Topic01_Intro

Topic01_Intro - Topic 1 Introduction COMM 295: Ratna K....

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Topic 1 Introduction COMM 295: Ratna K. Shrestha
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
2 Introduction z Theory of the Firm z What is a Market? z Why study microeconomics/managerial economics?
Background image of page 2
3 Themes of Microeconomics z Microeconomics deals with limits ± Limited budgets ± Limited time ± Limited ability to produce z How do we make the most of limits? z How do we allocate or manage scarce resources?
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
4 Themes of Microeconomics z Firms ± What types of products do firms produce? z Constraints on production capacity & financial resources create needs for trade- offs. To produce more of something you will have to give up the production other goods. ± Theory of the Firm – describes how these trade-offs are best made
Background image of page 4
5 Themes of Microeconomics z Prices ± Trade-offs are often based on prices faced by consumers and producers. ± Workers make decisions between work and leisure based on prices of labor (wages). ± Firms make decisions on what and how much to produce based on prices of inputs and prices of the goods they produce.
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 12

Topic01_Intro - Topic 1 Introduction COMM 295: Ratna K....

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online