This fully updated fourth edition explores microeconomic concepts, with a distinctive emphasis on 'the economic way of thinking' and its applicability to sharp managerial thinking, productivity, and good decision-making. It stands apart due to its strong focus on practical and applied knowledge from the business context and its unique structure (Part I of each chapter develops key economic principles; Part II draws on those principles to discuss organizational and incentive issues in management, focusing on solving the 'principal-agent' problem to maximize the profitability of the firm). There are plentiful real-life scenarios and provocative examples in each chapter. Accessible to MBA students, other graduate students and undergraduates, it is ideal as a core text for courses in Managerial Economics. Requiring an understanding of only basic algebra, this new edition is more concise with a wealth of online resources, including additional online chapters and an online appendix with more advanced mathematical applications.

'This tome fills a niche and is written by leaders and experts in the field. It prepares students to become competent, efficient partners in the decision-making of organizations. The book is rich in public policy and managerial applications. The knowledge it imparts will benefit those who seek greater insight into budgeting, pricing strategies, and the gaining of competitive advantage.' Walter G. Park, American University
'Microeconomics for Managers remains the best textbook for teaching economics to MBA students. The authors' method of treating economic subjects as people rather than lines on a spreadsheet will inoculate MBA students against economic mistakes. The updates of this 4th edition show how the economic way of thinking remains vital in the post-pandemic business world.' Jonathan Murphy, Western Carolina University
'… an innovative and accessible resource … For students this textbook offers a blend of theoretical and practical knowledge that bridges the gap between economic models and business realities, and for educators it provides a versatile framework adaptable to a wide range of instructional needs.' Kentaro Tomoeda, The Economic Record

Richard B. McKenzie is the Walter B. Gerken Professor of Enterprise and Society Emeritus in the Paul Merage School of Business at the University of California, Irvine. D. Eric Schansberg is Professor of Economics at Indiana University Southeast. Dwight R. Lee is a professor emeritus at the University of Georgia and the former J. O'Neil Endowed Chair of Global Markets and Freedom and Scholar in Residence at Southern Methodist University.