Managerial economics

Mathematical concepts and computer techniques have pervaded many professions. Modern management is no exception. Economic models are now so deeply engrained that it is essential for all potential managers to be familiar with them. Using economic models implies a basic knowledge of mathematics and of economics. Managerial Economics presumes neither. It introduces the mathematical and theoretical

models in a manner which those with no prior background will find easy to understand.

The text logically progresses from microeconomic models of the firm which encompass price determination and consumer behaviour, decision-making and forecasting to macroeconomic models of the economy which introduce the concept of government and what effects its actions may have. There are models of consumer behaviour and demand forecasting as well as production-based models, a field which includes linear programming and input-output analysis. The work finally looks at investment and how time, uncertainty a and externalities are incorporated into models to provide the forecasts incorp

upon which investment decisions are based. The text is highly structured with many tables and figures to illustrate and explain those theoretical models in most common use today. It clearly defines the jargon in which the potential manager will hear his colleagues discuss business. There are exercises and case studies for the student to practise the newly acquired principles. An appendix on the use of computer programs is included.

Management students with no previous experience of economics, mathematics or operations research, especially those enrolled in courses leading to the Diploma in Management Studies, second-year CORE or OPTION courses for the Business Education Council Higher Level courses, and business studies degrees will find this book aimed specifically at their needs.