Microeconomics for MBAs: the economic way of thinking for managers
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge
Cambridge University Press
2010
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XXIX, 536 S. graph. Darst. |
| ISBN: | 9780521191470 |
Internformat
MARC
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| 245 | 1 | 0 | |a Microeconomics for MBAs |b the economic way of thinking for managers |c Richard B. McKenzie ; Dwight R. Lee |
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Datensatz im Suchindex
| _version_ | 1804142935382425600 |
|---|---|
| adam_text | Contents
Preface
How to use this book
List of online perspectives
List of further readings online
List of online video modules
page
xv
xxiv
xxvi
xxvii
xxviii
Book I The market economy, overview and application
1
Microeconomics: a way of thinking about business
з
Part A Theory and public policy applications
7
The emergence of a market
7
The economic problem
10
The scope of economics
13
Developing and using economic theories
14
Microeconomics and macroeconomics
14
Private property rights, game theory, and the Prisoner s Dilemma
16
Private property rights and the games economists play
17
Communal property rights and the tragedy of the commons
25
Voluntary organizations and firms as solutions for
tragedies of the commons
30
Part
В
Organizational economics and management
31
Managing through incentives
31
Why incentives are important
35
Practical lessons for MBAs: see management as a problem in solving
Prisoner s Dilemmas
38
Further reading online
39
The bottom line
39
Review questions
40
viii Contents
2
Principles of rational behavior in society and business
41
Part A Theory and public policy applications
42
Rationality: a basis for exploring human behavior
42
The acting individual
42
Rational behavior
43
Rational decisions in a constrained environment
44
The effects of time and risk on costs and benefits
49
What rational behavior does not mean
53
Part
В
Organizational economics and management
55
The logic of group behavior in business and elsewhere
55
Common-interest logic of group behavior
55
The economic logic of group behavior
57
Overcoming Prisoner s Dilemmas through tough bosses
67
The role of the residual claimant in abating Prisoner s Dilemmas
in large groups
73
Practical lessons for MBAs: profits from optimal shirking
76
Further readings online
77
The bottom line
77
Review questions
78
3
Competitive product markets and firm decisions
80
Part A Theory and public policy applications
81
The competitive market process
81
Supply and demand: a market model
84
Market equilibrium
92
The efficiency of the competitive market model
97
Nonprice competition
99
Competitive labor markets
105
Part
В
Organizational economics and management
108
Making worker wages profitable in competitive markets
108
Henry Ford s overpayment
109
Overpayments to prevent misuse of firm resources
112
The under- and overpayment of workers
113
The overpayment/underpayment connection
114
Mandatory retirement
1
1
4
Contents ix
Practical lesson for MBAs: recognize that
management credibility can be a source of
profits in business
124
Further reading online
124
The bottom line
124
Review questions
126
4
Applications of the economic way of thinking: domestic
government and management policies
127
Part A Theory and public policy applications
128
Who pays the tax?
128
Price controls
131
Fringe benefits, incentives, and profits
136
Minimum wages
143
The draft versus the all-volunteer military service
151
Part
В
Organizational economics and management
153
How honesty can pay in business
154
Game theory: games of trust
155
Moral hazards and adverse selection
157
Practical lesson for MBAs: seek mutually
beneficial deals with workers
160
Further readings online
160
The bottom line
161
Review questions
162
5
Applications of the economic way of thinking:
international and environmental economics
1
63
Part A Theory and public policy applications
165
Global economics: international trade
165
Global economics: international finance
174
Green economics: external costs and benefits
183
Part
В
Organizational economics and management
198
The consequences of quicksilver capital for business
and government
198
Capital mobility and business competitiveness
200
Capital mobility and government competitiveness
201
Contents
Practical lesson for MBAs: protectionist strategies
204
Further readings online
204
The bottom line
205
Review questions
205
Book II Demand and production theory
6
Consumer choice and demand in traditional and
network markets
211
Part A Theory and public policy applications
212
Predicting consumer demand
212
Rational consumption: the concept of marginal utility
212
From individual demand to market demand
218
Elasticity: consumers responsiveness to price changes
219
Applications of the concept of elasticity
225
Determinants of the price elasticity of demand
226
Changes in demand
228
Normal and inferior goods
230
Substitutes and complementary goods
231
Objections to demand theory
232
Part
В
Organizational economics and management
233
Pricing strategies based on lagged demands, network
effects, and rational addiction
233
Scarcity, abundance, and economic value
238
Software networks
239
Practical lessons for MBAs: treat the law of demand
for what it is, a relatively absolute absolute
241
Further readings online
242
The bottom line
242
Review questions
243
7
Production costs and the theory of the firm
245
Part A Theory and public policy applications
247
Various cost conceptions
247
The special significance of marginal cost
252
Contents xi
The cost-benefit trade-off
256
Price and marginal cost: producing to maximize profits
258
From individual supply to market supply
260
Part
В
Organizational economics and management
261
Production costs and firms size and organizational
structure
261
Firms and market efficiency
262
Reasons for firms
264
Changes in organizational costs
272
Overcoming the large-numbers Prisoner s Dilemma
problems
273
Make-or-buy decisions
276
Practical lessons for MBAs: recognize potential decision-making
biases and think more rationally
282
Further readings online
283
The bottom line
283
Review questions
284
8
Production costs in the short run and long run
287
Part A Theory and public policy applications
289
Fixed, variable, and total costs in the short run
289
Marginal and average costs in the short run
289
Marginal and average costs in the long run
293
Long-run average and marginal cost curves
295
Industry differences in average cost
297
Shifts in the average and marginal cost curves
298
The very long ran
299
Part
В
Organizational economics and management
301
Finns debt/equity structures and executive
incentives
301
Debt and equity as alternative investment vehicles
302
Past failed incentives in the SftL industry
305
Firm maturity and indebtedness
310
The bottom-line consequences of firms
financial structures
3 11
The emergence of the housing bubble and burst
of the early 2000s
311
xii Contents
Practical lessons for MBAs: cost structures, indebtedness, and risk taking
323
Further reading online
324
The bottom line
324
Review questions
325
Book III Competitive and monopoly market structures
9
Firm production under idealized competitive conditions
329
Part A Theory and public policy applications
330
Pricing and production strategies under four
market structures
330
The perfect competitor s production decision
335
Maximizing short-run profits
338
Minimizing short-run losses
340
Producing over the long run
342
Marginal benefit versus marginal cost
345
The efficiency of perfect competition: a critique
347
Price takers and price searchers
350
Part
В
Organizational economics and management
352
Competing cost-effectively through efficient teams
352
Team production
353
Team size
356
Paying teams
357
Experimental evidence on the effectiveness of team pay
359
Practical lessons for MBAs: considering marginal
cost, ignoring sunk costs, and paying attention to
incentive pay
362
Further reading online
364
The bottom line
364
Review questions
365
10
Monopoly power and firm pricing decisions
367
Part A Theory and public policy applications
368
The origins of monopoly
368
The limits of monopoly power
370
Contents xiii
Equating marginal cost with marginal revenue
374
The comparative inefficiency of monopoly
37 7
Monopoly profits
379
Price discrimination
3 81
Applications of monopoly theory
386
The total cost of monopoly
3 89
Durable goods monopoly
391
Monopoly in government and inside firms
393
Part
В
Organizational economics and management
395
Profits from creative pricing
395
Price discrimination in practice
396
Pricing cartels
401
Practical lesson for MBAs: monopoly power and
barriers to entry from the firm s perspective
407
Further readings online
408
The bottom line
408
Review questions
409
Appendix
411
11
Firm strategy under imperfectly competitive
market conditions
415
Part A Theory and public policy applications
417
Monopolistic competition
417
Monopolistic competition in the short run
418
Monopolistic competition in the long run
419
Oligopoly
420
Cartels: incentives to collude and to cheat
424
The case of the natural monopoly
430
The economics and politics of business regulation
431
Part
В
Organizational economics and management
438
Hostile takeover as a check on managerial
monopolies
438
Reasons for takeovers
439
The market for corporate control
440
The efficiency of takeovers
443
xiv Contents
Practical lessons for MBAs: collusion delusions and
takeover threats
450
Further readings online
451
The bottom line
451
Review questions
452
12
Competitive and monopsonistie labor markets
454
Part A Theory and public policy applications
456
The demand for and supply of labor
456
Why wage rates differ
462
Monopsonistic labor markets
467
Monopsony and the minimum wage
473
Part
В
Organizational economics and management
474
Paying for performance
474
The right pay
475
Piece-rate pay and worker risk
479
Lincoln Electric s pay system
482
When managers can change the rate of piece-rate pay
483
Two-part pay systems
483
Why incentive pay equals higher pay
484
Honest dealing with workers
487
Practical lessons for MBAs: avoid becoming a
monopsony
488
Further reading online
489
The bottom line
489
Review questions
490
References
492
Index
5
1 з
|
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| spelling | McKenzie, Richard B. 1942- Verfasser (DE-588)120862093 aut Microeconomics for MBAs the economic way of thinking for managers Richard B. McKenzie ; Dwight R. Lee 2. ed. Cambridge Cambridge University Press 2010 XXIX, 536 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Business economics (DE-588)4507951-1 gnd rswk-swf Mikroökonomie (DE-588)4039225-9 gnd rswk-swf Betriebswirtschaftslehre (DE-588)4069402-1 gnd rswk-swf (DE-588)4123623-3 Lehrbuch gnd-content Mikroökonomie (DE-588)4039225-9 s Betriebswirtschaftslehre (DE-588)4069402-1 s DE-604 Business economics (DE-588)4507951-1 s 1\p DE-604 Lee, Dwight R. 1941- Verfasser (DE-588)138833966 aut Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020321459&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | McKenzie, Richard B. 1942- Lee, Dwight R. 1941- Microeconomics for MBAs the economic way of thinking for managers Business economics (DE-588)4507951-1 gnd Mikroökonomie (DE-588)4039225-9 gnd Betriebswirtschaftslehre (DE-588)4069402-1 gnd |
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| title | Microeconomics for MBAs the economic way of thinking for managers |
| title_auth | Microeconomics for MBAs the economic way of thinking for managers |
| title_exact_search | Microeconomics for MBAs the economic way of thinking for managers |
| title_full | Microeconomics for MBAs the economic way of thinking for managers Richard B. McKenzie ; Dwight R. Lee |
| title_fullStr | Microeconomics for MBAs the economic way of thinking for managers Richard B. McKenzie ; Dwight R. Lee |
| title_full_unstemmed | Microeconomics for MBAs the economic way of thinking for managers Richard B. McKenzie ; Dwight R. Lee |
| title_short | Microeconomics for MBAs |
| title_sort | microeconomics for mbas the economic way of thinking for managers |
| title_sub | the economic way of thinking for managers |
| topic | Business economics (DE-588)4507951-1 gnd Mikroökonomie (DE-588)4039225-9 gnd Betriebswirtschaftslehre (DE-588)4069402-1 gnd |
| topic_facet | Business economics Mikroökonomie Betriebswirtschaftslehre Lehrbuch |
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