The goal of Thomas and Maurice’s Managerial Economics has always been, and continues to be, to teach students the economic way of thinking about business decision and strategy. This edition continues to develop critical thinking skills and provides students with a logical way of analyzing both the routine decisions of managing the daily operations of a business as well as the longer-run strategic plans that seek to manipulate the actions and reactions of rival firms. Managerial Economics has always been a self-contained textbook that requires no previous training in economics. While maintaining a rigorous style, this book is designed to be one of the most accessible books in managerial economics from which to teach and learn because of its clarity of presentation and strong end of chapter problems. Rather than parading students quickly through every interesting or new topic in microeconomics and industrial organisation, this 10th edition instead carefully develops and applies the most useful concepts for business decision making and strategic planning.
"synopsis" may belong to another edition of this title.
The new introductory chapter, "Managers, Firms, and Markets" starts right in teaching actual managerial material, such as the concept of economic profit, the goals of a firm, principle-agent problems and market structures. The mathematical appendix in Chapter 1 reviews the mathematics of present value.
The Technical Problems at the end of each chapter have been redesigned to follow sequentially the individual sections of the chapters.
At the end of each discussion of a new analytical idea, a margin icon directs students to one or more relevant Technical Problems.
Answers to all technical problems are now provided at the end of the book.
Revised Mathematical Appendices provide self-contained mathematical treatment of key topics for students with some calculus background. Mathematical Exercises have been added to the math appendices (with answers in the Instructor's Manual). As in previous editions, no calculus is employed in the body of the text.
The material on decision making under risk and uncertainty has been moved to the end of the book so that instructors can easily skip that material if they so choose. The discussion now includes utility analysis and expected utility theory.
The chapters employing statistical and quantitative analysis (primarily 7, 8, 11, 13, and 16) have been clarified and made slightly less rigorous.
Many new Applied Problems (with answers in the Instructor's Manual).
Technical Problems serve to build critical thinking and business decision-making skills, and include real world problems form the Wall Street Journal, Business Week, and the Economist.
Boxed "illustrations" provide students with real-world examples of firm behavior and managerial decision-making.
Inclusion of e-commerce/e-business examples and coverage. E-commerce is revolutionizing the way business is conducted and is changing the economy as a whole. Managers in particular need to have a clear understanding and awareness of e-commerce's impact, and the 7th Edition has been improved to help them in learning this. These new e-commerce/e-business examples can be found throughout the chapters, in some new Applied and Technical Problems, and in some new Illustrations such as Illustration 1.4, "Do Profits Matter in the Information Age?"
Increased international coverage will be added throughout the chapters, as well as in new Illustrations such as Illustration 2.1 "Did Globalization Kill U.S. Manufacturing" and a new section at the end of Chapter 1 entitled "Globalization of Markets." The economy and business environment within which managers work is increasingly a global one. Students who learn from Maurice-Thomas will be better prepared to understand the new, global marketplace.
Heavily revised and updated oligopoly chapter with more game theory and global themes. Oligopoly is an important subject matter in economics, especially in managerial economics, and both international issues and game theory are hot topics in the field today.
Text now offers Statistical Package Option consisting of the text and a complete Student Version of Statistix 7 (TM).
Christopher R. Thomas is currently Exide Professor of Sustainable Enterprise at University of South Florida. He worked for two years as an energy economist at Oak Ridge National Laboratory before joining the faculty at USF in 1982.
Chuck Maurice was professor emeritus of economics at Texas A&M University. He spent 30 years in the Department of Economics at Texas A&M, where he served as department head from 1977 through 1981 and held the Rex B.
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