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chapter 1 ppt - Economics and Managerial Decision Making...

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1 LECTURE: OVERVIEW Managerial Economics: An Applied Course Economics and Managerial Decision Making Economics is “the study of the behavior of is the study of the behavior of human beings in producing, distributing and consuming material goods and services in a world of scarce resources.” (McConnell, 1993) Journal of Economic Literature Classification System http://www.aeaweb.org/journal/jel_class_system.html Managerial economics is the use of economic analysis to make business economic analysis to make business decisions involving the best use (allocation) of an organization’s scarce resources.
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