Microeconomics for managers

Contents: Microeconomics? For Managers? • The Most Famous Picture in Economics • Marginal This and Marginal That • Demand Functions • Modeling Consumer Behavior • Channels of Distribution and the Problem of Double Marginalization • Price Discrimination (and Surplus Extraction) • Averages and Margins • Technology And Cost Minimization • Multiperiod Production and Cost • Competitive Firms and Perfect Competition • Market Efficiency • Taxes, Subsidies, Administered Prices, and Quotas • Externalities • Risk Aversion and Expected Utility • Expected Utility as a Normative Decision Aid • Risk Sharing and Spreading: Securities and Insurance Markets • Hidden Information, Signaling, and Screening • Incentives • Porter’s Five Forces and Economics with Identities • Noncooperative Game Theory • Reciprocity and Collusion • Credibility and Reputation • Transaction Cost Economics and the Theory of the Firm • Economics and Organizational Behavior • Index

Description: David M. Kreps’s Microeconomics for Managers is based on an extraordinarily successful course taught to first-year MBAs at Stanford’s Graduate School of Business. It represents the most modern text available for Managerial Economics. Stressing game theory and strategic thinking, the book underscores the connections between contemporary microeconomics and the business world of the twenty-first century. Often driven by lengthy, integrated case studies, the narrative shows prospective managers how economic models can yield practical answers to common business problems.

Key Features of Microeconomics for Managers:
• It stresses game theory and strategic decision- making.

• The narrative is driven by case studies and reference to actual companies and industries, among them General Motors, United Airlines, Microsoft, Amazon.com, and Xerox.

• Certain chapters are sure to appeal to prospective managers – Price Discrimination, Porter’s Five Forces, Risk Sharing and Spreading, Signaling and Screening, Credibility and Reputation, and Economics and Organizational Behavior.

• Calculus is included but optional, with spreadsheet analysis featuring Excel as a full alternative.

• The main text is accompanied by the Student’s Companion volume, which is filled with solutions to problems (from the text), longer and more complex exercises, additional review problems with solutions, and supplementary material to complement key concepts from the text.