Managerial Economics

Think of the concepts that we have covered (markets, elasticity, production, costs, market structures). Take one
or two of those concepts and use it to analyze and understand economic situations or decisions that you face in
your workplace. If you can’t apply these concepts to your workplace you may use recent news items.
– Show how the economic concepts provide a framework for understanding the situations or decisions.
– Use economic concepts (goals, constraints, decision variables) to frame decision making (i.e. market
structure will determine what decisions are available to a firm, such as a firm selling commodities largely has
no control over price). This will include understanding what decisions are available (what are the tradeoffs?)
and how to use economic concepts to choose
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