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Welcome to EC 209: Managerial Economics- Group A By: Dr. Jacqueline KhorassaniPowerPoint Presentation

Welcome to EC 209: Managerial Economics- Group A By: Dr. Jacqueline Khorassani

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### Welcome to EC 209: Managerial Economics- Group ABy:Dr. Jacqueline Khorassani

Study Guide

Week Five

(Note: You must go over these slides and complete every

task outlined here before Thursday, October 4)

Don’t forget that

- Aplia Assignment 2
- Due date is pushed back to before noon on Wednesday, October .
- Don’t miss it.
- To maximize your assignment grade, do the practice question first
- The special tutorial on Monday will take place between 6 and 8 p.m. in Kirwan theatre.

Chapter 4: Applications of Indifference Curve Analysis

- Buy one, Get One Free
- Cash vs. In-kind Transfers
- Labour-leisure choice
- What is a budget constraint?
- Slope
- Shifts

- How do wages affect labor supply?

- What is a budget constraint?

Chapter 5: Production Analysis

- What is a production function?
- How is short-run different from long run?
- What is the difference between fixed /variable factors of production?
- What is a Cobb- Douglas production function?
- What is a Leontief production function?

What are total, marginal and average product of labor or capital in the short run?

- Definitions?
- Graphs?
- Increasing, Diminishing and Negative Marginal Returns

What should a manager do? capital in the short run?

- What is the value of marginal product?
- How does that relate to the manager’s decision?

Long Run Production Function capital in the short run?

- Isoquant
- What is it?
- Shape?
- Reasons for different shapes?

- What is the marginal rate of technical substitution
- Why does it diminish?

Cost in long run capital in the short run?

- Isocost
- What is it?
- Shape/slope?
- Reasons?

Cost minimization capital in the short run?

- Rule?
- Graph?
- Optimal input substitution?
- Graph?

Cost function in the short run capital in the short run?

What are the different types of costs?

Graphs?

Cubic Cost Function capital in the short run?

- What is it?

Long Run Costs capital in the short run?

- Economies/diseconomies of scale
- Sources?
- Graph?

Multi-Product Cost Function capital in the short run?

What are they?

What is the economies of scope?

What is cost complementarity?

What is the Quadratic Multi-Product Cost Function?

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