About the Book :
The textbook that 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. This 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 MBAs 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.
List of figures; List of tables; Part I. The Market Economy, Overview and Application: 1. Microeconomics: a way of thinking about business; 2. Competitive product markets and firm decisions; 3. Principles of rational behavior in society and business; 4. Applications of the economic way of thinking: domestic government and management policies; 5. Applications of the economic way of thinking: international and environmental economics; Part II. Demand and Production Theory: 6. Consumer choice and demand in traditional and network markets; 7. Production costs and the theory of the firm; 8. Production costs in the short run and long run; Part III. Competitive and Monopoly Market Structures: 9. Firm production under idealized competitive conditions; 10. Monopoly power and firm pricing decisions; 11. Firm strategy under imperfectly competitive market conditions; 12. Competitive and monopsonistic labor markets; Index.