Managerial Economics 7th Edition
Authors: William F Samuelson, Stephen G Marks
Details of the book:
Samuelson and Marks' Managerial economics provides useful insights into the world of corporate management and decision making. One of the most useful texts on the subject, this book helps students of economics, business administration as well as executives grasp the fundamentals of managerial economics. The authors of this book sought to initiate its readers to the practical world of economics through that of the theoretical. Each chapter begins with a relevant real world issue concerning the central theme, then the entire chapter explores the issue thoroughly, in the context of the relevant theories, concepts and terms from the field; at the very end a set of problems are furnished to test out what the readers have grasped from the chapter. In short, this book tries to help its readers understand how managerial decision are taken in the business world, and in the process enable to make similar decisions themselves when faced with relevant problems.
The latest edition covers the same content as the previous ones, but in addition to that it also takes on a few new topics. In the 7th edition, readers are provided information on the following:
- Behavioral approach to business and economics, through which the decision making processes of the subject are explored. Special attention is paid to all cautionary tales, major and minor mistakes made in the real corporate world, which spreads awareness and bar readers from repeating similar mistakes in their own professional lives.
- Extensive coverage and up to pace information on International issues and topics. One of the newest topics to be included under this heading is e-commerce.
- Updated and newer takes on game theory discussions are also provided in the 7th edition. Readers will find applications of game theory strategy to oligopoly settings, and information on topics like organization design and bidding in the competitive market.
- A number of problems, applications and issues related to the real world, aimed to test and analyze the reader's understanding.
Apart from these newer additions the text covers issues like demand analysis, cost analysis, monopoly, oligopoly, competition in the market, bargaining, negotiation etc. Overall, the book tries to equip its readers with the relevant, knowledge, critical eye and economic tools necessary to make effective and positive decisions, necessary for anyone operating in a managerial position.