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 demonstrate how to apply managerial economics principles to real-life situations.

Format: Paperback / softback
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 for decision-makers.

In this revised edition of the textbook, a new focus has been placed on how managerial economics has been transformed by the increasing importance of digitization. The book discusses how digital technologies such as artificial intelligence, blockchain, and the Internet of Things are changing the way businesses operate and interact with their customers. It also explores how these technologies are impacting the supply chain, labor market, and financial markets, and how managers can use them to optimize their operations and make informed decisions.

Another important aspect of the textbook is the new chapter on consumer theory. Consumer theory is a branch of economics that focuses on the behavior of consumers and how they make decisions about the products and services they consume. The chapter discusses the psychological and behavioral factors that influence consumer behavior, such as motivation, perception, and decision-making processes. It also explores how these factors can be used by managers to design effective marketing strategies and improve customer satisfaction.

Wilkinson has adapted a user-friendly problem-solving approach to guide the reader through the material. The book begins with simple problems that are designed to introduce the key concepts of managerial economics and then progresses to more complex case studies that demonstrate how these concepts can be applied to real-life situations. Each chapter includes examples and exercises to help the reader understand the material and apply it to their own experiences.

Overall, this revised edition of the textbook is an invaluable resource for business and economics students at both undergraduate and graduate levels. It provides a comprehensive and up-to-date introduction to managerial economics, with a focus on the latest developments and trends in the field industry. The user-friendly problem-solving approach and comprehensive coverage of key concepts make it an ideal textbook for anyone looking to gain a deeper understanding of the field and apply it to their own professional experiences.

Weight: 1710g
Dimension: 190 x 246 x 43 (mm)
ISBN-13: 9781108984508
Edition number: 2 Revised edition