Learning Objectives
After reading Chapter 7 and working the problems for Chapter 7 in the textbook and in
this Workbook, you should be able to:
Specify an empirical demand functionboth linear and nonlinear functional forms.
For price-setting firms with
Learning Objectives
After reading Chapter 6 and working the problems for Chapter 6 in the textbook and in
this Workbook, you should be able to:
Explain how pri ce elasticity of demand (E ) is used to measure the responsiveness
or sensitivity of consumers
Learning Objectives
After reading Chapter 9 and working the problems for Chapter 9 in the textbook and in
this Workbook, you should be able to:
Draw a graph of a typical production isoquant and use the definition of an isoquant
to explain why isoquants mu
Demand, Supply, and
Market Equilibrium
2
Learning Objectives
After reading Chapter 2 and working the problems for Chapter 2 in the textbook and in
this Workbook, you should be able to:
Work with three different types of demand relations: general, direct,
Learning Objectives
After reading Chapter 16 and working the problems for Chapter 16 in the textbook and in
this Workbook, you should be able to:
Define the concept of social economic efficiency and relate it to productive
efficiency, allocative efficienc
Learning Objectives
After reading Chapter 3 and working the problems fo r Chapter 3 in the t extbook and in
this Workbook, you should be able to:
Employ marginal analysis to find the optimal levels of activities in unconstrained
maximization problems.
E
Learning Objectives
After reading Chapter 13 and wo rking the problems fo r Chapter 13 in the textbook and in
this Workbook, you should be able to do the following things
For si multaneous decisi ons:
Explain why the interd ependence of profits for oligo
Learning Objectives
After reading Chapter 4 and working the problems fo r Chapter 4 in the t extbook and in
this Workbook, you should be able to:
Set up a regression equation that can be estimated usi ng a computeri zed regression routine.
Interpret and u
Learning Objectives
After reading Chapter 13 and working the problems for Chapter 13 in the textbook and in
this Workbook, you should be able to do the following things
For simultaneous decisions:
Explain why the interdependence of profits for oligopoly f
Learning Objectives
After reading Chapter 2 and working the problems for Chapter 2 in the textbook and in
this Workbook, you should be able to:
Work with three different types of demand relations: general, direct, and inverse
demand functions.
List six pr
Learning Objectives
After reading Chapter 8 and working the problems for Chapter 8 in the textbook and in
this Student Workbook, you should be able to:
Understand the information given by a production function.
Explain two efficiency concepts: technical
Learning Objectives
After reading Chapter 5 and working the problems in this chapter of your Workbook, you
should be able to:
Explain the concept of utility and the basic assumptions underlying consumer
preferences.
Explain the equilibrium condition for a
Learning Objectives
After reading Chapter 5 and working the problems in this chapter of your Workbook, you
should be able to:
Explain the concept of utility and the basic assumptions underlying consumer
preferences.
Explain the equilibrium condition for a
Learning Objectives
After reading Chapter 14 and working the problems for Chapter 14 in the textbook and in
this Student Workbook, you will learn how to handle a number of advanced pricing
techniques that are more complicated than setting a single, unifor
Learning Objectives
After reading Chapter 15 and working the problems for Chapter 15 in the textbook and in
this Workbook, you should be able to:
Distinguish between decision making under uncertainty and under risk.
Compute the expected value, variance, s
Optimization using Calculus
We will review some
rules of differential
calculus that are
especially useful for
management decision
making
The profit function
Suppose that a business firm has estimated its
profit () function (based on marketing and
producti
As explained in the Preface and in Ch apter 1 of your t extbook, managerial econo mics applies microeconomic theo ry to business decision making. The d ecision-making tools that
you will learn can provide nu merical ans wers to questi ons such as:
Wh at
Learning Objectives
After reading Chapter 1 and working the problems fo r Chapter 1 in the t extbook and in
this Workbook, you should be able to:
Explain the role of econo mic theo ry in manag erial econ omics.
Measure the explicit opportunity cost of usi
Learning Objectives
After reading Chapter 5 and working the problems in this chapter of your Workbook, you
should be able to:
Explain the concept of utility and the basic assumptions underlying consumer
preferences .
Explain the equilibrium condition for
Learning Objectives
After reading Chapter 7 and working the problems for Chapter 7 in the textbook and in
this Workbook, you should be able to:
Specify an empirical demand fun ctionboth linear and nonlinear functional forms .
For price-setting firms wit
Learning Objectives
After reading Chapter 8 and working the problems for Chapter 8 in the textbook and in
this Student Wo rkbook, you should be able to:
Understand the information given by a p roduction function.
Compare and contrast technical efficien
Learning Objectives
After reading Chapter 9 and working the problems for Chapter 9 in the textbook and in
this Workbook, you should be able to:
Draw a graph of a typical production isoquant and use the definition of an isoquant
to explain why isoquants mu
Learning Objectives
After reading Chapter 10 and working the problems fo r Chapter 10 in the text book and in
this Student Wo rkbook, you should be able to:
Specify and estimate a short-run produ ction function using a cubic specification of
the productio
Learning Objectives
After reading Chapter 11 and working the problems fo r Chapter 11 in the textbook and in
this Workbook, you should be able to:
Discuss three ch aracteristics of p erfectly comp etitive markets.
Apply the basic principles of marginal an
Learning Objectives
After reading Chapter 12 and wo rking the problems fo r Chapter 12 in the textbook and in
this Workbook, you should be able to:
Define the concept of market power and distinguish between market power and
monopoly.
Explain how o wn-pric
Learning Objectives
After reading Chapter 14 and working the problems fo r Chapter 14 in the textbook and in
this Student Wo rkbook, you will learn ho w to hand le a nu mber of advanced pricing
techniques that are more co mplicated than s etting a single,
Learning Objectives
After reading Chapter 15 and wo rking the problems fo r Chapter 15 in the textbook and in
this Workbook, you should be able to:
Distinguish between decision making under uncertainty and under risk.
Compute the expected v alue, variance
Learning Objectives
After reading Chapter 16 and wo rking the problems fo r Chapter 16 in the textbook and in
this Workbook, you should be able to:
Define the concept of social economic effi ciency and relate it to productive
efficiency , allocative effic
Learning Objectives
After reading Online Topic 1 and working the problems online and in this supplemental
section of your Student Workbook, you should be able to:
Distinguish between market-determined and manager-determined prices and
know whether to use