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Cost and Production
內容大綱
Managerial Economics: Concepts and Principles, written by Donald N. Stengel of the California State University, Fresno, is an eight-chapter book published by Business Expert Press. The text addresses the core of managerial economics, which is the application of microeconomics to business decisions. Key relationships between price, quantity, cost, revenue, and profit for an individual firm are discussed, as are elements from the economics of consumer demand and production. The economics of organization, market price, quantity equilibrium, competitive behavior, and the role of market structure in market equilibrium and competition are addressed. Finally, the text considers market regulation in terms of generic problems that create the need for regulation, as well as possible remedies for those problems. Chapter 4 explores the concepts and principles of microeconomics that guide management's organization and production activities to improve profitability and efficiency. Economies of scale and both short-run and long-run average cost curves are addressed at length. Economies of scope and joint products are discussed. The author compares the cost approach and the resource approach to production planning. Marginal revenues and cost, the law of diminishing marginal returns, and derived demand curves, as well as productivity and learning curves, are briefly discussed.