Download the Full Ebook and Access More Features - ebookmass.

com

Managerial Economics 12th Edition Christopher

Thomas

https://ebookmass.com/product/managerial-economics-12th-
edition-christopher-thomas/

OR CLICK HERE

DOWLOAD NOW

Download more ebook instantly today at https://ebookmass.com

 Instant digital products (PDF, ePub, MOBI) ready for you
Download now and discover formats that fit your needs...

Managerial Economics 4th Edition

https://ebookmass.com/product/managerial-economics-4th-edition/

ebookmass.com

Managerial Economics 3rd Edition Geetika

https://ebookmass.com/product/managerial-economics-3rd-edition-
geetika/

ebookmass.com

Managerial economics Fifteenth Edition Eric Bentzen

https://ebookmass.com/product/managerial-economics-fifteenth-edition-
eric-bentzen/

ebookmass.com

Learn Programming with C: An Easy Step-by-Step Self-

Practice Book for Learning C 1st Edition Imran

https://ebookmass.com/product/learn-programming-with-c-an-easy-step-
by-step-self-practice-book-for-learning-c-1st-edition-imran/

ebookmass.com
5 Steps to a 5: AP U.S. Government & Politics 2021 Elite
Student Edition Pamela Lamb

https://ebookmass.com/product/5-steps-to-a-5-ap-u-s-government-
politics-2021-elite-student-edition-pamela-lamb/

ebookmass.com

Nutrition For Healthy Living 4th Edition, (Ebook PDF)

https://ebookmass.com/product/nutrition-for-healthy-living-4th-
edition-ebook-pdf/

ebookmass.com

Understanding Self-Injury Lewis

https://ebookmass.com/product/understanding-self-injury-lewis-2/

ebookmass.com

C++ How to Program: An Objects-Natural Approach, 11e 11th

Edition Paul Deitel

https://ebookmass.com/product/c-how-to-program-an-objects-natural-
approach-11e-11th-edition-paul-deitel/

ebookmass.com

H■rs■zlar■n Yemini Mary E. Pearson

https://ebookmass.com/product/hirsizlarin-yemini-mary-e-pearson/

ebookmass.com
Highland Legend Kathryn Le Veque

https://ebookmass.com/product/highland-legend-kathryn-le-veque/

ebookmass.com
 page i

MANAGERIAL
ECONOMICS
Foundations of Business Analysis and
Strategy

1
 page ii

MANAGERIAL ECONOMICS: FOUNDATIONS OF BUSINESS

ANALYSIS AND STRATEGY, THIRTEENTH EDITION

Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY

10121. Copyright ©2020 by McGraw-Hill Education. All rights
reserved. Printed in the United States of America. Previous editions
©2016, 2013, and 2011. No part of this publication may be reproduced
or distributed in any form or by any means, or stored in a database or
retrieval system, without the prior written consent of McGraw-Hill
Education, including, but not limited to, in any network or other
electronic storage or transmission, or broadcast for distance learning.

Some ancillaries, including electronic and print components, may not be

available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 LCR 21 20 19

ISBN 978-1-260-00475-5 (bound edition)

MHID 1-260-00475-9 (bound edition)
ISBN 978-1-260-50633-4 (loose-leaf edition)
MHID 1-260-50633-9 (loose-leaf edition)

Portfolio Manager: Andy Weekes

Product Developer: Kevin White
Marketing Manager: Bobby Pearson
Content Project Managers: Melissa M. Leick, Samantha Donisi-Hamm,
Karen Jozefowicz
Buyer: Susan K. Culbertson
Design: Jessica Cuevas
Content Licensing Specialist: Missy Homer

2
Cover Image: ©Shutterstock/rudall30
Compositor: SPi Global

All credits appearing on page or at the end of the book are considered to
be an extension of the copyright page.

Library of Congress Cataloging-in-Publication Data

Names: Thomas, Christopher R., author.

Title: Managerial economics : foundations of business analysis and
strategy / Christopher R. Thomas.
Description: Thirteenth edition. | New York, NY : McGraw-Hill
Education, [2020]
Identifiers: LCCN 2019018228 | ISBN 9781260004755 (alk. paper)
Subjects: LCSH: Managerial economics.
Classification: LCC HD30.22 .M39 2020 | DDC 338.5024/658—dc23
LC record available at https://lccn.loc.gov/2019018228

The Internet addresses listed in the text were accurate at the time of
publication. The inclusion of a website does not indicate an endorsement
by the authors or McGraw-Hill Education, and McGraw-Hill Education
does not guarantee the accuracy of the information presented at these
sites.

mheducation.com/highered

3
 page iii

MANAGERIAL
ECONOMICS
Foundations of Business Analysis and
Strategy

THIRTEENTH EDITION

Christopher R. Thomas
University of South Florida

S. Charles Maurice
Texas A&M University
Late Professor Emeritus

4
 page iv

The McGraw-Hill Series Economics

ESSENTIALS OF ECONOMICS
Brue, McConnell, and Flynn
Essentials of Economics
Fourth Edition

Mandel
Economics: The Basics
Fourth Edition

Schiller
Essentials of Economics
Eleventh Edition

PRINCIPLES OF ECONOMICS
Asarta and Butters
Principles of Economics
Second Edition

Colander
Economics, Microeconomics, and Macroeconomics
Eleventh Edition

Frank, Bernanke, Antonovics, and Heffetz

Principles of Economics, Principles of Microeconomics, Principles of
Macroeconomics
Seventh Edition

Frank, Bernanke, Antonovics, and Heffetz

Streamlined Editions: Principles of Economics, Principles of
Microeconomics, Principles of Macroeconomics
Fourth Edition

5
Karlan and Morduch
Economics, Microeconomics, and Macroeconomics
Third Edition

McConnell, Brue, and Flynn

Economics, Microeconomics, Macroeconomics
Twenty-Second Edition

McConnell, Brue, and Flynn

Brief Editions: Microeconomics and Macroeconomics
Third Edition

Samuelson and Nordhaus

Economics, Microeconomics, and Macroeconomics
Nineteenth Edition

Schiller
The Economy Today, The Micro Economy Today, and The Macro
Economy Today
Fifteenth Edition

Slavin
Economics, Microeconomics, and Macroeconomics
Twelfth Edition

ECONOMICS OF SOCIAL ISSUES

Guell
Issues in Economics Today
Ninth Edition

Register and Grimes

Economics of Social Issues
Twenty-First Edition

ECONOMETRICS AND DATA ANALYTICS

Hilmer and Hilmer

6
Practical Econometrics
First Edition

Prince
Predictive Analytics for Business Strategy
First Edition

MANAGERIAL ECONOMICS
Baye and Prince
Managerial Economics and Business Strategy
Ninth Edition

Brickley, Smith, and Zimmerman

Managerial Economics and Organizational Architecture
Seventh Edition

Thomas and Maurice

Managerial Economics
Thirteenth Edition

INTERMEDIATE ECONOMICS
Bernheim and Whinston
Microeconomics
Second Edition

Dornbusch, Fischer, and Startz

Macroeconomics
Thirteenth Edition

Frank
Microeconomics and Behavior
Ninth Edition

ADVANCED ECONOMICS
Romer
Advanced Macroeconomics

7
Fifth Edition

MONEY AND BANKING

Cecchetti and Schoenholtz
Money, Banking, and Financial Markets
Sixth Edition

URBAN ECONOMICS
O’Sullivan
Urban Economics
Ninth Edition

LABOR ECONOMICS
Borjas
Labor Economics
Eighth Edition

McConnell, Brue, and Macpherson

Contemporary Labor Economics
Twelfth Edition

PUBLIC FINANCE
Rosen and Gayer
Public Finance
Tenth Edition

ENVIRONMENTAL ECONOMICS
Field and Field
Environmental Economics: An Introduction
Eighth Edition

INTERNATIONAL ECONOMICS
Appleyard and Field

8
International Economics
Ninth Edition

Pugel
International Economics
Seventeenth Edition

9
 page v

To Shelly and Brooke

page vi

10
 page vii

ABOUT THE AUTHORS

Christopher R. Thomas
Christopher R. Thomas is associate professor of economics at University
of South Florida (USF), where he has spent the past 37 years and held
the Exide Professorship of Sustainable Enterprise from 2004 through
2010. He worked for two years as an energy economist at Oak Ridge
National Laboratory before joining the faculty at USF in 1982. He now
teaches managerial economics to undergraduates and to MBA students in
both traditional and executive formats. Professor Thomas has published
numerous articles on government regulation of industry and antitrust
issues and is coeditor of the Oxford Handbook in Managerial
Economics. Professor Thomas lives with his wife in Brooksville, Florida,
where he enjoys photography and playing golf and tennis.

S. Charles Maurice
Chuck Maurice was professor emeritus of economics at Texas A&M
University. Professor Maurice published numerous articles on
microeconomic theory in the top economic journals. He co-wrote two
scholarly books on natural resource depletion: The Doomsday Myth and
The Economics of Mineral Extraction.

11
 page viii

PREFACE
WHY MANAGERIAL ECONOMICS?
The growing influence of microeconomics and industrial organization
economics in every field of business analysis has transformed the role of
managerial economics in business school curricula. Economists have
understood for some time that every modern course in business strategy
and organizational architecture must draw from key areas of
advancement in microeconomics and industrial organization. While
many business schools have been quick to adopt “strategy” as a
fundamental theme in their curricula, this new emphasis on strategy too
often falls on the shoulders of a single, one-semester course in business
strategy. In a single course, it is extremely difficult, if not impossible, to
teach business students managerial economics and cover all of the
valuable topics in business strategy and organization. In any case, a
thorough foundation in managerial economics is required in order to
understand how to use the many new and important developments in
microeconomics and industrial organization.
The objective of Managerial Economics, then, is to teach and apply
the foundation topics in microeconomics and industrial organization
essential for making both the day-to-day business decisions that
maximize profit as well as the strategic decisions designed to create and
protect profit in the long run. In so doing, we believe Managerial
Economics helps business students become architects of business tactics
and strategy instead of middle managers who plod along the beaten path
of others.

PEDAGOGICAL HIGHLIGHTS
The Thirteenth Edition of Managerial Economics maintains all the
pedagogical features that have made previous editions successful. These
features follow.

12
Emphasis on the Economic Way of Thinking
The primary goal of this book has always been, and continues to be, to
teach students the economic way of thinking about business decisions
and strategy. Managerial Economics develops critical thinking skills and
provides students with a logical way of analyzing both the routine
decisions of managing the daily operations of a business as well as the
longer-run strategic plans that seek to manipulate the actions and
reactions of rival firms.

Easy to Learn and Teach From

Managerial Economics is a self-contained textbook that requires no
previous training in economics. While maintaining a rigorous style, this
book is designed to be one of the easiest books in managerial economics
from which to teach and learn. Rather than parading students quickly
through every interesting or new topic in microeconomics and industrial
organization, Managerial Economics instead carefully develops and
applies the most useful concepts for business decision making and
strategic planning.

Dual Sets of End-of-Chapter Questions

To promote the development of analytical and critical thinking skills,
which most students probably do not know how to accomplish on their
own, two different kinds of problem sets are provided for each chapter.
Much like the pedagogy in mathematics textbooks, which employ both
“exercises” and “word problems,” Managerial Economics provides both
Technical Problems and Applied Problems.

Now try Technical Problem 3.

Technical Problems—Each section of a chapter is linked (by an icon

in the margin) to one or more Technical Problems specifically designed
to build and reinforce a particular skill. The Technical page ix
Problems provide a step-by-step guide for students to follow
in developing the analytical skills set forth in each chapter. The
answers to all of the Technical Problems are provided to instructors via
Create or McGraw-Hill Connect®. The narrow focus of each Technical

13
 Problem accomplishes two things: (1) It encourages students to master
concepts by taking small “bites” instead of trying to “gulp” the whole
chapter at once, and (2) It allows students to pinpoint any areas of
confusion so that interaction with the instructor—in the classroom or in
the office—will be more productive. When students finish working the
Technical Problems, they will have practiced all of the technical skills
required to tackle the Applied Problems.
Applied Problems—Following the Technical Problems, each chapter
has a set of Applied Problems that serve to build critical thinking skills
as well as business decision-making skills. These problems, much like
the “word problems” in a math textbook, are a mix of stylized business
situations and real-world problems taken from Bloomberg
Businessweek, The Economist, Forbes, The Wall Street Journal, and
other business news publications. Business students frequently find
classroom discussion of the Applied Problems among the most
valuable lessons of their entire business training. Answers to Applied
Problems are available in the Instructor's Manual.

The clarity of exposition, coupled with the integrated, step-by-step

process of the Technical Problems, allows students to learn most of the
technical skills before coming to class. To the extent that technical skills
are indeed mastered before class, instructors can spend more time in
class showing students how to apply the economic way of thinking to
business decision making.

Flexible Mathematical Rigor

Starting with only basic algebra and graph-reading skills, all other
analytical tools employed in the book are developed within the text itself.
While calculus is not a part of any chapter, instructors wishing to
teach a calculus-based course can do so by using the Mathematical
Appendices at the end of most chapters. The Mathematical Appendices
employ calculus to analyze the key topics covered in the chapter. Most
appendices have a set of Mathematical Exercises that requires calculus to
solve, and the answers to the Mathematical Exercises are available in the
Instructor's Manual. A short tutorial, titled “Brief Review of Derivatives
and Optimization” is provided via the instructor resource material
available through McGraw-Hill Connect®. This six-page review covers
the concept of a derivative, the rules for taking derivatives,
unconstrained optimization, and constrained optimization.

14
 Another Random Document on
Scribd Without Any Related Topics
 CHAPTER XXIII
The forest was again under snow, lying silent beneath its deep white
mantle. Only the crows’ calls could be heard. Now and then came a
magpie’s noisy chattering. The soft twittering of the tit-mice sounded
timidly. Then the frost hardened and everything grew still. The air
began to hum with the cold.
One morning a dog’s baying broke the silence.
It was a continuous hurrying bay that pressed on quickly through
the woods, eager and clear and harrying with loud yelps.
Bambi raised his head in the hollow under the fallen tree, and
looked at the old stag who was lying beside him.
“That’s nothing,” said the old stag in answer to Bambi’s glance,
“nothing that need bother us.”
Still they both listened.
They lay in their hollow with the old beech trunk like a sheltering
roof above them. The deep snow kept the icy draught from them, and
the tangled bushes hid them from curious eyes.
The baying grew nearer. It was angry and panting and relentless.
It sounded like the bark of a small hound. It came constantly closer.
Then they heard panting of another kind. They heard a low
labored snarling under the angry barking. Bambi grew uneasy, but the
old stag quieted him again. “We don’t need to worry about it,” he said.
They lay silent in their warm hollow and peered out.
The footsteps drew nearer and nearer through the branches. The
snow dropped from the shaken boughs and clouds of it rose from the
earth.
Through the snow and over the roots and branches, the fox came
springing, crouching and slinking. They were right; a little, short-
legged hound was after him.
 The fox came springing, crouching and slinking. A little, short-
legged hound was after him.

One of the fox’s forelegs was crushed and the fur torn around it.
He held his shattered paw in front of him, and blood poured from his
wound. He was gasping for breath. His eyes were staring with terror
and exertion. He was beside himself with rage and fear. He was
desperate and exhausted.
Once in a while he would face around and snarl so that the dog
was startled and would fall back a few steps.
Presently the fox sat down on his haunches. He could go no
farther. Raising his mangled forepaw pitifully, with his jaws open and
his lips drawn back, he snarled at the dog.
 But the dog was never silent for a minute. His high, rasping bark
only grew fuller and deeper. “Here,” he yapped, “here he is! Here!
Here! Here!” He was not abusing the fox. He was not even speaking
to him, but was urging on someone who was still far behind.
Bambi knew as well as the old stag did that it was He the dog was
calling.
The fox knew it too. The blood was streaming down from him and
fell from his breast into the snow, making a fiery red spot on the icy
white surface, and steaming slowly.
A weakness overcame the fox. His crushed foot sank down
helpless, but a burning pain shot through it when it touched the cold
snow. He lifted it again with an effort and held it quivering in front of
him.
“Let me go,” said the fox beginning to speak, “let me go.” He
spoke softly and beseechingly. He was quite weak and despondent.
“No! No! No!” the dog howled.
The fox pleaded still more insistently. “We’re relations,” he
pleaded, “we’re brothers almost. Let me go home. Let me die with my
family at least. We’re brothers almost, you and I.”
“No! No! No!” the dog raged.
Then the fox rose so that he was sitting perfectly erect. He
dropped his handsome pointed muzzle on his bleeding breast, raised
his eyes and looked the dog straight in the face. In a completely
altered voice, restrained and embittered, he growled, “Aren’t you
ashamed, you traitor!”
“No! No! No!” yelped the dog.
But the fox went on, “You turncoat, you renegade.” His maimed
body was taut with contempt and hatred. “You spy,” he hissed, “you
blackguard, you track us where He could never find us. You betray
us, your own relations, me who am almost your brother. And you
stand there and aren’t ashamed!”
Instantly many other voices sounded loudly round about.
 “Traitor!” cried the magpie from the tree.
“Spy!” shrieked the jay.
“Blackguard!” the weasel hissed.
“Renegade!” snarled the ferret.
From every tree and bush came chirpings, peepings, shrill cries,
while overhead the crows cawed, “Spy! Spy!” Everyone had rushed
up, and from the trees or from safe hiding places on the ground, they
watched the contest. The fury that had burst from the fox released an
embittered anger in them all. And the blood spilt on the snow, that
steamed before their eyes, maddened them and made them forget all
caution.
The dog stared around him. “Who are you?” he yelped. “What do
you want? What do you know about it? What are you talking about?
Everything belongs to Him, just as I do. But I, I love Him. I worship
Him, I serve Him. Do you think you can oppose Him, poor creatures
like you? He’s all-powerful. He’s above all of you. Everything we have
comes from Him. Everything that lives or grows comes from Him.”
The dog was quivering with exaltation.
“Traitor!” cried the squirrel shrilly.
“Yes, traitor!” hissed the fox. “Nobody is a traitor but you, only
you.”
The dog was dancing about in a frenzy of devotion. “Only me?” he
cried, “you lie. Aren’t there many, many others on His side? The
horse, the cow, the sheep, the chickens, many, many of you and your
kind are on His side and worship Him and serve Him.”
“They’re rabble!” snarled the fox, full of a boundless contempt.
Then the dog could contain himself no longer and sprang at the
fox’s throat. Growling, spitting, and yelping, they rolled in the snow, a
writhing, savagely snapping mass from which fur flew. The snow rose
in clouds and was spattered with fine drops of blood. At last the fox
could not fight any more. In a few seconds he was lying on his back,
his white belly uppermost. He twitched and stiffened and died.
 The dog shook him a few times, then let him fall on the trampled
snow. He stood beside him, his legs planted, calling in a deep, loud
voice, “Here! Here! He’s here!”
The others were horrorstruck and fled in all directions.
“Dreadful,” said Bambi softly to the old stag in the hollow.
“The most dreadful part of all,” the old stag answered, “is that the
dogs believe what the hound just said. They believe it, they pass their
lives in fear, they hate Him and themselves and yet they’d die for His
sake.”
 CHAPTER XXIV
The cold broke, and there was a warm spell in the middle of the
winter. The earth drank great draughts of the melting snows so that
wide stretches of soil were everywhere visible. The blackbirds were
not singing yet, but when they flew from the ground where they were
hunting worms, or when they fluttered from tree to tree, they uttered a
long-drawn joyous whistle that was almost a song. The woodpecker
began to chatter now and then. Magpies and crows grew more
talkative. The tit-mice chirped more cheerily. And the pheasants,
swooping down from their roosts would stand in one spot preening
their feathers and uttering their metallic throaty cacklings.
 The pheasants, swooping down from their roosts, would stand
in one spot.

One such morning Bambi was roaming around as usual. In the

gray dawn he came to the edge of the hollow. On the farther side
where he had lived before something was stirring. Bambi stayed
hidden in the thicket and peered across. A deer was wandering
slowly to and fro, looking for places where the snow had melted, and
cropping whatever grasses had sprung up so early.
Bambi wanted to turn at once and go away, for he recognized
Faline. His first impulse was to spring forward and call her. But he
stood as though rooted to the spot. He had not seen Faline for a long
time. His heart began to beat faster. Faline moved slowly as though
she were tired and sad. She resembled her mother now. She looked
as old as Aunt Ena, as Bambi noticed with a strangely pained
surprise.
Faline lifted her head and gazed across as though she sensed his
presence. Again Bambi started forward, but he stopped again,
hesitating and unable to stir.
He saw that Faline had grown old and gray.
“Gay, pert little Faline, how lovely she used to be,” he thought,
“and how lively!” His whole youth suddenly flashed before his eyes.
The meadow, the trails where he walked with his mother, the happy
games with Gobo and Faline, the nice grasshoppers and butterflies,
the fight with Karus and Ronno when he had won Faline for his own.
He felt happy again, and yet he trembled.
Faline wandered on, her head drooped to the ground, walking
slowly, sadly and wearily away. At that moment Bambi loved her with
an overpowering, tender melancholy. He wanted to rush through the
hollow that separated him from the others. He wanted to overtake
her, to talk with her, to talk to her about their youth and about
everything that had happened.
He gazed after her as she went off, passing under the bare
branches till finally she was lost to sight.
He stood there a long time staring after her.
Then there was a crash like thunder. Bambi shrank together. It
came from where he was standing. Not even from a little way off but
right beside him.
Then there was a second thunderclap, and right after that another.
Bambi leaped a little farther into the thicket, then stopped and
listened. Everything was still. He glided stealthily homewards.
The old stag was there before him. He had not lain down yet, but
was standing beside the fallen beech trunk expectantly.
“Where have you been so long?” he asked so seriously that
Bambi grew silent.
“Did you hear it?” the old stag went on after a pause.
 “Yes,” Bambi answered, “three times. He must be in the woods.”
“Of course,” the old stag nodded, and repeated with a peculiar
intonation, “He is in the woods and we must go.”
“Where?” the word escaped Bambi.
“Where He is now,” said the old stag, and his voice was solemn.
Bambi was terrified.
“Don’t be frightened,” the old stag went on, “come with me and
don’t be frightened. I’m glad that I can take you and show you the
way....” He hesitated and added softly, “Before I go.”
Bambi looked wonderingly at the old stag. And suddenly he
noticed how aged he looked. His head was completely gray now. His
face was perfectly gaunt. The deep light was extinguished in his
eyes, and they had a feeble, greenish luster and seemed to be blind.
Bambi and the old stag had not gone far before they caught the
first whiff of that acrid smell that sent such dread and terror to their
hearts.
Bambi stopped. But the old stag went on directly towards the
scent. Bambi followed hesitantly.
The terrifying scent grew stronger and stronger. But the old stag
kept on without stopping. The idea of flight sprang up in Bambi’s mind
and tugged at his heart. It seethed through his mind and body, and
nearly swept him away. But he kept a firm grip on himself and stayed
close behind the old stag.
Then the horrible scent grew so strong that it drowned out
everything else, and it was hardly possible to breathe.
“Here He is,” said the old stag moving to one side.
Through the bare branches, Bambi saw Him lying on the trampled
snow a few steps away.
An irresistible burst of terror swept over Bambi and with a sudden
bound he started to give in to his impulse to flee.
 “Halt!” he heard the old stag calling. Bambi looked around and
saw the stag standing calmly where He was lying on the ground.
Bambi was amazed and, moved by a sense of obedience, a
boundless curiosity and quivering expectancy, he went closer.
“Come near,” said the old stag, “don’t be afraid.”
He was lying with His pale, naked face turned upwards, His hat a
little to one side on the snow. Bambi who did not know anything about
hats thought His horrible head was split in two. The poacher’s shirt,
open at the neck, was pierced where a wound gaped like a small red
mouth. Blood was oozing out slowly. Blood was drying on His hair
and around His nose. A big pool of it lay on the snow which was
melting from the warmth.
“We can stand right beside Him,” the old stag began softly, “and it
isn’t dangerous.”
Bambi looked down at the prostrate form whose limbs and skin
seemed so mysterious and terrible to him. He gazed at the dead eyes
that stared up sightlessly at him. Bambi couldn’t understand it all.
“Bambi,” the old stag went on, “do you remember what Gobo said
and what the dog said, what they all think, do you remember?”
Bambi could not answer.
“Do you see, Bambi,” the old stag went on, “do you see how He’s
lying there dead, like one of us? Listen, Bambi. He isn’t all-powerful
as they say. Everything that lives and grows doesn’t come from Him.
He isn’t above us. He’s just the same as we are. He has the same
fears, the same needs, and suffers in the same way. He can be killed
like us, and then He lies helpless on the ground like all the rest of us,
as you see Him now.”
There was a silence.
“Do you understand me, Bambi?” asked the old stag.
“I think so,” Bambi said in a whisper.
“Then speak,” the old stag commanded.
 Bambi was inspired, and said trembling, “There is Another who is
over us all, over us and over Him.”
“Now I can go,” said the old stag.
He turned away, and they wandered side by side for a stretch.
Presently the old stag stopped in front of a tall oak. “Don’t follow
me any further, Bambi,” he began with a calm voice, “my time is up.
Now I have to look for a resting place.”
Bambi tried to speak.
“Don’t,” said the old stag cutting him short, “don’t. In the hour
which I am approaching we are all alone. Good-by, my son. I loved
you dearly.”
 CHAPTER XXV
Dawn of the summer’s day came hot, without a breath of wind or the
usual morning chill. The sun seemed to come up faster than usual. It
rose swiftly and flashed like a torch with dazzling rays.
The dew on the meadows and bushes was drawn up in an instant.
The earth was perfectly dry so that the clods crumbled. The forest
had been still from an early hour. Only a woodpecker hammered now
and then, or the doves cooed their tireless, fervid tenderness.
Bambi was standing in a little clearing, forming a narrow glade in
the heart of the thicket.
A swarm of midges danced and hummed around his head in the
warm sunshine.
There was a low buzzing among the leaves of the hazel bushes
near Bambi, and a big may-beetle crawled out and flew slowly by. He
flew among the midges, up and up, till he reached the tree-top where
he intended to sleep till evening. His wing-covers folded down hard
and neatly and his wings vibrated with strength.
The midges divided to let the may-beetle pass through, and
closed behind him again. His dark brown body, over which shone the
vibrant glassy shimmer of his whirring wings, flashed for a moment in
the sunshine as he disappeared.
“Did you see him?” the midges asked each other.
“That’s the old may-beetle,” some of them hummed.
Others said, “All of his offspring are dead. Only one is still alive.
Only one.”
“How long will he live?” a number of midges asked.
The others answered, “We don’t know. Some of his offspring live a
long time. They live forever almost.... They see the sun thirty or forty
times, we don’t know exactly how many. Our lives are long enough,
but we see the daylight only once or twice.”
“How long has the old beetle been living?” some very small
midges asked.
“He has outlived his whole family. He’s as old as the hills, as old
as the hills. He’s seen more and been through more in this world than
we can even imagine.”
Bambi walked on. “Midge buzzings,” he thought, “midge
buzzings.”
A delicate frightened call came to his ears.
He listened and went closer, perfectly softly, keeping among the
thickest bushes, and moving noiselessly as he had long known how
to do.
The call came again, more urgent, more plaintively. Fawns’ voices
were wailing, “Mother! Mother!”
Bambi glided through the bushes and followed the calls.
Two fawns were standing side by side, in their little red coats, a
brother and sister, forsaken and despondent.
 Two fawns were standing side by side, in their little red coats.

“Mother! Mother!” they called.

Before they knew what had happened Bambi was standing in front
of them. They stared at him speechlessly.
“Your mother has no time for you now,” said Bambi severely.
He looked into the little brother’s eyes. “Can’t you stay by
yourself?” he asked.
The little brother and sister were silent.
Bambi turned and, gliding into the bushes, disappeared before
they had come to their senses. He walked along.
 “The little fellow pleases me,” he thought, “perhaps I’ll meet him
again when he’s larger....”
He walked along. “The little girl is nice too,” he thought, “Faline
looked like that when she was a fawn.”
He went on, and vanished in the forest.
THE END
 from The Inner Sanctum of
SIMON and SCHUSTER
Publishers
31 West 57th Street : New York
The Inner Sanctum made three
glamorous pilgrimages to the city
of Arthur Schnitzler, Franz
Wefrel, Richard Strauss and
Eroicastrasse [our favorite
thoroughfare] in arranging for the
publication of this idyll of a deer:
Bambi, A Life In The Woods.
Having made numerous channel
crossings and having battled with
proof in every tantalizing form,
The Inner Sanctum particularly
appreciates the force and grace of
John Galsworthy's tribute in the
foreword.
Masterpieces, little or big, are rare
phenomena. It is The Inner
Sanctum's profound conviction
that the accolade is deserved by
Bambi--and a first edition of
seventy-five thousand copies is
the ratification of this enthusiasm.
--Essandess

TRANSCRIBER NOTES
Misspelled words and printer
errors have been corrected.
Where multiple spellings occur,
majority use has been employed.
Punctuation has been maintained
except where obvious printer
errors occur.
 *** END OF THE PROJECT GUTENBERG EBOOK BAMBI ***

Updated editions will replace the previous one—the old editions will
be renamed.

Creating the works from print editions not protected by U.S.

copyright law means that no one owns a United States copyright in
these works, so the Foundation (and you!) can copy and distribute it
in the United States without permission and without paying copyright
royalties. Special rules, set forth in the General Terms of Use part of
this license, apply to copying and distributing Project Gutenberg™
electronic works to protect the PROJECT GUTENBERG™ concept
and trademark. Project Gutenberg is a registered trademark, and
may not be used if you charge for an eBook, except by following the
terms of the trademark license, including paying royalties for use of
the Project Gutenberg trademark. If you do not charge anything for
copies of this eBook, complying with the trademark license is very
easy. You may use this eBook for nearly any purpose such as
creation of derivative works, reports, performances and research.
Project Gutenberg eBooks may be modified and printed and given
away—you may do practically ANYTHING in the United States with
eBooks not protected by U.S. copyright law. Redistribution is subject
to the trademark license, especially commercial redistribution.

START: FULL LICENSE

THE FULL PROJECT GUTENBERG LICENSE
 PLEASE READ THIS BEFORE YOU DISTRIBUTE OR USE THIS WORK

To protect the Project Gutenberg™ mission of promoting the free

distribution of electronic works, by using or distributing this work (or
any other work associated in any way with the phrase “Project
Gutenberg”), you agree to comply with all the terms of the Full
Project Gutenberg™ License available with this file or online at
www.gutenberg.org/license.

Section 1. General Terms of Use and

Redistributing Project Gutenberg™
electronic works
1.A. By reading or using any part of this Project Gutenberg™
electronic work, you indicate that you have read, understand, agree
to and accept all the terms of this license and intellectual property
(trademark/copyright) agreement. If you do not agree to abide by all
the terms of this agreement, you must cease using and return or
destroy all copies of Project Gutenberg™ electronic works in your
possession. If you paid a fee for obtaining a copy of or access to a
Project Gutenberg™ electronic work and you do not agree to be
bound by the terms of this agreement, you may obtain a refund from
the person or entity to whom you paid the fee as set forth in
paragraph 1.E.8.

1.B. “Project Gutenberg” is a registered trademark. It may only be

used on or associated in any way with an electronic work by people
who agree to be bound by the terms of this agreement. There are a
few things that you can do with most Project Gutenberg™ electronic
works even without complying with the full terms of this agreement.
See paragraph 1.C below. There are a lot of things you can do with
Project Gutenberg™ electronic works if you follow the terms of this
agreement and help preserve free future access to Project
Gutenberg™ electronic works. See paragraph 1.E below.
Welcome to our website – the ideal destination for book lovers and
knowledge seekers. With a mission to inspire endlessly, we offer a
vast collection of books, ranging from classic literary works to
specialized publications, self-development books, and children's
literature. Each book is a new journey of discovery, expanding
knowledge and enriching the soul of the reade

Our website is not just a platform for buying books, but a bridge
connecting readers to the timeless values of culture and wisdom. With
an elegant, user-friendly interface and an intelligent search system,
we are committed to providing a quick and convenient shopping
experience. Additionally, our special promotions and home delivery
services ensure that you save time and fully enjoy the joy of reading.

Let us accompany you on the journey of exploring knowledge and

personal growth!

ebookmass.com