MANAGERIAL ECONOMICS ECON 3023
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This 0 page Study Guide was uploaded by Mandy Schmitt on Sunday November 1, 2015. The Study Guide belongs to ECON 3023 at Oklahoma State University taught by Staff in Fall. Since its upload, it has received 34 views. For similar materials see /class/232931/econ-3023-oklahoma-state-university in Economcs at Oklahoma State University.
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Date Created: 11/01/15
Managerial Economics Econ 3023 Study Guideline for the Final Exam Chapter 1 Managerial Economics General Overview Definition of Managerial Economics Economics vs Accounting cost Economic Profits Market Interaction Computation of Present Future and Net Present Values Firm Valuation Definition and computation of MC MB using calculus Optimization of a function mainly profits and revenues function using graphs and calculus Chapter 2 Market Forces Demand amp Supply 1 Market Demand Curve The demand function amp Law of Demand The determinants of Demand Change in quantity demanded vs change in demand Consumer surplus 2 Market Supply Curve The supply function The supply shifters Change in quantity supplies vs change in supply Producer surplus 3Market Equilibrium Computation of the price and quantity at equilibrium Shortage and surplus and market adjustment mechanism 4Price restriction Price ceiling and price floor and their impact Computation of the full economic price 5Comparative Static Analysis Chapter 3 Quantitative Demand Analysis lElasticities of demand Computation of Own price elasticity Cross price elasticity and income elasticity Elasticity and Total revenue Interpretation and analysis Factors affecting the Own price elasticity 2Demand functions Linear and log linear demands Characteristics and elasticity computation from those functions 3Regre ssion Analysis Interpretation of R square tstatistics p values F statistic and confidence intervals Managerial Economics Econ 3023 Chapter 4 The theory of Individual Behavior lConsum er Behavior Indifference curves and Marginal rate of substitution Consumer preference ordering 2Constraints Budget constraint and the Market rate of substitution Impact of changes in price and income on the budget constraint 3Consum er Equilibrium and demand analysis Chapter 5 The production Process and Costs lDefinition and computation of total product marginal product and average product Definition and analysis of isoquants and isocosts Cost minimization Graphical analysis 2Cost Analysis Definition and computation of total costs Variable costs and Fixed Costs Definition of sunk costs Costs relations Economies of scale 3Multiproduct cost function Condition and definition of Economies of scope Condition and definition of Cost complementarity Chapter 6 The Organization of the Firm lMethods of Procuring inputs Spot exchange contracting vertical integration 2Transaction costs and specialized investments 3Optimal input procurement 4Principal agent problem owner manager amp manager owner Chapter 7 The Nature of Indust lMarket Structure a irm size b Industry concentration computation and interpretation4 firm Concentration Ratio HHI Rothschild Index c Limitations of concentration measures 2Conduct a Pricing behavior Lerner Index and Markup factor b Integration and merger activity Vertical Horizontal conglomerate mergers c DOJ merger guideline Managerial Economics Econ 3023 3Performance a Profits and social welfare b DansbyWilling performance index 4The structure conduct performance paradigm Causal view b Feedback critique Chapter 8 Managing in Competitive quot quot and quot quot quot Competitive lPerfect Competition a Assumptions b Implications of the assumptions c Calculating short run and long run profits algebric and graphical representation ZMonopoly a Assumptions b Sources of monopoly power c Maximizing profits short and long run as a monopolist algebric and graphical representation d Advantages and disadvantages of a monopoly 3Monopolistic Competition Assumptions a b Implications of the assumptions c Profit maximization for a monopolistic competitor short run and long run algebric and graphical representation d Advantages and disadvantages of a monopolistic competition e Strategies to avoid the zero long run profits outcome Chapter 9 Oligopoly models lConditions for an oligopoly 2The role of beliefs and strategic interaction and their implication different demands for different beliefs 3Oligopoly models a Sweezy or the kinkeddem and model assumptions profit max calculation and implications b Cournot model also with isoprofits explanation assumptions profit max calculation and implications c Stackelberg model assumptions profit max calculation and implications d Bertrant model assumptions profit max calculation and implications 4Contestable markets assumptions and implications Chapter 10 Game Theogz Inside Oligopoly lSimultaneous move one shot game a quotElementsquot of a game b Solving the game the concept of dominant and dominated strategies and Nash equilibrium c Coordination games d Advertising games e Simultaneous move bargaining Managerial Economics Econ 3023 ZFinitely known repeated games a The concept of collusion and trigger strategies b Solving the games for finitely repeated games by backward induction 3lnfinitely repeated games e concept of time value of money b Collusion and trigger strategies c Solving the game d Decision whether to cheat or not to cheat 4Multistage games a Setting up the game b Identify the feasible strategies of both payers c Identify the Nash equilibrium outcomes d Find the subgame perfect Nash equilibrium outcome Chapter 11 Pricing Startegies for Firms with Market Power lBasic pricing strategies a Monopoly and monopolistic competition The simple markup rule b Cournot Oligopoly Markup rule 2Extracting Consumer Surplus a Price Discrimination Block pricing 2 part pricing commodity bundling graphical and computational analysis 3 Pricing for Special Cost and Demand Structures a Peak load pricing Cross subsidies Brand loyaltiy Transfer pricingGraphical and computational analysis 4 Pricing in Markets with Intense Price Competition a Price matching Randomized pricing Chap 14 Government Regulation 1 Price Regulation and Deadweight loss 2 Externalities and the Socially Efficient output 3 International Trade and the Quota Effect on the Equilibrium Output and Price
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