Profit Analysis(p. 451)
• Markup Pricing(p. 451)
• Decisions Involving Multiple Products(p. 454)
• Price Discrimination(p. 469)
• Two-Part Pricing (Access Fees)(p. 478)
• Alternatives to Profit Maximization(p. 485)
• Summary: Multiple Products, Segmented Markets, and Pricing Strategies(p. 487)
• Appendix 10A Transfer Pricing with a Less-Than-Perfectly Competitive Market for the Intermediate Product(p. 498)
• Appendix 10B Mathematics of Price Discrimination(p. 501)
• Solution Procedure if Discrimination is Permitted(p. 502)
• Solution Procedure if Discrimination is Not Permitted(p. 504)
• International Capsule II Markets and Pricing Strategy in International Trade(p. 507)
• Market Segmentation in International Trade(p. 507)
• The Problem of Dumping(p. 509)
• Webb-Pomerene and Export Trading Companies(p. 510)
• The Effects of Trade Restrictions on Prices(p. 511)
• International Transfer Pricing(p. 513)
• 11 Factor Markets and Profit-Maximizing Employment of Variable Inputs(p. 516)
• Profit-Maximizing Employment of One Variable Input(p. 517)
• Determination of Equilibrium Prices for Inputs: Perfect Competition in the Input Market(p. 524)
• Determination of Equilibrium Prices for Inputs: Monopsony in the Input Market(p. 528)
• Determination of Equilibrium Prices for Inputs: Bilateral Monopoly in the Input Market(p. 531)
• Summary: Profit Maximization and Employment of Inputs(p. 533)
• Appendix 11 Mathematics of Profit-Maximizing Input Use When There Are Materials Costs(p. 542)
• Integrating Case 3A German-American Metals Corporation(p. 545)
• Integrating Case 3B Bonco, Incorporated: A Firm in Transition(p. 548)
• Integrating Case 3C A Hare-Raising Decision(p. 551)
• Integrating Case 3D Omega Distributing Company II(p. 554)
• Part 4 Analysis of Project Decisions(p. 557)
• 12 Fundamentals of Project Evaluation(p. 558)
• Capital Budgeting and Project Analysis(p. 560)
• Costs in New Undertakings(p. 561)
• Stream of Receipts or Returns(p. 561)
• A Simple Capital Project Analysis(p. 568)
• Project Yield or Rate of Return(p. 572)
• Project Ranking in Capital Budgeting Analysis(p. 573)
• Cost of Capital and the Discount Rate(p. 576)
• Summary: Project Analysis and Capital Budgeting(p. 580)
• Appendix 12 Compounding and Discounting(p. 587)
• Compound Interest(p. 587)
• Present Value and Discounting(p. 589)
• Annuities(p. 590)
• 13 Risk in Project Analysis(p. 593)
• Certainty Versus Risk(p. 593)
• Risk in Economic Analysis(p. 594)
• Risk-Return Indifference Curves(p. 594)
• Probability and Uncertainty(p. 596)
• Application of Probability Analysis to Risk(p. 598)
• Evaluating Risky Streams of Receipts(p. 607)
• Probability Approach to Multiple Project Alternatives(p. 608)
• Acceptable Shortcuts to Risk Analysis(p. 609)
• Externalities and their Nature(p. 613)
• Summary: Risk and Risk Adjustment in Capital Projects(p. 615)
• International Capsule III Project Analysis in a Multinational Setting(p. 623)
• International Dimensions of Project Analysis(p. 623)
• Example of a Foreign Project(p. 626)
• Integrating Case 4A A "Guaranteed" Foreign Investment(p. 629)
• Proposal I(p. 629)
• Proposal II(p. 631)
• Integrating Case 4B Shanghai Magnificent Harmony Foundry II(p. 632)
• Part 5 The Firm and the Public Sector(p. 635)
• 14 Economics of Public Sector Decisions(p. 636)
• Micro- Versus Macroeconomics in Public Sector Analysis(p. 636)
• The Public Sector's Product(p. 637)
• Resource Allocation and the Supply of Public Goods(p. 638)
• Cost-Benefit Analysis: A Procedural Outline(p. 643)
• Public Investment and the Discount Rate(p. 652)
• Cost-Benefit Analysis and Divergent Public Objectives(p. 654)
• Pitfalls of Cost-Benefit Analysis(p. 656)
• The Future of Cost-Benefit Analysis(p. 661)
• Summary: Managerial Decisions in the Public Sector(p. 661)
• 15 Legal and Regulatory Environment of the Firm(p. 666)
• Managers and the Law(p. 668)
• Types of Law Affecting the Firm(p. 669)
• Antitrust and Business Practices Laws(p. 672)
• Administrative Agencies and the Law(p. 680)
• The Regulated Industries(p. 682)
• Whose Interests Do Regulators Serve?(p. 687)
• Regulation of Unregulated Industries(p. 692)
• Laws, Regulations, and the Firm's Strategy(p. 694)
• Summary: The Legal Environment and Managerial Economics(p. 695)
• Integrating Case 5 Bayville Convention Center(p. 699)
• Appendix A Mathematical Appendix(p. 702)
• Appendix B Interest Factor Tables(p. 723)
• Appendix C Answers to Selected Odd-Numbered Problems(p. 732)
• Glossary(p. 739)
• Index(p. 747)