Book Description

This text is designed for use by undergraduate and graduate students in departments of economics, schools of business management, public administration, and information technology. Students are presumed to have a background in the basic principles of economics. Prior course work in statistics and quantitative methods is desirable but not essential. All statistical material is confined to Web Chapters 13 - 15. The book makes occasional use of elementary concepts of differential calculus. A review of these basic concepts is provided in Web Appendix 2A. In all cases where calculus is employed, one or more alternative approaches, such as graphical, algebraic, or tabular analysis, are also presented. Spreadsheet applications have become so prominent in the practice of managerial economics that we now explain many concepts of optimization in this context.