Managerial economicslecture01introduction

Managerial Economics Lecture One: Why economics matters to managers, marketers and accountants Neoclassical theory of profit maximisation

Admin ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics as the context of business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics as the context of business Karl Marx in... The Eighteenth Brumaire of Louis Napoleon ,[object Object],[object Object],[object Object]

Economics as the context of business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics as the context of business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics as the context of business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics as the context of business ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

“ The firm”: real world vs economic theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economics of the firm: statistics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

“ The firm”: economic theory ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],20,000x80 ,[object Object],[object Object],[object Object],40,000x60 ,[object Object],60,000x40 ,[object Object],[object Object],[object Object],Slope=40 Slope=0

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],? If this sounds weird to you, good ! You’re on to something… ,[object Object]

Economic theory of the firm ,[object Object],? ? ,[object Object],? ? ,[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Quantity produced Technology coefficient No. workers Amount of capital Relative labor/capital product coefficient

Economic theory of the firm ,[object Object],[object Object],With 100 workers, output is 1,000 With 250 workers, output is 1,443 Change in ouput from 1 st 100 is 1000 Change in ouput from next 250 is 443

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],Demand Supply Q e P e Marginal Cost q e P e Downward sloping market demand curve Horizontal demand curve for single firm quantity Price Quantity Price

Economic theory of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic theory of the firm ,[object Object],[object Object],Reality check time!

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],Demand Supply Quantity Price Q e P e ,[object Object]

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],67% 64% > $50 m 12.7% 13.5% $25-$50 m 7.1% 22.5% $10-$25 m 26.4% 0% < $10 m GDP Sample Size

Economic facts of the firm ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],What do you think the results were? Write your answer down And the correct answer is...

Managerial economicslecture01introduction

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