Microeconomics for Managers
Principles and Applications

A sophisticated yet non-technical introduction to microeconomics for MBA students and undergraduates (fully updated for its 4th edition).

Richard B. McKenzie (Author), D. Eric Schansberg (Author), Dwight R. Lee (Author)

9781009354783, Cambridge University Press

Hardback, published 28 March 2024

566 pages
26 x 18.3 x 3.3 cm, 1.33 kg

'… an innovative and accessible resource … For students this textbook offers a blend of theoretical and practical knowledge that bridges the gap between economic models and business realities, and for educators it provides a versatile framework adaptable to a wide range of instructional needs.' Kentaro Tomoeda, The Economic Record

This fully updated fourth edition explores microeconomic concepts, with a distinctive emphasis on 'the economic way of thinking' and its applicability to sharp managerial thinking, productivity, and good decision-making. It stands apart due to its strong focus on practical and applied knowledge from the business context and its unique structure (Part I of each chapter develops key economic principles; Part II draws on those principles to discuss organizational and incentive issues in management, focusing on solving the 'principal-agent' problem to maximize the profitability of the firm). There are plentiful real-life scenarios and provocative examples in each chapter. Accessible to MBA students, other graduate students and undergraduates, it is ideal as a core text for courses in Managerial Economics. Requiring an understanding of only basic algebra, this new edition is more concise with a wealth of online resources, including additional online chapters and an online appendix with more advanced mathematical applications.

Preface for teachers
Preface for students
Video lectures and suggested uses
Book I. The Market Economy, Overview and Applications: 1. Microeconomics: a way of thinking about business
2. Principles of rational behavior in society and business
3. Competitive product markets and firm decisions
4. Consumer choice and demand in traditional and network markets
Book II. Producer Theory: 5. Applications of demand and supply to government and management policies
6. Principles of political economy for public policy and business
Book III. Theory of the Firm, Production, and Costs: 7. Production, costs, and the theory of the firm
8. Production costs in the short run and long run
Book IV. Competitive and Monopoly Market Structures: 9. Firm production under idealised competitive conditions
10. Monopoly power and firm pricing decisions
11. Firm strategy under imperfectly competitive market conditions
12. Competitive and monopsonistic labor markets
Select bibliography
Index.

Subject Areas: Business strategy [KJC]