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Managerial Economics and BusinessStrategy 9th edition PDF summary
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Managerial Economics and Business Strategy. By Baye & Prince. SUMMARY. fouadk
SUMMARY
Managerial Economics and Business
Strategy
9th edition
Michael R. Baye / Jeffrey T. Prince
By
FouadK®
www.stuvia.com/user/fouadk
2017
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Managerial Economics and Business Strategy. By Baye & Prince. SUMMARY. fouadk
TABLE OF CONTENTS
CHAPTER. 1 The Fundamentals of Managerial Economics 3
CHAPTER. 2 Market Forces: Demand & Supply 10
CHAPTER. 3 Quantitative Demand Analysis 15
CHAPTER. 4 The theory of Individual Behavior 20
CHAPTER. 5 The Production Process and Costs 24
CHAPTER. 6 The Organization of the Firm 32
CHAPTER. 7 The Nature of Industry 38
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CHAPTER .1 THE FUNDAMENTALS OF MANAGERIAL ECONOMICS
1. Introduction
➢ The manager: A manager is a person who directs resources to achieve a stated goal. This
definition includes all individuals who;
• Direct the efforts of others, including those who delegate tasks within an
organization such as a firm, a family, or a club.
• Purchase inputs to be used in the production of goods and services such as the
output of a firm, food for the needy, or shelter for the homeless.
• Are in charge of making other decisions, such as product price or quality.
A manager generally has responsibility for his or her own actions as well as for the actions of
individuals, machines, and other inputs under the manager’s control.
Much of this book assumes the manager’s task is to maximize the profits of the firm that employs
the manager; the underlying principles are valid for virtually any decision process.
➢ Economics:
Economics is the science of making decisions in the presence of scarce resources. Resources are
simply anything used to produce a good or service or, more generally, to achieve a goal.
Decisions are important because scarcity implies that by making one choice, you give up another.
Economic decisions thus involve the allocation of scarce resources, and a manager’s task is to
allocate resources so as to best meet the manager’s goals.
➢ Managerial economics:
Managerial economics, therefore, is the study of how to direct scarce resources in the way that
most efficiently achieves a managerial goal. It describes methods useful for directing everything
from the resources of a household to maximize household welfare to the resources of a firm to
maximize profits.
The key to making sound decisions is to know what information is needed to make an informed
decision and then to collect and process the data.
2. The economics of effective management
This book focuses on managerial decisions as they relate to maximizing profits or, more generally,
the value of the firm. An effective manager must:
➢ Identify goals and constraints:
The first step in making sound decisions is to have well-defined goals because achieving different
goals entails making different decisions.
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