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Solution Manual for Managerial Economics 12th Edition by Mark Hirschey

Solution Manual for Managerial Economics 12th Edition by Mark Hirschey

The economic concepts presented in MANAGERIAL ECONOMICS, 12e, show students how to use common sense to understand business and solve managerial problems. This innovative text helps students develop and sharpen their economic intuition–an invaluable skill that helps students, as future managers, 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 presents the firm as a cohesive, unified organization and demonstrates that important business decisions are interdisciplinary. 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 students grasp the importance of marginal revenue and marginal costs, the process of economic optimization becomes intuitively obvious. In addition, a wide variety of examples and simple numerical problems vividly illustrate the application of managerial economics to a vast assortment of practical situations. By studying the material in MANAGERIAL ECONOMICS, 12e, those seeking to further their business careers learn how to more effectively collect, organize, and analyze information. They gain powerful tools that can help them become more successful–and satisfied–in their careers.

Additional ISBNs

1133460585, 9781133460589, 9780324749786

Table of Content

Dedication
About the Author
Brief Contents
Contents
Preface
Changes in the 12th Edition
Part 1: Overview of Managerial Economics
Ch 1: Nature and Scope of Managerial Economics
How is Managerial Economics Useful?
Theory of the Firm
Profit Measurement
Why do Profits Vary Among Firms?
Role of Business in Society
Structure of this Text
Summary
Questions
Case Study: Is Coca-Cola the “Perfect” Business?
Selected References
Ch 2: Economic Optimization
Economic Optimization Process
Revenue Relations
Cost Relations
Profit Relations
Incremental Concept in Economic Analysis
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Spreadsheet Analysis of the EOQ at the Neighborhood Pharmacy, Inc.
Selected References
Appendix 2A: Math Analysis for Managers
Appendix 2B: Multivariate Optimization and the Lagrangian Technique
Ch 3: Demand and Supply
Basis for Demand
Market Demand Function
Demand Curve
Basis for Supply
Market Supply Function
Supply Curve
Market Equilibrium
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Spreadsheet Analysis of Demand and Supply for Sunbest Orange Juice
Selected References
Part 2: Demand Analysis and Estimation
Ch 4: Demand Analysis
Utility Theory
Indifference Curves
Budget Constraints
Individual Demand
Optimal Consumption
Demand Sensitivity Analysis: Elasticity
Price Elasticity Of Demand
Price Elasticity and Marginal Revenue
Price Elasticity and Optimal Pricing Policy
Cross-Price Elasticity of Demand
Income Elasticity of Demand
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Optimal Level of Advertising
Selected References
Ch 5: Demand Estimation
Interview and Experimental Methods
Simple Demand Curve Estimation
Simple Market Demand Curve Estimation
Identification Problem
Regression Analysis
Measures of Regression Model Significance
Judging Variable Significance
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Demand Estimation for Mrs. Smyth’s Pies
Selected References
Ch 6: Forecasting
Forecasting Applications
Qualitative Analysis
Trend Analysis and Projection
Business Cycle
Exponential Smoothing
Econometric Forecasting
Judging Forecast Reliability
Choosing the Best Forecast Technique
Summary
Questions
Self-Test Problems and Solutions
Case Study: Forecasting Global Performance for a Mickey Mouse Organization
Selected References
Part 3: Production and Competitive Markets
Ch 7: Production Analysis and Compensation Policy
Production Functions
Total, Marginal, and Average Product
Law of Diminishing Returns to a Factor
Input Combination Choice
Marginal Revenue Product and Optimal Employment
Optimal Combination of Multiple Inputs
Optimal Levels of Multiple Inputs
Returns to Scale
Productivity Measurement
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Worker Productivity Among Giant U.S. Corporations
Selected References
Appendix 7A: A Constrained Optimization Approach to Developing the Optimal Input Combination Relatio
Ch 8: Cost Analysis and Estimation
Economic and Accounting Costs
Role of Time in Cost Analysis
Short-Run Cost Curves
Long-Run Cost Curves
Minimum Efficient Scale
Firm Size and Plant Size
Learning Curves
Economies of Scope
Cost-Volume-Profit Analysis
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Estimating Hospitalization Costs for Regional Hospitals
Selected References
Ch 9: Linear Programming
Basic Assumptions
Production Planning for a Single Product
Production Planning for Multiple Products
Graphic Specification and Solution
Algebraic Specification and Solution
Dual in Linear Programming
Dual Specification
Solving the Dual Problem
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: A LP Pension Funding Model
Appendix 9A: Rules for Forming the Dual Linear Programming Problem
Ch 10: Competitive Markets
Competitive Environment
Factors that Shape the Competitive Environment
Competitive Market Characteristics
Profit Maximization in Competitive Markets
Marginal Cost and Firm Supply
Competitive Market Supply Curve
Competitive Market Equilibrium
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Profitability Effects of Firm Size for DJIA Companies
Selected References
Ch 11: Performance and Strategy in Competitive Markets
Competitive Market Efficiency
Market Failure
Role for Government
Subsidy and Tax Policy
Tax Incidence and Burden
Price Controls
Business Profit Rates
Market Structure and Profit Rates
Competitive Market Strategy
Long-Run Firm Performance
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: The Most Profitable S&P 500 Companies
Selected References
Part 4: Imperfect Competition
Ch 12: Monopoly and Monopsony
Monopoly Market Characteristics
Profit Maximization Under Monopoly
Social Costs of Monopoly
Social Benefits of Monopoly
Monopoly Regulation
Monopsony
Antitrust Policy
Competitive Strategy in Monopoly Markets
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Effect of R&D on Tobin’s q
Selected References
Ch 13: Monopolistic Competition and Oligopoly
Contrast Between Monopolistic Competition and Oligopoly
Monopolistic Competition
Monopolistic Competition Process
Oligopoly
Cartels and Collusion
Oligopoly Output-Setting Models
Oligopoly Price-Setting Models
Market Structure Measurement
Census Measures of Market Concentration
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Market Structure Analysis at Columbia Drugstores, Inc.
Selected References
Ch 14: Game Theory and Competitive Strategy
Game Theory Basics
Prisoner’s Dilemma
Nash Equilibrium
Infinitely Repeated Games
Finitely Repeated Games
Game Theory and Auction Strategy
Competitive Strategy
Pricing Strategies
Nonprice Competition
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Time Warner, Inc., Is Playing Games with Stockholders
Selected References
Ch 15: Pricing Practices
Pricing Rules-of-Thumb
Markup Pricing and Profit Maximization
Price Discrimination
Price Discrimination Example
Two-Part Pricing
Multiple-Product Pricing
Joint Products
Joint Product Pricing Example
Summary
Questions and Answers
Self-Test Problems and Solutions
Problems
Case Study: Pricing Practices in the Denver, Colorado, Newspaper Market
Selected References
Appendix 15A: Transfer Pricing
Part 5: Long-Term Investment Decisions
Ch 16: Risk Analysis
Concepts of Risk and Uncertainty
Probability Concepts
Standard Normal Concept
Utility Theory and Risk Analysis
Adjusting the Valuation Model for Risk
Decision Trees and Computer Simulation
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Stock-Price Beta Estimation for Google, Inc.
Selected References
Ch 17: Capital Budgeting
Capital Budgeting Process
Steps in Capital Budgeting
Cash Flow Estimation Example
Capital Budgeting Decision Rules
Project Selection
Cost of Capital
Optimal Capital Budget
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Sophisticated NPV Analysis at Level 3 Communications, Inc.
Selected References
Ch 18: Organization Structure and Corporate Governance
Organization Structure
Transaction Cost Theory of the Firm
The Firm’s Agency Problem
Organization Design
Decision Management and Control
Corporate Governance
Ownership Structure as a Corporate Governance Mechanism
Agreements and Alliances Among Firms
Legal and Ethical Environment
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Do Boards of Directors Make Good Corporate Watchdogs?
Selected References
Ch 19: Government in the Market Economy
Externalities
Solving Externalities
Public Goods
Optimal Allocation of Social Resources
Benefit–Cost Methodology
Benefit–Cost Criteria
Additional Methods of Improving Public Management
Regulatory Reform in the New Millennium
Health Care Reform
Summary
Questions
Self-Test Problems and Solutions
Problems
Case Study: Oh, Lord, Won’t You Buy Me a Mercedes-Benz (Factory)?
Selected References
Appendix A: Compounding and the Time Value of Money
Future Value (or Compound Value)
Present Value
Future Value versus Present Value
Future Value of an Annuity
Present Value of an Annuity
Present Value of an Uneven Series of Receipts
Annual Payments for Accumulation of a Future Sum
Annual Receipts from an Annuity
Determining Interest Rates
Semiannual and Other Compounding Periods
Summary
Appendix B: Interest Factor Tables
Appendix C: Statistical Tables
Selected Check Figures for End-of-Chapter Problems
Index
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Solution Manual for Managerial Economics 12th Edition by Mark Hirschey