Managerial economics is the application of economic theory and quantitative methods (mathematics and statistics) to the managerial decision-making process. This book will appeal to students with limited prior training in economics and quantitative methods. It assumes that students will have had mathematics training at least through pre-calculus and that they have had a course in elementary statistics. It also expects students to have had an undergraduate course in intermediate microeconomics. The book includes these features: an Online Instructor's Manual; an Online Study Guide; a problem-solving approach to the study of managerial economics that combines the features of a standard managerial economics textbook with those of a separate study guide; a method for helping business students develop the analytical skills necessary for success in the study of managerial economics, finance, and management; and, a more extensive review of mathematical techniques than most comparable textbooks.It contains a separate chapter on game theory, including: noncooperative, simultaneous-move, one- shot games; cooperative, simultaneous-move, infinitely- repeated games (including collusions, cheating rules, and determinants of collusive agreements); cooperative, simultaneous-move, finitely- repeated games; focal-point equilibria; multistage games; bargaining with and without symmetric and asymmetric impatience. It contains a chapter on the time value of money and capital budgeting. There is the accentuation of risk, uncertainty, and the economics of information throughout Book. It is practice oriented, avoiding complex theoretical explanations with cumbersome notation. The problems are included in each section and are made integral to learning and understanding subjects. Math review uses economic relationships instead of general notation. There is excellent balance among motivation, theory, and examples, and clear exposition. It emphasizes utility and applicability, not innovation. Chapters conclude with: chapter review, key terms and concepts, chapter questions, chapter exercises, and selected readings.
Thomas J. Webster is a professor in the department of finance and economics at the Lubin School of Business of Pace University in New York City. Before joining the faculty of the Lubin School of Business, Professor Webster held positions as international economist with a New York based money-center commercial bank and with the federal government in Washington, DC. In addition to his teaching duties at the Lubin School, Professor Webster has served as both graduate and undergraduate finance program chair, and faculty advisor for Beta Gamma Sigma, the international honor society for collegiate schools of business accredited by AACSB International: The Association to Advance Collegiate Schools of Business. Professor Webster is a recipient of the Lubin School of Business Scholarly Research Award for Basic Research, the Lubin School of Business Outstanding Faculty Service Award, the Pace Unviersity Award for Distinguished Service, and the Beta Gamma Sigma Commitment to Excellence Award. Professor Webster received his B.A. from the School of International Service of The American University in Washington, DC, and his M.A. and M.Phil. and Ph.D. from The City University of New York.
Introduction. Introduction to Mathematical Economics. The Essentials of Demand and Supply. Additional Topics in Demand Theory. Production. Cost. Profit and Revenue Maximization. Market Structure: Perfect Competition and Monopoly. Market Structure: Monopolistic Competition. Market Structure: Duopoly and Oligopoly. Pricing Practices. Capital Budgeting. Introduction to Game Theory. Risk and Uncertainty. Market Failure and Government Intervention.