If you have good economic principles, then more than likely, you're makinggood business decisions. Although economics is sometimes dismissedas a discourse of practical relevance to only a relatively small circle ofacademicians and policy analysts who call themselves economists, soundeconomic reasoning benefits any manager of a business, whether they areinvolved with production and operations, marketing, finance, or corporatestrategy. This highly respected text will help you and any business managerwith managerial economics, which is the application of microeconomicsto business decisions.Inside, you'll learn about the key relationships between price, quantity,cost, revenue, and profit, which are detailed for an individual firm in theform of simple conceptual models. The book includes key elements fromthe economics of consumer demand and the economics of production. Italso discusses economic motivations for expanding a business and contributionsfrom economics for improved organization of large firms, as wellas market price-quantity equilibrium, competitive behavior, and the roleof market structure on market equilibrium and competition. It concludesby considering market regulation in terms of the generic problems thatcreate the need for regulation and possible remedies for those problems.