[Ebook PDF] Managerial Economics, 5th Edition

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Managerial Economics, 5th Edition

ISBN-13: 978-1337106665
ISBN-10: 1337106666

Author: Luke M. Froeb (Author), Brian T. McCann (Author), Michael R. Ward (Author), Shor (Author)

Discover how to use managerial economics to both diagnose and solve business problems with this breakthrough text, designed specifically for MBA students. Froeb/McCann/Ward/Shor’s MANAGERIAL ECONOMICS, 5E offers a succinct, fast-paced, yet challenging, approach full of invaluable insights. This edition incorporates less math and fewer technical models, graphs and figures than traditional managerial economics texts, while emphasizing the real decisions that today’s managers face daily. You’ll find this learning guide useful both now and throughout your business career. The latest economic updates keep you abreast of the most recent economic developments and current economic challenges worldwide. You learn how to apply economic theory to even the most formidable business challenges.

PREFACE
Teaching Students to Solve Problems1 by Luke Froeb
When I started teaching MBA students, I taught economics as I had learned it, using models and public policy applications. My students complained so much that the dean took me out to the proverbial woodshed and gave me an ultimatum, “improve customer satisfaction or else.” With the help of some disgruntled students who later became teaching assistants, I was able to turn the course around.
The problem I faced can be easily described using the language of economics: the supply of business education (professors are trained to provide abstract theory) is not closely matched to demand (students want practical knowledge). This mismatch is found throughout academia, but it is perhaps most acute in a business school. Business students expect a return on a fairly sizable investment and want to learn material with immediate and obvious value.
One implication of the mismatch is that teaching economics in the usual way—with models and public policy applications—is not likely to satisfy student demand. In this book, we use what we call a “problem-solving pedagogy” to teach microeconomic principles to business students. We begin each chapter with a business problem, like the fixed-cost fallacy, and then give students just enough analytic structure to understand the cause of the problem and how to fix it.
Teaching students to solve real business problems, rather than learn models, satisfies student demand in an obvious way. Our approach also allows students to absorb the lessons of economics without as much of the analytical “overhead” as a model-based pedagogy. This is an advantage, especially in a terminal or stand-alone course, like those typically taught in a business school.
To see this, ask yourself which of the following ideas is more likely to stay with a student after the class is over: the fixed-cost fallacy or that the partial derivative of profit with respect to price is independent of fixed costs.