Managerial Economics Mark Hirschey Solutions

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Aug 3, 2024, 3:40:17 PM8/3/24

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The objective of this course is to provide the student with athorough understanding of microeconomics applied to the problem ofmanagerial decision-making. The first step in achieving thisobjective is to understand how to model economic behavior. Thestudent will learn how a manager chooses production inputs based onmarginal productivity, prices, and various other economicvariables. The student will learn to develop an economic modelthrough the use of algebra and basic calculus. The student willgain a feel for the art of choosing assumptions to set up and solvea meaningful problem. The second step in achieving the objective isto build an understanding of the many economic problems. Thestudent will examine economic problems in consumer theory,production, technology, cost analysis, profit analysis, and marketinteractions. When the foundations of the course have beenestablished the key concepts are applied in more complexsettings like market structures, game theory, competition, pricing,and other managerial decision making models relevant to the serviceindustry.

20 x Lecturing (L1-L20)
The course consists of 20 lectures (L1-L20) each of 3 x 45 minutes.The lectures will explore the core areas of the theory requiring aconsiderable amount of self-study. It is advisable with 4-6 hoursof preparation for each lecture.

8x Active workshops (W1- W8)
Workshops (W1-W8) consist of 6 x 45 min each.The workshops consist of theoretical and empirical problems andcases. They are part of the curriculum. Naturally these activelearning and feedback sessions will correspond to the content andheadlines of the previous lectures. The workshops are veryimportant for the learning process. The workshops can besolved individually or in groups.

These workshops focus on updating and developing technicalskills necessary to complete the course. There will be a workshopon mathematics for economics during the beginning of the course,usually scheduled on a saturday, and workshops on optimization withMS Excel. These workshops are extremely important in order topossess the skills necessary to get optimal learning out of thecourse and do well in the exam.