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• Title:Microeconomics for MBAs : the economic way of thinking for managers / Richard B. McKenzie, Dwight R. Lee.
  
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• Author/Creator:McKenzie, Richard B., author.
  
• Other Contributors/Collections:Lee, Dwight R.
  
• Published/Created:New York : Cambridge University Press, 2017.
  

• Holdings

  Holdings Record Display

  • Location:DAVID LAM LIBRARY stacksWhere is this?
    
  • Call Number: HB172 .M396 2017
    
  • Number of Items:1
    
  • Status:Available
    

   
• Library of Congress Subjects:Microeconomics.
  Managerial economics.
  
• Edition:Third edition.
  
• Description:xxxvii, 725 pages : illustrations ; 26 cm
  
• Summary:"Now in its third edition, this textbook develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Theory and math is kept as simple as possible and illustrated with real-life scenarios. The textbook package includes online video tutorials on key concepts and complex arguments, and topics likely to be assessed in exams. The distinguished author team has developed this textbook over 20 years of teaching microeconomics to MBA students. Chapters are clearly structured to support learning: Part I of each chapter develops key economic principles. Part II draws on those principles to discuss organizational and incentive issues in management and focuses on solving the 'principal-agent' problem to maximize the profitability of the firm - lessons that can be applied to problems MBA students will face in the future. Economics and management are treated equally; this unique textbook presents economics as part of the everyday thinking of business people"-- Provided by publisher.
  "Almost all (if not all) textbooks used in business students' first course in microeconomics are designed with undergraduate economics majors or first-year PhD students in mind. Accordingly, business students, especially MBA students, are often treated to a course in intermediate microeconomic theory, full of arcane mathematical explanations. The applications in such standard textbooks deal mainly with the impact of social or government policies on markets, with little discussion of how real-world managers can use microeconomics to make better decisions within their firms in response to market forces or how market forces can be expected to affect firms' institutional and financial structures"-- Provided by publisher.
  
• Notes:Revised edition of the authors' Microeconomics for MBAs, 2010.
  Includes bibliographical references (pages 676-706) and index.
  
• ISBN:9781107139480 (hardback)
  1107139481 (hardback)
  
• Contents:Machine generated contents note: 1. Microeconomics: a way of thinking about business
  Part A Theory and public policy applications
  emergence of a market
  economic problem
  scope of economics
  Developing and using economic theories
  Microeconomics and macroeconomics
  Private property rights, game theory, and the Prisoner's Dilemma
  Private property rights and the games economists play
  Private property rights and the market
  emergence of private property rights
  Game theory: Prisoner's Dilemmas
  Prisoner's Dilemma solutions: enforcement and trade
  Communal property rights and the "tragedy of the commons"
  Voluntary organizations and firms as solutions for "tragedies of the commons"
  tragedy of the anticommons
  Perspective 1 "I, Pencil," by Leonard E. Read
  Part B Organizational economics and management
  Managing through incentives
  Productivity increases
  growing importance of incentives
  classic Lincoln Electric case study
  Incentives and managed earnings
  Why incentives are important
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  2. Principles of rational behavior in society and business
  Part A Theory and public policy applications
  Rationality: a basis for exploring human behavior
  Rational decisions in a constrained environment
  Maximizing satisfaction; cost benefit analysis
  effects of time and risk on costs and benefits
  What rational behavior does not mean
  Perspective 2 The evolutionary foundations of cooperation
  Part B Organizational economics and management
  logic of group behavior in business and elsewhere
  common-interest logic of group behavior
  economic logic of group behavior
  Overcoming Prisoner's Dilemmas through tough bosses
  Take this job and...
  role of the residual claimant in abating Prisoner's Dilemmas in large groups
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
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  Review questions
  3. Competitive product markets and firm decisions
  Part A Theory and public policy applications
  competitive market process
  Supply and demand: a market model
  Market equilibrium
  efficiency of the competitive market model
  Nonprice competition
  Competitive labor markets
  Perspective 3 Why queues?
  Part B Organizational economics and management
  Making worker wages profitable in competitive markets
  Henry Ford's "overpayment"
  Overpayments to prevent misuse of firm resources
  underpayment and overpayment of workers
  overpayment/underpayment connection
  Mandatory retirement
  role of employers' "credible commitments"
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  4. Applications of the economic way of thinking: domestic government and management policies
  Part A Theory and public policy applications
  Who pays the tax?
  Price controls
  California drought and the effects of low and controlled water prices on conservation
  Fringe benefits, incentives, and profits
  Minimum wages
  draft versus the all-volunteer military service
  Perspective 4 Maslow's Hierarchy of Needs and economists' supply and demand curves, contrasting views on human (and economic) choices
  Part B Organizational economics and management
  How honesty can pay in business
  Game theory, again: games of trust
  Moral hazards and adverse selection
  role of "hostages" in business
  Firm logos
  Storefronts and fixtures
  Firm profitability
  Creation of competition
  Joint ownership
  Guarantees
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
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  Review questions
  5. Applications of the economic way of thinking: international economics
  Part A International trade theory and public policy applications
  Global economics: international trade
  Aggregate gains from trade
  law of comparative advantage
  distributional effects of trade
  Gains to exporters
  effects of trade restrictions
  Special interests' politics and trade restrictions
  Protection retaliation and trade wars
  Interconnections of comparative advantage
  Trade Authority Bill 2015
  Perspective 5 "A PETITION From the Manufacturers of Candles, ... and Generally of Everything Connected with Lighting," by Frederic Bastiat (1801-1850), Sophismes economiques, 1845
  Part B International finance
  process of international monetary exchange
  exchange of national currencies
  Determination of the exchange rate
  Exchange rates and changes in domestic market conditions
  Monetary and fiscal policies
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  6. Applications of the economic way of thinking: environmental economics
  Part A Green economics: external costs and benefits
  Competitive markets and environmental failures
  External costs
  External benefits
  pros and cons of government action
  Methods of reducing externalities
  Choosing the most efficient remedy for reducing external costs of pollution
  Perspective 6 Why walking to work can be more polluting than driving to work
  Part B Organizational economics and management
  consequences of "quicksilver capital" for business and government
  Capital mobility and business competitiveness
  Capital mobility and government competitiveness
  Collective agreement problems in averting global-warming Armageddon
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  7. Consumer choice and demand in traditional and network markets
  Part A Theory and public policy applications
  Predicting consumer demand
  Rational consumption: the concept of marginal utility
  Changes in price and the law of demand
  From individual demand to market demand
  Elasticity: consumers' responsiveness to price changes
  Applications of the concept of elasticity
  Determinants of the price elasticity of demand
  Changes in demand
  Normal and inferior goods
  Substitutes and complementary goods
  Acquisition and transactional utility
  Objections to demand theory
  Perspective 7 Common concerns relating to the law of demand
  Part B Organizational economics and management
  Pricing strategies and demand characteristics
  Scarcity, abundance, and economic value
  Software networks
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
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  Review questions
  8. Production costs and the theory of the firm
  Part A Theory and public policy applications
  Various cost conceptions
  special significance of marginal cost
  cost-benefit trade-off
  Price and marginal cost: producing to maximize profits
  From individual supply to market supply
  Perspective 8 The last-period problem
  Part B Organizational economics and management
  Production costs and firms' size and organizational structure
  Reasons for firms
  Changes in organizational costs
  Overcoming the large-numbers' Prisoner's Dilemma problems
  Make-or-buy decisions
  value of reputation, again
  franchise decision
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  9. Production costs in the short run and long run
  Part A Theory and public policy applications
  Fixed, variable, and total costs in the short run
  Marginal and average costs in the short run
  Marginal and average costs in the long run
  Long-run average and marginal cost curves
  Industry differences in average cost
  Shifts in the average and marginal cost curves
  very long run
  Perspective 9 Myth of the first-mover advantage
  Part B Organizational economics and management
  Firms' debt/equity structures and executive incentives
  Debt and equity as alternative investment vehicles
  Past failed incentives in the S&L industry
  Industry maturity and funds misuse
  Firm maturity and indebtedness
  bottom-line consequences of firms' financial structures
  emergence of the housing bubble and burst of the early 2000s
  bailout and stimulus policy debate, for and against
  Lessons learned from the housing and economic crisis?
  Practical lessons for serious business students
  Further reading online
  Recommended video lecture
  bottom line
  Review questions
  10. Firm production under idealized competitive conditions
  Part A Theory and public policy applications
  Pricing and production strategies under four market structures
  perfect competitor's production decision
  Maximizing short-run profits
  Minimizing short-run losses
  Producing over the long run
  Marginal benefit versus marginal cost
  efficiency of perfect competition: a critique
  Price takers and price searchers
  perfection in perfect competition?
  Perspective 10 The "innovator's dilemma"
  Part B Organizational economics and management
  Competing cost-effectively through efficient teams
  Team production
  Paying teams
  Experimental evidence on the effectiveness of team pay
  Practical lessons for serious business students
  Further reading online
  Contents note continued: Recommended video lectures
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  Review questions
  11. Monopoly power and firm pricing decisions
  Part A Theory and public policy applications
  origins of monopoly
  limits of monopoly power
  Equating marginal cost with marginal revenue
  comparative inefficiency of monopoly
  Monopoly profits
  Price discrimination
  Applications of monopoly theory
  total cost of monopoly
  Durable goods monopoly
  Monopoly in government and inside firms
  Perspective 11 The QWERTY keyboard: a case of "lock-in"?
  Part B Organizational economics and management
  Profits from creative pricing
  Price discrimination in practice
  Pricing cartels
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
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  Review questions
  Appendix: short-run profits and losses
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  Review questions
  12. Firm strategy under imperfectly competitive market conditions
  Part A Theory and public policy applications
  Monopolistic competition
  Oligopoly
  Cartels: incentives to collude and to cheat
  Game theory: cartels and the Nash equilibrium
  case of the natural monopoly
  economics and politics of business regulation
  Perspective 12 Pedophiles and the regulation of hugging, with Kathryn Shelton
  Part B Organizational economics and management
  "Hostile" takeover as a check on managerial monopolies
  Reasons for takeovers
  market for corporate control
  efficiency of takeovers
  Will monopoly profits last into the very long run?
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  13. Competitive and monopsonistic labor markets
  Part A Theory and public policy applications
  demand for and supply of labor
  Why wage rates differ
  Overtime pay, an unmitigated benefit for covered workers?
  Monopsonistic labor markets
  Employer cartels: monopsony power through collusion
  Monopsony and the minimum wage
  Perspective 13 Why professors have tenure and businesspeople don't
  Part B Organizational economics and management
  Paying for performance
  When managers can change the rate of piece-rate pay
  Two-part pay systems
  Why incentive pay equals higher pay
  One-time bonuses versus annual raises
  Practical lessons for serious business students
  Further reading online
  Recommended video lectures
  bottom line
  Review questions
  14. Challenges of behavioral economists
  Part A The overall dimensions of the behavioral challenge
  Prospect theory
  Dominance and invariance
  Mental accounting
  Endowment effect
  Acquisition and transaction utility
  matter of sunk costs
  Perspective 14 Neuroeconomics, by Paul J. Zak
  Part B Behavioral finance
  efficient-market hypothesis, again
  Behaviorists' objections to conventional finance theory
  Further reading online
  bottom line
  Review questions
  15. Problems with behavioral economics
  Part A Concerns with basic principles of behavioral economics
  perfect rationality caricature
  Reliance on constrained laboratory studies
  human brain's internal inclination to correct errant decisions
  Ecologically adaptive environments
  Subjects' overall rationality
  Errant decisions, entrepreneurs, and market pressures
  rational emergence of choice options
  Perspective 15 NBC's anchor Brian Williams' fall from grace, "false memory," and incentives
  Part B "Nudges" and their problems
  Proposed nudges
  Problems with nudges
  From nudges to mandates: the slippery slope
  Further reading online
  Recommended video lecture
  bottom line
  Review questions.