Managerial Economics Week 6 Class Notes
Managerial Economics Week 6 Class Notes 28-1112-05
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This 1 page Class Notes was uploaded by Jessica Notetaker on Tuesday March 1, 2016. The Class Notes belongs to 28-1112-05 at Columbia College Chicago taught by David Sikich in Winter 2016. Since its upload, it has received 24 views. For similar materials see Managerial Economics in Entrepreneurship at Columbia College Chicago.
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Date Created: 03/01/16
Managerial Economics Week 6 Class Notes Supply Decisions “Only those who make the right decisions will succeed in business” ● TWO MAIN SUPPLY CONCEPTS: How much a company can produce vs. how much they choose to produce EST ● Less is always more in starting a business ● you are part of a production, exhibition, or distribution RIGHT QUANTITY AT RIGHT TIME Marginal Physical Product:How output changes when workers are added Positive and Negative Too many workers can take away from output Need to find perfect medium Law of Diminishing Returns:hen sales reach a decline Negative Due to competition, excess inventory, production, out of trend, etc. Costs Total:All costs combined Average: Typical cost per days (busy, slow, weekday) Fixed:Costs that NEVER change (rent, equipment) Variable:Work force, add and subtract, subject to change (Ex. MArketing) Marginal:Extra, additional costs that can’t be predicted (need for backup cTEST REVENUECOST=PROFIT Economic Costs: Implicit, opportunity costs, factored in time, and human work Accounting Costs: xplicit, actual dollars of business
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