Thoroughly updated to reflect the post-crisis, global, and digital economy. Modernized for the 21st century, the Eighth Edition emphasizes strategic thinking by managers and includes over 50 new case studies on events from 2010 to 2012 that prepare students for today's changing economy.

Economic principles inform good business decision making. Although economics is sometimes dismissed as a discourse of practical relevance to only a relatively small circle of academicians and policy analysts who call themselves economists, sound economic reasoning benefits any manager of a business, whether they are involved with production/operations, marketing, finance, or corporate strategy. Along with enhancing decision making, the field of economics provides a common language and framework for comprehending and communicating phenomena that occur within a business, as well as between a business and its environment. This text addresses the core of a subject commonly called managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are presented in form of simple conceptual models. The text includes key elements from the economics of consumer demand and the economics of production. The book discusses economic motivations for expanding a business and contributions from economics for improved organization of large firms. Market price quantity equilibrium, competitive behavior, and the role of market structure on market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of the generic problems that create the need for regulation and possible remedies for those problems. Although the academic literature of managerial economics often employs abstract mathematics and large corporations create and use sophisticated mathematical models that apply economics, this book focuses on concepts, terminology, and principles, with minimal use of mathematics. The reader will gain a better understanding of why businesses and markets function as they do and how those institutions can function better.

A user-friendly problem-solving approach to managerial economics, with a focus on the transformative effects of the digital revolution.

Illustrating the theory of managerial economics with an integrated case on the soft drink industry, this text shows students how to solve real business problems by enabling them to apply economic principles to everyday business activity.

David Doane offers an Excel focused approach to using statistics in business. All statistical concepts are illustrated with applied examples immediately upon introduction.

Reflecting the highly globalized nature of tastes, production, labor markets, and financial markets in today's world, Managerial Economics in a Global Economy, Seventh Edition, is ideal for undergraduate and MBA courses in managerial economics. Thoroughly adopting a global perspective, it synthesizes economic theory, decision science, and business administration studies, examining how they interact as a firm strives to reach optimal profitability and efficiency in the face of modern constraints. FEATURES: * Integrates examples, data, and theories on the international ramifications of managerial decisions into the entire text, rather than segregating the material in a separate chapter * Demonstrates how firms actually reach managerial decisions with 122 real-world case studies and 11 more extensive integrating studies, along with additional case studies and applications on the Companion Website * Prominently features those tools of decision making, such as spreadsheet applications, that are so in demand by students * Introduces many new and exciting topics, including firm architecture, firm governance, and business ethics; Porter's strategic framework and the evolution of the creative firm; electronic commerce and risk management; and more * Offers instructors maximum flexibility with a modular structure that is suitable for both full-term and briefer courses, and can be used with or without calculus NEW TO THIS EDITION: * Extensive revisions to every chapter that consider the consequences and lessons of the 2008 global financial crisis * A new Chapter 2: Demand, Supply, and Equilibrium Analysis, to refresh students on relevant principles of economic analysis * Expanded coverage of spreadsheets and Microsoft Excel, including new appendices and spreadsheet-based problems in every chapter * Nearly 80 new or completely updated case studies and 5 new integrating case studies * An updated and expanded Companion Website at www.oup.com/us/salvatore featuring student resources: an online study guide, an extra chapter on linear programming, and additional case studies * An extensive instructor ancillary package, including online resources, making this text the perfect choice for lecture-based, online, or hybrid managerial economics courses

With its emphasis on real world, manager-oriented applications, this text shows students how managers apply theories and techniques to analyse and solve real-world business problems.