Principles of Managerial Economics addresses subject of applying microeconomics to business decisions.

Although economics is sometimes dismissed as a discourse of practical relevance to only a relatively small circle of academicians and policy analysts who call themselves economists, the reality is sound economic reasoning benefits any manager of a business, whether they are involved with production/operations, marketing, finance, or corporate strategy.

Stengel presents key relationships between price, quantity, cost, revenue, and profit for an individual firm are presented in form of simple conceptual models. Principles of Managerial Economics includes key elements from the economics of consumer demand and the economics of production. It discusses economic motivations for expanding a business and contributions from economics for improved organization of large firms. Market price quantity equilibrium, competitive behavior, and the role of market structure on market equilibrium and competition are also addressed.

Finally, the text considers market regulation in terms of the generic problems that create the need for regulation and possible remedies for those problems.

Although the academic literature of managerial economics often employs abstract mathematics and large corporations create and use sophisticated mathematical models that apply economics, Principles of Managerial Economics focuses on concepts, terminology, and principles, with minimal use of mathematics. Your students will gain a better understanding of why businesses and markets function as they do and how those institutions can function better.

To see if Stengel's Principles of Managerial Economics is the right compliment to your course, review it online or request review materials today.

• Donald N. Stengel
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