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Introduction To Economic Decision Making, Lecture Notes - Managerial Economics

Managerial Economics

Post: October 12th, 2011
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INTRODUCTION TO ECONOMIC DECISION MAKING, EXAMPLES OF MANAGERIAL DECISIONS, SIX STEPS TO DECISION MAKING, SALES MAXIMIZATION VS PROFIT MAXIMIZATION, SOCIAL RESPONSIBILITY OF BUSINESS
INTRODUCTION TO ECONOMIC DECISION MAKING, EXAMPLES OF MANAGERIAL DECISIONS, SIX STEPS TO DECISION MAKING, SALES MAXIMIZATION VS PROFIT MAXIMIZATION, SOCIAL RESPONSIBILITY OF BUSINESS
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CHAPTER 1 - INTRODUCTION TO ECONOMIC DECISION MAKING Opening quote, see page 1. Decision making is at the heart of most important business and govt. problems. Examples: High-tech company: Undertake a promising but expensive R & D program? Petrochemical Manufacturer: Cut price in response to increased competition? Telecommunication Co: What bid to make for govt. contract? Food company: Introduce a new food product after mixed test-marketing? Fed Govt.: Stricter rollover standards for SUVs? City Govt.: Allocate funds to construct harbor tunnel for increased traffic flow? Fed Govt.: Increase funding for cancer research? Important question: “What is the alternative?” All decisions are economic decisions involving what comparison? Managerial Economics (ME) is the analysis of major management decisions using the tools and concepts of economics: supply and demand and cost, resource allocation, efficiency, cost-benefit, trade-offs, competition, strategic behavior, industry organization, m..

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