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Slides FV L1 - EWMBA 201A Economic Analysis for Click...

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Click to edit Master subtitle style 9/16/09 EWMBA 201A Economic Analysis for Business Decisions Lecture 1: Introduction to Supply and Demand August 10-11, 2009 Felix Várdy
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9/16/09 Introduction Definition: Economics is the study of the allocation of scarce resources. Or: what is produced, how, and by & for whom. Definition and examples of scarcity Market vs. non-market allocation
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9/16/09 Introduction Why econ in MBA? Both market and non-market transactions important for all firms, non-profits (and public policy): Externally, operate in markets (product, labor, fin.). Internally, engage in non-market transactions when managing firm’s resources. What determines whether market or non- market?
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9/16/09 Introduction Examples of questions we address: Optimal pricing strategy Enter or exit a market Effect of uncertainty on optimal decisions Note: Emphasis on market transactions. Take firm as single unit (cf. point mass) Your OB class focuses on intra-firm, i.e., non- market, transactions.
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9/16/09 Overview Class 1: Aerial view of markets; go through most fundamental model used in economics. Class 2-4: Costs, with detour to decision analysis. (Useful for production & pricing decisions.) Class 5 (9/8): midterm (first half).
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9/16/09 Policies & Procedures Show up. Prepare cases. Read required readings (after class OK). Do problem sets (5), discussed by Eva on Sat. (Not graded.) Team assignment, due Oct. 5-6. (Details next week.) Grading: Midterm (Sept. 8), Final (Oct. 9), team assignment, class participation.
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9/16/09 Some Basic Concepts (Pareto) Efficiency: No one can be made
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