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This text will excite readers by providing a more linear progression, while proving the consistency and relevance of microeconomic theory. The Seventh Edition welcomes a new co-author, Stephen Erfle of Dickinson College, who has contributed many revisions and improvements to the quantitative sections of the text, as well as provided a major addition: the use of Excel in the presentation of many of the numerical and graphical illustrations presented throughout the text. To strengthen students¡¯ ability to use Excel-a critical skill in today¡¯s job market-new Excel Applications (Excel Apps) allow readers to turn the static figures and tables in the text into dynamic illustrations
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1. Introduction 2. The firm and Its Goals 3. Supply and Demand 4. Demand Elasticity 5. Demand Estimation and Forecasting 6. The Theory and Estimation of Production 7. The Theory and Estimation of Cost 8. Pricing and Output Decisions: Perfect Competition and Monopoly 9. Pricing and Output Decision: Monopolistic Competition and Oligopoly 10. Special Pricing Practices 11. Game Theory and Asymmetric Information 12. Capital Budgeting and Risk 13. The Multinational Corporation and Global Setting 14. Government and Industry: Challenges and Opportunities for Today¡¯s Manager 15. The Global Soft Drink Industry
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Paul G. Keat has been a member of the Global Business Faculty at Thunderbird School of Global Management for the past twenty-five years. At present he is an Associate Professor Emeritus. Prior to his coming to Thunderbird, he was associated for many years with the International Business Machines Corporation in professional and managerial capacities.
Philip K. Y. Young (www.philipkyoung.com) is the founder and president of Nth Degree Systems, Inc., a consulting firm that provides customized education and training programs to major corporations around the world. He recently co-founded Learning Burst Academy (www.learningbursts.com), a company that produces courses in business education in an innovative, digital format. He is also a member of the global faculty network of Duke Corporate Education. He has thirty years of teaching experience as a professor of economics in MBA programs and over twenty-five years of experience developing and teaching customized education and training programs.
Stephen E. Erfle began his career as a managerial economist during a 1994-1995 sabbatical at Seagram Classics Wine Company (SCWC). During those fourteen months, he maintained offices at Sterling Vineyards and at Mumm Cuvee Napa, where, respectively, the finance and marketing departments of SCWC resided. Trained as a microeconomic theorist, he began to use his economist¡¯s toolkit to analyze concrete business questions, such as, Should Mumm raise the price of Brut Prestige a dollar a bottle? When does it make sense to have another tasting room associate on the floor in Sterling¡¯s tasting room
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