Managerial Economics

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The economic concepts presented in market-leading MANAGERIAL ECONOMICS, 12e, show you how to use common sense to understand business and solve managerial problems. This innovative text helps you sharpen your economic intuition--an invaluable skill that helps you, as a future manager, decide which products to produce, costs to consider, and prices to charge, as well as the best hiring policy and the most effective style of organization. With its unique integrative approach, the text demonstrates that important business decisions are interdisciplinary, illustrating how different functions work together. A basic valuation model is constructed and used as the underlying economic model of the firm; each topic is then related to an element of the value maximization model--a process that shows how management integrates accounting, finance, marketing, personnel, and production functions. The text also provides an intuitive guide to marginal analysis and basic economic relations. Once you understand the importance of marginal revenue and marginal costs, the process of economic optimization becomes intuitively obvious. A wide variety of examples and simple numerical problems vividly illustrate the application of managerial economics to a vast assortment of practical situations. MANAGERIAL ECONOMICS, 12e, teaches you to more effectively collect, organize, and analyze information, giving you powerful tools that can help you become more successful--and satisfied--in your career.

E-Book Content

12e Managerial Economics Mark Hirschey University of Kansas Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States This page intentionally left blank Managerial Economics, 12th Edition © 2009, 2006 South-Western, a part of Cengage Learning Mark Hirschey ALL RIGHTS RESERVED. No part of this work covered by the copyright herein may be reproduced, transmitted, stored or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, Web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher. VP/Editorial Director: Jack W. Calhoun Acquisitions Editor: Mike Roche Developmental Editor: Amy Ray Editorial Assistant: Laura Cothran Marketing Manager: Brian Joyner Content Project Manager: Lysa Oeters Sr. Manufacturing Coordinator: Sandee Milewski Production Service: Integra Sr. Art Director: Michelle Kunkler Cover and Internal Designer: Diane Gliebe/ Design Matters Cover Image: © iStockphoto.com For product information and technology assistance, contact us at Cengage Learning Academic Resource Center, 1-800-423-0563 For permission to use material from this text or product, submit all requests online at www.cengage.com/permissions Further permissions questions can be emailed to [email protected] © 2009 Cengage Learning. All Rights Reserved. Library of Congress Control Number: 2007941977 Student Edition ISBN 13: 978-0-324-58886-6 ISBN 10: 0-324-58886-0 Student Edition with PAC ISBN 13: 978-0-324-58484-4 ISBN 10: 0-324-58484-9 South-Western Cengage Learning 5191 Natorp Boulevard Mason, OH 45040 USA Cengage Learning products are represented in Canada by Nelson Education, Ltd. For your course and learning solutions, visit academic.cengage.com Purchase any of our products at your local college store or at our preferred online store www.ichapters.com Printed in the United States of America 1 2 3 4 5 6 7 12 11 10 09 08 This
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