Becon 300 d business economics autumn 2007 session 2
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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 l.jpg

BECON 300 D - Business Economics Autumn 2007Session 2

Krisztina Nagy


Agenda l.jpg
Agenda

  • Class Business

  • What is Managerial Economics?

    • Chapter 1: Managers, Profits, and Markets

  • Calculators

BECON 300 D / Autumn 2007 - Krisztina Nagy


Class business l.jpg
Class Business

  • Accessing Course Reading Materials

    • Textbook Availability

    • Math Review

    • Questions?

BECON 300 D / Autumn 2007 - Krisztina Nagy


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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


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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


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Decision Making

  • Cognitive Process

    • Sense-Making

    • Cognoscere

  • Reasoning Process

  • Final Choices

  • Structured Decision Making

BECON 300 D / Autumn 2007 - Krisztina Nagy


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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


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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


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Decision Problem Concepts

  • Costs

    • Total Explicit

    • Total Implicit

    • Total Economic

  • Profits

    • Accounting

    • Economic

BECON 300 D / Autumn 2007 - Krisztina Nagy


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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


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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


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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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