Managerial Economics & Business Strategy 8th Edition, by Michael Baye and Jeff Prince provides complete resolution designed to help students use instruments from intermediate microeconomics, recreation idea, and industrial group to make sound managerial decisions. Now totally built-in within McGraw-Hill’s Join Plus platform, the 8th edition gives instructors with new ways to evaluate scholar efficiency in the managerial economics course.
Students get benefit from LearnSmart’s adaptive studying modules, designed reinforce core concepts in every chapter. A variety of print and digital formats mixed with frontier research, inclusion of contemporary subjects, and balanced coverage of traditional and trendy microeconomics produce a new providing that is easier to teach from and more dynamic and interesting for students.
This book begins by instructing managers the sensible utility of basic economic tools comparable to current worth evaluation, provide and demand, regression, indifference curves, isoquants, manufacturing, prices, and the basic models of perfect competitors, monopoly, and monopolistic competition.
Adopters and reviewers additionally praise the book for its actual-world examples and because it includes trendy matters not contained in another single managerial economics textbook: oligopoly, penetration pricing, multistage and repeated games, foreclosure, contracting, vertical and horizontal integration, networks, bargaining, predatory pricing, principal-agent issues, elevating rivals’ costs, hostile selection, auctions, screening and signaling, search, restrict pricing, and a host of different pricing methods for corporations enjoying market power.
This balanced coverage of traditional and trendy microeconomic instruments makes it appropriate for all kinds of managerial economics classrooms. An rising number of business colleges are adopting this book to switch (or use alongside) managerial technique texts laden with anecdotes but lacking the microeconomic tools wanted to establish and implement the business strategies that are optimum in a given situation.
Chapters 1–4 have been revised to include more timely headlines, updated Inside Business applications, and additional in-text examples. Each chapter also contains new end-of-chapter problems, as well as updated versions of the class-tested problems you enjoyed in the previous edition. Chapter 5 opens with a new Headline and contains updated examples throughout. It also offers a new Inside Business application that shows how to estimate cost functions using regression techniques, as well as updated and new end-of-chapter problems.
Chapter 6 offers updated examples and Inside Business applications. The chapter also includes two new end-of-chapter problems. Chapter 7 contains thoroughly updated examples and industry data, along with a new Inside Business application that describes the 2007 North American Industry Classification System (NAICS). Additionally, the in-text discussion of horizontal mergers has been revised to reflect current practices at the Federal Trade Commission and Antitrust Division of the U.S. Department of Justice. The chapter also includes two new end-of-chapter problems.
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