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Unformatted text preview: ____________________________________________________________ Study Guide for Managerial Economics to Accompany MANAGERIAL ECONOMICS: D ECISION M AKING , S TRATEGY , AND T ACTICS Eighth Edition ____________________________________________________________ James R. McGuigan JRM Investments R. Charles Moyer Babcock Graduate School of Management Wake Forest University Frederick H. deB. Harris Babcock Graduate School of Management Wake Forest University Prepared by Richard D. Marcus University of Wisconsin - Milwaukee TTC Education Group/South-Western College Publishing Minneapolis/St. Paul New York Cincinnati Los Angeles San Francisco PREFACE Study Guide for Managerial Economics is designed to accompany McGuigan, Moyer, and Harris, Managerial Economics: Decision Making, Strategy, and Tactics , 8 th Edition. It is created to provide a self-study of the fundamental issues of demand analysis and forecasting, production and cost, and pricing and output decisions that face managers. Increased emphasis is placed on international economic issues. Each chapter is outlined, with key formulas and concepts emphasized. The outline is followed by true/false and multiple choice questions. These questions provide you a basic check that you understand the material. Answers are given in the chapter after each set of questions, rather than hidden at the back of the book for quicker reference. Then extensive solved problems are presented in "story problem" format, so that you are challenged first to set up the problem, and then to solve it. The worked problems are aimed at solving problems that managers actually face. To this end, often names of actual firms are used, but the problems facing them are fictionalized. Throughout the study guide, examples of "computer output" of regression analysis and linear programming appear. The emphasis is on reading the output, and applying economic theory and economic meaning to interpreting their content. Internet addresses are included to give additional sources of data or information, in a section called Net Sources. The best way to learn managerial economics is to be challenged with problems and to solve them. It is my hope that this Study Guide offers interesting and challenging problems for you to solve. This training of the mind to think critically, and to find the key elements of business problems, will be valuable in many careers. Richard D. Marcus, Ph.D. Table of Contents Study Guide for Managerial Economics: Outlines, Problems, and Solutions Page Number Part I - INTRODUCTION Chapter 1 Introduction and Goals of the Firm..........................................................1 Chapter 2 Fundamental Economic Concepts..........................................................18 Chapter 3 Optimization Techniques.......................................................................27 Appendix 3A Constrained Optimization and Lagrangian Multiplier Techniques.........................................................40 Part II -...
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