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Welcome to EC 209: Managerial Economics- Group A By: Dr. Jacqueline Khorassani

Welcome to EC 209: Managerial Economics- Group A By: Dr. Jacqueline Khorassani. Study Guide Week Five (Note: You must go over these slides and complete every task outlined here before Thursday, October 4). Don’t forget that. Aplia Assignment 2

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Welcome to EC 209: Managerial Economics- Group A By: Dr. Jacqueline Khorassani

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  1. Welcome to EC 209: Managerial Economics- Group ABy:Dr. Jacqueline Khorassani Study Guide Week Five (Note: You must go over these slides and complete every task outlined here before Thursday, October 4)

  2. Don’t forget that • Aplia Assignment 2 • Due date is pushed back to before noon on Wednesday, October . • Don’t miss it. • To maximize your assignment grade, do the practice question first • The special tutorial on Monday will take place between 6 and 8 p.m. in Kirwan theatre.

  3. Chapter 4: Applications of Indifference Curve Analysis • Buy one, Get One Free • Cash vs. In-kind Transfers • Labour-leisure choice • What is a budget constraint? • Slope • Shifts • How do wages affect labor supply?

  4. Chapter 5: Production Analysis • What is a production function? • How is short-run different from long run? • What is the difference between fixed /variable factors of production? • What is a Cobb- Douglas production function? • What is a Leontief production function?

  5. What are total, marginal and average product of labor or capital in the short run? • Definitions? • Graphs? • Increasing, Diminishing and Negative Marginal Returns

  6. What should a manager do? • What is the value of marginal product? • How does that relate to the manager’s decision?

  7. Long Run Production Function • Isoquant • What is it? • Shape? • Reasons for different shapes? • What is the marginal rate of technical substitution • Why does it diminish?

  8. Cost in long run • Isocost • What is it? • Shape/slope? • Reasons?

  9. Cost minimization • Rule? • Graph? • Optimal input substitution? • Graph?

  10. Cost function in the short run What are the different types of costs? Graphs?

  11. Cubic Cost Function • What is it?

  12. Long Run Costs • Economies/diseconomies of scale • Sources? • Graph?

  13. Multi-Product Cost Function What are they? What is the economies of scope? What is cost complementarity? What is the Quadratic Multi-Product Cost Function?

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