Comprehensive coverage of applied economics at an easily-understandable level. The text combines a strong foundation in microeconomic theory with an analytical, applied emphasis. The shareholder wealth maximization theme is integrated throughout the text, providing an integrated theme that is consistent with optimal resource allocation decisions. Since managerial economics is an applied branch of economics, the major emphasis of this text is to provide the theory and tools essential to the analysis and solution of those problems which have significant economic consequences, both for the firm and society at large.