Description
Book SynopsisNow in its third edition, this textbook develops the economic way of thinking through problems that MBA students will find relevant to their career goals. Theory and mathematics are kept as simple as possible and illustrated with real-life scenarios. The textbook package includes online video tutorials on key concepts and complex arguments, and topics likely to be assessed in exams. The distinguished author team has developed this textbook over twenty years of teaching microeconomics to MBA students. Chapters are clearly structured to support learning: Part I of each chapter develops key economic principles, whilst Part II draws on those principles to discuss organizational and incentive issues in management and focuses on solving the ''principal-agent'' problem to maximize the profitability of the firm - lessons that can be applied to problems MBA students will face in the future. Economics and management are treated equally; this unique textbook presents economics as part of the ever
Trade Review'In the third edition, McKenzie and Lee extend the economic way of thinking further into how the structure of firms' organization, finance, and pay affect their profitability and, in the process, make a significant contribution to the science of managing people in the firm setting. With updated sections on the housing bubble, its collapse, and the policies that produced it, they offer more coverage on public policy than the traditional managerial economics text and solid explanations of the actual human behavior 'behind the curves'. With behavioral economist's findings infused and analyzed throughout the text, this is a 'must see' for faculty teaching the MBAs.' J. R. Clark, Probasco Chair, University of Tennessee, Chattanooga
'Microeconomics for MBAs conveys fundamental economic principles in a clear, concise and intriguing manner, utilizing the economic way of thinking to examine relevant business issues. It teaches students to think like an economist by focusing on the institutions and rules that structure incentives for decision-making. It is one of the best textbooks for teaching MBAs as it uses many real-life examples to illustrate how economic concepts are useful in explaining everyday life, including business phenomenons.' Claudia Williamson, Mississippi State University
'This text is easily the best in the market. McKenzie and Lee cover the important economic concepts for MBA students to review and learn - with more emphasis on the intuitive, but enough focus on the technical. The text is loaded with applications to business practice. As a result, students find it relevant and enjoyable.' Eric Schansberg, Indiana University Southeast
'People who work in the field of public policy, business, finance, or the non-profit sector often encounter issues and situations involving complex market developments. Many such people often wish that they have had more training in the concepts, analytical framework, and toolkits of economics. This book fills that need. It is geared to the practitioner, providing case studies, examples, and applications, as well as a foundation for making critical public policy and business decisions. The book provides a view from the lens of organization and management, and includes a useful take on behavioral economics.' Walter Park, American University, Washington DC
Table of ContentsPart I. The Market Economy, Overview and Application: 1. Microeconomics: a way of thinking about business; 2. Principles of rational behavior in society and business; 3. Competitive product markets and firm decisions; 4. Applications of the economic way of thinking: domestic government and management policies; Part II. Applications of Basic Economic Theory: 5. Applications of the economic way of thinking: international economics; 6. Applications of the economic way of thinking: environmental economics; Part III. Demand and Production Theory: 7. Consumer choice and demand in traditional and network markets; 8. Production costs and the theory of the firm; 9. Production costs in the short run and long run; Part IV. Competitive and Monopoly Market Structures: 10. Firm production under idealized competitive conditions; 11. Monopoly power and firm pricing decisions; 12. Firm strategy under imperfectly competitive market conditions; 13. Competitive and monopsonistic labor markets; Part V. Behavioral Economics: A Challenge to Conventional Microeconomics: 14. Challenges of behavioral economists; 15. Problems with behavioral economics.
