This document outlines the course structure and grading policy for a Managerial Economics course. It will cover topics such as economic analysis, demand and supply, production analysis, and market structure. Students will be evaluated based on mid-term exams, final exams, and individual in-class assignments. The course will use economic concepts like opportunity cost, profit maximization, and marginal analysis to teach students how to make optimal business decisions under constraints.
Microeconomics is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources
www.unitedworld.edu.in
Microeconomics is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources
www.unitedworld.edu.in
Managerial Economics | Overview and SummaryMBA ASAP
Managerial economics deals with the application of the economic concepts, theories, tools and methodologies to solve practical problems in a business. It helps the manager in decision making and acts as a link between practice and theory.
It includes important Definitions of economics and managerial economics. Also includes related topics like Micro and Macro Economics, objectives of a firm and various profit maximization models.
Managerial Economics | Overview and SummaryMBA ASAP
Managerial economics deals with the application of the economic concepts, theories, tools and methodologies to solve practical problems in a business. It helps the manager in decision making and acts as a link between practice and theory.
It includes important Definitions of economics and managerial economics. Also includes related topics like Micro and Macro Economics, objectives of a firm and various profit maximization models.
"Understanding the Carbon Cycle: Processes, Human Impacts, and Strategies for...MMariSelvam4
The carbon cycle is a critical component of Earth's environmental system, governing the movement and transformation of carbon through various reservoirs, including the atmosphere, oceans, soil, and living organisms. This complex cycle involves several key processes such as photosynthesis, respiration, decomposition, and carbon sequestration, each contributing to the regulation of carbon levels on the planet.
Human activities, particularly fossil fuel combustion and deforestation, have significantly altered the natural carbon cycle, leading to increased atmospheric carbon dioxide concentrations and driving climate change. Understanding the intricacies of the carbon cycle is essential for assessing the impacts of these changes and developing effective mitigation strategies.
By studying the carbon cycle, scientists can identify carbon sources and sinks, measure carbon fluxes, and predict future trends. This knowledge is crucial for crafting policies aimed at reducing carbon emissions, enhancing carbon storage, and promoting sustainable practices. The carbon cycle's interplay with climate systems, ecosystems, and human activities underscores its importance in maintaining a stable and healthy planet.
In-depth exploration of the carbon cycle reveals the delicate balance required to sustain life and the urgent need to address anthropogenic influences. Through research, education, and policy, we can work towards restoring equilibrium in the carbon cycle and ensuring a sustainable future for generations to come.
WRI’s brand new “Food Service Playbook for Promoting Sustainable Food Choices” gives food service operators the very latest strategies for creating dining environments that empower consumers to choose sustainable, plant-rich dishes. This research builds off our first guide for food service, now with industry experience and insights from nearly 350 academic trials.
Artificial Reefs by Kuddle Life Foundation - May 2024punit537210
Situated in Pondicherry, India, Kuddle Life Foundation is a charitable, non-profit and non-governmental organization (NGO) dedicated to improving the living standards of coastal communities and simultaneously placing a strong emphasis on the protection of marine ecosystems.
One of the key areas we work in is Artificial Reefs. This presentation captures our journey so far and our learnings. We hope you get as excited about marine conservation and artificial reefs as we are.
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Natural farming @ Dr. Siddhartha S. Jena.pptxsidjena70
A brief about organic farming/ Natural farming/ Zero budget natural farming/ Subash Palekar Natural farming which keeps us and environment safe and healthy. Next gen Agricultural practices of chemical free farming.
UNDERSTANDING WHAT GREEN WASHING IS!.pdfJulietMogola
Many companies today use green washing to lure the public into thinking they are conserving the environment but in real sense they are doing more harm. There have been such several cases from very big companies here in Kenya and also globally. This ranges from various sectors from manufacturing and goes to consumer products. Educating people on greenwashing will enable people to make better choices based on their analysis and not on what they see on marketing sites.
Characterization and the Kinetics of drying at the drying oven and with micro...Open Access Research Paper
The objective of this work is to contribute to valorization de Nephelium lappaceum by the characterization of kinetics of drying of seeds of Nephelium lappaceum. The seeds were dehydrated until a constant mass respectively in a drying oven and a microwawe oven. The temperatures and the powers of drying are respectively: 50, 60 and 70°C and 140, 280 and 420 W. The results show that the curves of drying of seeds of Nephelium lappaceum do not present a phase of constant kinetics. The coefficients of diffusion vary between 2.09.10-8 to 2.98. 10-8m-2/s in the interval of 50°C at 70°C and between 4.83×10-07 at 9.04×10-07 m-8/s for the powers going of 140 W with 420 W the relation between Arrhenius and a value of energy of activation of 16.49 kJ. mol-1 expressed the effect of the temperature on effective diffusivity.
Willie Nelson Net Worth: A Journey Through Music, Movies, and Business Venturesgreendigital
Willie Nelson is a name that resonates within the world of music and entertainment. Known for his unique voice, and masterful guitar skills. and an extraordinary career spanning several decades. Nelson has become a legend in the country music scene. But, his influence extends far beyond the realm of music. with ventures in acting, writing, activism, and business. This comprehensive article delves into Willie Nelson net worth. exploring the various facets of his career that have contributed to his large fortune.
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Introduction
Willie Nelson net worth is a testament to his enduring influence and success in many fields. Born on April 29, 1933, in Abbott, Texas. Nelson's journey from a humble beginning to becoming one of the most iconic figures in American music is nothing short of inspirational. His net worth, which estimated to be around $25 million as of 2024. reflects a career that is as diverse as it is prolific.
Early Life and Musical Beginnings
Humble Origins
Willie Hugh Nelson was born during the Great Depression. a time of significant economic hardship in the United States. Raised by his grandparents. Nelson found solace and inspiration in music from an early age. His grandmother taught him to play the guitar. setting the stage for what would become an illustrious career.
First Steps in Music
Nelson's initial foray into the music industry was fraught with challenges. He moved to Nashville, Tennessee, to pursue his dreams, but success did not come . Working as a songwriter, Nelson penned hits for other artists. which helped him gain a foothold in the competitive music scene. His songwriting skills contributed to his early earnings. laying the foundation for his net worth.
Rise to Stardom
Breakthrough Albums
The 1970s marked a turning point in Willie Nelson's career. His albums "Shotgun Willie" (1973), "Red Headed Stranger" (1975). and "Stardust" (1978) received critical acclaim and commercial success. These albums not only solidified his position in the country music genre. but also introduced his music to a broader audience. The success of these albums played a crucial role in boosting Willie Nelson net worth.
Iconic Songs
Willie Nelson net worth is also attributed to his extensive catalog of hit songs. Tracks like "Blue Eyes Crying in the Rain," "On the Road Again," and "Always on My Mind" have become timeless classics. These songs have not only earned Nelson large royalties but have also ensured his continued relevance in the music industry.
Acting and Film Career
Hollywood Ventures
In addition to his music career, Willie Nelson has also made a mark in Hollywood. His distinctive personality and on-screen presence have landed him roles in several films and television shows. Notable appearances include roles in "The Electric Horseman" (1979), "Honeysuckle Rose" (1980), and "Barbarosa" (1982). These acting gigs have added a significant amount to Willie Nelson net worth.
Television Appearances
Nelson's char
4. ECONOMICS (MANAGERIAL
ECONOMICS, PART I),
FINAL EVALUATION (MID-TERM OR
FINAL EXAM)
35 points
• for written mid-term exam (for
MITIM students)
or
• final exam (for MIB students)
5. ECONOMICS (MANAGERIAL
ECONOMICS, PART I), CURRENT
EVALUATION
• 15 points for 3 in-class assignments
(5 points each)
• after the end of the corresponding group of topics
• each assignment includes 5 multiple choice questions
• The student can receive 5 points for each group of
topics and these points will be considered in final mark
• respectively the individual assignment can give 15 points
6. ECONOMICS (MANAGERIAL ECONOMICS,
PART I), INDIVIDUAL IN-CLASS ASSIGNMENTS
• Three individual assignments (after the end of the
corresponding group of topics)
• Each assignment includes 3 tasks
• The student can receive 3 points for each group of topics
and these points will be considered in final mark
• Respectively the individual assignments give 12
points for final mark
7. IN-CLASS GROUP WORK
• In-class group work will take place at seminars
• Discussion of cases and answering given
questions
• Doesn’t give any points for final mark
8. LITERATURE
• Microeconomics: Optimization, Experiments,
and Behaviour. Burkett, John P. 2006. Oxford
Univ. Press., Source: http://site.ebrary.com/
• Microeconomics Demystified. Depken,
Craig. 2005. The McGraw-Hill Companies.,
Source: http://site.ebrary.com/
• Baye M. Managerial Economics and Business
Strategy [Text] / M. Baye. – McGraw-Hill, 2006.
– 620 p.
9. TOPIC 1.
BASICS OF ECONOMIC ANALYSIS
• Economics – the science of making
decisions in the presence of scarce
resources
10. MANAGERIAL ECONOMICS VS.
MICROECONOMICS: COMMON AND
DIFFERENT
Microeconomics Managerial Economics
How should the prices
be set?
In which way
were the prices
set?
Computer Manufacturer (e.g.: IBM)
Similar concepts
11. OPPORTUNITY COST
• Def #1: the cost of the explicit and implicit resources that
are forgone when a decision is made
• Def #2: the value of the other products that the resources
used in its production could have produced instead
• The opportunity cost of using a resource includes both
the explicit (or accounting) cost of the resource and the
implicit cost of giving up the next-best alternative use of
the resource
12. ECONOMIC VS. ACCOUNTING
PROFITS
• Def: Accounting profit – the total amount of money
taken in from sales (total revenue, or prices times
quantity sold) minus the money cost of producing
goods or services
• Def: Economic profit – the difference between total
revenue (TR) and total opportunity cost (TC)
13. REASONS FOR THE EXISTENCE OF
PROFIT
• Innovation
• Risk
• Monopoly power
14. THE FIVE FORCES FRAMEWORK AND
INDUSTRY PROFITABILITY
• Entry
• Power of input suppliers
• Industry (market) rivalry
• Substitutes and complements.
• Power of buyers
15. INCENTIVES
• Def: Incentives – affect how resources are
used and how hard employees work
• E.g.: “A manager should be doing a good job”
– mistake
• But!: the effect of a per hour salary for workers
to increase output
17. MANAGERIAL INTERESTS AND SALES
MAXIMIZATION
• Separation of ownership from control in large corporations
• Sales represent a measure of management’s success, especially
since many observers focus attention on a firm’s share of the
market as an indicator of its performance
19. ECONOMIC OPTIMIZATION
PROCESS
• Choices involve benefits and costs
• Optimal decision – choice alternative that produces a
result most consistent with managerial objectives
20. PROFIT MAXIMIZATION
• Maximizing profit means maximizing the value of the
firm, which is the present value of current and future
profits
21. THE ROLE OF CONSTRAINTS
Value of firm
Input, legal, and
other constraints
Limited by
n
t
t
t
t
i
TC
TR
1 1
equals
The value of i
depends on:
Values of TRt
depend on:
Values of TCt
depend on:
1. Riskiness of firm
2. Conditions in
capital market
1. Demand and forecasting
2. Pricing
3. New product developing
1. Production techniques
2. Cost functions
3. Process development
22. EXPRESSING ECONOMIC
RELATIONS
• spreadsheet – table of electronically stored data
• graph – visual representation of data
• equation – analytical expression of functional
relationship
• dependent variable – Y variable determined by X
values
• independent variable – X variable determined
separately from the Y variable
23. TOTAL, AVERAGE, AND MARGINAL
RELATIONS (1)
• Marginal – change in the dependent variable caused
by a 1-unit change in an independent variable
• Marginal revenue
• Marginal cost
• Marginal profit
25. GRAPHING TOTAL, MARGINAL,
AND AVERAGE RELATIONS
• Marginal profit is the slope of the total profit curve
• Total profit is maximized when the marginal profit
equals zero
• Average profit rises (falls) when marginal profit is
greater (less) than average profit
26. MARGINAL ANALYSIS IN DECISION
MAKING
• Finding maximums or minimums
• Distinguishing maximums from minimums
• Maximizing the difference between two functions
27. MULTIVARIATE OPTIMIZATION
• The marginal effect of each independent variable on
the dependent variable
• holding constant the effect of all other independent variables
• Partial derivatives
• The unchanged variables are treated as constants in the
differentiation process
28. INCREMENTAL CONCEPT IN
ECONOMIC ANALYSIS
• Marginal relations measure only the effect associated with unitary
changes in variables
• The incremental concept is often used as the practical equivalent
of marginal analysis
• Def: Incremental change is the total change resulting from a
decision
• E.g.: Incremental profit is the profit gain or loss associated with a given
decision
