Microeconomics for MBAs
The Economic Way of Thinking for Managers

A sophisticated yet non-technical introduction to microeconomics for MBA students, now in its third edition.

Richard B. McKenzie (Author), Dwight R. Lee (Author)

9781108747660, Cambridge University Press

Paperback / softback, published 29 October 2020

762 pages, 104 b/w illus. 24 tables
24.5 x 18.9 x 3.6 cm, 1.58 kg

'People who work in the field of public policy, business, finance, or the non-profit sector often encounter issues and situations involving complex market developments. Many such people often wish that they have had more training in the concepts, analytical framework, and toolkits of economics. This book fills that need. It is geared to the practitioner, providing case studies, examples, and applications, as well as a foundation for making critical public policy and business decisions. The book provides a view from the lens of organization and management, and includes a useful take on behavioral economics.' Walter Park, American University, Washington DC

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 mathematics are 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 twenty years of teaching microeconomics to MBA students. Chapters are clearly structured to support learning: Part I of each chapter develops key economic principles, whilst 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.

Part I. The Market Economy, Overview and Application: 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. Applications of the economic way of thinking: domestic government and management policies
Part II. Applications of Basic Economic Theory: 5. Applications of the economic way of thinking: international economics
6. Applications of the economic way of thinking: environmental economics
Part III. Demand and Production Theory: 7. Consumer choice and demand in traditional and network markets
8. Production costs and the theory of the firm
9. Production costs in the short run and long run
Part IV. Competitive and Monopoly Market Structures: 10. Firm production under idealized competitive conditions
11. Monopoly power and firm pricing decisions
12. Firm strategy under imperfectly competitive market conditions
13. Competitive and monopsonistic labor markets
Part V. Behavioral Economics: A Challenge to Conventional Microeconomics: 14. Challenges of behavioral economists
15. Problems with behavioral economics.

Subject Areas: Business & management [KJ], Microeconomics [KCC]