By Richard B. McKenzie, Dwight R. Lee
ISBN-10: 0521859816
ISBN-13: 9780521859813
This is often the 1st textbook in microeconomics written solely for MBA scholars. McKenzie/Lee minimizes realization to arithmetic and maximizes realization to intuitive monetary considering. The textual content is established sincerely and accessibly: half I of every bankruptcy outlines the fundamental conception and half II applies this easy conception to administration concerns. 'Perspective' sections in each one bankruptcy supply a brand new line of argument or diverse tackle a enterprise or coverage factor, and punctiliously selected subject matters and overview questions are designed to spark vigorous and instructive debates. during the booklet, McKenzie and Lee goal to infuse scholars with the industrial mind set within the context of a bunch of difficulties that MBA scholars, as destiny managers of real-world businesses, will locate correct to their profession objectives.
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Extra resources for Microeconomics for MBAs: The Economic Way of Thinking for Managers
Sample text
Incentives will continue to grow in importance in business as the economy becomes more complex, more global, and more competitive. Although incentives are both positive and negative, when structured properly, incentives can ensure that managers, workers, and consumers prosper. Like it or not, business people will have to learn to think about incentives with the same rigor that they now contemplate their balance sheets and marketing plans. They will need to justify the incentive structures they devise, which means they will have to understand why they do what they do.
A perfect incentive system would assure that everyone could be given complete freedom because it would be in the interest of each to advance the interests of all. No such perfect incentive system exists, not within any firm or within any economy. In every economy there is always some appropriate mix of both market incentives and government controls that achieve the best overall results. The argument over just what the right mix is will no doub t continue indefinitely, but few deny that both incentives and controls are needed.
Why, untold thousands of persons had a hand in every cup of coffee the loggers drink! The logs are shipped to a mill in San Leandro, California. Can you imagine the individuals who make flat cars and rails and railroad engines and who construct and install the communication systems incidental thereto? These legions are among my antecedents. Consider the millwork in San Leandro. The cedar logs are cut into small, pencil-length slats less than onefourth of an inch in thickness. These are kiln-dried and then tinted for the same reason women put rouge on their faces.