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Summary Brian T. McCann_ Michael R. Ward_ Luke M. Froeb_ Mikhael Shor - Managerial economics a problem solving approach (2018) (1)

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This textbook is designed for upper-level undergraduate and MBA students, and its core philosophy is to teach managerial economics by focusing on practical, real-world business problems rather than purely abstract theory. Unlike traditional economics texts that rely heavily on complex mathematics and graphical models, this book adopts a problem-solving approach built around common business mistakes and decisions. The authors use economic models sparingly, primarily to help students: Diagnose why a company or manager made a mistake. Determine how to fix it. The book is fast-paced, succinct, and structured around the key decision-making areas a manager faces, including: Decision-Making: Analyzing benefits, costs, and investment choices (e.g., sunk costs, breakeven analysis). Pricing Strategy: Simple and complex pricing, including elasticity, price discrimination, and yield management. Market Dynamics: Understanding industry changes, market structure, and the quest to maintain profit and competitive advantage (Strategy). Risk and Uncertainty: Making decisions in the face of incomplete information (e.g., game theory, bargaining, and auctions). Organizational Design: Addressing incentive conflicts, principal-agent problems, and coordinating activities within a firm. Overall, it aims to place the reader in the role of a decision-maker who must apply economic theory to identify and implement profitable business solutions.

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Froeb McCann Shor Wa r d




fif th e ditio n



Managerial
Economics
A PROBLEM SOLVING APPROACH




Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203




03/08/17 6:55 AM
SE — Froeb/McCann/Shor/Ward — Managerial Economics: A Problem Solving Approach, 5e   ISBN-13: 978-1-337-10666-5 ©2018
Designer: Lumina Text & Cover printer: Quad Graphics   Binding: Case   Trim: 7.375 x 9.125   CMYK

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06665_end02_ptg01_hires.indd 1 04/08/17 8:06 PM

, fifth edition

Managerial
Economics
A PRO B LEM SOLV ING A P P RO ACH
Luke M. Froeb Brian T. McCann
Vanderbilt University Vanderbilt University

Mikhael Shor Michael R. Ward
University of Connecticut University of Texas, Arlington




Australia • Brazil • Mexico • Singapore • United Kingdom • United States


Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203




06665_fm_ptg01_i-xvi.indd 1 8/9/17 8:56 PM

, Managerial Economics, Fifth Edition © 2018, 2016 Cengage Learning®
Luke M. Froeb, Brian T. McCann, Unless otherwise noted, all content is © Cengage
Mikhael Shor, Michael R. Ward
ALL RIGHTS RESERVED. No part of this work covered by the
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Printed in the United States of America
Print Number: 01 Print Year: 2017


Copyright 2018 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. WCN 02-200-203




06665_fm_ptg01_i-xvi.indd 2 8/11/17 3:37 PM

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