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Managerial Economics, 7th edition

Published by Pearson (July 14, 2021) © 2014

  • Paul G. Keat Thunderbird
  • Philip K. Young Thunderbird
  • Steve Erfle Dickinson College
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For upper-level undergraduate and first-year MBA courses in managerial and applied economics.

This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory.

The Seventh Edition welcomes a new co-author, Stephen Erfle of Dickinson College, who has contributed many revisions and improvements to the quantitative sections of the text, as well as provided a major addition: the use of Excel in the presentation of many of the numerical and graphical illustrations presented throughout the text.
To strengthen students' ability to use Excel—a critical skill in today's job market—new Excel Applications (Excel Apps) allow readers to turn the static figures and tables in the text into dynamic illustrations.

Table of Contents

  • 1. Introduction
  • 2. The firm and Its Goals
  • 3A. Supply and Demand
    • Appendix 3. The Mathematics of Supply and Demand
  • 4. Demand Elasticity
    • Appendix 4. Applications of Supply and Demand
  • 5. Demand Estimation and Forecasting
  • 6. The Theory and Estimation of Production
    • Appendix 6A. The Production of Services
    • Appendix 6B. The Multiple-Input Case
    • Appendix 6C. Expressing the Production Function with the Use of Calculus
  • 7. The Theory and Estimation of Cost
    • Appendix 7A. A Mathematical Restatement of the Short-Run Cost Function
    • Appendix 7B. The Estimation of Cost
  • 8. Pricing and Output Decisions: Perfect Competition and Monopoly
    • Appendix 8A. The Use of Calculus in Pricing and Output Decisions
    • Appendix 8B. Break-Even Analysis (Volume-Cost-Profit)
  • 9. Pricing and Output Decision: Monopolistic Competition and Oligopoly
  • 10. Special Pricing Practices
  • 11. Game Theory and Asymmetric Information
  • 12. Capital Budgeting and Risk
    • Appendix 12A. The Value of A Corporation
  • 13. The Multinational Corporation and Globalization
  • 14. Government and Industry: Challenges and Opportunities for Today's Manager
  • 15. Managerial Economics in Action
    • Part 1. Beverage Industry Survey
    • Part 2. The Business Planning Process
    • Appendix 15A. Beverage Industry Executives

Appendix A. Statistical and Financial Tables

Online appendices

Review of mathematical concepts used in managerial economics

Linear programming

Calculations for the time value of money

Solutions to odd-numbered problems

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