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CONTENTS 1.
Introduction to Managerial Economic
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CONTENTS Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title 9. Models of the Firm’s Pricing Decision & The New York Times Useful Not useful
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Introduction to Managerial Economic Master your semester with Scribd 1. Definition and Scope & The New York Times
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Decision Making under Risk a Uncertainty
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Topics in Managerial Economics
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Topics in Managerial Economics
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Executive Summary
The chapter introduces you to the subject and then proceeds to build the foundation ne decision making under uncertainty, which is a central theme of managerial economics. section we examine the definition and scope of managerial economics. This leads to a di the use of “models” in managerial economics. We will see that verbal, graphical, and algeb depicting the behaviour of consumers and business firms can ofvote substantial Read Free Foron 30this Days Sign be up to title assistance analysis. Not useful Useful Cancel anytime. made now typically have cost and revenue implications not only for t Special offer forDecisions students: Only $4.99/month. period but also for future periods. In the second section we c onsider the multiperiod nature
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Definition Managerial Econom
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The Scope of Managerial Economics
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Certainty versus Uncertainty
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The Use of Models in Managerial Economics
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The Purposes of Models
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Present Value and Future Valu
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Present Value and Future Valu
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The Opportunity Discount Rate (ODR
T h e o p p o r t u n i t y d i s c o u n t r a t e (O D R ) is the rate of intere
return the decision maker could earn in the best alternative u the funds at the same level of risk
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The Firm’s Planning Period and Time Horizon
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Expected-Value Analysis of Uncerta Outcomes
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The Objectives of the Firm
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Different Rules for Different Scenarios The present period with certainty
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Summary
In this chapter we have introduced the subject of managerial economics and pr build a framework for business decision making. Managerial economics was def application of economic principles and methodologies to the decision-making pro the firm or organization. It is a normative discipline, seeking to provide rules tha firm to best pursue its objective function. The use of models in managerial econ examined, and we noted the purpose of models may be either pedagogical, exp predictive. In this course we will use symbolic models, including verbal, graphic Master your semester with Scribd simple mathematical expression. Read Free Foron 30this Days Sign up to vote title & The New York Times Not useful Present-value analysis and expected-value analysis were introd Useful Cancel anytime. Special offer for students: Only $4.99/month. examined in detail. The former involves the discounting of future cash flows so th properly compared with present cash flows for decision-making purposes. The You're Reading a Preview
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Executive Summary
This chapter combine present-value (PV) analysis and expected-value (EV) a expected-present-value (EPV) analysis, for cases where the decision to be future cash flows and is made in an uncertain environment. To facilitate multip analysis we introduce decision trees, which display the cost and revenue conse each decision like the branches of a tree, so all scenarios are accounted for and Master your semester with Scribd the decision can be properly calculated. Read Free Foron 30this Days Sign up to vote title & The New York Times Not useful the meas We then consider the risk involved in each decision alternative, Useful Cancel anytime. Special offer for students: Only $4.99/month. incorporation of risk analysis into the decision-making pro this risk, and the business decision makers are risk averse, but they will bear risk if adequately co You're Reading a Preview
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Decision trees and expectedpresent-value analysis
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The Decision Tree for the Printing Machine Decis
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Risk Analysis of Decision Alternatives
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Risk Aversion
Risk aversion is defined as the psychic dissatisfact
disutility) caused by uncertainty. Risk averters will take (and disutility) only if they, at the same time, expect to large amount of profit (and utility) associated w Mastersufficiently your semester with Scribd Read Free Foron 30this Days Sign up to vote title proposed investment project.
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Differing Degrees of Risk Aversion
Different people will have different degrees of risk aversion, beca have different marginal rates of substitution between risk and return
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Risk Preference and Risk Neutrality
Risk preference means that risk is viewed as a utility-producing go so the individual’s indifference curves are negatively sloping.
Risk neutrality means that the individual is indifferent to risk, r
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The Maximin Criterion Maximin is the term given to the largest (the maximum
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Which criterion should be applie
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Search costs and the value of information
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Evaluation of the decision ma Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Optimal information search? & The New York Times Useful Not useful
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Executive Summary
In the first two chapters we spoke in general terms of costs, revenues, and profi examine the principles underlying consumer demand and, hence, the firm’s By understanding consumer behaviour, we can predict consumers’ responses to variables that the firm can control, such as prices, product design, and p expenditures. We also examine the probable response of consumers Master your semester with Scribd to c Read Free Foron 30this Days Sign up to vote title variables that the firm cannot control, such as consumer incomes and the prices & The New York Times Useful Not useful competitive strategies) of other sellers. With this understanding, the manager is Cancel anytime. Special offer for students: Only $4.99/month. to explain and predict the behaviour of the firm’s revenues. You're Reading a Preview
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Indifference-Curve Analysis of Consumer Behavior
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Indifference Curves between Product
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The four properties of indifference curves:
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The marginal rate of substitution (MRS) is defined amount of one product that the consumer will be givesemester up for an additional of another product Mastertoyour with Scribd unit Read Free Foron 30this Days Sign up to vote title at the same level of utility. & The remaining New York Times Useful Not useful
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The budget constraint is defined as the total inco wealth the consumer is able to spend on good Master your semester with Scribd Free Foron 30this Days Sign up to vote title services per period. In the Read simple two-comm & The situation New Yorkwe Times Useful Not useful can write the budget constraint as Special offer for students: Only $4.99/month.
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The Rule of Utility Maximization
Utility maximization requires that the consumer choo combination on the budget constraint line where this line is an indifference curve.Scribd Tangency between the budget Mastertoyour semester with line Read Free Foron 30this Days Sign up to vote title Si curve means that their slopes must be equal. & The indifference New York Times Not useful Useful Cancel anytime. ofOnly an$4.99/month. indifference curve is the marginal rate of substitu Special offerslope for students: the slope of the budget You're line Reading is thea Preview price ratio, we can expr
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The Price Effect and the Law of Dema
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Income Consumption Curve for Normal Go
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The Attribute Approach to Consumer Choice
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The Budget Constraint and the Efficie Frontier
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Maximizing Utility from Attributes The Mixability of Products Indivisibility of Products Master your semester with Scribd & The New York Times
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Executive Summary
The collective actions of consumers constitute the market demand for th markets, and consequently consumers are responsible, in conjunction with the producers on the supply side of each market, for the determination of the output levels in each market. In chapter 3 we examine the behaviour of Master yourwho semester with Scribddecision toRead consumers make utility-maximizing purchase goods Free Foron 30 Days Sign up to vote this title and servi make theseYork decisions on the basis of their incomes,their & The New Times Usefulpreferences, Not useful the price Cancel anytime. of Only various products. When discussing consumer behavior, we do n Specialavailability offer for students: $4.99/month. the actions and reactions of anyYou're individual Readingconsumer a Preview to change the enviro
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The Determinants of Demand for a Product Q x = f (P x , A x , D x , O x , Strategic variables
I c , T c , E c , Consumer variables
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Price and Marginal Revenue TR = P . Q
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Relationships between Demand, Marginal Revenu and Total Revenue
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Price Elasticity of Demand
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Relationship between Price Elasticity Total Revenue
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Point versus Arc Elasticity
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Income Elasticity of Demand
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Luxuries, Necessities, and Inferio Goods
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Income Elasticity and Luxuries, Necessities, and Inferior Goods
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percentage You're Reading a Preview
percenta
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Cross Elasticities and Other Elasticiti
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is defined as the percentage ch Cross elasticity of demand
quantity demanded of product X , divided by the percentage c in the price of some product Y . That is,
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Substitutes, Complements, and Cross Elasticities of Demand
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Executive Summary
This chapter examines methods that are used to obtain demand data for th of business decision problems. Given the prior expectation that the valu information will exceed the search costs of obtaining that information, the decis can generate demand data using a variety of techniques from market rese Master your semester with Scribd statistical analysis. Read Free Foron 30this Days Sign up to vote title & The New Yorkestimation Times means the processofUseful Notcurrent useful Demand finding values Cancel anytime. Specialcoefficients offer for students:inOnly $4.99/month. the demand function for a particular product, while demand fo means the process of finding values forReading demand in future time periods. Curre You're a Preview
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Direct Vs Indirect Methods of Demand Estimation
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The Difficulties of Interviews and Surv Approaches Master your semester with Scribd Free Foron 30this Days The randomness of the sample Read Sign up to vote title & The New York Times Useful Not useful bias Special offerInterviewer for students: Only $4.99/month. Cancel anytime.
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Experiments Approaches Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Simulated Market Situations & The New York Times Useful Not useful
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Regression Analysis of Consume Demand Master your semester with Scribd Read Free Foron 30this Days technique Regression analysis is a statistical Sign up to vote title used & The discover New Yorkthe Times Useful Not useful apparent dependence of one variable Special offer for students: Only $4.99/month.
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The Linearity of the Regression Equa
Regression analysis requires that the dependence be expressed in the linear form
α + β 1X 1 + β 2X Y= Master your semester with Scribd 2 + … + β nX n + e Read Free Foron 30this Days Sign up to vote title used nonlinear form isNotthe The & The Newmost York commonly Times usefulpower f Useful
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Estimating the Regression Parameters Master your semester with Scribd & The New York Times
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The Coefficient of Determinati
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The Standard Error of Estimat
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The Predictive Power of the Regression Equation
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The Standard Error of the Coefficient
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Problems in Regression Analysis Six Major Pitfalls Master your semester with Scribd Specification Errors & The New York Times Special offerMeasurement for students: Only $4.99/month.Errors
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Executive Summary
In this chapter we consider the firm’s production process implications of this for the cost of producing the firm’s output. A understanding of the interrelationships between the cost of the inp the cost of the output is essential for good management decisions. Master your semester Scribd Production is thewith process whereby resources Read Free Foron 30are Days Sign up to vote this titletransform products. Production In this we i & The New York Timesturns inputs into outputs. Notchapter useful Useful Cancel anytime. newOnly terms and concepts to better understand the relationships Specialseveral offer for students: $4.99/month. in the production process. We You're are concerned with the economic effic Reading a Preview
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Production in the Short Run
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The General Form of The Production Function Master your semester with Scribd Foron 30this Days Sign to vote title ) upFree Q = f (K, LRead & The New York Times Useful Not useful Specialwhere, offer for students: Only $4.99/month. Cancel anytime.
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Short-Run and Long-Run Cost Curves
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The Total Product and Marginal Product Curves Master your semester with Scribd & The New York Times
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Relationship between the Total Produ and Total Variable Cost Curves Master your semester with Scribd & The New York Times
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Derivation of Average Variable and Marginal Cos Curves from Total Variable Cost Curve
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Short-Run Average Costs
S h o r t -r u n a v e r ag e c o s t s (S A C ) are defined as to
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Other Ways to Stabilize Unit Costs Master your semester with Scribd Inventories & The New York Times
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The Short-Run Supply Decision
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The Long-Run Average Cost Curv
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The Firm’s Preference for Excess Capacity
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The Long-Run Marginal Cost Cur Master semester with Scribd (LMC) curveRead shows the marginal The your long-run marginal cost Free Foron 30 Days Sign up to vote this title & The New York Not useful producing eachTimes additional unit of output when is free to Usefulthe firm Cancel anytime.
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Returns to Plant Size and Firm Si
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The Learning Curve
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Executive Summary
In this chapter we introduce cost concepts relevant for day-to-day d making by the business executive. In some cases these are cru compared with the theoretical nicety of the concepts discussed in the p chapter. But real-world business situations seldom provide the data ne Master your semester with Scribd for direct application of theoretical concepts. Nevertheless, an Read Free Foron 30this Days Sign up to vote title understa the theoretical the proper & The New Yorkconcepts Times is important to ensure Not usefulapplicatio Useful anytime. concepts that be discussed in this chapter. Cancel Decision makers so Special offer for students: Onlywill $4.99/month. apply convenient rules of thumb to problems that confront them with You're Reading a Preview
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Economic Vs Accounting Concepts of Costs and Profits
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Incremental Cost Analysis
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Summary of cost concepts for decision making RELEVANT COSTS
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Incremental Costs Present-period explicit costs:
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Variable overhead
IRRELEVANT COSTS Committed Costs
Sunk Costs
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Contribution Analysis
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The application of contributio analysis Master your semester with Scribd Project A or project & The New York Times
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Executive Summary
We make a distinction between cost estimation and cost forecastin estimation refers to the present-period cost levels, whereby we the likely unit costs or incremental costs of a particular decision to be the near future. Cost forecasting refers to the levels of cost in period, whereby judgments must be made about the probable rate of Master your semester withthe Scribd the market factors affecting prices of theRead different inputs, and ch Free Foron 30this Days Sign up to vote title input productivities, including the possible effects of the learning curve. & The New York Times Not useful Useful Cancel anytime. The manager must undertake cost estimation and forecasting Special offer for students: Only $4.99/month.
the optimality of present output levels, and to solve problem You're Reading a Preview
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Short-Run Cost Estimation
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represented by the data base by projecting the relationshi You're Reading a Preview
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Regression Analysis Using Time-Seri Data Master your semester with Scribd The standard problems with time-series data: Read Free Foron 30 Days Sign up to vote this title & The New York Times Useful Not useful If over the period of the observations some factors have Cancel anytime.
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The Engineering Technique of Cost Estimation
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Studies of Short-Run Cost Behav
Master your semester with Scribd In most cases, a linear totalRead cost fu Free Foron 30this Days Signvariable up to vote title & The provided New York the Times Useful Not useful best fit to the data observations. Special offer for students: Only $4.99/month. In some cases where a curvilinear total variabl You're Reading a Preview Cancel anytime.
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Long-Run Cost Estimation
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Cost Forecasting Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Changes in factor productivities & The New York Times Useful Not useful
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EXAMPLE
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Reading aincreased, Preview declined as cumulativeYou're output as shown
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Table 8-1 Costwith per Scribd Cumulative Log MasterDate yourofsemester Free Foron 30this Days Sign up to vote title Observation Unit Volume Read SAC & The New York Times Useful Not useful (SAC)
(Q)
9.00
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0.9542
2.
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Table 8-2 Master your Y semester withXScribd & The New0.9542 York Times 2.1761 Special offer for students: Only $4.99/month.
XY Read Free Foron 30this Days Sign up to vote title
X2
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Y
Y n
Y
3.3916 4 9.8585
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Y
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0.8479
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4(8.3064) (9.8585)(3.3916) You're Reading a Preview
4(24 4426)
(9 8585)
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To forecast cost per unit at, for example, 1,000 units of cum volume, we simply substitute for Q = 1,000 as follows: -0.3627) SAC = 55.18(1,000 Master your semester with Scribd 55.18(0.0816) & The New York=Times
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NOTE: Learning curves are often expressed in terms percentage decline in average costs for each consecutive do cumulative volume. To find this percentage for the example simply choose two output levels (one twice the other) and the percentage by which SAC has declined. For example, es Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title the SAC at 200 and 400 units of cumulative output fromthe & The NewweYork Times Useful Not useful Cancel anytime. curve, have for 200 units. Special offer for students: Only $4.99/month. You're Reading a Preview
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of what they were at 200 units, and we can see that there h slightly more than a 22% decline in average costs as cum Master your semester Scribd that SAC output doubled. Wewith can predict will continue to de Read Free Foron 30this Days Sign up to vote title approximately 22% for the next and each subsequent dou & The New York Times Not useful Useful Cancel anytime. Special the offer forcumulative students: Only $4.99/month. output level. You're Reading a Preview
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Empirical Case ESTIMATING THE COST OF SERVICE FOR AN ELECTRIC UTILITY
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Second, there are fixed costs, including depreciation ex taxes, and capital investment expenditures. The standard for cost of service (COS) can be represented by the following:
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As such, an unregulated price of electricity would be detrim society. The utility would earn economic profits at the exp consumers, and the presence of extensive economies of sca prohibit entry by potential competitors. The solution to this pr for the government to regulate price such that the Master your semester with Scribd the Read Free Foron 30this Days up to vote title is, reve monopolist earns just a normal rate of Sign return. That & The New York Times Not useful Useful Cancel anytime. equal to th providing the service are controlled to be exactly Special offer for students: Only $4.99/month. providing the service. You're Reading a Preview
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The only component of the cost-of-service formula is the amount of variable cost that will be incurred. To estim variable costs of providing the good or service, you spe average variable cost equation as a quadratic function of outp as follows: Master your semester with Scribd
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TABLE 1 State
Plant
Connecticut
Output
Norwalk Harbor Bridgeportwith Harbor Master your semester Scribd New Haven Harbor
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Labor Expenditures
Exp
1880.9 6,350 2635.6 13,431 Read Free Foron 30this Days Sign up to vote title 2615.9 6,239
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717 11,688
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QUESTIONS
1. your Does your with estimated confo Master semester Scribd AVCRead function Free Foron 30this Days Sign up to vote title economic theory? Explain. Useful Not useful & The New York Times Special offer for students: Only $4.99/month. 2. Use the parameter estimates to obtain estima You're Reading a Preview Cancel anytime.
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Executive Summary
Economist have developed a wide variety of models of the firm’s pricing decisi models typically seek to explain the manager’s choice of price, and the relat level, on the basis of profit maximization or the pursuit of some other objectiv
pricing models typically bring together the demand curves derived from m consumer with the Scribd cost curves derived from models of th Master yourbehaviour semester with Read Free Foron 30this Days Sign up to vote title production process. & The New York Times Useful Not useful there is no sing The first thing to learn about the theory of the firm is that Cancel anytime. Special forfirm. students: Only $4.99/month. ofoffer the Rather, there are literally dozens of models of the firm, each rep
a different theory which is reflected in Reading the assumptions that underlie the mo You're a Preview
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The 4 Basic Market Forms Master your semester with Scribd Pure competition & The New York Times Special offer for students: Only $4.99/month.
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PRICE TAKERS Master your semester with Scribd Read Free Foron 30this Days Price Determination in Pure Competition Sign up to vote title & The New York Times Useful Not useful Cancel anytime.
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PRICE MAKERS-NO REACTIO EXPECTED Master your semester with Scribd Monopoly Markets & The New York Times
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PRICE MAKERS-NO REACTIO EXPECTED Master your semester with Scribd Free Foron 30this Days Sign up to vote title Monopolistic CompetitionRead & The New York Times Useful Not useful Cancel anytime.
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PRICE MAKING IN OLIGOPOLIES WIT MUTUAL DEPENDENCE RECOGNIZE
Master your semester Scribdin which Oligopolies arewith markets there are only Read Free Foron 30this Days Sign up to vote title & The seller. New York Times Useful Not useful Special offer for students: Only $4.99/month. Oligopolists are mutually dependent because the You're Reading a Preview Cancel anytime.
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The Kinked Demand Curve Model of Oligopoly Master your semester with Scribd & The New York Times
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Week 1 Ch3 Consumer
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Price Rigidity in Oligopoly Despite Changing Demand Levels Master your semester with Scribd & The New York Times
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A Profit-Maximizing Price Change in t Kinked Demand Curve Model Master your semester with Scribd & The New York Times
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Price Leadership Models Master your semester with Scribd The barometric price & The New York Times
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Pricing for Longer-Term Objectiv Master your semester with Scribd Sales maximization with & The New York Times
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Executive Summary
The pricing models of chapter 9 were discussed in the contex of certainty the shape and location of the firm’s demand and cost curves were assume and the decision maker proceeded to select the price and output levels profit maximizing or that otherwise best served the firm’s objective. In thi Master your with Scribd where Read we deal withsemester full information on the pricing under uncertainty, dem Free Foron 30this Days Sign up to vote title cost situation is not available or is deemed too expensive to acquire. & The New Yorkfirst Times Useful Not useful Cancel anytime. We deal with under uncertainty, where e marginalist pricing Special offer for students: Only $4.99/month. demand and cost curves are used to predict the optimal price and outp You're Reading Preview Subsequent observations of the actual sales aand profit levels will serve to s
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Pricing with Incomplete Information
Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Marginalist pricing under uncertainty & The New York Times Useful Not useful Special offer for Only $4.99/month. Given estimated demand and marginal cost curv students: Cancel anytime.
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Markup Pricing
Master your semester with Scribd Foron 30this Days ofupFree determining pr Markup pricing is the practice Read Sign to vote title & The adding New YorkaTimes Useful Not useful percentage markup to the direct co Special offer for students: Only $4.99/month.
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You're Preview average variable cost) ofReading the aproduct.
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Reconsiliation of Markup and Marginalist Pricing Master your semester with Scribd & The New York Times
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The Range of Acceptable Markup Lev
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Markup Pricing and Iso-elastic Demand Shifts Master your semester with Scribd & The New York Times
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Pricing In Established Markets Master your semester with Scribd Price positioning & The New York Times
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Executive Summary
Rapid technological advances over the past two decades have spawned increasing array of new products. Setting the appropriate price for a new pr present a major challenge, because almost no information exists on the de new products. Market research may be undertaken, but until the new product i understood, marketing research may be less reliable. Even the demand for the Master your semester withanScribd computer, which was no longer unknown product to Free most people by the ea Read Foron 30this Days Sign up to vote title grew much faster than industry surveys had predicted (and allowed the penetrat & The New York Times Useful Not useful market by the IBM compatibles). Cancel anytime. Special offer for students: Only $4.99/month. New products cover a wide spectrum of newness. In the broadest sense, You're Reading a Previewcompared to what was p is new if it contains a different package of attributes
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Price Skimming
Price skimming is the choice of a relatively high pr Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title a new product when it is first introduced, with the & The New York Times Useful Not useful getting as much profit from the product as possib Special offerof for students: Only $4.99/month. Cancel anytime.
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Price Skimming
Master your semester with Scribd long-term pr There are essentially 3 situation in which Read Free Foron 30 Days Sign up tothe vote this title & The worth) New York Timeswill choose a skimming maximizer price: Useful Not useful Cancel anytime.
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Penetration Pricing
Master your semester with Scribd Penetration pricing is the practice of setting a rel Read Free For 30this Days Sign up to vote on title & The low New York Useful priceTimes in the current period toNot useful achieve Special offer for students: Only $4.99/month. penetration of the market and ensure a larger m You're Reading a Preview Cancel anytime.
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Adjusting Price Over Time 1. Thesemester Impact of theScribd Learning Effect on Prices Master your with Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful Cancel anytime.
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Adjusting Price Over Time
2. Thesemester Impact of Economies of Plant Size on Pri Master your with Scribd Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful Cancel anytime.
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Adjusting Price Over Time 3. Thesemester Impact of Entry of New Firms on Prices Master your with Scribd Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful Special offer for students: Only $4.99/month.
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Executive Summary
Competitive bidding occurs in any market where a number of sellers com the business of a single buyer. In most cases the buyer makes it know certain product or service is wanted, and the sellers tender their bids or pric The buyer will then select the seller offering to complete the contract for th Master with Scribdor select Read the sellers are ableto dif price, your if the semester products are identical, Free Foron 30this Days Sign up to vote title their products. & The New York Times Not useful Useful Cancel anytime. Competitive bid markets are really quite common. Consumers ente Special offer for students: Only $4.99/month. market every time they want their car fixed, teeth braced, house painted, a Firms wanting stationery supplies, new machines, component parts, c
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The Incremental Costs of the Contract
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expected to be incurred as a result of winnin
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The Incremental Revenues of Contract
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You're Reading a Preview as a result of w which are expected to be received
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The Optimal Bid Price
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Risk Considerations Master your semester with Scribd Cost-plus-Fee Bids & The New York Times
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Competitive Bidding in Practic Master your semester with Scribd Read Free For 30this Days Sign up to vote on title EPVC Markup Bid Pricing to Maximize & The New York Times Useful Not useful
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Collusive Bidding and Bid Disclosure Master your semester with Scribd Identical Bids & The New York Times
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Executive Summary
In earlier chapter we considered price as the firm’s strategic variable and cons effectiveness of price competition. In some markets, however, we notice that typically leave price alone ang engage in nonprice competition through adver promotional expenditures.
Master Nonprice your semester with Scribd competition may be preferred over price competition Read Free Foron 30this Days Sign up to vote title reasons. First, price competition could deteriorate into a price war with losses & The New York Times Useful Not useful most firms. Second, nonprice competition may be preferred as amore suitable Special offer for students: Only $4.99/month. “any fool competition because
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can cut prices, but it takes genius to conduct a s promotional campaign.” Third, firms mayReading believe it is more difficult to raise pri You're a Preview
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The Advertising-Sales Relationsh
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Impact of Increasing Advertising Expenditures on the Demand Cur Master your semester with Scribd & The New York Times
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Optimal Price and Advertising Levels When There Are Both Production and Selling Co Master your semester with Scribd & The New York Times
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Advertising and Promotional Expenditures When Mutual Dependence is Recognized Master your semester with Scribd Advertising Interdependence & The New York Times The Prisoner’s Special offer for students: Only $4.99/month. Dilemma
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Executive Summary
The four P’s of marketing, namely price, promotion, product quality and and sale, are the firm’s four main strategic variables. Having considered p firm’s product promotion in earlier chapters, we now consider the firm’s decision. Indeed, the place-of-sale decision can be analyzed in this contex Master your semester with Scribd since product quality refers to the presence or absence of desirable attribu Read Free Foron 30this Days Sign up to vote title product, and from the buyer’s point of view place of sale translates to con & The Newlocation, York Times Useful Not useful of seller which is an attributes the buyer typically Cancel anytime. does consid Special offer for students: Only $4.99/month. purchasing decision. In preceding chapters we took the design of the product for gra
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The Generic Competitive Strategies Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title Cost Leadership Strategy & The New York Times Useful Not useful Special offer for students: Only $4.99/month.
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Product Design for a Cost Leadership Strategy Master your semester with Scribd Search Products and the & The New York Times
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The Implications of Cost Leadership for Pr Design
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Executive Summary
Capital budgeting is the decision making process concerned with whethe the firm should invest funds in the purchase of assets or other resourc attempt to make profit, and how to choose among competing uses of f investment projects). Master Investment your semester projectswith may Scribd be to replace Read orupFree expand existing pl Foron 30this Days Sign to vote title to diversify to mount a major ad equipment, the firm’s activities, & The New York Times Not useful Useful Cancel anytime. will involve campaign, and so on. In general, investment projects Special offer for students: Only $4.99/month. generation, cost reduction, or some combination of the two. You're Reading a Preview
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MANAGERIAL ECONOMICS AND
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Krajewski Om9 Ppt 03
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The Net-Present-Value Criter
Net present value refers to the sum of the discou
value of the future stream of costs and reve Master your semester with Scribd Read Free Foron 30this Days Sign up to vote title associated with a particular project. & The New York Times Useful Not useful Special offer for students: Only $4.99/month.
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MANAGERIAL ECONOMICS AND
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Netsemester cash flow after taxes your can be Master with Scribd Read Free Foron 30this Days Sign up to vote title & The New Times Useful Not useful as York incremental revenues minus Special offer for students: Only $4.99/month.
defin
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You're Reading a Preview incremental costs, plus tax savings th
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Week 1 Ch3 Consumer
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The Internal-Rate-of-Return Criteri
The internal rate of return (IRR) is the ra
discount that reduces the present value of Master your semester Scribd withRead income streamwith to equality the initial cost. Free Foron 30this Days Sign up to vote title & The New York Times Special offer for students: Only $4.99/month.
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Determining the Level of Investmen Expenditure Master your semester with Scribd 20 & The New York Times
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Rule
The IRR decision rule is that projects Masteran yourinternal semester with rateScribd of return greater than Read Free For 30 Days & The opportunity New York Times rate of interest should You're Reading a Preview accepted and implemented by the firm
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The Net-Present-Value Curve
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NPV curve is a locus of the points representing the
of a project and the rate at which it was discounted Masterallyour semester with Scribd rates of discount between zero and the IRR. Read Free Foron 30this Days Sign up to vote title & The New York Times Useful Not useful Cancel anytime.
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The Profitability-Index Criterio
The profitability index is defined as the ra
Masterthe yourpresent semester with Scribd value of the Read future stream o Free Foron 30this Days Sign up to vote title & The cash New York Times Useful Not useful flows to the initial cost of the inves Cancel anytime.
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Rule
The decision rule using the profitability cri Masterisyour with Scribd tosemester implement any investment project Read Free Foron 30this Days Sign up to vote title & The promises New York Times Useful exceeding Not useful a profitability index Special offer for students: Only $4.99/month. Reading thus a Preview add more Any such projectYou'rewill
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The Payback-Period Investment Criterion Master your semester with Scribd & The New York Times
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The Payback-Period Criter
paybackwith period The is defined as the per Master your semester Scribd Read Free Foron 30this Days Sign up to vote title timeYork which & The New Timeselapses before an Useful investment Not useful Special offer for students: Only $4.99/month.
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sufficient revenueYou're toReading cover its initial cost. a Preview
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Reconciliation of Payback-Period and IRR Criteria n semester with Scribd Master your U U & The NewΣYork Rt =Times + (1 + i )2
1 + i
t = 1 Only $4.99/month. Special offer for students:
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