Welcome to ec 209 managerial economics group a by dr jacqueline khorassani
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Welcome to EC 209: Managerial Economics- Group A By: 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

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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?


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?

  • What is the value of marginal product?

    • How does that relate to the manager’s decision?


Long Run Production Function

  • 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

  • Isocost

    • What is it?

    • Shape/slope?

      • Reasons?


Cost minimization

  • Rule?

  • Graph?

  • Optimal input substitution?

    • Graph?


Cost function in the short run

What are the different types of costs?

Graphs?


Cubic Cost Function

  • What is it?


Long Run Costs

  • Economies/diseconomies of scale

    • Sources?

    • Graph?


Multi-Product Cost Function

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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