Managerial Economics And Strategy, 3rd Edition PDF by Jeffrey M Perloff And James A Brander

By

Managerial Economics And Strategy, Third Edition

By Jeffrey M. Perloff And James A. Brander

Managerial Economics And Strategy, 3rd Edition PDF by Jeffrey M Perloff And James A Brander

Contents:

Preface Xiii

Chapter 1 Introduction 1

1.1 Managerial Decision Making 1

Profit 2

Trade-Offs 2

Other Decision Makers 2

Strategy 3

1.2 Economic Models 3

Mini-Case Using An Income Threshold

Model In China 4

Simplifying Assumptions 4

Testing Theories 5

Positive And Normative Statements 6

New Theories 7

1.3 Using Economic Skills In Your Career 7

Summary 8

Chapter 2 Supply And Demand 9

Managerial Problem Carbon Taxes 9

2.1 Demand 10

The Demand Curve 11

The Demand Function 14

Using Calculus Deriving The Slope

Of A Demand Curve 16

Summing Demand Curves 16

Mini-Case Summing Corn Demand Curves 16

2.2 Supply 17

The Supply Curve 18

The Supply Function 19

Summing Supply Curves 20

2.3 Market Equilibrium 20

Using A Graph To Determine The Equilibrium 20

Using Math To Determine The Equilibrium 20

Forces That Drive The Market To Equilibrium 22

Mini-Case Speed Of Adjustment

To New Information 23

2.4 Shocks To The Equilibrium 23

Effects Of A Shift In The Demand Curve 23

Q&A 2.1 24

Effects Of A Shift In The Supply Curve 25

Mini-Case The Opioid Epidemic

Reduces Labor Market Participation 26

Q&A 2.2 26

Managerial Implication Taking

Advantage Of Future Shocks 27

2.5 Effects Of Government Interventions 27

Policies That Shift Curves 27

Mini-Case Occupational Licensing 28

Price Controls 28

Mini-Case Venezuelan Price Ceilings

And Shortages 30

Sales Taxes 33

Q&A 2.3 35

Managerial Implication Cost Pass-Through 36

2.6 When To Use The Supply-And-

Demand Model 36

Managerial Solution Carbon Taxes 37

Summary 39

Questions 39

Chapter 3 Empirical Methods

For Demand Analysis 44

Managerial Problem Estimating The

Effect Of An Itunes Price Change 44

3.1 Elasticity 45

The Price Elasticity Of Demand 45

Managerial Implication Changing

Prices To Calculate An Arc Elasticity 47

Q&A 3.1 47

Mini-Case Demand Elasticities For

Google Play And Apple Apps 49

Using Calculus The Point Elasticity Of Demand 49

Elasticity Along The Demand Curve 49

Q&A 3.2 51

Other Types Of Demand Elasticities 53

Mini-Case Anti-Smoking Policies May

Reduce Drunk Driving 53

Demand Elasticities Over Time 54

Other Elasticities 54

Estimating Demand Elasticities 54

3.2 Regression Analysis 55

A Demand Function Example 55

Mini-Case The Portland Fish Exchange 57

Multivariate Regression 62

Q&A 3.3 62

Goodness Of Fit And The R2 Statistic 63

Managerial Implication Focus Groups 64

3.3 Properties And Statistical Significance

Of Estimated Coefficients 64

Repeated Samples 64

Desirable Properties For Estimated Coefficients 65

A Focus Group Example 65

Confidence Intervals 67

Hypothesis Testing And Statistical Significance 67

3.4 Regression Specification 68

Selecting Explanatory Variables 69

Mini-Case Determinants Of Ceo Compensation 69

Q&A 3.4 71

Functional Form 72

Managerial Implication Experiments 74

3.5 Forecasting 75

Extrapolation 75

Theory-Based Econometric Forecasting 78

Managerial Solution Estimating

The Effect Of An Itunes Price Change 79

Summary 81

Questions 82

Appendix 3a The Identification Problem 85

Chapter 4 Consumer Choice 87

Managerial Problem Paying Employees

To Relocate 87

4.1 Consumer Preferences 88

Properties Of Consumer Preferences 89

Mini-Case You Can’t Have Too Much Money 90

Preference Maps 90

4.2 Utility 97

Utility Functions 97

Ordinal And Cardinal Utility 98

Marginal Utility 98

Using Calculus Marginal Utility 99

Marginal Rates Of Substitution 100

4.3 The Budget Constraint 100

Slope Of The Budget Line 102

Using Calculus The Marginal Rate

Of Transformation 102

Effects Of A Change In Price On

The Opportunity Set 102

Effects Of A Change In Income On

The Opportunity Set 103

Q&A 4.1 104

Mini-Case Rationing 104

Q&A 4.2 105

4.4 Constrained Consumer Choice 105

The Consumer’s Optimal Bundle 105

Q&A 4.3 107

Mini-Case Why Americans Buy More

E-Books Than Do Germans 108

Q&A 4.4 109

Promotions 109

Managerial Implication Designing Promotions 111

4.5 Deriving Demand Curves 111

4.6 Behavioral Economics 113

Tests Of Transitivity 114

Endowment Effects 114

Mini-Case How You Ask The

Question Matters 115

Salience 115

Managerial Implication Simplifying

Consumer Choices 116

Managerial Solution Paying

Employees To Relocate 117

Summary 118

Questions 119

Appendix 4a The Marginal Rate Of Substitution 122

Appendix 4b The Consumer Optimum 123

Chapter 5 Production 124

Managerial Problem Labor Productivity

During Recessions 124

5.1 Production Functions 125

5.2 Short-Run Production 126

The Total Product Function 127

The Marginal Product Of Labor 128

Using Calculus Calculating The Marginal

Product Of Labor 128

Q&A 5.1 129

The Average Product Of Labor 129

Graphing The Product Curves 129

The Law Of Diminishing Marginal Returns 132

Mini-Case Malthus And The Green Revolution 133

5.3 Long-Run Production 134

Isoquants 134

Mini-Case Self-Driving Trucks 137

Substituting Inputs 138

Q&A 5.2 139

Using Calculus Cobb-Douglas

Marginal Products 141

5.4 Returns To Scale 141

Constant, Increasing, And Decreasing Returns To Scale 141

Q&A 5.3 143

Mini-Case Returns To Scale For Crocs 143

Varying Returns To Scale 144

Managerial Implication Small Is Beautiful 145

5.5 Innovation 146

Process Innovation 146

Mini-Case Robots And The Food You Eat 147

Organizational Innovation 147

Mini-Case A Good Boss Raises Productivity 148

Managerial Implication Technical

Progress And Competitive Advantage 148

Managerial Solution Labor

Productivity During Recessions 148

Summary 149

Questions 149

Chapter 6 Costs 153

Managerial Problem Technology

Choice At Home Versus Abroad 153

6.1 The Nature Of Costs 154

Opportunity Costs 154

Mini-Case The Opportunity Cost Of An Mba 155

Q&A 6.1 156

Costs Of Durable Inputs 156

Sunk Costs 157

Managerial Implication Ignoring Sunk Costs 158

6.2 Short-Run Costs 158

Mini-Case Costs Of Building A Guitar 158

Common Measures Of Cost 159

Using Calculus Calculating Marginal Cost 161

Cost Curves 161

Q&A 6.2 163

Production Functions And The Shapes

Of Cost Curves 164

Short-Run Cost Summary 167

6.3 Long-Run Costs 168

Mini-Case Short Run Versus Long Run

In The Sharing Economy 168

Input Choice 169

Managerial Implication Cost Minimization

By Trial And Error 174

Mini-Case The Internet And Outsourcing 175

Q&A 6.3 176

The Shapes Of Long-Run Cost Curves 176

Mini-Case Economies Of Scale At Google 178

Q&A 6.4 179

6.4 The Learning Curve 179

Mini-Case Solar Power Learning Curves 180

6.5 The Costs Of Producing Multiple Goods 181

Mini-Case Medical Economies Of Scope 182

Managerial Solution Technology

Choice At Home Versus Abroad 182

Summary 184

Questions 184

Appendix 6a Calculating Cost Curves 189

Appendix 6b Long-Run Cost Minimization 190

Chapter 7 Firm Organization And

Market Structure 191

Managerial Problem Amazon’s

Delivery Services 191

7.1 Ownership And Governance Of Firms 192

Private, Public, And Nonprofit Firms 192

Mini-Case Chinese State-Owned Enterprises 193

Ownership Of For-Profit Firms 194

Firm Governance 196

7.2 Profit Maximization 196

Profit 196

Two Steps To Maximizing Profit 197

Using Calculus Maximizing Profit 199

Q&A 7.1 200

Managerial Implication Marginal

Decision Making 200

Social Responsibility 202

Mini-Case Trends In Social Responsibility 203

Forcing Firms To Maximize Profit: The Survivor Principle And Competition For Corporate Control 204

7.3 Profits Over Time 206

Interest Rates 206

Investing And Profit Maximizing Over Time 208

Q&A 7.2 208

Managerial Implication Stock Prices

Versus Profit 209

7.4 The Make Or Buy Decision 210

Stages Of Production 210

Vertical Integration 210

Profitability And The Supply Chain Decision 213

Mini-Case Netflix 214

Mini-Case The Gig Economy 215

Market Size And The Life Cycle Of A Firm 216

7.5 Market Structure 217

The Four Main Market Structures 217

Comparison Of Market Structures 219

Disruptive Innovations And The Evolution

Of Market Structure 220

Road Map To The Rest Of The Book 220

Managerial Solution Amazon’s

Delivery Services 221

Summary 221

Questions 222

Chapter 8 Competitive Firms

And Markets 225

Managerial Problem The Rising Cost

Of Keeping On Truckin’ 225

8.1 Perfect Competition 226

Characteristics Of A Perfectly

Competitive Market 226

Deviations From Perfect Competition 228

8.2 Competition In The Short Run 228

How Much To Produce 229

Q&A 8.1 231

Using Calculus Profit Maximization

With A Specific Tax 232

Whether To Produce 233

Mini-Case Fracking And Shutdowns 235

Q&A 8.2 236

Managerial Implication Sunk Costs

And The Shutdown Decision 237

The Short-Run Firm Supply Curve 237

The Short-Run Market Supply Curve 238

Short-Run Competitive Equilibrium 240

8.3 Competition In The Long Run 241

Long-Run Competitive Profit

Maximization 241

The Long-Run Firm Supply Curve 242

Mini-Case The Size Of Ethanol

Processing Plants 242

The Long-Run Market Supply Curve 242

Mini-Case Industries With High Entry And

Exit Rates 243

Mini-Case An Upward-Sloping Long-Run

Supply Curve For Cotton 246

Long-Run Competitive Equilibrium 246

Q&A 8.3 247

Zero Long-Run Profit With Free Entry 247

8.4 Competition Maximizes Economic

Well-Being 247

Consumer Surplus 248

Managerial Implication Willingness To

Pay On Ebay 250

Mini-Case Digital Surplus 251

Producer Surplus 252

Q&A 8.4 254

Q&A 8.5 254

Competition Maximizes Total Surplus 255

Mini-Case The Deadweight Loss Of

Holiday Gifts 257

Effects Of Government Intervention 258

Q&A 8.6 258

Managerial Solution The Rising Cost

Of Keeping On Truckin’ 260

Summary 261

Questions 262

Chapter 9 Monopoly 266

Managerial Problem Brand-Name

And Generic Drugs 266

9.1 Monopoly Profit Maximization 268

Marginal Revenue 268

Using Calculus Deriving A Monopoly’s

Marginal Revenue Function 271

Q&A 9.1 271

Choosing Price Or Quantity 273

Two Steps To Maximizing Profit 274

Using Calculus Solving For The

Profit-Maximizing Output 275

Mini-Case Apple’s Ipad 276

Q&A 9.2 276

Effects Of A Shift Of The Demand Curve 277

Q&A 9.3 279

Mini-Case Taylor Swift Concert Pricing 280

Q&A 9.4 280

9.2 Market Power 281

Market Power And The Shape Of The

Demand Curve 281

Managerial Implication Checking

Whether The Firm Is Maximizing Profit 282

The Lerner Index 283

Q&A 9.5 283

Sources Of Market Power 284

9.3 Market Failure Due To Monopoly Pricing 284

Q&A 9.6 286

9.4 Causes Of Monopoly 287

Cost-Based Monopoly 288

Q&A 9.7 289

Government Creation Of Monopoly 289

Mini-Case The Canadian Medical

Marijuana Market 290

Mini-Case Botox 291

9.5 Advertising 293

Deciding Whether To Advertise 293

How Much To Advertise 295

Using Calculus Optimal Advertising 295

Q&A 9.8 296

Mini-Case Super Bowl Commercials 296

9.6 Internet Monopolies: Network Effects

And Scale Economies 297

Network Externalities 297

Managerial Implication

Introductory Prices 298

Behavioral Network Externalities 298

Two-Sided Markets 299

Natural Monopoly On The Internet 299

Mini-Case Critical Mass And Ebay 300

Disruptive Technologies 300

Managerial Solution Brand-Name

And Generic Drugs 301

Summary 302

Questions 302

Chapter 10 Pricing With Market Power 307

Managerial Problem Sale Prices 307

10.1 Conditions For Price Discrimination 309

Why Price Discrimination Pays 309

Mini-Case Disneyland Pricing 311

Which Firms Can Price Discriminate 311

Managerial Implication Preventing Resale 312

Mini-Case Preventing Resale Of Designer Bags 312

Not All Price Differences Are Price

Discrimination 313

Types Of Price Discrimination 313

10.2 Perfect Price Discrimination 313

How A Firm Perfectly Price Discriminates 314

Perfect Price Discrimination Is

Efficient But Harms Some Consumers 315

Mini-Case Botox Revisited 317

Q&A 10.1 318

Individual Price Discrimination 318

Mini-Case Google Uses Bidding For

Ads To Price Discriminate 319

10.3 Group Price Discrimination 320

Group Price Discrimination With

Two Groups 320

Using Calculus Maximizing Profit For

A Group Discriminating Monopoly 321

Mini-Case Age Discrimination 323

Q&A 10.2 323

Identifying Groups 325

Managerial Implication Discounts 325

Effects Of Group Price Discrimination

On Total Surplus 326

10.4 Nonlinear Price Discrimination 327

10.5 Two-Part Pricing 329

Two-Part Pricing With Identical Consumers 330

Two-Part Pricing With Differing

Consumers 331

Mini-Case Available For A Song 333

10.6 Bundling 334

Pure Bundling 334

Mixed Bundling 336

Q&A 10.3 337

Requirement Tie-In Sales 338

Managerial Implication Ties That Bind 339

10.7 Peak-Load Pricing 339

Mini-Case Downhill Pricing 340

Peak-Load Pricing With A Capacity Constraint 340

Dynamic Pricing 341

Q&A 10.4 342

Managerial Solution Sale Prices 343

Summary 344

Questions 345

Chapter 11 Oligopoly And

Monopolistic Competition 350

Managerial Problem Gaining An Edge

From Government Aircraft Subsidies 350

11.1 Cartels 352

Why Cartels Succeed Or Fail 352

Mini-Case Employer “No-Poaching” Cartels 354

Maintaining Cartels 355

Mini-Case Cheating On The Maple

Syrup Cartel 356

11.2 Cournot Oligopoly 357

Airlines 359

Using Calculus Deriving The Cournot

Equilibrium 362

The Number Of Firms 363

Mini-Case Mobile Phone Number

Portability 364

Nonidentical Firms 365

Q&A 11.1 366

Q&A 11.2 368

Mergers 369

Mini-Case Airline Mergers 370

11.3 Bertrand Oligopoly 370

Identical Products 370

Differentiated Products 372

Managerial Implication Differentiating

A Product Through Marketing 373

Mini-Case Rising Market Power 374

11.4 Monopolistic Competition 374

Managerial Implication Managing In

The Monopolistically Competitive Food

Truck Market 375

Equilibrium 376

Q&A 11.3 377

Profitable Monopolistically

Competitive Firms 377

Mini-Case Subsidizing The Entry Cost

Of Dentists 378

Managerial Solution Gaining An Edge

From Government Aircraft Subsidies 378

Summary 380

Questions 380

Appendix 11a Nash-Bertrand Equilibrium 384

Chapter 12 Game Theory And

Business Strategy 385

Managerial Problem Dying To Work 385

12.1 Oligopoly Games 388

Dominant Strategies 388

Best Responses 390

Failure To Maximize Joint Profits 392

Mini-Case Strategic Advertising 394

Q&A 12.1 395

Pricing Games In Two-Sided Markets 396

12.2 Types Of Nash Equilibria 397

Multiple Equilibria 397

Mini-Case Cheap Talk In Ebay’s Best

Offer Market 399

Mini-Case Timing Radio Ads 400

Mixed-Strategy Equilibria 400

Mini-Case Competing E-Book Formats 404

Q&A 12.2 404

12.3 Information And Rationality 405

Incomplete Information 406

Managerial Implication Solving

Coordination Problems 407

Rationality 407

Managerial Implication Using Game

Theory To Make Business Decisions 408

12.4 Bargaining 409

Bargaining Games 409

The Nash Bargaining Solution 409

Q&A 12.3 411

Using Calculus Maximizing The

Nash Product 411

Mini-Case Nash Bargaining Over Coffee 412

Inefficiency In Bargaining 412

12.5 Auctions 413

Elements Of Auctions 413

Bidding Strategies In Private-Value Auctions 414

Mini-Case Experienced Bidders 415

The Winner’s Curse 416

Managerial Implication Auction Design 417

Managerial Solution Dying To Work 417

Summary 418

Questions 419

Chapter 13 Strategies Over Time 424

Managerial Problem Intel And Amd’s

Advertising Strategies 424

13.1 Repeated Games 426

Strategies And Actions In Dynamic Games 426

Cooperation In A Repeated

Prisoners’ Dilemma Game 426

Mini-Case Tit-For-Tat Strategies In

Trench Warfare 429

Implicit Versus Explicit Collusion 430

Mini-Case Signaling Drug Price Increases 430

Finitely Repeated Games 430

13.2 Sequential Games 431

Stackelberg Oligopoly 432

Q&A 13.1 435

Credible Threats 436

Q&A 13.2 436

13.3 Deterring Entry 437

Exclusion Contracts 438

Mini-Case Pay-For-Delay Agreements 439

Limit Pricing 440

Mini-Case Pfizer Uses Limit Pricing

To Slow Entry 440

Q&A 13.3 441

Entry Deterrence In A Repeated Game 442

13.4 Cost And Innovation Strategies 443

Investing To Lower Marginal Cost 443

Learning By Doing 445

Raising Rivals’ Costs 445

Q&A 13.4 445

Mini-Case Auto Union Negotiations 446

13.5 Disadvantages Of Moving First 447

The Holdup Problem 447

Mini-Case Venezuelan Nationalization 448

Managerial Implication Avoiding

Holdups 449

Too-Early Product Innovation 450

Mini-Case Advantages And

Disadvantages Of Moving First 450

13.6 Behavioral Game Theory 451

Ultimatum Games 451

Mini-Case Gm’s Ultimatum 451

Levels Of Reasoning 453

Managerial Implication Taking

Advantage Of Limited Strategic Thinking 454

Managerial Solution Intel And Amd’s

Advertising Strategies 454

Summary 455

Questions 456

Appendix 13a A Mathematical Approach

To Stackelberg Oligopoly 461

Chapter 14 Decision Making Under

Uncertainty 462

Managerial Problem Bp’s Risk And

Limited Liability 462

14.1 Assessing Risk 464

Probability 464

Mini-Case Risk Of A Cyberattack 465

Expected Value 466

Q&A 14.1 467

Variance And Standard Deviation 467

Managerial Implication Summarizing Risk 469

14.2 Attitudes Toward Risk 469

Expected Utility 469

Risk Aversion 470

Q&A 14.2 472

Using Calculus Diminishing Marginal

Utility Of Wealth 472

Mini-Case Stocks’ Risk Premium 473

Risk Neutrality 473

Risk Preference 474

Mini-Case Gambling 474

Risk Attitudes Of Managers 476

Q&A 14.3 476

14.3 Reducing Risk 477

Obtaining Information 478

Mini-Case Bond Ratings 478

Diversification 479

Managerial Implication Diversify Your

Savings 481

Insurance 482

Q&A 14.4 483

Mini-Case Flooded By Insurance Claims 484

14.4 Investing Under Uncertainty 485

Risk-Neutral Investing 485

Risk-Averse Investing 486

Q&A 14.5 487

Oligopolistic R&D Investments Under

Uncertainty 487

14.5 Behavioral Economics And Uncertainty 488

Biased Assessment Of Probabilities 488

Mini-Case Biased Estimates 489

Violations Of Expected Utility Theory 490

Prospect Theory 491

Managerial Implication Loss Aversion

Contracts 493

Managerial Solution Bp’s Risk And

Limited Liability 493

Summary 494

Questions 495

Chapter 15 Asymmetric Information 500

Managerial Problem Clawing Back

Bonuses 500

15.1 Adverse Selection 502

Adverse Selection In Insurance Markets 502

Products Of Unknown Quality 503

Q&A 15.1 505

Q&A 15.2 506

Mini-Case Reducing Consumers’ Information 506

15.2 Reducing Adverse Selection 507

Restricting Opportunistic Behavior 507

Equalizing Information 508

Managerial Implication Using Brand

Names And Warranties As Signals 509

Mini-Case Discounts For Data 510

Mini-Case Adverse Selection And

Remanufactured Goods 511

15.3 Moral Hazard 512

Moral Hazard In Insurance Markets 512

Moral Hazard In Principal-Agent

Relationships 513

Mini-Case Honest Cabbies? 513

The Owner-Manager Relationship 514

Mini-Case Company Jets 514

Q&A 15.3 518

15.4 Using Contracts To Reduce Moral Hazard 519

Fixed-Fee Contracts 519

Contingent Contracts 520

Q&A 15.4 521

Mini-Case Sing For Your Supper 523

Q&A 15.5 524

15.5 Using Monitoring To Reduce Moral Hazard 525

Hostages 526

Mini-Case Capping Oil And Gas Bankruptcies 527

Managerial Implication Efficiency Wages 527

After-The-Fact Monitoring 528

Managerial Solution Clawing Back Bonuses 528

Summary 529

Questions 530

Chapter 16 Government And Business 536

Managerial Problem Licensing Inventions 536

16.1 Market Failure And Government Policy 537

The Pareto Principle 537

Cost-Benefit Analysis 538

16.2 Regulation Of Imperfectly

Competitive Markets 539

Regulating To Correct A Market Failure 539

Q&A 16.1 541

Mini-Case Natural Gas Regulation 543

Regulatory Capture 544

Applying The Cost-Benefit Principle

To Regulation 544

16.3 Antitrust Law And Competition Policy 545

Mergers 547

Mini-Case Are Monopoly Mergers Harmful? 548

Q&A 16.2 548

Predatory Actions 549

Vertical Relationships 550

Mini-Case Piping Up About Exclusive Dealing 551

16.4 Externalities 552

Managerial Implication Disney

Internalizes An Externality 552

The Inefficiency Of Competition With

Externalities 553

Reducing Externalities 555

Mini-Case Pulp And Paper Mill Pollution

And Regulation 557

Q&A 16.3 558

Mini-Case Why Tax Drivers 559

The Coase Theorem 560

Managerial Implication Buying A Town 562

16.5 Open-Access, Club, And Public Goods 562

Open-Access Common Property 563

Mini-Case Spam 564

Club Goods 565

Mini-Case Piracy 565

Public Goods 565

16.6 Intellectual Property 568

Patents 568

Q&A 16.4 569

Managerial Implication Trade Secrets 570

Copyright Protection 571

Managerial Solution Licensing Inventions 571

Summary 573

Questions 574

Chapter 17 Global Business 579

Managerial Problem Responding To

Exchange Rates 579

17.1 Reasons For International Trade 581

Comparative Advantage 581

Q&A 17.1 583

Managerial Implication Brian May’s

Comparative Advantage 584

Increasing Returns To Scale 584

Mini-Case Barbie Doll Varieties 585

17.2 Exchange Rates 586

Determining The Exchange Rate 586

Exchange Rates And The Pattern Of Trade 587

Managerial Implication Limiting

Arbitrage And Gray Markets 587

Managing Exchange Rate Risk 588

17.3 International Trade Policies 589

Quotas And Tariffs In Competitive Markets 589

Mini-Case Russian Food Ban 591

Q&A 17.2 594

Rent Seeking 595

Noncompetitive Reasons For Trade Policy 596

Mini-Case Protection Of U.S. Steel,

Aluminum, And Washing Machines 598

Trade Liberalization And The World

Trading System 599

Trade Liberalization Problems 600

17.4 Multinational Enterprises 601

Becoming A Multinational 601

Mini-Case What’s An American Car? 602

International Transfer Pricing 602

Q&A 17.3 604

Mini-Case Profit Repatriation 606

17.5 Outsourcing 606

Managerial Solution Responding

To Exchange Rates 608

Summary 609

Questions 610

Answers To Selected Questions E-1

Definitions E-14

References E-19

Sources For Managerial Problems,

Mini-Cases, And Managerial Implications E-27

Index E-38

Credits E-74

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