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Managerial Economics and Business Strategy - Global Edition, Michael R. Baye

  Judul Buku : Managerial Economics and Business Strategy - Global Edition

Judul Buku:Managerial Economics and Business Strategy - Global Edition
Pengarang:Michael R. Baye – Jeffrey T. Prince
Penerbit:Mc Graw Hill Education
Cetakan:Eight Edition
Tahun Terbit:2013
Bahasa:Indonesia
Jumlah Halaman:636
Kertas Isi:HVS
Cover:Soft
Ukuran:18 x 23 cm
Berat:1100
Kondisi:Baru
Harga: Rp401,000


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Managerial Economics and Business Strategy Global Edition
Pengarang : Michael R. Baye – Jeffrey T. Prince
Penerbit : Mc Graw Hill Education


CONTENTS

CHAPTER ONE
The Fundamentals of Managerial Economics
Headline: Norwegian Cruises Managing Director Replaced Following Acquisition of Rival Firm 1
Introduction 2
The Manager 3
Economics 3
Managerial Economics Defined 3
The Economics of Effective Management 4
Identify Goals and Constraints 4
Recognize the Nature and Importance of Profits 5
Economic versus Accounting Profits 5
The Role of Profits 6
The Five Forces Framework and Industry Profitability 8
Understand Incentives 11
Understand Markets 12
Consumer–Producer Rivalry 13
Consumer–Consumer Rivalry 13
Producer–Producer Rivalry 13
Government and the Market 13
Recognize the Time Value of Money 14
Present Value Analysis 14
Present Value of Indefinitely Lived Assets 16
Use Marginal Analysis 19
Discrete Decisions 20
Continuous Decisions 22
Incremental Decisions 24
Learning Managerial Economics 25
Answering the Headline 26
Key Terms and Concepts 26
End-of-Chapter Problems by Learning Objective 27
Conceptual and Computational Questions 27
Problems and Applications 29
Case-Based Exercises 34
Selected Readings 34
Appendix: The Calculus of Maximizing Net Benefits 34
Inside Business 1-1: Conquering Emerging Markets in Search for Profits 7
Inside Business 1-2: Profits and the Evolution of the Airline Passenger Market in the Middle East 11
Inside Business 1-3: Shooting in Sharjah 19

CHAPTER TWO
Market Forces: Demand and Supply
Headline: Guernsey Organic Milk Production Suspended 37
Introduction 38
Demand 38
Demand Shifters 40
Income 41
Prices of Related Goods 42
Advertising and Consumer Tastes 42
Population 43
Consumer Expectations 43
Other Factors 44
The Demand Function 44
Consumer Surplus 46
Supply 48
Supply Shifters 48
Input Prices 49
Technology or Government Regulations 49
Number of Firms 49
Substitutes in Production 49
Taxes 50
Producer Expectations 51
The Supply Function 51
Producer Surplus 53
Market Equilibrium 54
Price Restrictions and Market Equilibrium 56
Price Ceilings 57
Price Floors 61
Comparative Statics 62
Changes in Demand 62
Changes in Supply 64
Simultaneous Shifts in Supply and Demand 64
Answering the Headline 67
Summary 68
Key Terms and Concepts 68
End-of-Chapter Problems by Learning Objective 69
Conceptual and Computational Questions 69
Problems and Applications 71
Case-Based Exercises 75
Selected Readings 75
Inside Business 2-1: The Egyptian Revolution of 2011 and the Olympic Team Fake Gear Controversy 41
Inside Business 2-2: The Canada-Jordan Free Trade Agreement and the Supply Curve 49
Inside Business 2-3: Popular Event, Popular Prices, Unpopular Outcomes 56
Inside Business 2-4: Price Ceilings and Price Floors in the Middle East and Asia 60
Inside Business 2-5: Dubai Dragon Mart and the Supply of Chinese Goods 64
Inside Business 2-6: Using a Spreadsheet to Calculate Equilibrium in the Supply and Demand Model 65

CHAPTER THREE
Quantitative Demand Analysis
Headline: UK Music Sales Decline for Sixth Consecutive Year 77
Introduction 78
The Elasticity Concept 78
Own Price Elasticity of Demand 79
Elasticity and Total Revenue 80
Factors Affecting the Own Price Elasticity 84
Available Substitutes 85
Time 86
Expenditure Share 86
Marginal Revenue and the Own Price Elasticity of Demand 87
Cross-Price Elasticity 89
Income Elasticity 92
Other Elasticities 94
Obtaining Elasticities from Demand Functions 94
Elasticities for Linear Demand Functions 95
Elasticities for Nonlinear Demand Functions 96
Regression Analysis 99
Evaluating the Statistical Significance of Estimated Coefficients 102
Confidence Intervals 103
The t-Statistic 103
Evaluating the Overall Fit of the Regression Line 104
The R-Square 104
The F-Statistic 106
Regression for Nonlinear Functions and Multiple Regression 106
Regression for Nonlinear Functions 106
Multiple Regression 108
A Caveat 111
Answering the Headline 111
Summary 113
Key Terms and Concepts 113
End-of-Chapter Problems by Learning Objective 114
Conceptual and Computational Questions 114
Problems and Applications 117
Case-Based Exercises 121 Selected Readings 121
Inside Business 3-1: Calculating and Using the Arc Elasticity: An Application to the Market for Detached Homes in London 84
Inside Business 3-2: Price Elasticity of Demand for Tobacco Products in India 88
Inside Business 3-3: Using Cross-Price Elasticities to Investigate Consumer Choices for Fixed and Mobile Broadband in Sweden 91
Inside Business 3-4: Does the Elasticity of Demand for Vehicle Gasoline Vary Across Countries? 107

CHAPTER FOUR
The Theory of Individual Behavior
Headline: Thai Seafood Company Asks Government to Solve Labor Shortage Crisis 123
Introduction 124
Consumer Behavior 124
Constraints 128
The Budget Constraint 129
Changes in Income 131
Changes in Prices 133
Consumer Equilibrium 134
Comparative Statics 135
Price Changes and Consumer Behavior 135
Income Changes and Consumer Behavior 138
Substitution and Income Effects 140
Applications of Indifference Curve Analysis 141
Choices by Consumers 141
Buy One, Get One Free 141
Cash Gifts, In-Kind Gifts, and Gift Certificates 142
Choices by Workers and Managers 145
A Simplified Model of Income–Leisure Choice 145
The Decisions of Managers 147
The Relationship between Indifference Curve Analysis and Demand Curves 149
Individual Demand 150
Market Demand 151
Answering the Headline 152
Summary 153
Key Terms and Concepts 153
End-of-Chapter Problems by Learning Objective 154
Conceptual and Computational Questions 154
Problems and Applications 157
Case-Based Exercises 161
Selected Readings 161
Appendix: A Calculus Approach to Indivudual Behavior
Inside Business 4-1: Indifference Curves and Risk
Inside Business 4-2: Budget Constraints, College Loans
Inside Business 4-3: Price Changes and Inventory Mana
Inside Business 4-4: Income Effects and the Business Compensation
Inside Business 4-5: Monetary Versus In-kind Compensation
Council Economies 146
Inside Business 4-6: HM Revenue and Customs and Output-Oriented

CHAPTER FIVE
The Production Process and Costs
Headline: The Short Run and Long Run Benefits of Farm Subsidies in India
and Sri Lanka 163
Introduction 164
The Production Function 164
Short-Run versus Long-Run Decisions 164
Measures of Productivity 166
Total Product 166
Average Product 166
Marginal Product 166
The Role of the Manager in the Production Process 168
Produce on the Production Function 168
Use the Right Level of Inputs 169
Algebraic Forms of Production Functions 172
Algebraic Measures of Productivity 173
Isoquants 175
Isocosts 178
Cost Minimization 179
Optimal Input Substitution 181
The Cost Function 183
Short-Run Costs 184
Average and Marginal Costs 186
Relations among Costs 188
Fixed and Sunk Costs 189
Algebraic Forms of Cost Functions 190
Long-Run Costs 191
Economies of Scale 193
A Reminder: Economic Costs versus Accounting Costs 194
Multiple-Output Cost Functions 195
Economies of Scope 195
Cost Complementarily 195
Answering the Headline 198
Summary 198
Key Terms and Concepts 199
End-of-Chapter Problems by Learning Objective 199
Conceptual and Computational Questions 200
Problems and Applications 202
Case-Based Exercises 207
Selected Readings 207
Appendix: The Calculus of Production and Costs 207
Inside Business 5-1: Where Does Technology Come From? 171
Inside Business 5-2: Paternity and Maternity Leave and Labor Substitution 184
Inside Business 5-3: Economies of Scale in Water and Sewerage in England
and Wales 192
Inside Business 5-4: Economies of Scale and Very Big Ships 194

CHAPTER SIX
The Organization of the Firm
Headline: Qatar Airways Vertically Integrates by Opening Own Hotel and Travel Agency 210
Introduction 211
Methods of Procuring Inputs 212
Purchase the Inputs Using Spot Exchange 212
Acquire Inputs Under a Contract 213
Produce the Inputs Internally 213
Transaction Costs 214
Types of Specialized Investments 215
Site Specificity 215
Physical-Asset Specificity 215
Dedicated Assets 215
Human Capital 216
Implications of Specialized Investments 216
Costly Bargaining 216
Underinvestment 216
Opportunism and the "Hold-Up Problem" 217
Optimal Input Procurement 218
Spot Exchange 218
Contracts 220
Vertical Integration 223
The Economic Trade-Off 224
Managerial Compensation and the Principal–Agent Problem 227
Forces That Discipline Managers 229
Incentive Contracts 229
External Incentives 230
Reputation 230
Takeovers 230
The Manager–Worker Principal–Agent Problem 231
Solutions to the Manager–Worker Principal–Agent Problem 231
Profit Sharing 231
Revenue Sharing 231
Piece Rates 232
Time Clocks and Spot Checks 232
Answering the Headline 234
Summary 234
Key Terms and Concepts 234
End-of-Chapter Problems by Learning Objective 235
Conceptual and Computational Questions 235
Problems and Applications 237
Case-Based Exercises 241
Selected Readings 241
Appendix: An Indifference Curve Approach to Managerial Incentives 241
Inside Business 6-1: Transaction Costs and the Inefficiency of Britain's Railways 218
Inside Business 6-2: Factors Affecting the Length of Coal and Natural-Gas Contracts 222
Inside Business 6-3: The Evolution of Input Decisions in the Automobile Industry 225
Inside Business 6-4: Performance-related Pay in Finland 233

CHAPTER SEVEN
The Nature Industry
Headline: EU Antitrust Agency Blocks Ryanair's Bid for Aer Lingus 245 Introduction 246
Market Structure 246
Firm Size 246
Industry Concentration 247
Measures of Industry Concentration 248
The Concentration of U.S. Industry 249
Limitations of Concentration Measures 251
Technology 253
Demand and Market Conditions 253
Potential for Entry 255
Conduct 256
Pricing Behavior 257
Integration and Merger Activity 258
Vertical Integration 259
Horizontal Integration 259
Conglomerate Mergers 260
Research and Development 260
Advertising 261
Performance 261
Profits 261
Social Welfare 261
The Structure-Conduct-Performance Paradigm 263
The Causal View 263
The Feedback Critique 263
Relation to the Five Forces Framework 264
Overview of the Remainder of the Book 264
Perfect Competition 265
Monopoly 265
Monopolistic Competition 265
Oligopoly 265
Answering the Headline 267
Summary 267
Key Terms and Concepts 268
End-of-Chapter Problems by Learning Objective 268
Conceptual and Computational Questions 269
Problems and Applications 270
Case-Based Exercises 273
Selected Readings 273
Inside Business 7-1: The 2008 Indian National Industrial Classification
(NIC-2008) 252
Inside Business 7-2: The Elasticity of Demand at the Firm and Market Levels 256 Inside Business 7-3: The Evolution of Market Structure in the Computer Industry 266

CHAPTER EIGHT
Managing in Competitive, Monopolistic, and Monopolistically Competitive Markets 274
Headline: Starbucks Enters Tea-Loving India 274
Introduction 275
Perfect Competition 275
Demand at the Market and Firm Levels 276
Short-Run Output Decisions 277
Maximizing Profits 277
Minimizing Losses 281
The Short-Run Firm and Industry Supply Curves 284
Long-Run Decisions 285
Monopoly 287
Monopoly Power 288
Sources of Monopoly Power 289
Economies of Scale 289
Economies of Scope 290
Cost Complementarily 291
Patents and Other Legal Barriers 291
Maximizing Profits 292
Marginal Revenue 292
The Output Decision 296
The Absence of a Supply Curve 299
Multiplant Decisions 299
Implications of Entry Barriers 301
Monopolistic Competition 303
Conditions for Monopolistic Competition 303
Profit Maximization 304
Long-Run Equilibrium 306
Implications of Product Differentiation 309
Optimal Advertising Decisions 310
Answering the Headline 312
Summary 312
Key Terms and Concepts 313
End-of-Chapter Problems by Learning Objective 313
Conceptual and Computational Questions 314
Problems and Applications 317
Case-Based Exercises 321
Selected Readings 321
Appendix: The Calculus of Profit Maximization 322
Appendix: The Algebra of Perfectly Competitive Supply Functions 323 Inside Business 8-1: Chinese Car Manufacturers Struggle to Enter the UAE Market 283
Inside Business 8-2: Intellectual Property Protection in the UK 293 Inside Business 8-3: Nokia's Product Differentiation 306

CHAPTER NINE
Basic Oligopoly Models 325
Headline: British Airways and Virgin Atlantic Settle Lawsuit for Collusion and Price-Fixing 325
Introduction 326
Conditions for Oligopoly 326
The Role of Beliefs and Strategic Interaction 326
Profit Maximization in Four Oligopoly Settings 328
Sweeny Oligopoly 328
Cournot Oligopoly 330
Reaction Functions and Equilibrium 330
Isoprofit Curves 336
Changes in Marginal Costs 338
Collusion 340
Stackelberg Oligopoly 342
Bertrand Oligopoly 346
Comparing Oligopoly Models 348
Cournot 348
Stackelberg 349
Bertrand 349
Collusion 349
Contestable Markets 351
Answering the Headline 352
Summary 353
Key Terms and Concepts 354
End-of-Chapter Problems by Learning Objective 354
Conceptual and Computational Questions 354
Problems and Applications 357
Case-Based Exercises 361
Selected Readings 361
Appendix: Differentiated-Product Bertrand Oligopoly 361
Inside Business 9-1: OPEC Members Can't Help but Cheat 342
Inside Business 9-2: The Big Five in Sweden and Commitment in Stackelberg Oligopoly 344
Inside Business 9-3: Price Competition and the Number of Sellers: Evidence from Online and Laboratory Markets 347
Inside Business 9-4: Using a Spreadsheet to Calculate Cournot, Stackelberg, and Collusive Outcomes 350

CHAPTER TEN
Game Theory: Inside Oligopoly
Headline: Etihad Airways Increases Luggage Allowances 364
Introduction 365
Overview of Games and Strategic Thinking 365
Simultaneous-Move, One-Shot Games 366
Theory 366
Applications of One-Shot Games 369
Pricing Decisions 369
Advertising and Quality Decisions 372
Coordination Decisions 373
Monitoring Employees 374
Nash Bargaining 376
Infinitely Repeated Games 377
Theory 377
Review of Present Value 378
Supporting Collusion with Trigger Strategies 378
Factors Affecting Collusion in Pricing Games 381
Number of Firms 381
Firm Size 382
History of the Market 382
Punishment Mechanisms 383
An Application of Infinitely Repeated Games to Product Quality 383
Finitely Repeated Games 384
Games with an Uncertain Final Period 384
Repeated Games with a Known Final Period: The End-of-Period Problem 387 Applications of the End-of-Period Problem 389
Resignations and Quits 389
The "Snake-Oil" Salesman 389
Multistage Games 390
Theory 390
Applications of Multistage Games 393
The Entry Game 393
Innovation 394
Sequential Bargaining 395
Answering the Headline 398
Summary 398
Key Terms and Concepts 399
End-of-Chapter Problems by Learning Objective 399
Conceptual and Computational Questions 400
Problems and Applications 403
Case-Based Exercises 408
Selected Readings 408
Inside Business 10-1: Hollywood's (not so) Beautiful Mind: Nash or "Opie" Equilibrium? 370
Inside Business 10-2: Cola Wars in India 372
Inside Business 10-3: Trigger Strategies in the Lysine, Industry 382
Inside Business 10-4: Entry Strategies in International Markets: Sprinkler or Waterfall? 394

CHAPTER ELEVEN
Pricing Strategies for Firms with Market Power
Headline: Visitors to Ferrari World Abu Dhabi Ride "for free" 409
Introduction 410
Basic Pricing Strategies 410
Review of the Basic Rule of Profit Maximization 410
  • Simple Pricing Rule for Monopoly and Monopolistic Competition 411
  • Simple Pricing Rule for Cournot Oligopoly 414
Strategies That Yield Even Greater Profits 416
Extracting Surplus from Consumers 416
Price Discrimination 416
Two-Part Pricing 422
Block Pricing 424
Commodity Bundling 426
Pricing Strategies for Special Cost and Demand Structures 429
Peak-Load Pricing 429
Cross-Subsidies 430
Transfer Pricing 431
Pricing Strategies in Markets with Intense Price Competition 433
Price Matching 434
Inducing Brand Loyalty 435
Randomized Pricing 436
Answering the Headline 437
Summary 438
Key Terms and Concepts 439
End-of-Chapter Problems by Learning Objective 439
Conceptual and Computational Questions 439
Problems and Applications 442
Case-Based Exercises 445
Selected Readings 445
Inside Business 11-1: Pricing Markup Unwritten "Rules" in Arab Souks 412 Inside Business 11-2: Nationality-Based Price Discrimination in Sri Lanka 417
Inside Business 11-3: Price Bundling in Swedish Retail Banking 428 Inside Business 11-4: Low-Price Guarantees in UK Supermarkets 435 Inside Business 11-5: Randomized Pricing in the Airline Industry 437

CHAPTER TWELVE
The Economic of Information 447
Headline: Indian CDMA Airwave Auction Flops 447
Introduction 448
The Mean and the Variance 448
Uncertainty and Consumer Behavior 451
Risk Aversion 451
Managerial Decisions with Risk-Averse Consumers 451
Consumer Search 453
Uncertainty and the Firm 456
Risk Aversion 456
Producer Search 460
Profit Maximization 460
Uncertainty and the Market 462
Asymmetric Information 462
Adverse Selection 463
Moral Hazard 465
Signaling and Screening 466
Auctions 468
Types of Auctions 469
English Auction 469
First-Price, Sealed-Bid Auction 469
Second-Price, Sealed-Bid Auction 470
Dutch Auction 470
Information Structures 471
Independent Private Values 471
Correlated Value Estimates 472
Optimal Bidding Strategies for Risk-Neutral Bidders 472
Strategies for Independent Private Values Auctions 473
Strategies for Correlated Values Auctions 475
Expected Revenues in Alternative Types of Auctions 477
Answering the Headline 479
Summary 479
Key Terms and Concepts 480
End-of-Chapter Problems by Learning Objective 480
Conceptual and Computational Questions 480
Problems and Applications 483
Case-Based Exercises 486
Selected Readings 486
Inside Business 12-1: Risk Aversion and the Value of Selling the Firm: The St. Petersburg Paradox 452
Inside Business 12-2: The Value of Information in Online Markets 457
Inside Business 12-3: Groucho Marx the Economist? 464
Inside Business 12-4: The Demise of Second-Price Auctions on souq.com 470
Inside Business 12-5: Auctions with Risk-Averse Bidders 478

CHAPTER THIRTEEN
Advanced Topics in Business Strategy 487
Headline: Flag Carrier of Dubai Faces Tough Competition with Sharjah Low-Cost Carrier 487
Introduction 488
Limit Pricing to Prevent Entry 489
Theoretical Basis for Limit Pricing 489
Limit Pricing May Fail to Deter Entry 491
Linking the Preentry Price to Postentry Profits 492
Commitment Mechanisms 492
Learning Curve Effects 493
Incomplete Information 494
Reputation Effects 494
Dynamic Considerations 495
Predatory Pricing to Lessen Competition 497
Raising Rivals' Costs to Lessen Competition 500
Strategies Involving Marginal Cost 500
Strategies Involving Fixed Costs 501
Strategies for Vertically Integrated Firms 502
Vertical Foreclosure 503
The Price–Cost Squeeze 503
Price Discrimination as a Strategic Tool 503
Changing the Timing of Decisions or the Order of Moves 504
First-Mover Advantages 504
Second-Mover Advantages 507
Penetration Pricing to Overcome Network Effects 507
What Is a Network? 508
Network Externalities 509
First-Mover Advantages Due to Consumer Lock-In 510
Using Penetration Pricing to "Change the Game" 512
Answering the Headline 513
Summary 514
Key Terms and Concepts 514
End-of-Chapter Problems by Learning Objective 514
Conceptual and Computational Questions 515
Problems and Applications 518
Case-Based Exercises 521
Selected Readings 521
Inside Business 13-1: The Business Strategy at Visa and MasterCard 490
Inside Business 13-2: The "Benevolent" Norwegian Cement Industry Cartel 497
Inside Business 13-3: Is a First Mover a First Winner or First Loser? 506
Inside Business 13-4: Network Externalities and the Failure of eBay in China 511

CHAPTER FOURTEEN
A Manager’s Guide to Government in the Marketplace 523
Headline: The European Commission Not Opposed to the Merger Between Vodafone and Mannesmann 523
Introduction 524
Market Failure 524
Market Power 524
Antitrust Policy 525
Price Regulation 529
Externalities 534
The Clean Air Act 535
Public Goods 538
Incomplete Information 542
Rules against Insider Trading 543
Certification 543
Truth in Lending 544
Truth in Advertising 545
Enforcing Contracts 545
Rent Seeking 547
Government Policy and International Markets 548
Quotas 548
Tariffs 550
Lump-Sum Tariffs 550
Excise Tariffs 551
Answering the Headline 552
Summary 553
Key Terms and Concepts 553
End-of-Chapter Problems by Learning Objective 553
Conceptual and Computational Questions 554
Problems and Applications 557
Case-Based Exercises 560
Selected Readings 560
Inside Business 14-1: The Egyptian Competition Authority Referred Sugar Company to Prosecution for Price Discrimination 528
Inside Business 14-2: Finnish Electricity Deregulation 533
Inside Business 14-3: Competition Commissions in Selected Asian Countries 546

CASE STUDY
Challenges at Time Warner 562
Important Note about the Case 561
Headline 562
Background 563
Overview of the Industry and Time Warner's Operations 564
America Online 564
Market Conditions 565
AOL Operations 566 AOL Europe 567
Filmed Entertainment 567
Motion Picture Production and Distribution 568
The Film Industry 568
Competition 570
Television Programming 571
Home Video Distribution 571
Publishing 571
Magazine Publishing 572
Magazines Online 573
Book Publishing 573
Programming Networks 574
Cable Systems 575
Analog and Digital Cable TV 575
High-Speed Internet Service 576
Telephone Service 576
Competition 577
Direct Broadcast Satellite Operators 577
Overbuilders 577
Bundling 578
Regulatory Considerations 579
Technological Considerations 579
High-Definition Television (HDTV) 579
Digital Video Recorders (DVRs) 580
Challenges 581
Case-Based Exercises 581
Memos 581
Selected Readings and References 590
Appendix: Exhibits 592

Appendix Additional Readings and References 598
Name Index
General Index 621


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