Managerial Economics For Dummies

Robert Graham, PhD, is a Professor of Economics with an extensive administrative background, serving for three-and-a-half years as the Interim Vice President and Dean of Academic Affairs at Hanover College.

• Introduction 1Part I: The Nature of Managerial Economics 9Chapter 1: Managerial Economics: Taking Care of Business 11Chapter 2: Supply and Demand: You Have What Consumers Want 23Chapter 3: Calculus, Optimization, and You 39Part II: Considering What Side You’re On in the Decision-Making Process 55Chapter 4: Using the Elasticity Shortcut 57Chapter 5: Consumer Behavior: A Market for Anything? 73Chapter 6: Production Magic: Pulling a Rabbit Out of the Hat 91Chapter 7: Innovation and Technological Change: The Future Is Now 109Chapter 8: Production Costs: Where Less Is More 121Part III: Recognizing Rivals: Market Structures and the Decision-Making Environment 137Chapter 9: Limited Decision-Making in Perfect Competition 139Chapter 10: Monopoly: Decision-Making Without Rivals 161Chapter 11: Oligopoly: I Need You 181Chapter 12: Game Theory: Fun Only if You Win 203Chapter 13: Monopolistic Competition: Competitors, Competitors Everywhere 223Chapter 14: Increasing Revenue with Advanced Pricing Strategies 235Part IV: Anticipating Surprises: Risk and Uncertainty 261Chapter 15: Risk Analysis: Walking Through the Fog 263Chapter 16: Using Capital Budgeting to Prepare for the Future 285Chapter 17: Principal–Agent Issues and Adverse Selection: Can Everyone Agree? 299Chapter 18: Rules, Rules Everywhere: Government and Managerial Decision-Making 315Part V: The Part of Tens 333Chapter 19: Ten Critical Concepts 335Chapter 20: Ten Managerial Mistakes and How to Avoid Them 343Index 351