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Microeconomics for MBAs : the economic way of thinking for managers / Richard B. McKenzie, Dwight R. Lee

Author
McKenzie, Richard B.
Published
New York : Cambridge University Press, 2017.
Edition
Third edition.
Physical Description
xxxvii, 725 pages : illustrations ; 26 cm
Additional Creators
Lee, Dwight R.

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Contents
Machine generated contents note: Part I. The Market Economy, Overview and Application: 1. Microeconomics: a way of thinking about business; 2. Principles of rational behavior in society and business; 3. Competitive product markets and firm decisions; 4. Applications of the economic way of thinking: domestic government and management policies; Part II. Applications of Basic Economic Theory: 5. Applications of the economic way of thinking: international economics; 6. Applications of the economic way of thinking: environmental economics; Part III. Demand and Production Theory: 7. Consumer choice and demand in traditional and network markets; 8. Production costs and the theory of the firm; 9. Production costs in the short run and long run; Part IV. Competitive and Monopoly Market Structures: 10. Firm production under idealized competitive conditions; 11. Monopoly power and firm pricing decisions; 12. Firm strategy under imperfectly competitive market conditions; 13. Competitive and monopsonistic labor markets; Part V. Behavioral Economics: A Challenge to Conventional Microeconomics: 14. Challenges of behavioral economists; 15. Problems with behavioral economics.
Summary
"Almost all (if not all) textbooks used in business students' first course in microeconomics are designed with undergraduate economics majors or first-year PhD students in mind. Accordingly, business students, especially MBA students, are often treated to a course in intermediate microeconomic theory, full of arcane mathematical explanations. The applications in such standard textbooks deal mainly with the impact of social or government policies on markets, with little discussion of how real-world managers can use microeconomics to make better decisions within their firms in response to market forces or how market forces can be expected to affect firms' institutional and financial structures"--
"Now in its third edition, this textbook develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Theory and math is kept as simple as possible and illustrated with real-life scenarios. The textbook package includes online video tutorials on key concepts and complex arguments, and topics likely to be assessed in exams. The distinguished author team has developed this textbook over 20 years of teaching microeconomics to MBA students. Chapters are clearly structured to support learning: Part I of each chapter develops key economic principles. Part II draws on those principles to discuss organizational and incentive issues in management and focuses on solving the 'principal-agent' problem to maximize the profitability of the firm - lessons that can be applied to problems MBA students will face in the future. Economics and management are treated equally; this unique textbook presents economics as part of the everyday thinking of business people"--
Subject(s)
ISBN
9781107139480 (hardback)
1107139481 (hardback)
Note
Revised edition of the authors' Microeconomics for MBAs, 2010.
Bibliography Note
Includes bibliographical references (pages 676-706) and index.
View MARC record | catkey: 20273354