978-0-324-35981-7 ISBN-10: 0-324-35981-0 ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution or information storage and retrieval systems, or in any other manner—without the written permission of the publisher. For permission to use material from this text or product, submit a request online at http://www.thomsonrights.com.
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Unit 1 Concepts of Managerial Economics Learning Outcome After going through this unit, you will be able to: • • • • Explain succinctly the meaning and definition of managerial economics Elucidate on the characteristics and scope of managerial economics Describe the techniques of managerial economics Explain the application of managerial economics in various aspects of decision making • Explicate the application of managerial economics in marginal analysis and optimisation Time Required
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Transactions and Strategies Economics for Management This page intentionally left blank Transactions and Strategies Economics for Management ROBERT J. MICHAELS Mihaylo College of Business and Economics California State University, Fullerton Australia • Brazil • Japan • Korea • Mexico • Singapore • Spain • United Kingdom • United States Transactions and Strategies: Economics for Management Robert J. Michaels Vice President of Editorial, Business: Jack W. Calhoun Publisher: Joe Sabatino
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for the FIA and ACCA qualifications. In this, the only FAB/F1 Study Text to be reviewed by the examiner: We highlight the most important elements in the syllabus and the key skills you will need We signpost how each chapter links to the syllabus and the study guide We provide lots of exam focus points demonstrating what the examiner will want you to do We emphasise key points in regular fast forward summaries We test your knowledge of what you’ve studied in quick quizzes We
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part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—except as may be permitted by the license terms herein. For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or
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maximization 25 Difficulties 28 Example: The profit functzon for Cobb-Douglas technology Properties of demand and supply functions 31 Comparative statics using the first-order conditions 32 Comparative statics using algebra 35 Recoverability 36 Exercises 39 VI CONTENTS 3 Profit Function Properties of the profit function 40 Example: The eflects of price stabilization Supply and demand functions from the profit function
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Entry barriers on business. Barriers to market entry include a number of different factors that restrict the ability of new competitors to enter and begin operating in a given industry. For example, an industry may require new entrants to make large investments in capital equipment, or existing firms may have earned strong customer loyalties that may be difficult for new entrants to overcome. The ease of entry into an industry in just one aspect of an industry analysis; the others include the power
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Ethical and Professional Standards The candidate should be able to demonstrate a thorough knowledge of the CFA Institute Code of Ethics and Standards of Professional Conduct, familiarity with the Global Investment Performance Standards, and familiarity with corporate governance issues and risks affecting companies. Study Session 1 Ethical and Professional Standards Reading Assignments 1.* “Code of Ethics and Standards of Professional Conduct” Standards of Practice Handbook, 9th edition
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Chapter 9 Product: anything that is of value to a consumer and can be offered through a voluntary marketing exchange * includes: services, ideas, people, goods, organizations, people, communities Product Assortment & Product Line Decisions * Product assortment (product mix): the complete set of all products offered by a firm * Product lines: groups of associated items such as those that consumers use together or think of as part of a group of similar items * Product category:
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business. Good marketing is the result of careful planning and execution. There are two sides to marketing – the formulated side and the creative side. It is important to lay the foundation in marketing concepts, tools, frameworks and issues of the formulated side while at the same time instil the real creativity and passion for marketing, as we shall come to see in this chapter. Social Definition of Marketing Marketing is a societal process by which individuals and groups obtain what they need
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