### Create a StudySoup account

#### Be part of our community, it's free to join!

Already have a StudySoup account? Login here

# Managerial Economics ECON 4140

UNT

GPA 3.66

### View Full Document

## 31

## 0

## Popular in Course

## Popular in Economcs

This 37 page Class Notes was uploaded by Dr. Garrick Goodwin on Sunday October 25, 2015. The Class Notes belongs to ECON 4140 at University of North Texas taught by Michael Nieswiadomy in Fall. Since its upload, it has received 31 views. For similar materials see /class/229206/econ-4140-university-of-north-texas in Economcs at University of North Texas.

## Similar to ECON 4140 at UNT

## Reviews for Managerial Economics

### What is Karma?

#### Karma is the currency of StudySoup.

#### You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!

Date Created: 10/25/15

Managerial Economics Econ 41405140 Professor Michael Nieswiadomy Ch 10 Perfect Competition 1 Introduction a What price should the rm set b What output should it produce 2 Market Structure 4 types a Perfect Competition b Monopolistic Competition c Oligopoly d Monopoly Market Structure Examples of Product Pricing Barriers Nonprice Producers Type Power to entry comnetitinn Perfect Compet Monop Compet Oligopoly Monopoly Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 3 Market Price under Perfect Competition 4 Shifts in Supply and Demand Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 5 The Output Decision of a Perfectly Competitive Firm P10 TC12QQ2 Table 102 Costs and Revenues of a Perfectly Competitive Firm Q P TR TFC TVC TC Profit 0 10 0 1 0 1 1 1 10 10 1 3 4 6 2 10 20 1 8 9 11 3 10 30 1 15 16 14 4 10 40 1 24 25 15 5 10 50 1 35 36 14 6 10 60 1 48 49 11 7 10 70 1 63 64 6 8 10 80 1 80 81 1 9 10 90 1 99 100 10 Figure 102 TR 0 2 4 6 8 10 Quantity Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 6 Setting Marginal Cost Equal to Price a Shutdown decision b Kadda Company A Numerical Example Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 7 Producer Surplus in the Short Run Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 8 Long Run Equilibrium of the Firm Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 9 The Bergey Company A Numerical Example 10 The Long Run Adjustment Process A ConstantCost Industry Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy 11 The Long Run Adjustment Process An IncreasingCost Industry 12 How a Perfectly Competitive Economy Allocates Resources Managerial Economics Econ 41405140 Ch 10 Perfect Competition Dr Nieswiadomy Managerial Economics Econ 41405140 Professor Michael Nieswiadomy Ch 6 Business and Economic Forecasting 1 Introduction the importance of forecasting 2 Survey Techniques a Prominent surveys i US Department of Commerce ii Securities and Exchange Commission iii Survey Research Center at Univ of Michigan 1 Consumer Con dence Index b Forecast reliability i Root mean squared error 3 Taking Apart a Time Series a Four components i Trend T ii Seasonal variation S iii Cyclical variation C Managerial Economics Econ 41405140 Ch 6 Forecasting Dr Nieswiadomy iV Irregular movements 1 YTXSXCXI 4 How to Estimate a Linear Trend a YABt b Ordinary Least Squares estimator for b is c Ordinary Least Squares estimator for a is 5 How to Estimate a Nonlinear Trend a Quadratic form 1 Yt A B1t th2 ii How do you input squared t in Excel regression package Managerial Economics Econ 41405140 Ch 6 Forecasting Dr Nieswiadomy iii Which is better t linear or quadratic 1 Answer if B2 is statistically signi cant then quadratic is the best t 2 Answer if B is not statistically signi cant and B1 is signi cant than the linear model is best b Exponential trend t 1 Yt ocB 1 alternative way of writing this is a Yt oc1rt Y01rt where B 1 r r 1B b This is compound growth c This is nonlinear but can be made linear using logarithms d loth logoc logBt logoc t logB A Bt where A log 0c and B logB so 3 eB andrlB This is a simple linear regression Managerial Economics Econ 41405140 Ch 6 Forecasting Dr Nieswiadomy 6 Seasonal Vanauons a Dummy vanables D 0 or 1 x What 5 a dummy vanable7 e g U s Savmgs Bonds sales are hxgher m wammes 1513 A BY cw Where B 5 bond sales 1 5 meme Where w w forpeaceume r wamme EB129068Y230W 44 Dummy mu VAmAaLss 1n 42m 539 5 EB Flauns 42 MuMpl mm mm a dummy vauamc w Source Econometrics 2rd Edmon Wonnacott amp Wonnacott 1979 Managenal Economms Econ 41405140 Ch 6 Forecasung Dr Nxeswxadomy How many bonds will be sold when I 10 and W 1 war time How many bonds will be sold when I 10 and W 0 peace time ii Examples 1 Gender a How many categories b How many dummies 2 Educational level a How many categories b How many dummies 3 Others 4 Summary need nl dummy variables for n categories if you are including an intercept term already Managerial Economics Econ 41405140 Ch 6 Forecasting Dr Nieswiadomy iii Seasonal dummies 1 YAB1tB2Q1B3Q2B4Q3 et Where Q1 1 if time is in 1St quarter Where Q2 1 if time is in 2quotd quarter Where Q3 1 if time is in 3rd quarter 2 Interpreting dummy variables Managerial Economics Econ 41405140 Ch 6 Forecasting Dr Nieswiadomy iV Excel example Econ 41405140 Managerial Economics Assignment Dummy Variables V th Excel39s regression feature use quarterly dummy variables to estimate the regression equation using a lineartime trend Show your regression results Forecast the sales for 2004i and 2004 II p 206 Maurice and Smithson 3rd edition YearQuarter 1999i II III IV 2000l II III IV 2001l II III IV 2002l II III IV 2003l II III IV 2004l ll Sales 72 87 87 150 82 98 94 162 97 105 109 176 105 121 119 180 12000 13300 12700 19800 m mmth NAAAAAAAAAA ocoooxlouanooMAoco D OOO OOO OOO OOO OOO A Managerial Economics Econ 41405140 Ch 6 Forecasting D2 D3 0 O 1 O O 1 O O O O 1 O O 1 O O O O 1 O O 1 O O O O 1 O O 1 O O O O 1 O O 1 O 0 Dr Nieswiadomy Managerial Economics Econ 41405140 Professor Michael Nieswiadomy Ch 17 Moral Hazard and PrincipalAgent Problems 1 Principal Agent Problems a OwnerManager Con icts Managerial Economics Econ 41405140 Ch 17 Moral Hazard amp PrincipalAgent Problems Dr Nieswiadomy 1 b A Picture of the PrincipalAgent Problem 0 Examples of the PrincipalAgent Problem Managerial Economics Econ 41405140 Ch 17 Moral Hazard amp PrincipalAgent Problems Dr Nieswiadomy 2 2 A simple Model of the PrincipalAgent Problem with No Risk a The Concept of Effort Managerial Economics Econ 41405140 Ch 17 Moral Hazard amp PrincipalAgent Problems Dr Nieswiadomy 3 b Resolving the Incentive Con ict if Effort is Observable Managerial Economics Econ 41405140 Ch 17 Moral Hazard amp PrincipalAgent Problems Dr Nieswiadomy 4 c Resolving the Incentive Con ict if Effort is Not Observable Incentive Compatibility Managerial Economics Econ 41405140 Ch 17 Moral Hazard amp PrincipalAgent Problems Dr Nieswiadomy 5 d Product Liability and the Safety of Consumer Goods Managerial Economics Econ 41405140 Ch 17 Moral Hazard amp PrincipalAgent Problems Dr Nieswiadomy 6 Managerial Economics Econ 41405140 Professor Michael Nieswiadomy Ch 14 Game Theory 1 Strategic Decision and Game Theory 2 Strategy Basics Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 3 Visual Representation Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 4 Solution Concepts 5 Equilibria 6 Dominant Strategies Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 7 Nash Equilibrium Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 8 Strategic Foresight Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 9 Backward Induction and the Centipede Game Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 10 The Credibility of Commitments 11 Repeated Games Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 12 Incomplete Information Games Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 13 Reputation Building 14 Coordination Games Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy 15 Strictly Competitive Games Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy Managerial Economics Econ 41405140 Ch 14 Game Theory Dr Nieswiadomy

### BOOM! Enjoy Your Free Notes!

We've added these Notes to your profile, click here to view them now.

### You're already Subscribed!

Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'

## Why people love StudySoup

#### "There's no way I would have passed my Organic Chemistry class this semester without the notes and study guides I got from StudySoup."

#### "I signed up to be an Elite Notetaker with 2 of my sorority sisters this semester. We just posted our notes weekly and were each making over $600 per month. I LOVE StudySoup!"

#### "I was shooting for a perfect 4.0 GPA this semester. Having StudySoup as a study aid was critical to helping me achieve my goal...and I nailed it!"

#### "Their 'Elite Notetakers' are making over $1,200/month in sales by creating high quality content that helps their classmates in a time of need."

### Refund Policy

#### STUDYSOUP CANCELLATION POLICY

All subscriptions to StudySoup are paid in full at the time of subscribing. To change your credit card information or to cancel your subscription, go to "Edit Settings". All credit card information will be available there. If you should decide to cancel your subscription, it will continue to be valid until the next payment period, as all payments for the current period were made in advance. For special circumstances, please email support@studysoup.com

#### STUDYSOUP REFUND POLICY

StudySoup has more than 1 million course-specific study resources to help students study smarter. If you’re having trouble finding what you’re looking for, our customer support team can help you find what you need! Feel free to contact them here: support@studysoup.com

Recurring Subscriptions: If you have canceled your recurring subscription on the day of renewal and have not downloaded any documents, you may request a refund by submitting an email to support@studysoup.com

Satisfaction Guarantee: If you’re not satisfied with your subscription, you can contact us for further help. Contact must be made within 3 business days of your subscription purchase and your refund request will be subject for review.

Please Note: Refunds can never be provided more than 30 days after the initial purchase date regardless of your activity on the site.