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1、ManagerialEconomics:Applications,Strategy,andTactics,8thEditionManagerialEconomics:Applications,Strategy,andTactics,8thEditionbyMcGuigan,Moyer,&HarrispreparedbyRichardD>.MarcusUniversityofWisconsin-Milwaukee??1999South-WesternCollegePublishingChapter1IntroductiontoManagerialEcono
2、micsStructureofDecisionModelsProfit’sRoleAgencyProblems&SolutionsNot-for-ProfitOrganizationsWhyCorporationsHaveSucceededOverOtherOrganizationalForms??1999South-WesternCollegePublishingManagerialEconomics:AnAppliedCourseIntegratestheuseofeconomics,math,andfinancialanalysistomakego
3、odbusinessdecisions??1999South-WesternCollegePublishingTOPICSDemandandSupplyAnalysisandhowtoestimatedelasticitiesProductionandCostAnalysisandhowtoestimaterelationshipsMonopoly,Competition,andOligopoliesandgoodpricingdecisions??1999South-WesternCollegePublishingEconomicDecisionsConstr
4、aints--limitationsoftime,energy,money,productivecapacity,regulatoryclimate,etc>.Information--forecasting,relationships,expectations,possibleretaliationbyrivals,etc>.??1999South-WesternCollegePublishingCONSTRAINTSINFORMATIONGOALS&OBJECTIVESObjectivesoftheFirmProfitmaximizationShar
5、eholderwealthThevalueofthefirm,V,isthepresentvalueofexpectedfutureprofits(p)orcashflows,discountedattheshareholdersrequiredrateofreturn,ke,ignoringtaxes>.??V=Spt/(1+ke)tt=1??1999South-WesternCollegePublishingGoalsorObjectivesMaximizePresentValueofProfits=NS(Revenuet-Costst)/(1+ke)tt=
6、1DecisionModelLanguage:ObjectiveFunction=setsupthegoals&theconstraintsDecisionRule=showswhatisoptimal??1999South-WesternCollegePublishingEXAMPLE:MAXP{A,B}simpleobjectivefunction,simpledecisionrulePickAifprofit{A}>profit{B},otherwisepickB>.MaxProfit{Q}foracompetitivefirmproduce
7、whereP=MC??1999South-WesternCollegePublishingMCPQProfit=TR-TC=P??Q-TCQ-Q+Tomakegoodeconomicdecisions,managersneedtobeabletoforecast&estimaterelationshipsWillforecastdemandappliestofor-profitcorporationsnon-profitorganizationsHospitalAdministrators--#patientsUniversityAdministrato
8、r--enrollmen