Description

Features

For managerial economics courses taught in business schools and economics departments.

 This text provides a vivid learning environment by integrating a running case study and providing a dynamic capstone case. 

"Do your business students ever ask, "How will I use this information as a future manager?"  How do you encourage them to apply the ideas they are learning?"

• Integrated Running Case on Global Foods, Inc. - Every chapter begins and ends by explaining a situation facing managers at Global Foods, Inc., a company competing in the beverage industry. 
  • The chapter opening box is aptly called, "The Situation", and it gives students a point of reference as they learn the concepts introduced in the body of the chapter.  
    • Example: p. 79
  • "The Solution"  toThe Situation concludes each chapter.  In The Solution boxes, students read about the ultimate course of action taken by managers the Global Foods, Inc.
    • Example: p. 104 

By encapsulating the concepts with this integrated case, students will always know how the concepts apply to them.  By following one company, in one industry, students are able to see how economic decision making can be applied accross the vast array of functional units within the same organization.  

• Capstone Case on the Semiconductor Industry - Chapter 15: Managerial Economics in Action: The Case of the Semiconductor Industry, highlights how the tools presented in the textbook can be applied in a systematic way to analyze a single industry. Just as students learned to apply economic decision making in the Beverage Industry, students can now apply these same tools to the semiconductor industry (selected because its volatility provides a dramatic example of the workings of supply and demand).
  • Chapter 15 - (pgs. 532-546)

- - - - - - - - - -

OTHER POINTS OF DISTINCTION

"What tools do you use in your class for doing data analysis?  What tools are students most likely to work with in practice?"

• Over Two-Dozen Interactive Spreadsheet Modules - Microsoft Excel® is the most common software program used by managers.  Nearly every manager will use Excel for data analysis.  Keat and Young’s Managerial Economics 5/e is accompanied by over two dozen Interactive Spreadsheet Modules for use with Microsoft Excel®.  This optional computer-based study aid is intended to supplement and reinforce concepts in the text, and can be used in a variety of ways.  Interactive Spreadsheet Modules can be assigned as homework, they can be used in class as an effective teaching aid, and great for student exploration.
  • Example: An index of these modules can be found on the inside cover of each student text.  In the textbook you will also see the Microsoft Excel® icon in the margin, which indicates that an Interactive Spreadsheet Module is available for that topic.

"How many of your students will be making managerial decisions for companies doing business internationally?  What do you do in your course to provide students insight into the issues facing multi-national corporations? "

• International Applications - At the end of every chapter, Keat and Young provide global application of the theory.  The authors use these current examples to show students how economic tools help businesses compete in the rapidly changing global economy. 
  •  Example: pp. 167, 168 - International Application Forecasting Exchange Rates.  Similar examples at the end of every chapter.

• New Chapter on The Multinational Corporation and Globalization - This chapter provides students with a deeper understanding for various issues managers face internationally, relative to exchange rates, methods of hedging, multinational capital budgeting, and transfer pricing.   It also contains a complete discussion of arguments both for and against globalization.
  • Chapter 13 (pgs. 485-508)

"Is it important for students to see the similarities (and differences) in pricing/output decisions made in oligopolies and in monopolistic competition?  Would you like to see these market types covered together in one chapter?"

• Price and Output Decisions, relative in Monopolistic Competition and Oligopoly are covered together in one chapter to clearly demonstrate the differences and similarities in these two imperfectly competitive markets. Keeping with this organizations, the discussion of pricing and output in perfect competition and monopoly are covered together in Chapter 8.
  • Chapter 9 (pgs. 338-366)

New To This Edition

• Entirely new chapter written on Multinational Corporations and Globalization, providing a compact summary and overview of the increasing importance of global economic in managerial decision-making.
  •  Chapter 13 (p. 485)
• New examples added throughout the text.
  • Chapter 4 (p.79) Demand Elasticity has a notably high number of new examples.
  • Appendix 4A (p.111) Applications of Supply and Demand also uses new examples.
• Each chapter now begins with a specific list of learning objectives, to Help students focus on the important topics of the chapter.
  • Example - p. 179.  (Learning objectives are listed at the beginning of every chapter)
• There is now a greater focus on the application of regression analysis and forecasting to business problems as apposed to the authors providing a more in depth theoretical background of these subjects.  This has enabled the authors to shorten and then combine the chapters on demand estimation and forecasting.
  • Chapter 5 (p. 125) Demand Estimation and Forecasting
• The chapters on capital budgeting and risk have also been shortened and combined in lieu of a briefer and less theoretical exposition.
  • Chapter 12 (p. 437) Capital Budgeting and Risk
• Game theory and asymmetric information have been combined into one chapter with its own, newly created “situation” and “solution.” 
  • Chapter 11 (p. 409) Game Theory and Asymetric Information
• A section on auctions has been added to the existing material on game theory.  Interesting to students, as the use of auctions has become more noticeable in recent years with the auctioning of 3G licenses to wireless telecom services and the Initial Public Offering of shares of stock in Google that was made through the auction process.
  • p. 418
• In order to reduce the size of the text, two former appendices and one former chapter have been placed online.  Professors wishing to assign these chapters and students wishing to read them can simply go to www.prenhall.com/keat to download and these materials.  These materials are indicated clearly in the table of contents of the text.
  • Appendix 2A:  Review of Mathematical Concepts Used in Managerial Economics (Online Only)
  • Appendix 12A: Calculations for Time Value of Money (Online Only)
  • Linear Programming (Online Only)

Table of Contents

1. Introduction

2. The Firm and Its Goals

Appendix 2A:  Review of Mathematical Concepts Used in Managerial Economics (Online Only)

3. Supply and Demand

Appendix 3A:  The Mathematics of Supply and Demand

4. Demand Elasticity

Appendix 4A:  Applications of Supply and Demand

5. Demand Estimation and Forecasting

6. The Theory and Estimation of Production

Appendix 6A: The Multiple-Input Case

Appendix 6B: Expressing the Production Function with the Use of Calculus

7. The Theory and Estimation of Cost

Appendix 7A: A Mathematical Restatement of the Short-Run Cost Function

Appendix 7B: The Estimation of Cost

8. Pricing and Output Decisions:  Perfect Competition and Monopoly

Appendix 8A: The Use of Calculus in Pricing and Output Decisions

Appendix 8B: Break-Even Analysis (Volume-Cost-Profit)

9. Pricing and Output Decisions:  Monopolistic Competition and Oligopoly

10. Special Pricing Practices

11. Game Theory and Asymmetric Information

12. Capital Budgeting, Risk, and Uncertainty

Appendix 12A: Calculations for Time Value of Money (Online Only)

13. Multinational Corporation and Globalization

14. Government and Industry:  Challenges and Opportunities for Today’s Manager

15. Managerial Economics in Action: The Case of the Semiconductor Industry

Appendix A:  Statistical and Financial Tables

Appendix B: Solutions to Odd-Numbered Problems (Online Only)

Index

Next Edition(s)

• Managerial Economics, 6/E
  Keat & Young
  ©2009  |  Prentice Hall  |  Cloth; 592 pp  |  Instock
  ISBN-10: 0136040047  |  ISBN-13: 9780136040040
  Suggested retail price: $206.67  Buy from myPearsonStoreNet price: $155.00  (What's this?)Brief Description  | 

  

  For upper-level undergraduate and first-year MBA courses in managerial and applied economics.
  
  This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory.
  
  

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Companion Website for Managerial Economics: Economic Tools for Today's Decision Makers, 5/E
Eaton
©2006  |  Prentice Hall  |  On-line Supplement  |  Live
ISBN-10: 0131860224  |  ISBN-13: 9780131860223
This online resource is available at no cost at http://www.prenhall.com/Keat.
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Instructor's Manual (Web), 5/E
Keat & Young
©2006  |  Prentice Hall  |  On-line Supplement  |  Out of Stock
ISBN-10: 0131860178  |  ISBN-13: 9780131860179

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PowerPoints, 5/E
Keat & Young
©2006  |  Prentice Hall  |  Software  |  Out of Stock
ISBN-10: 0131860208  |  ISBN-13: 9780131860209

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Test Gen (Web), 5/E
Keat & Young
©2006  |  Prentice Hall  |  On-line Supplement  |  Out of Stock
ISBN-10: 0131860194  |  ISBN-13: 9780131860193

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Test Item File (Web), 5/E
Keat & Young
©2006  |  Prentice Hall  |  On-line Supplement  |  Out of Stock
ISBN-10: 0131860186  |  ISBN-13: 9780131860186

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Companion Website for Managerial Economics: Economic Tools for Today's Decision Makers, 5/E
Eaton
©2006  |  Prentice Hall  |  On-line Supplement  |  Live
ISBN-10: 0131860224  |  ISBN-13: 9780131860223
This online resource is available at no cost at http://www.prenhall.com/Keat.
More Info

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Companion Website for Managerial Economics: Economic Tools for Today's Decision Makers, 5/E
Eaton
©2006  |  Prentice Hall  |  On-line Supplement  |  Live
ISBN-10: 0131860224  |  ISBN-13: 9780131860223
This online resource is available at no cost at http://www.prenhall.com/Keat.
More Info

Excel Spreadsheets (Web), 5/E
Keat & Young
©2006  |  Prentice Hall  |  On-line Supplement  |  Live
ISBN-10: 0131860232  |  ISBN-13: 9780131860230
This online resource is available at no cost.
More Info

Companion Website for Managerial Economics: Economic Tools for Today's Decision Makers, 5/E
Eaton
©2006  |  Prentice Hall  |  On-line Supplement  |  Live
ISBN-10: 0131860224  |  ISBN-13: 9780131860223
This online resource is available at no cost at http://www.prenhall.com/Keat.
More Info

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