Ch. 1-nature-and-scope-of-m.e.

Managerial Economics Defined ,[object Object],[object Object],[object Object],[object Object],[object Object]

Economic Theory ,[object Object],[object Object],[object Object],[object Object],[object Object]

Decision Sciences ,[object Object],[object Object],[object Object],[object Object]

Economic Methodology ,[object Object],[object Object],[object Object],[object Object],[object Object]

Theory of the Firm ,[object Object],[object Object],[object Object]

Value of the Firm The present value of all expected future profits

Alternative Theories ,[object Object],[object Object],[object Object],[object Object],[object Object]

Definitions of Profit ,[object Object],[object Object],[object Object]

Theories of Profit ,[object Object],[object Object],[object Object],[object Object],[object Object]

Social Function of Profit ,[object Object],[object Object],[object Object]

Business Ethics ,[object Object],[object Object]

The Changing Environment of Managerial Economics ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Law of Demand ,[object Object],[object Object]

Change in Quantity Demanded Quantity Price P 0 Q 0 P 1 Q 1 An increase in price causes a decrease in quantity demanded.

Change in Quantity Demanded Quantity Price P 0 Q 0 P 1 Q 1 A decrease in price causes an increase in quantity demanded.

Changes in Demand ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Change in Demand Quantity Price P 0 Q 0 Q 1 An increase in demand refers to a rightward shift in the market demand curve.

Change in Demand Quantity Price P 0 Q 1 Q 0 A decrease in demand refers to a leftward shift in the market demand curve.

Law of Supply ,[object Object],[object Object]

Change in Quantity Supplied Quantity Price P 1 Q 1 P 0 Q 0 A decrease in price causes a decrease in quantity supplied.

Change in Quantity Supplied Quantity Price P 0 Q 0 P 1 Q 1 An increase in price causes an increase in quantity supplied.

Changes in Supply ,[object Object],[object Object],[object Object]

Change in Supply Quantity Price P 0 Q 1 Q 0 An increase in supply refers to a rightward shift in the market supply curve.

Change in Supply Quantity Price P 0 Q 1 Q 0 A decrease in supply refers to a leftward shift in the market supply curve.

Market Equilibrium ,[object Object],[object Object]

Market Equilibrium Quantity Price P Q D S

Market Equilibrium Quantity Price P 0 Q 0 D 0 S 0 An increase in demand will cause the market equilibrium price and quantity to increase. Q 1 P 1 D 1

Market Equilibrium Quantity Price S 0 D 0 A decrease in demand will cause the market equilibrium price and quantity to decrease. P 1 Q 1 Q 0 P 0 D 1

Market Equilibrium Quantity Price P 0 Q 0 D 0 An increase in supply will cause the market equilibrium price to decrease and quantity to increase. S 0 Q 1 P 1 S 1

Market Equilibrium Quantity Price D 0 A decrease in supply will cause the market equilibrium price to increase and quantity to decrease. P 1 Q 1 Q 0 P 0 S 1 S 0

Ch. 1-nature-and-scope-of-m.e.

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Ch. 1-nature-and-scope-of-m.e.