TAILIEUCHUNG - Lecture Managerial economics (9th edition): Chapter 1 – Thomas, Maurice

Chapter 1 - Managers, profits, and markets. After studying this chapter you will be able to: Explain the role of economic theory in managerial economics, contrast routine business practices (or tactics) with strategic decisions, list seven economic forces that influence the long-run profitability of firms, measure the explicit opportunity cost of using market-supplied resources to produce goods or services,. | Chapter 1 Managers, Profits, and Markets Managerial Economics & Theory Managerial economics applies microeconomic theory to business problems How to use economic analysis to make decisions to achieve firm’s goal of profit maximization Microeconomics Study of behavior of individual economic agents 1- Economic Cost of Resources Opportunity cost of using any resource is: What firm owners must give up to use the resource Market-supplied resources Owned by others & hired, rented, or leased Owner-supplied resources Owned & used by the firm 1- Total Economic Cost Total Economic Cost Sum of opportunity costs of both market-supplied resources & owner-supplied resources Explicit Costs Monetary payments to owners of market-supplied resources Implicit Costs Nonmonetary opportunity costs of using owner-supplied resources 1- Economic Cost of Using Resources (Figure ) + = 1- Types of Implicit Costs Opportunity cost of cash provided by owners Equity capital Opportunity cost of .

• Kinh tế học
• Managerial economics
• Lecture Managerial economics
• Microeconomic theory
• Economic theory
• Economic cost
• Perfect competition
• Market interactions
• Fundamentals of managerial economics
• Marginal analysis
• Marginal benefit
• Economic principles
• Kinh tế học quản lý
• Price discrimination
• Monopolistic competition
• Oligopoly games
• Traditional oligopoly models
• Capital market
• Labour market
• Economic equations
• Economic applications
• Economic applications of derivatives
• Economic application
• Multi variable functions
• Constrained optimization
• Scatter diagram
• Forms of money
• Monetary policy
• Demand function
• Supply function
• Quantitative demand analysis
• Theory of individual behavior
• Demand estimation
• Production function
• Costs of production
• Organizing production