Managerial Economics: Problem-Solving in a Digital World

Managerial economics is a fundamental part of business and management courses, and this textbook emphasizes how it has been transformed by digitization and consumer theory. It adopts a user-friendly problem-solving approach to help readers apply managerial economics principles to real-life situations.

Format: Hardback
Length: 600 pages
Publication date: 13 January 2022
Publisher: Cambridge University Press

Managerial economics, which involves the application of economic principles to the managerial decision-making process, is an essential component of any business or management course. The current business environment presents managers with increasingly challenging decisions, particularly in the aftermath of the COVID-19 pandemic and its associated lockdowns, as well as the digital revolution and advancements in technology. In its second edition, this textbook has been revised to emphasize how managerial economics has been profoundly impacted by the growing significance of digitization in both the workplace and the broader economy. Additionally, a new chapter on consumer theory has been included, which focuses on psychological and behavioral economics. Wilkinson adopts a user-friendly problem-solving approach to guide the reader through a gradual progression from simple problems to more complex case studies, demonstrating how to apply managerial economics principles to real-life situations. This book is highly valuable for business and economics students at both undergraduate and graduate levels.

The COVID-19 pandemic has had a significant impact on the business world, presenting managers with unprecedented challenges and opportunities. One area that has been particularly affected is managerial economics, as the pandemic has accelerated the digital transformation of many industries and created new challenges and opportunities for businesses.

In this essay, we will explore how the COVID-19 pandemic has transformed managerial economics and what implications this has for businesses and managers.

One of the key ways that the COVID-19 pandemic has transformed managerial economics is through the increased importance of digital technologies. The pandemic has forced many businesses to shift their operations online, which has led to a greater reliance on digital technologies such as cloud computing, artificial intelligence, and big data. This has created new opportunities for businesses to optimize their operations and improve their efficiency, but it has also created new challenges for managers in terms of managing these technologies and ensuring that they are used effectively.

For example, the pandemic has led to a significant increase in the use of remote work, which has created new challenges for managers in terms of managing employee productivity and ensuring that they are connected with their team and the business. Managers have also had to adapt to new technologies such as video conferencing and virtual collaboration tools, which have created new opportunities for communication and collaboration but have also required new skills and knowledge from managers.

Another area that has been impacted by the COVID-19 pandemic is the supply chain. The pandemic has caused disruptions to global supply chains, which has led to shortages of goods and increased prices for many products. This has created new challenges for businesses in terms of managing their supply chain and ensuring that they have enough inventory to meet customer demand. Managers have also had to adapt to new technologies such as blockchain and artificial intelligence to improve their supply chain management and reduce the risk of supply chain disruptions.

The pandemic has also had a significant impact on consumer behavior. Consumers have become more cautious and risk-averse, and they are increasingly looking for products and services that are safe and reliable. This has created new challenges for businesses in terms of marketing and advertising their products and services, as consumers are more likely to be skeptical of marketing claims and advertising messages. Managers have also had to adapt to new technologies such as social media and e-commerce to reach their customers and ensure that they are providing a high-quality customer experience.

In addition to the impact of digital technologies, the COVID-19 pandemic has also had a significant impact on the global economy. The pandemic has caused a significant decline in economic growth
growth, which has led to increased uncertainty and risk for businesses. Managers have had to adapt to new technologies such as scenario planning and risk management to identify and mitigate the risks associated with economic uncertainty.

One of the key challenges that businesses face in the aftermath of the COVID-19 pandemic is the need to adapt to new technologies and new ways of working. This requires a significant investment in training and development for employees, as well as a willingness to embrace change and innovation. Managers have also had to adapt to new technologies such as remote work and virtual collaboration tools, which have created new opportunities for productivity and efficiency but have also required new skills and knowledge from managers.

Another challenge that businesses face in the aftermath of the COVID-19 pandemic is the need to prioritize sustainability and social responsibility. Consumers are increasingly demanding that businesses prioritize sustainability and social responsibility, and this has created new challenges for businesses in terms of managing their operations and ensuring that they are contributing to the well-being of society and the environment. Managers have also had to adapt to new technologies such as renewable energy and sustainable supply chain management to reduce their environmental impact and contribute to the well-being of society.

In conclusion, the COVID-19 pandemic has had a significant impact on managerial economics, creating new challenges and opportunities for businesses and managers. The increased importance of digital technologies, the disruption to the supply chain, and the impact on consumer behavior have all transformed the way that businesses operate and the way that managers make decisions. Managers have had to adapt to new technologies and new ways of working, prioritize sustainability and social responsibility, and identify and mitigate the risks associated with economic uncertainty. As the pandemic continues to evolve, it is clear that managerial economics will continue to play an important role.

Weight: 1850g
Dimension: 252 x 193 x 42 (mm)
ISBN-13: 9781108839143
Edition number: 2 Revised edition