3551 - Commentary _1 - Sp-08

3551 - Commentary _1 - Sp-08 - Managerial Economics and...

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Economics 3551 ONLINE Managerial Economics and Business Strategy Spring 2008 Commentary for the First Assignment Text Readings for the First Assignment: Chapter 3, pp. 99 -111 (Principles of Rational Behavior) Chapter 8, pp. 314-320 (Various Cost Concepts) Chapter 8, pp. 332-333 (Perspective - A Reason for Corporations: Cost Savings) Chapter 2, pp. 52-57 (Demand) Chapter 7, pp. 270-274 (Elasticity) (Note change here) A Note about the Commentaries Use the Commentaries along with the assigned readings from the text. The Commentaries are designed to support the text and to draw your attention to important terms, issues, and concepts. They may also be used to present material in a different fashion from the text and to create a unified presentation. This last function is particularly important in light of how I have re-arranged the text readings. The Commentaries are essentially the “classroom” part of the course, that is, it is a vehicle that will take us beyond a simple set of readings. You should use the Study Questions in conjunction with both the Commentary and the readings from the text. The Study Questions will better focus the topics and readings. In general, these are questions that relate to the important terms, concepts, and issues. In addition, these questions will be featured on the actual assignment. Each week’s assignment will feature a random draw of questions from that week’s Study Questions. A Note about the First Commentary The reading assignment for the First Assignment jumps into Chapter Three. I have deleted most of the first two chapters because I think that I can provide the introduction in a less wordy fashion. This means that the First Commentary is longer than what I would normally do. However, I think you will find a definite saving of time overall. Commentary for Assignment One As noted, the text readings begin with a discussion of rational behavior and business decision making in Chapter 3. However, there may be some advantage in starting further back (historically) and on a more basic level. Getting Started: Basic Terms First, a bit of basic review to get us started. You should have seen this before. If you haven’t (or if you have but don’t remember much of it), you might want to pay closer attention. Economics is a social science concerned with how people go about providing for their material well-being. As such, the subject of economics is often business activity.
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Economics has been, and continues to be associated with the study of business. Indeed, economists were studying business activity decades before the study of business (and business schools) emerged as a separate academic inquiry. The systematic study of economics began in the 18 th century under the term “political economy.” This name was changed to “economics” in the mid-to-late nineteenth century in order to distinguish the field from Marxist political economy. (Indeed, the term “political economy” today is often associated with Marxism.) After
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This note was uploaded on 04/17/2008 for the course ECON 3551 taught by Professor St.clair during the Spring '08 term at CSU East Bay.

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3551 - Commentary _1 - Sp-08 - Managerial Economics and...

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