PART 1 OVERVIEW OF MANAGERIAL ECONOMICS 1 Introduction How Is Managerial Economics Useful? Managerial Application 1.1: Managerial Ethics Theory of the Firm Profit Measurement Why Do Profits Vary Among Firms? Role of Business in Society Managerial Application 1.2: The Internet Revolution Structure of This Text Summary 2 Basic Economic Relations Economic Optimization Process Basic Economic Relations Managerial Application 2.1: Does Good Theory Always Work in Practice? Marginal Analysis in Decision Making Practical Applications of Marginal Analysis Managerial Application 2.2: How Entrepreneurs Shape the Economy Incremental Concept in Economic Analysis Summary 3 Statistical Analysis of Economic Relations Data Summary and Description Measures of Central Tendency Managerial Application 3.1: Sampling Technology for TV Advertising Measures of Dispersion Hypothesis Testing Regression Analysis Regression Statistics Managerial Application 3.2: Spreadsheet and Statistical Software for the PC Demand Estimation Example Summary PART 2 DEMAND ANALYSIS 4 Demand and Supply Basis for Demand Managerial Application 4.1: How the Internet Affects Demand and Supply Market Demand Function Demand Curve Basis for Supply Market Supply Function Supply Curve Managerial Application 4.2: Demand and Supply Conditions for Economists Market Equilibrium Summary 5 Demand Analysis and Estimation Demand Sensitivity Analysis: Elasticity Price Elasticity of Demand Managerial Application 5.1: Due Diligence in E-Commerce Price Elasticity and Marginal Revenue Price Elasticity and Optimal Pricing Policy Managerial Application 5.2: Relationship Marketing Cross-Price Elasticity of Demand Income Elasticity of Demand Summary 6 Forecasting What Is Economic Forecasting? Common Types of Forecasting Problems Managerial Application 6.1: Economic Forecasting: The Art and the Science Qualitative Analysis Trend Analysis and Projection Business Cycle Exponential Smoothing Techniques Managerial Application 6.2: The Stock Market and the Business Cycle Summary PART 3 PRODUCTION AND COST ANALYSIS 7 Production Analysis and Compensation Policy Production Functions Total, Marginal, and Average Product Managerial Application 7.1: Total Quality Management Law of Diminishing Returns to a Factor Input Combination Choice Managerial Application 7.2: Are CEOs Overpaid? Marginal Revenue Product and Optimal Employment Input Demand Function Optimal Combination of Multiple Inputs Optimal Levels of Multiple Inputs Returns to Scale Production Function Estimation Productivity Measurement Summary Cost Analysis and Estimation What Makes Cost Analysis Difficult? Opportunity Costs Incremental and Sunk Costs in Decision Analysis Short-Run and Long-Run Costs Short-Run Cost Curves Managerial Application 8.1: Gaps in GAAP? Long-Run Cost Curves Minimum Efficient Scale Firm Size and Plant Size Managerial Application 8.2: Bigger Isn't Always Better Learning Curves Economies of Scope Cost-Volume-Profit Analysis Summary PART 4 MARKET STRUCTURE ANALYSIS AND ESTIMATION 9 Perfect Competition and Monopoly Contrast Between Perfect Competition and Monopoly Managerial Application 9.1: Is the Stock Market Perfectly Competitive? Factors That Determine the Level of Competition Perfect Competition Monopoly Countervailing Power: The Monopoly/Monophony Confrontation Measurement of Business Profit Rates Managerial Application 9.2: Wrigley's Success Formula Link Between Market Structure and Business Profit Rates Competitive Strategy in Perfectly Competitive and Monopoly Markets Summary 10 Monopolistic Competition and Oligopoly Contrast Between Monopolistic Competition and Oligopoly Monopolistic Competition Managerial Application 10.1: Intel: Running Fast to Stay in Place Illustration of Monopolistically Competitive Equilibrium Oligopoly Nonprice Competition Game Theory Managerial Application 10.2: Dot.com Market Structure Measurement Census Measures of Market Concentration Competitive Strategy in Monopolistic Competition and Oligopoly Markets Summary 11 Pricing Practices Markup Pricing Managerial Application 11.1: 10~ for a Gallon of Gas in Dayton, Ohio Markup Pricing and Profit Maximization Price Discrimination Price Discrimination Example Multiple-Unit Pricing Strategies Managerial Application 11.2: Do Colleges Price Discriminate? Multiple-Product Pricing Example of Joint Product Pricing Transfer Pricing Global Transfer Pricing Example Summary PART 5 LONG-TERM INVESTMENT DECISIONS 12 Regulation of the Market Economy Competition and the Role of Government Regulatory Response to Incentive Failures WhoPays the Costs of Regulation? Regulatory Response to Structural Failures Managerial Application 12.1: Microsoft's Antitrust Woes Antitrust Policy Managerial Application 12.2: The Enron Debacle Problems with Regulation Deregulation Movement Summary 13 Risk Analysis Concepts of Risk and Uncertainty Probability Concepts Standard Normal Concept Managerial Application 13.1: Why Lotteries Are Popular Utility Theory and Risk Analysis Managerial Application 13.2: Employee Stock Options Adjusting the Valuation Model for Risk Decision Trees and Computer Simulation Uses of Game Theory in Risk Analysis Summary 14 Capital Budgeting Capital Budgeting Process Steps in Capital Budgeting Managerial Application 14.1: Market-Based Capital Budgeting Cash Flow Estimation Example Capital Budgeting Decision Rules Choosing Among Alternative Projects Cost of Capital Managerial Application 14.2: Capital Allocation at Berkshire Hathaway, Inc. Optimal Capital Budget Summary Appendix: Interest Factor Tables Selected Check Figures for End-of-Chapter Problems Glossary
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