Microeconomics for Managers (4^th Ed.)
Principles and Applications

This fully updated fourth edition explores microeconomic concepts, with a distinctive emphasis on 'the economic way of thinking' and its applicability to sharp managerial thinking, productivity, and good decision-making. It stands apart due to its strong focus on practical and applied knowledge from the business context and its unique structure (Part I of each chapter develops key economic principles; Part II draws on those principles to discuss organizational and incentive issues in management, focusing on solving the 'principal-agent' problem to maximize the profitability of the firm). There are plentiful real-life scenarios and provocative examples in each chapter. Accessible to MBA students, other graduate students and undergraduates, it is ideal as a core text for courses in Managerial Economics. Requiring an understanding of only basic algebra, this new edition is more concise with a wealth of online resources, including additional online chapters and an online appendix with more advanced mathematical applications.

Preface for teachers; Preface for students; Video lectures and suggested uses; Book I. The Market Economy, Overview and Applications: 1. Microeconomics: a way of thinking about business; 2. Principles of rational behavior in society and business; 3. Competitive product markets and firm decisions; 4. Consumer choice and demand in traditional and network markets; Book II. Producer Theory: 5. Applications of demand and supply to government and management policies; 6. Principles of political economy for public policy and business; Book III. Theory of the Firm, Production, and Costs: 7. Production, costs, and the theory of the firm; 8. Production costs in the short run and long run; Book IV. Competitive and Monopoly Market Structures: 9. Firm production under idealised competitive conditions; 10. Monopoly power and firm pricing decisions; 11. Firm strategy under imperfectly competitive market conditions; 12. Competitive and monopsonistic labor markets; Select bibliography; Index.

Richard B. McKenzie is the Walter B. Gerken Professor of Enterprise and Society Emeritus in the Paul Merage School of Business at the University of California, Irvine.
D. Eric Schansberg is Professor of Economics at Indiana University Southeast.
Dwight R. Lee is a professor emeritus at the University of Georgia and the former J. O'Neil Endowed Chair of Global Markets and Freedom and Scholar in Residence at Southern Methodist University.