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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 Seven (Note: You must go over these slides and complete every task outlined here before Thursday, October 18). Don’t forget that. Aplia Assignment 4 Is due on Wednesday before 5 PM.

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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 Seven (Note: You must go over these slides and complete every task outlined here before Thursday, October 18)

  2. Don’t forget that • Aplia Assignment 4 • Is due on Wednesday before 5 PM. • Don’t miss it.

  3. 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?

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

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

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

  7. Cubic Cost Function • What is it?

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

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

  10. You will now need to study • Papers by Jensen and Gibbons • Available on Blackboard; • Chapter 6 of Baye

  11. What is manager’s role in an organization? • Describe the 3 methods of procuring Inputs. • What are transaction costs? • What are specialized Investments? • Types? • Implications? • What is Williamson’s Analysis? • What are the factors influencing the relative efficiency of market and firms?

  12. What is a one-shot transaction? • What is an ongoing supply relationship? • What is the Principal-Agent Problem? • Internal/external incentives • What is the indifference curve approach to managerial incentives? • How can the problem between managers and workers be solved? • What are the managerial incentive schemes?

  13. Chapter 7 of Baye • What is market structure? • What are the major structure variables? • What is the Four-Firm Concentration Ratio? • What is the Herfindahl-Hirschman Index (HHI)? • What are the limitations of concentration measures? • What is the Rothschild Index? • What is the Lerner Index? • What is the markup factor? • What is the Dansby-Willig Performance Index

  14. Integration and Merger Activity • What is Vertical Integration? • What is Horizontal Integration? • What is Conglomerate Mergers?

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