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Chap 001

Chap 001

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Published by Furrukh Shehryar

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Published by: Furrukh Shehryar on Aug 21, 2009
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08/21/2009

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Michael R. Baye,
Managerial Economics and Business Strategy
, 5e. ©The McGraw-Hill Companies, Inc., 2006
 Managerial Economics & Business Strategy
Chapter 1
The Fundamentals of ManagerialEconomics
 
Michael R. Baye,
Managerial Economics and Business Strategy
, 5e. ©The McGraw-Hill Companies, Inc., 2006
Overview
I. IntroductionII. The Economics of Effective Management
Identify Goals and Constraints
Recognize the Role of Profits
Understand Incentives
Five Forces Model
Understand Markets
Recognize the Time Value of Money
Use Marginal Analysis
 
Michael R. Baye,
Managerial Economics and Business Strategy
, 5e. ©The McGraw-Hill Companies, Inc., 2006
Managerial Economics
Manage
A person who directs resources to achieve a stated goal.
Economics
The science of making decisions in the presence of scare resources.
Managerial Economics
The study of how to direct scarce resources in the waythat most efficiently achieves a managerial goal.

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