Solution Manual for Managerial Economics 6th Edition for Keat

Product details:

• ISBN-10 ‏ : ‎ 1032145404
• ISBN-13 ‏ : ‎ 978-1032145402
• Author: Ivan Png

Now in its sixth edition, Ivan Png’s Managerial Economics has been extensively revised with

• an introductory chapter emphasizing decision-making and behavioral biases,
• intensive application to current business and economic issues including technology, globalization, and pandemics,
• a closing chapter highlighting business responses to climate change,
• a streamlined presentation focusing on the economics that managers need to know.

As always, the text presents the key concepts of microeconomics intuitively, without sophisticated mathematics. Throughout, it emphasizes actual management applications.

The new sixth edition is updated with fresh up-to-date vignettes and discussion questions from all over the world and enhanced with detailed instructor supplements. It is an ideal text for any course focusing on the practical application of microeconomic principles to management.

Table contents:

• Chapter 1: Introduction to Managerial Economics

  • Why Managerial Economics Is Relevant for Managers
  • Managerial Economics Is Applicable to Different Types of Organizations
  • The Focus of This Book
  • How to Read This Book

• Chapter 2: Key Measures and Relationships

  • Revenue, Cost, and Profit
  • Economic Versus Accounting Measures of Cost and Profit
  • Revenue, Cost, and Profit Functions
  • Breakeven Analysis
  • The Impact of Price Changes
  • Marginal Analysis
  • The Conclusion for Our Students
  • The Shutdown Rule
  • A Final Word on Business Objectives

• Chapter 3: Demand and Pricing

  • Theory of the Consumer
  • Is the Theory of the Consumer Realistic?
  • Determinants of Demand
  • Modeling Consumer Demand
  • Forecasting Demand
  • Elasticity of Demand
  • Consumption Decisions in the Short Run and the Long Run
  • Price Discrimination

• Chapter 4: Cost and Production

  • Average Cost Curves
  • Long-Run Average Cost and Scale
  • Economies of Scope and Joint Products
  • Cost Approach Versus Resource Approach to Production Planning
  • Marginal Revenue Product and Derived Demand
  • Marginal Cost of Inputs and Economic Rent
  • Productivity and the Learning Curve

• Chapter 5: Economics of Organization

  • Reasons to Expand an Enterprise
  • Classifying Business Expansion in Terms of Value Chains
  • Horizontal Integration
  • Vertical Integration
  • Alternatives to Vertical Integration
  • Conglomerates
  • Transaction Costs and Boundaries of the Firm
  • Cost Centers Versus Profit Centers
  • Transfer Pricing
  • Employee Motivation
  • Manager Motivation and Executive Pay

• Chapter 6: Market Equilibrium and the Perfect Competition Model

  • Assumptions of the Perfect Competition Model
  • Operation of a Perfectly Competitive Market in the Short Run
  • Perfect Competition in the Long Run
  • Firm Supply Curves and Market Supply Curves
  • Market Equilibrium
  • Shifts in Supply and Demand Curves
  • Why Perfect Competition Is Desirable
  • Monopolistic Competition
  • Contestable Market Model
  • Firm Strategies in Highly Competitive Markets

• Chapter 7: Firm Competition and Market Structure

  • Why Perfect Competition Usually Does Not Happen
  • Monopoly
  • Oligopoly and Cartels
  • Production Decisions in Noncartel Oligopolies
  • Seller Concentration
  • Competing in Tight Oligopolies: Pricing Strategies
  • Competing in Tight Oligopolies: Nonpricing Strategies
  • Buyer Power

• Chapter 8: Market Regulation

  • Free Market Economies Versus Collectivist Economies
  • Efficiency and Equity
  • Circumstances in Which Market Regulation May Be Desirable
  • Regulation to Offset Market Power of Sellers or Buyers
  • Natural Monopoly
  • Externalities
  • Externality Taxes
  • Regulation of Externalities Through Property Rights
  • High Cost to Initial Entrant and the Risk of Free Rider Producers
  • Public Goods and the Risk of Free Rider Consumers
  • Market Failure Caused by Imperfect Information
  • Limitations of Market Regulation

• Chapter 9: References

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