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.
• Problem-solving sections and plentiful and extensive case studies involving current issues, with questions • Extensive treatment of game theory compared with other texts • International applications
Part I. Introduction: 1. Nature, scope and methods of managerial economics; 2. Theory of the firm; Part II. Demand Analysis: 3. Demand theory; 4. Demand estimation; Part III. Production and Cost Analysis: 5. Production theory; 6. Cost theory; 7. Cost estimation; Part IV. Strategy Analysis: 8. Market structure and pricing; 9. Game theory; 10. Pricing strategy; 11. Investment analysis; 12. Government and managerial policy.
'A thoughtful and well-written text which explains key concepts in a rigorous and accessible way. A particular strength is the rich collection of applications and case studies which demonstrate the value of the economic approach to many management problems and decisions. The well-designed solved problems demonstrate how the analytical techniques can be applied and will be particularly valuable in helping students to connect theory with practice and to solve problems for themselves. A very useful addition to the field.' Martin Carter, Leeds University Business School
'This is an exhaustive study of managerial economics with well-chosen case studies and clear explanations from an experienced teacher.' John Mark, King's College London