MANAGERIAL ECONOMICS Handbook

The handbook provides an introduction to the fundamentals of microeconomics and strategy, and applies this knowledge to various numbers of business and management issues. Covered topics include: the working of competitive markets and the determination of market prices and quantities; the organisation of the firm and various measures of the costs of production; economic factors determining firms make or buy strategies; and business strategies in different market environments.
By reading this book you should be able to:
a) Explain the role of supply and demand in determining price in a competitive market
b) Apply supply and demand analysis to economic and business strategy issues
c) Explain how economies of scale, scope and learning determine the boundaries of a firm and market structure
d) Explain and analyse the economic factors that influence firms make or buy decisions
e) Identify the main characteristics of different market types, such as perfectly competitive, monopoly, monopolistic competitive and oligopoly. Explain and analyse the nature of competitive behaviour in these markets and the implications for business strategy
f) Apply economic models of business behaviour and markets to describe the main features of actual markets and to explain outcomes in actual markets, including prices and output levels, and business performance and profitability
g) Identify strategic situations in business activity and be able to analyse and predict the outcomes of these strategic situations using game theory
h) Analyse and explain the implications of various measures of cost.