A Comprehensive Review of Management Economics, 6th Edition
Management Economics, 6th Edition is a widely recognized and influential book in the field of economics and business management. Authored by A. Michael Spence, a renowned economist and professor, this book has been published by Cengage Learning. The 6th edition was released in 2015, making it the latest update to the original publication.
A. Michael Spence is a professor of economics at Stanford University and a Nobel laureate in Economic Sciences. He has made significant contributions to the field of economics, particularly in the areas of growth theory, development economics, and the economics of information. Spence's expertise and experience in the field are evident in the comprehensive and insightful content of Management Economics, 6th Edition.
The book is designed for undergraduate and graduate students in economics, business, and related fields. It provides a comprehensive introduction to the principles and applications of economics in management decision-making. The 6th edition builds upon the strengths of previous editions while incorporating the latest developments in the field.
The book is divided into several key sections, each focusing on a different aspect of management economics. The following is an outline of the book's main chapters:
1、Introduction to Management Economics
- The nature and scope of management economics
- The role of economics in business decision-making
2、Demand Analysis
- The law of demand and its implications
- Factors affecting demand and elasticity
- Estimating demand functions
3、Supply Analysis
- The law of supply and its implications
- Factors affecting supply and elasticity
- Estimating supply functions
4、Market Structures and Competition
- Perfect competition
- Monopolistic competition
- Oligopoly and monopolistic competition
- Game theory and strategic behavior
5、Cost Analysis
- Fixed and variable costs
- Cost functions and cost curves
- Break-even analysis
6、Production Analysis
- The production function
- economies and diseconomies of scale
- Input-output analysis
7、Pricing and Revenue Analysis
- Pricing strategies
- Cost-plus pricing
- Price discrimination
8、Market Failure and Public Policy
- Market failures and their causes
- Public policy and its role in correcting market failures
- The role of government in economic regulation
9、International Management Economics
- The international economic environment
- Exchange rates and their determination
- International trade and investment
10、Case Studies and Applications
- Real-world examples of management economics in practice
- Analyzing case studies to apply economic concepts
Management Economics, 6th Edition is an essential resource for students and professionals seeking to understand the application of economics in business decision-making. The book's clear and concise writing style, along with its comprehensive coverage of key topics, makes it an invaluable tool for anyone interested in the intersection of economics and management.