Managerial Economics

by Mark Hirschey

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• Format: Paperback
• Language: English
• ISBN: 0324588313
• ISBN13: 9780324588316
• Release Date: January 1
• Publisher: South Western Educational Publishing
• Length: 836 Pages

Customer Reviews

An outstanding text for the study of managerial economics!

As an instructor of economics, I give high marks to Mark Hirschey in his compilation of a textbook designed for studying a subject integral for any student of business or administrative sciences. It is designed primarily for those who may not necessarily have a strong quantitative background but need to understand the fundamentals of decision making and its application of economic concepts. The study of management comes from economics in that a manager makes decisions to maximize the objectives of an organization by efficiently allocating limited resources given limited choices or alternatives. The means of efficiently utilizing resources form the basis for making sound economic decisions whether an individual is running a small business operation or directing the workings of a major corporation. Hirschey provides excellent examples to support the concepts that he presents in each chapter. There are a total of 18 chapters along with appendices. Each chapter tries to relate both management and economic principles to the workings of a business entity and show what real world problems may impede the applications of theoretical concepts. The manager is both a decision maker and a risk taker, and each decision he/she makes has both short-run and long-run results. One need not have an extensive quantitative background to attempt to solve the problems that Hirschey presents at the end of each chapter. Mark Hirschey has provided a clear and concise text for understanding the economic applications to decision making in the business world. It is not surprising that a number of academic institutions use this book as the standard text for their managerial economics classes both at the undergraduate and graduate levels. Teachers should find it suitable to use for enhancing the learning processes of future business and professional leaders with its numerous illustrations and examples of important concepts and its continuous references to contemporary issues.