Explorations Managerial Econ

Unique Features Pervasive decision-making perspective Extensive use of real-world applications International applications integrated throughout the text Up-to-date coverage of cutting-edge research on important new topics like pricing practices, asymmetric information and organized design, decision making under uncertainity, oligopoly, game theory, public sector decisions, negotiation, competitive bidding The analysis begins simply, but it is progressively applied to more challenging decisions.

Managerial economics, meaning the application of economic methods in the managerial decision-making process, is a fundamental part of any business or management course. The current business environment presents managers with increasingly difficult decisions, amidst the Covid-19 pandemic and associated lockdowns, as well as the digital revolution and improved technology. Now in its second edition, this textbook features a new focus on how managerial economics has been transformed by the increasing importance of digitization within both the workplace and wider economy. It also features a new chapter on consumer theory, which emphasizes psychological factors and behavioural economics. Wilkinson adapts a user-friendly problem-solving approach to take the reader in gradual steps from simple problems through increasingly difficult material to complex case studies, demonstrating how to apply the principles of managerial economics to real-life situations. This book will be invaluable to business and economics students at both undergraduate and graduate levels.

This book can be used as a way of introducing business and management students to economic concepts as well as providing economics students with a clear grasp of how to use the skills they will need in the world of business. Topics covered include: *product differentiation *price discrimination *hiring and training workers *labor-management relations *international trade A host of key features are employed to add colour to the text including case studies, examples and discussion questions. Scenarios presented centre upon a diverse range of subjects and firms including Eurostar, NHL hockey equipment, Chevrolet, Philips and pension plans.

Managerial economics refers to the application of economic theory and the tools of analysis of decision science to examine how a firm can make optimal managerial decisions in the face of constraints it faces.