E303lect6F09

E303lect6F09 - MCMCrofit MRTRR MRB P September 2, 2009...

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Profit TRR MC MRB MR MC September 2, 2009 Reading Baye, Ch. 1 pp 24-27 Lecture 6 Problem Set 2 Due Wednesday (Note: On your tables, please use derivatives for the marginal calculations) REVIEW___________________________________________________: I. Chapter 1. The Fundamentals of Managerial Economics B. Components of Effective Decision Making 5 . Appreciate Marginal Analysis. a. Discrete Decisions 1. Time allocation. 2. Comparing Benefits to Costs.
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Control Variable TR TC π MR MC M π 0 0 0 0 1 90 10 80 90 10 80 2 170 30 140 80 20 60 3 240 60 180 70 30 40 4 300 100 200 60 40 20 5 350 150 200 50 50 0 6 390 210 180 40 60 -20 7 420 280 140 30 70 -40 8 440 360 80 20 80 -60 9 450 450 0 10 90 -80 10 450 550 -100 0 100 -100 Preview__________________________________________________________ 2. Comparing Benefits to Costs (continued) -The Marginal Principle -Illustrating totals and marginals b. Continuous Decisions 1. The idea of a derivative LECTURE______________________________________________ Definition:
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This note was uploaded on 04/12/2010 for the course ECON 303 taught by Professor Shrestha during the Fall '08 term at VCU.

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E303lect6F09 - MCMCrofit MRTRR MRB P September 2, 2009...

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