Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Supply, Demand, and Elasticity
Supply, Demand and Elasticity
Learning Objectives
KIMEP
Define supply, demand, and equilibrium
Non-price determinants of supply and demand
Short-run vs. long-run functions of price
Application of demand and supply conc
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
The Theory and Estimation of
The Theory andProduction of Production
Estimation
Explain how the supply side of the market respond to
changes in demand, technology, and cost
Learning Objectives
KIMEP
Define production function and use various forms of
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Market Structure
Monopolistic Competition and Oligopoly
KIMEP
Sep 13-17, 2013
Overview of Competitive
Environment
2
Applied Managerial
Characteristics of Monopolistic
Competition
KIMEP
Similar to competitive market:
Different from perfect competitio
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
The Theory and Estimation of Cost
The Theory and Estimation of Cost
Cost Management
KIMEP
Managers seek to produce the highest quality
products at the lowest possible cost
The advantages of being large (economies of scale
and scope) become disadvant
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Market Structures
Perfect Competition and Monopoly
Four Basic Market Structures
KIMEP
Perfect Competition
Large number of relatively small buyers and sellers
Homogeneous product (standardized)
Easy entry and exit (no barriers)
Non-price competition
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
The Theory and Estimation of Cost
The Theory and Estimation of Cost
Cost Management
KIMEP
Managers seek to produce the highest quality
products at the lowest possible cost
The advantages of being large (economies of scale
and scope) become disadvant
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Demand Estimation and Forecasting
Demand Estimation and Forecasting
Demand Estimation
KIMEP
Obviously, the more closely the firm can estimate demand conditions
for its product, the more likely it is to determine correctly its profitmaximizing rate o
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
The Theory and Estimation of
The Theory andProduction of Production
Estimation
Explain how the supply side of the market respond to
changes in demand, technology, and cost
Learning Objectives
KIMEP
Define production function and use various forms of
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Managerial Economics
FIN5200
Spring, 2014
Sang H. Lee
Sp 2014
1
Managerial Economics
Managerial Economics and
Managers
KIMEP
Defined as
The use of economic analysis to make business decisions
involving the best use of an organizations scarce resourc
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Application of Supply and Demand
Applications of Supply and Demand
The impact of Price Control
KIMEP
P
P
S
Price Floor
P2
P1
P0
Price Ceiling
P1
P0
P2
D
D
Q1
Spring, 2014
S
Q0
2
Q2
Q
Q2
Q0
Q1
Q
Managerial Economics
Price Ceiling
KIMEP
Lines at gas p
Kazakhstan Institute of Management, Economics and Strategic Research
ECON 354
-
Winter 2016
KIMEP
Kazakhstans Recent Macroeconomic
Developments:
Five years after the crisis, is the full recovery around the corner?
Sang H. Lee
SP 2014
Managerial Economics
KIMEP
GDP Growth Rates of Kazakhstan and
Trading Partners
Since the crisis, the real GDP
gro
