becon 300 d business economics autumn 2007 session 2 l.
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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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Presentation Transcript
agenda
Agenda
  • Class Business
  • What is Managerial Economics?
    • Chapter 1: Managers, Profits, and Markets
  • Calculators

BECON 300 D / Autumn 2007 - Krisztina Nagy

class business
Class Business
  • Accessing Course Reading Materials
    • Textbook Availability
    • Math Review
    • Questions?

BECON 300 D / Autumn 2007 - Krisztina Nagy

objectives
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

relating managerial economics to other disciplines
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

decision making
Decision Making
  • Cognitive Process
    • Sense-Making
    • Cognoscere
  • Reasoning Process
  • Final Choices
  • Structured Decision Making

BECON 300 D / Autumn 2007 - Krisztina Nagy

basic process of decision making
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

decision problem
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

decision problem concepts
Decision Problem Concepts
  • Costs
    • Total Explicit
    • Total Implicit
    • Total Economic
  • Profits
    • Accounting
    • Economic

BECON 300 D / Autumn 2007 - Krisztina Nagy

markets
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

case discussion
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

to do for wed 10 03
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