Economics and Management : Essentials with Applications

Economics and Management offers an intermediate-level introduction to economic and operations research concepts, tailored for upper-level undergraduate and MBA students from non-economics backgrounds.Blending economic theory with practical applications, it equips future managers, engineers, and policymakers with the analytical tools to navigate today's complex economic landscape. At the macroeconomic level, the book explores fiscal and monetary policy, technological change, economic growth, inflation, unemployment, and international trade.At the microeconomic level, it examines production economics, firm theory, consumer demand, market structures, cost-benefit analysis, and pricing strategies through an applied economics lens.The text uniquely addresses risk and uncertainty by examining global challenges such as climate change and the energy transition, highlighting how financial instruments like insurance, weather derivatives, and prediction markets can mitigate these risks. A key feature of the book is its integration of Artificial Intelligence into economic analysis.Students learn to use AI to write R code for simulations, regression modeling, and optimization problems, making complex coding accessible to non-programmers.Applications include stochastic cost-benefit analysis, sales forecasting, and tariff analysis.Excel tools are also employed for regression and optimization tasks, with AI guidance simplifying problem-solving. Economics and Management provides a holistic and practical approach to economics, enabling students from non-economics backgrounds to confidently address real-world challenges.