Managerial Economics 10th edition
Authors: Christopher R Thomas, Christopher Thomas, S Charles Maurice
Details of the book:
Managerial economics by Thomas and Maurice is one of the best texts available on the subject, and can help students learn without the need for any prior initiation in the field of concern. Thus, any student taking an introductory course or looking to get a head start before the commencement of the course can benefit from the book. The book relates the intricacies of business decisions and strategies in the light of economic thoughts. It enables students of the subject to develop an analytical mind and critically assess all managerial decisions.
The authors have constructed the text with such knowledge that they can help students to think about business strategies, decisions and tactics in an economic way. The text goes a long way in helping the students function effectively in the capacity of a corporate manager. It helps students develop a logical framework of thought which helps them gauge the consequences of regular operations related short term and routine decisions as well as long term tactical plans and programs which are aimed to manipulate or elicit various reactions and/or actions from the rest of the competition.
One of the chief qualities of the book is that it does not demand a prior knowledge base in the subject, thus no matter what the background of education of the student, she can benefit from the book. The text is written lucidly in a concise and comprehensible manner and carries a clear and logical narration throughout, thereby making it increasingly accessible. The inclusion of a solid end of chapter problem section allows the students to test for themselves what they have learnt from each chapter, this encourages better learning and internalization of the information. The coherent presentation of the textual contents goes a long way into assures effectual understanding of the subject matter, thus making it one of the best books on managerial economics present in the market at present. The clean cut structure of the text and the revision through problems sections allows for better teaching as well, thereby making it one of the popularly prescribed classroom texts. Another additional highlight of the text is that it does not bite off more than it can chew, i.e. it does not rally together all the topics and issues present within the body of managerial economics, instead it picks only those concepts which are of utmost importance and relevance to the subject and cautiously develops a framework of understanding of the process tactical planning and application of theoretical knowledge for appropriate decision making in business.
In short, this is a highly useful book on managerial economics, especially for those taking an introductory course in the subject or looking to refresh their knowledge, or even simply interested in the subject.
The book contains the following:
The entire book is divided into 5 parts including a total of 16 chapters.
- Part 1 includes4 chapters covering topics like markets, profits, demand and supply, managers, equilibrium in markets, optimal decisions and their marginal analysis.
- Part 2 contains 3 chapters covering topics like Consumer Behavior and its theories, demand and supply along with their elasticity, estimation and forecasting of demands
- Part 3 again contains 3 chapters covering topics like cost and production in the short term as well as in the long term, along with estimation of costs.
- Part 4 includes 3 chapters covering topics like different market structures, maximization of profits, the decision making process taken by the managers when tackling market competition, along with their role in the market and the firms, tactical decision taking in Oligopoly
- Part 5 covers the remaining chapters containing chapters like advanced techniques into prices, decision making in the managerial capacity, product pricing, decisions in the face of risks and regulations made by governments in the realm of business.