Managerial Economics Comm 295 Class 1 1. Course Outline 2. Introduction 3. Supply and Demand THE UNIVERSITY OF BRITISH COLUMBIA 1. Outline Instructor: James Brander Vista: An outline and old assignments and exams (with answers) are posted. Class notes will be posted before each class. Questions corresponding to the textbook and selected answers will be posted. Course Description: Economic foundations of managerial decision–making. The early topics review and extend material from first
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INTERNATIONAL MANAGEMENT INSTITUTE COURSE OUTLINE: MANAGERIAL ECONOMICS PGDM 2013-15 INSTRUCTORS Dr. Rajeev Anantaram (ranantaram@imi.edu) Dr. Arnab Deb (arnab.deb@imi.edu) 1. COURSE DESCRIPTION In a scenario characterized by increasing uncertainty and competition‚ managers will be called upon to make increasingly complex decisions that will have a crucial bearing on the prospects of the firm they work for. Indeed‚ even Public Sector Undertakings (PSUs) are increasingly faced with the challenge
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Unit 2 Assignment Student Name: Magida Taracena 1. Analyze what would happen to equilibrium price and quantity in the market for Pepsi if the following occurred (be sure to indicate WHY it happens as well): a. The price of Coke decreases: If the price of coke diminishes the demand will increase and if Pepsi stays the same the demand will stand still. This means that if the price of Coke decreases and
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1. If the consumer’s budget constraint is given by 10F + 5S = 100 where F is food and S is shelter‚ how much food can he buy if he purchases 2 units of shelter? Plug in number Student Response Value A. 10 B. 5 C. 20 D. 9 100% Score: 1/1 2. If the consumer’s budget constraint is given by 10F + 5S = 100 where F is food and S is shelter‚ what is the opportunity cost of food in terms of shelter? F/S Student Response Value A. 5 B. 2 C. 15 D. 10 0% Score:
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& Scope of Managerial Economics Contents Fundamental Economics Concepts: Opportunity Cost‚ Discounting principle‚ Time perspective‚ Incremental reasoning‚ Equi-marginal concept. Marginal concept in economics. Economics of information: Risk‚ Uncertainty‚ Asymmetry of information‚ Adverse Selection‚ Market Signaling. The theory of firm; Econometric Models & Economic optimization. ____________________________________________________________________________________ Economics Basics: Introduction
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The Nature and Scope of Managerial Economics Managerial Economics • Managerial economics‚ meaning the application of economic methods in the managerial decisionmaking process‚ and it is a fundamental part of any business. This is happening for several reasons It is becoming more important for managers to make good decisions and to justify them‚ as their accountability either to management or to shareholders increases. Number and size of multinationals increases‚ the costs and benefits
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Science of Managerial Economics Running successful businesses requires involvement of well experienced and talented managers; all companies’ stakeholders concern‚ in running companies‚ is to make profits and expectation is on managers’ part to make such desire become the fact of reality. One of the tools managers use to analyse company’s performances and be able to make intelligent decisions- for further profitability and sustainability of the corporations- is by economical tool. “managerial economics
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ST 2.1 (Page 43 in Text Book): Profit vs Revenue Maximization Presto Products‚ Inc. recently introduced an innovative new frozen dessert maker with the following revenue and cost relations. P = $60 – $0.005Q TC = $88‚000 + $5Q + 0.0005Q2 MR = ∂TR / ∂Q = $60 – $0.01Q MC = ∂TC / ∂Q = $5 + $0.001Q A. Setup a spreadsheet for output (Q)‚ price (P)‚ total revenue (TR)‚ marginal revenue (MR)‚ total cost (TC)‚ marginal cost (MC)‚ total profit (π)‚ and marginal profit (Mπ). Establish a range for
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Chief Characteristics Of Managerial Economics It would be useful to point out certain chief characteristics of Managerial Economics‚ inasmuch it’s they throw further light on the nature of the subject matter and help in a clearer understanding thereof. 1. Managerial Economics micro-economic in character. 2. Managerial Economics largely uses that body of economic concepts and principles‚ which is known as ‘Theory of the firm’ or ‘Economics of the firm’. In addition‚ it also seeks to apply
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MEANING SCOPE AND METHODS OF MANAGERIAL ECONOMICS INTRODUCTION Emergence of managerial economics as a separate course of management studies can be attributed to at least three factors.: (a) growing complexity of business decision making process due to changing market conditions and business environment (b) consequent upon‚ the increasing use of economic logic ‚ concepts theories and tools o economic analysis in the process of business decision making (c) Rapid increase in demand for professionally
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