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    Optimal Decisions Using Marginal Analysis

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    4 visualizzazioni20 pagine

    CH 02

    Caricato da

    Chaitu
    Optimal Decisions Using Marginal Analysis

    Copyright:

    © All Rights Reserved
    Scarica in formato PDF, TXT o leggi online su Scribd
    Segnala contenuti inappropriati
    di 20

    Managerial Economics, 8e

    William F. Samuelson ● Stephen G. Marks

    Optimal Decisions Using Marginal Analysis


    Government and business leaders
    should pursue the path to new
    programs and policies the way a
    climber ascends a formidable
    mountain or the way a soldier makes
    his way through a mine field: with
    very small and very careful steps.

    ~Anonymous

    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Conflict in Fast-Food Franchising

    The rapid growth in franchising during the last three


    decades can be explained in large part by the mutual
    benefits the franchising partners receive.

    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    1.3

    A Microchip Manufacturer

    Revenue

    Cost

    Profit

    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Marginal Revenue

    A Simplifying Fact: Given P = a – bQ,


    Then MR = a – 2bQ.

    Marginal Cost

    Profit Maximization Revisited

    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Asking What If

    Increased Overhead

    Increased Material Costs

    Increased Demand

    Responding to Exchange Rate


    Changes
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Calculus and Optimization Techniques
    Maximizing Profit

    Marginal Analysis

    Differential Calculus

    The Second Derivative

    MR and MC

    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Maximizing Multivariable Functions

    Price and Advertising

    Constrained Optimization

    A Supply Commitment

    Profits from Multiple Markets

    The Method of Lagrange Multipliers

    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.
    Copyright © 2015 John Wiley & Sons, Inc. All rights reserved.

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