Chapter 1, Thomas and Maurice
CHAPTER 1
MANAGERS, PROFITS, AND MARKETS
Definition of Economics
Economics is the study of the way a society chooses to allocate scarce resources
among different production alternatives to satisfy unlimited human wants.
Manag
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.98822
R Square
0.97657
Adjusted R Square
0.95893
Standard Error 15.26402
Observations
60
ANOVA
df
Regression
Residual
Total
L^2
L^3
SS
MS
F
Significance F
2 563311.924926
281656 1208.8738 2.1222800E-047
58
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.96080
R Square
0.92313
Adjusted R Square
0.91722
Standard Error
12.12970
Observations
15
ANOVA
df
Regression
Residual
Total
Intercept
Month
SS
MS
F
Significance F
1 22968.914286 22968.914 156.11341 1.28553
SUMMARY OUTPUT
Regression Statistics
Multiple R
0.942983
R Square
0.889216
Adjusted R Square
0.870752
Standard Error
0.544274
Observations
22
ANOVA
df
Regression
Residual
Total
Intercept
PX
PR
M
3
18
21
SS
MS
F
Significance F
42.79947 14.266491 48.159453
SUMMARY OUTPUT
Regression Statistics
Multiple R 0.9941428
R Square 0.9883199
Adjusted R 0.9868598
Square
Standard Error
3.2583227
Observations
10
ANOVA
df
Regression
Residual
Total
Intercept
T
SS
MS
F
Significance F
1 7186.6667 7186.6667 676.92308 5.11E-0
Chapter 11, Thomas & Maurice
Chapter 11
Managerial Decisions in Competitive Markets
Markets can be divided into four groups:
Most
Least
Competitive
Competitive
_ _ _
Perfect
Monopolistic
Oligopoly
Monopoly
Competition
Competition
As one moves from the f
Chapter 10
CHAPTER 10
PRODUCTION AND COST ESTIMATION
Managers use estimates of production and cost functions to make output, pricing,
hiring, and investment decisions.
In this chapter, we specify and estimate a short-run production function using a cubic
Chapter 9, Thomas and Maurice
CHAPTER 9
PRODUCTION AND COST IN THE LONG-RUN
I. INPUT COMBINATION CHOICE: PRODUCTION IN THE LONG-RUN
As discussed in the previous chapter, all factors of production are variable in the
long-run. Given our two-input producti
Chapter 8, Thomas and Maurice
CHAPTER 8
PRODUCTION AND COST IN THE SHORT-RUN
I.
THE PRODUCTION FUNCTION (PF)
Production takes place when inputs are transformed into goods and services.
Definition of production function: The maximum quantity of output that
Chapter 7- Thomas and Maurice
Chapter 7
Demand Estimation and Forecasting
Two ways to determine the relationship between economic variables:
1. Correlation analysis
2. Regression analysis
Correlation analysis examines the strength of a linear relationsh
Chapter 6, Thomas and Maurice
CHAPTER 6
ELASTICITY AND DEMAND
In chapter 2, the demand for a firms product was specified as:
In this chapter, we discuss the responsiveness of quantity demanded with respect to the
demand determinants.
In general, demand el
Chapter 5, Thomas & Maurice
CHAPTER 5
CONSUMER BEHAVIOR
This chapter provides a basic model of individual (consumer) behavior that enables a
manager to understand the impact of various managerial decisions on consumers and
employees.
The theory of consu
Chapter 4
CHAPTER 4
BASIC ESTIMATION TECHNIQUES
The relationship between economic/business variables can be examined in two different ways: (1)
correlation analysis, and (2) regression analysis. These two techniques explore such questions as
the relations
Chapter 3, Thomas and Maurice
CHAPTER 3
MARGINAL ANALYSI FOR OPTIMAL DECISIONS
I.
THE ECONOMIC OPTIMIZATION PROCESS
Economics is by and large a science of choice. It involves selecting the
best possible alternative from a number of different actions. The
Chapter 2, Thomas and Maurice
CHAPTER 2
DEMAND, SUPPLY, AND MARKET EQUILIBROUM
In this chapter, we discuss one of the major analytical areas of economics: demand and
supply.
I. DEMAND
Demand is a schedule that shows the quantities of a good or service tha