DEPARTMENT OF ECONOMICS ECN 213 - MANAGERIAL ECONOMICS COURSE OUTLINE SUMMER - 2010 LECTURER: Roger Rogers E-mail: rogers.roger@gmail.com INTRODUCTION Managerial Economics provides a foundation of economic understanding for use in managerial decision-making. Both microeconomic and macroeconomic relations have implications for this decision-making process. Since the demand for a firm’s products plays a major role in determining its profitability and ongoing success‚ demand analysis and estimation
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Case 7: Tom’s Used Mustangs Applied Managerial Statistics I. Executive Summary The data file named “MUSTANGS”‚ contains observations on 35 used Mustangs with a variation of 10 different characteristics[1]. This file was used to prepare a report on the influence of various options on asking price and to relay how this information could be used to set prices on used Mustangs. Statistical analysis by Hypothesis Testing and Multiple Regression Analysis was performed on the asking prices
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Chapter 1: What Is Economics? Overview As you read this chapter‚ look for answers to the following questions: • What is "scarcity" and why must all societies deal with it? • Why is economics sometimes called "the study of scarcity and choice"? • What are trade-offs and opportunity costs? • Why should everyone understand basic economics? • What are the factors of production? • How do different economic systems solve the problem of scarcity? Scarcity One discovery you have made
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a 1. Define the three aspects of organizational architecture. The three aspects of organizational structures as highlighted in the synopsis of Managerial Economics and Organizational Architecture are as follows : 1. The assignment of decision rights within the firm 2. The methods of rewarding individuals 3. The structure of systems to evaluate the performance of individuals and units These three components are often referred to a stool with three legs. If one of the
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THE FIRM’S BASIC PROFIT MAXIMIZATION PROBLEM Chapter 2 slide 1 What Quantity of Output should the Firm Produce and Sell and at What Price? The Answer depends on Revenue and Cost Predictions. The Solution is Found using Marginal Analysis. Expand an Activity if and only if the Extra Benefit exceeds the Extra Cost. MAXIMIZING PROFIT FROM MICROCHIPS 2.2 A1. Focus on a single Product‚ A2. whose Revenues and Costs can be predicted with Certainty. Revenue can be predicted using the Demand
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Term- I Course Title : Managerial Economics Course Credits : 3 Course Faculty : Prof. Animesh Singh Learning Objectives At the end of this course‚ the student should be able to: • develop a basic understanding of economics as an important tool for taking effective managerial decisions; • develop the concept of managerial economics and its applications; and • to apprise how managers need to understand
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Introduction to Foundations in Applied English Language 1.2 What are texts and domains? 1.3 What is language? 1.4 Why study language? Conclusion References Learning unit 2: Let’s listen to the sounds of the English Language 2.1 The discrepancy between spelling and sound 2.2 Basic concepts of the sound system 2.3 Sound production 2.4 Variation in pronunciation 2.5 Attitudes and accents 2.6 Sound patterning 2.6.1 The syllable 2.6.2 Stress and intonation Conclusion References Learning unit 3: How do we build
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103-Managerial Economics OBJECTIVES: The course in Managerial Economics attempts to build a strong theoretical foundation for Management students. The course is mainly analytical in nature and focuses on clarifying fundamental concepts from microeconomic viewpoint. The students are expected to study and analyses the dynamics of managerial decision making through this course. Also wherever possible‚ students are expected to study‚ analyses and interpret empirical evidence and case studies available
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CHAPTER 9 Three conditions for a market to be perfectly competitive? Many buyers and sellers‚ with all firms selling identical products‚ and no barriers to new firms entering the market. In perfectly competitive markets‚ prices are determined by The interaction of market demand and supply because firms and consumers are price takers. Price taker Buyer or seller that is unable to affect the market price. A buyer or seller that takes the market price as given When are firms likely to be
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Managerial Economics and Economics Managerial Economics has been described as economics applied to decision making. It may be viewed as a special branch of economics bridging the gulf between pure economic theory and managerial practice. Economics has two main divisions :- (i) Microeconomics and (ii) Macroeconomics. Microeconomics has been defined as that branch of economics where the unit of study is an individual or a firm. Macroeconomics‚ on the other hand‚ is aggregate in character and has
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