Managerial Economics PDF
Preview Managerial Economics
1 2 e Managerial Economics Mark Hirschey University of Kansas Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States This page intentionally left blank Managerial Economics, 12th Edition © 2009, 2006 South-Western, a part of Cengage Learning Mark Hirschey ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form VP/Editorial Director: Jack W. Calhoun or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web Acquisitions Editor: Mike Roche distribution, information networks, or information storage and retrieval Developmental Editor: Amy Ray systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of Editorial Assistant: Laura Cothran the publisher. Marketing Manager: Brian Joyner Content Project Manager: Lysa Oeters For product information and technology assistance, contact us at Sr. Manufacturing Coordinator: Sandee Cengage Learning Academic Resource Center, 1-800-423-0563 Milewski For permission to use material from this text or product, Production Service: Integra submit all requests online at www.cengage.com/permissions Sr. Art Director: Michelle Kunkler Further permissions questions can be emailed to [email protected] Cover and Internal Designer: Diane Gliebe/ Design Matters Cover Image: © iStockphoto.com © 2009 Cengage Learning. All Rights Reserved. Library of Congress Control Number: 2007941977 Student Edition ISBN 13: 978-0-324-58886-6 ISBN 10: 0-324-58886-0 Student Edition with PAC ISBN 13: 978-0-324-58484-4 ISBN 10: 0-324-58484-9 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit academic.cengage.com Purchase any of our products at your local college store or at our preferred online store www.ichapters.com Printed in the United States of America 1 2 3 4 5 6 7 12 11 10 09 08 This page intentionally left blank Dedication For Christine—I still do. This page intentionally left blank About the Author Mark Hirschey, Ph.D. (University of Wisconsin-Madison), is the Anderson W. Chandler Professor of Business at the University of Kansas, where he teaches undergraduate and graduate courses in managerial economics and finance. Professor Hirschey is president of the Association of Financial Economists and member of several professional organizations. He has published articles in the American Economic Review, Review of Economics and Statistics, Journal of Business, Journal of Business and Economic Statistics, Journal of Finance, Journal of Financial Economics, Journal of Industrial Economics, and other leading academic journals. He is editor of Advances in Financial Economics, and past editor of Managerial and Decision Economics. Professor Hirschey is also author of Fundamentals of Managerial Economics and Investments: Analysis & Behavior. vii This page intentionally left blank Brief Contents Preface xxiii Part 1: Overview of Managerial Economics 1 1. Nature and Scope of Managerial Economics 3 2. Economic Optimization 23 3. Demand and Supply 77 Part 2: Demand Analysis and Estimation 111 4. Demand Analysis 113 5. Demand Estimation 161 6. Forecasting 199 Part 3: Production and Competitive Markets 243 7. Production Analysis and Compensation Policy 245 8. Cost Analysis and Estimation 289 9. Linear Programming 331 10. Competitive Markets 379 11. Performance and Strategy in Competitive Markets 413 Part 4: Imperfect Competition 455 12. Monopoly and Monopsony 457 13. Monopolistic Competition and Oligopoly 501 14. Game Theory and Competitive Strategy 549 15. Pricing Practices 585 Part 5: Long-Term Investment Decisions 629 16. Risk Analysis 631 17. Capital Budgeting 671 18. Organization Structure and Corporate Governance 713 19. Government in the Market Economy 747 Appendix A: Compounding and the Time Value of Money 787 Appendix B: Interest Factor Tables 803 Appendix C: Statistical Tables 811 Selected Figures for End of Chapter Problems 817 Index 825 ix
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