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BECON 300 D - Business Economics Autumn 2007 Session 2

BECON 300 D - Business Economics Autumn 2007 Session 2 Krisztina Nagy Agenda Class Business What is Managerial Economics? Chapter 1: Managers, Profits, and Markets Calculators Class Business Accessing Course Reading Materials Textbook Availability Math Review Questions? Objectives

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BECON 300 D - Business Economics Autumn 2007 Session 2

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  1. BECON 300 D - Business Economics Autumn 2007Session 2 Krisztina Nagy

  2. Agenda • Class Business • What is Managerial Economics? • Chapter 1: Managers, Profits, and Markets • Calculators BECON 300 D / Autumn 2007 - Krisztina Nagy

  3. Class Business • Accessing Course Reading Materials • Textbook Availability • Math Review • Questions? BECON 300 D / Autumn 2007 - Krisztina Nagy

  4. Objectives • Review role of economics in management • Discuss different types of costs & profits • Understand the purpose of the market, its structure, and its relationship to managerial decision making BECON 300 D / Autumn 2007 - Krisztina Nagy

  5. Relating Managerial Economics to Other Disciplines Problems Faced by Decision Makers in Management Economic Theory Decision Sciences Managerial Economics, which applies and extends economics and the decision sciences to solve management problems Solutions to decision problems faced by managers BECON 300 D / Autumn 2007 - Krisztina Nagy

  6. Decision Making • Cognitive Process • Sense-Making • Cognoscere • Reasoning Process • Final Choices • Structured Decision Making BECON 300 D / Autumn 2007 - Krisztina Nagy

  7. Basic Process of Decision Making Establish Objectives Define the Problem Identify Possible Solutions Select the best Possible Solution Consider legal & other constraints Consider input constraints Implement the Decision BECON 300 D / Autumn 2007 - Krisztina Nagy

  8. Decision Problem • Audio Engineer’s Salary = $175,000 • Savings Spent = $100,000 • Potential Return on Stocks = %15 Was it a good decision for the engineer to leave his job to start Sound Devices, Inc.? BECON 300 D / Autumn 2007 - Krisztina Nagy

  9. Decision Problem Concepts • Costs • Total Explicit • Total Implicit • Total Economic • Profits • Accounting • Economic BECON 300 D / Autumn 2007 - Krisztina Nagy

  10. Markets • What is a Market? • What are the Market Structures? • What can we say about Globalization of Markets? BECON 300 D / Autumn 2007 - Krisztina Nagy

  11. Case Discussion • What market structure is Time Warner operating in? • What were some of Time Warner’s challenges? • What is happening now? BECON 300 D / Autumn 2007 - Krisztina Nagy

  12. To do for Wed., 10/03 • Read: • Read Chapter 2 • Readings from today-Chapter 1 • Calculator • Math Concepts BECON 300 D / Autumn 2007 - Krisztina Nagy

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