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Christopher Thomas and S. Charles Maurice focus on the goal of teaching students to think economically about business decisions and strategy in their textbook Managerial Economics, ISBN 9780073375915. This text challenges students' critical thinking skills while presenting them with a consistent approach to evaluating the routine decisions of managing...
Christopher Thomas and S. Charles Maurice focus on the goal of teaching students to think economically about business decisions and strategy in their textbook Managerial Economics, ISBN 9780073375915. This text challenges students' critical thinking skills while presenting them with a consistent approach to evaluating the routine decisions of managing daily operations of a business while also discussing the longer-run strategic plans used to maneuver the actions and reactions of rival firms. Boasting a thorough yet easy-to-understand style of writing, this book offers clear and concise presentation of topics supported by solid end-of-chapter application problems. The student will not be inundated with every single new trend in microeconomics and industrial organization but instead will see focused coverage of the most significant components of business decision making and strategic planning. Christopher Thomas and S. Charles Maurice choose to divide the materials of Managerial Economics across five succinct sections and 16 chapters. This book begins with part I devoted to 'Some Preliminaries.' These opening chapters discuss managers, profits, and markets, demand, supply, and market equilibrium, marginal analysis for optimal decisions, and basic estimation techniques. Part II delves into 'Demand Analysis' with chapters focused on theory of consumer behavior, elasticity and demand, demand estimation and forecasting.' 'Production and Cost Analysis' is the topic of choice in part III with chapters discussing production and cost in the short and long run as well as production and cost estimation. Part IV presents information on 'Profit-Maximization in Various Market Structures.' These chapters investigate managerial decisions in competitive markets and for firms with market power and also discuss strategic decision making in oligopoly markets. The final section of this book is that of part V which presents 'Advanced Managerial Decision Making' with chapters devoted to advanced pricing techniques, decisions under risk and uncertainty, and finally, government regulation of business.
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