53088 MANAGERIAL ECONOMICS Second Edition Wrnurast B, Sanurtson ‘ee Uy Seanuen G. Manne Jobeo2 TeDrnPes cout Bae Clee Pies ah Fi Sn Dg Nevo ido Aaa Ai “ema Menl Lad Sony ReIntroduction to Economic Decision Making The crucial sep in tachlng almost ll important business and government decisions begins witha single question: What i the alternative? Asommot's Decision making lies atthe heart of most important business and govern- rent problems. The range of business decisions i vast: Should a high-tech company undertake a promising but expensive research and development program? Should « petrochemical manufacturer cut dhe price of it best ‘cling industrial chemical in response toa new competitor's entry into the market? What bid should company management submit to win a govern- rent telecor Should management of a food prod- tues company launch a new product after mixed testmarketing results? Litewise, government decisions range far and wide: Should the Depart- ment of Transportation require that new cars be equipped with air bags? Should a city allocate funds for construction of a harbor tunnel to provide easy airport and commuter access Should the federal government increase funding for the war on cancer? These are all interesting, important, and timely questions—with no easy answers. They are also all economic dec sions. In each case, a sensible analysis of what decision to make requires a ‘careful comparison of the advantages and disadvantages (often, but not ak ‘ways, measured in dollars) of alternative courses of action, As the term suggests, managerial economies is the analysis of major ‘management decisions using the tools of economics. Managerial econom- ics applies many familiar concepts from economies—demand and cost, mo- nopoly and competition, the allocation of resources, and economic trade- ‘offt—to aid managers in making better decisions. This book provides the framework and the economic tools needed to fulfill this goal. In this chapter, we begin our study of managerial economics by stress- ing decision-making applications, In the following section, we introduce igat decision examples, all of which we will analyze in detail later in the —8 Chapter 1 eaedin Bono Do Ning eh dame ener ieee of li ane Sc cra sabe underaen stnngsneren e e (fol an aaa ge pte bh amet ad donee cone ton Wee sealers ou Sa - Inge pion tn cy mater, iy pal oteSfsn ening te ting or one ‘hej the Senne ay ab ne he pt ee Po bane mange toremntag ihe pre Sar repena e ‘he dost ae nthe fo reece en ele te din ‘arin epee The, dons mde a el or ‘tome ot sa, ad nce ee ep eal oan, ‘ereernetn craig eran er ape ey 2 gy ad ate gp te ae prune athe ‘aang ean decison te came eit ‘fom os nal ames seen unit aie er, Jndog De Depron Eat te Entonmetd Pacer ‘gency tend al cg he enn fee ‘ith Neca Regt Conmess Ane mighmgie per ‘he camer of dh se poly espn and he pa (npn ate he eed cies oe ndings i ee ing nso cnn ted mera sep to stdesag i hue pce, The pi sy ar es berg th dion alr lc ed he mie ‘ommeafaon Te est tn pce oh ow ec ie Step 2 Determine the Objective ah cen mers ua Wit nde ae pai How Shui he sn maker ae onan wh ape i on Wt ‘hearse ming ole cen obec? Wee cos cos deny hrs ri hp at st roa Bato ay pena inn ca, Jeune ono ni patna he ir {al jee othe ed tees petra po ‘ese een he ra wa Yee le Th ‘sense enuf em be manger oh ee it ‘enue pote em ann of imam poet ‘esis rand oo he mien el coupe ug ‘onan nhs dsl D.C, Tne tae Ten and Pena Some he mat cee ak =e Sepp Dc Mting oes inning cox Frac, fay ek pre pen el opt he et co or ns aed eae a ‘wh inal expen on rag nah lege [nro hed co ey cre oem ri “heen ine ncn, ter tbe ing ik poser gig lode ae ie rs id Fling cnet ener elo a sl we ale nat tee tare seman ese noe wpe ‘Aeon ois tentacle prs eel ms ‘eed ig ce a ener per ene ‘ar Theopind easy eee cnc ‘5 denon accompa ote (mls em hag ener) da lander ee, tn prac protein nd bec ae toa sy eumtgon ie deca aig Ose icy oe ‘eigen koi fm he ro compe Spl) lessen te pt ras re es eu fn ee he fe bee or th he en ail epee of alg te ap? 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Se onions ag, bw ae oucane? Kom eat ‘he lelind of ea? 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One eames sage gene a fo Dow ems hoe hye even 2 ln esc nie oT np der od TSG cto Tne Ge hea ems mach on Cine noe elope hy ‘Stgegenp st kre gen et Oh ea Ie fp Gray ot ib pec ee [ec ep ory ene et ge serie 1 pin pce ce im eget ‘tne ns tr eg» ptt mol nes campeon onan tka gy ko rime eer ots etree at ‘Hoke he ln re pct ae a an forcttaraisponet dcr S06 erent ae 49g Tine ofa foc neo a8 pr ce sn bs pose Sx pe Deoe ing 19 Step 5 Make a Choice Ar aus dn wate rere ene of ae? Fc oe es ees tis ep ah wp $c en's ie oe pnd eas th a One he dein ter pate Foie io conte. raed he oe, toed rae hemes, ow does tse go sb ning peared cure rey Tie st my decors exon oer sd cucameae ety cantle Tu ea rm ha ch teri np reiterate and oa an. Analg a gerne desson malt ay how eed et se inca) ret sagan pn ae ph tine he decize mle cond deere » pee cane oa ‘ummron Satis ing mb of eaten cg bo at bt nes th je Th fr esos eng al omer fhe bt inprcl f nreconpler pens Far Ipence na the elf Srp ef Se lat Ing and proiksnn pa camped ep mh nd mee oo ‘he tf he Hons managentnM ciey “ep tte cat poe pla? Watts ore le pipe meas des bei Ect eo Pewee el ee hn tense Totaly te econ mar edt ty on Be psig etn of enone wae ath pole Asya adn Se nd a dey ah toate Tho etre ‘dvr eens on are salon nce paramigSn ‘res ané bene ma al ch ee pine he ok ‘Tee techn inpornt alcatel hes chesing iy yeti ‘Step 6: Perform Sensity Anais ‘Watashi oes ders oil ket? Ho (bese opm den cage ands he em ese? Inte he ees een le st ih te on filer imcoi? 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Pita merit Tie ani tre psig bar ma die oo eh be Red Benet hl lagen pray op eal ha (oot she tm) ws edd lingerie For ‘Selatan eid prt of eng ‘pce mp psn at or ces se ‘Bierman To pian ee ps son Veet ting eh pone ese te erate eenet Tiles ‘tnd ca ov ed es een olga pe ae er ee ete ‘espn. 1 Tenet eee a i er in ‘ete aig rede ine i pce (A nnd oe you le cen hl See perehedcay tn patie pd 4. Sale eng wa pine deep; foe bean (eae he bg cera eldiy ae he ule te a er pao ‘ang pao Se bling ifm ie Sau enna av mo i). 2g execs wep poenedin eter theo dene, What jae gi nn pre ‘alg econ Wat sel wermsen vu ie asin det ning che os ep? Wht tind ‘aaah gh eed dere? 7 Nand one nbcnaon Fe, an Ei oa se Sor he al at hi a inne teal es te yb mal eone, A Pgh yo ee pve cation a none bah at ata ee ma |p ye deeper wld eer he al eee «Tomas Gand Haul ed Se irr te ta el ichng he pil tthe a spin. 4. Stow taloatng eal the mein fe pln ot noe sin Tein Mt cs eet eh med an ale) Suggested References Arak fe et i a i ng ‘ae er a a ae kW. in. pit ah ht es Oro ‘HEE Ht eo Rg ed heat nary fen a ft Stal ein ean dae ae 2 He ne ee Poni ch a aDECISIONS WITHIN Firms T ea el fof wenger sii ee pt fr pe wn anal Te fini ing Cpr 2 ig 9, fon ry 6 ae ag tg xy rg ipl rn ee xan ding hv sng ei opin! dia, pin’ ond Sede in of iil dy oa eh ned ir oon pst Ol 3 ano a ig meno, ‘lg cnn. loi ua ek ones, i mind of al) endo a foe si da pr fe nd “hen offi ba ged nd or ae | finda oo ih poi ee ‘eon nop ee ma a fr pal eve: fi pee go eg fn fe sd sg il eis Cur ei nyt i thf cg anal kl cay oe uw te foe ond eveOptimal Decisions Using Marginal Analysis Gn de eh pr a 8 pend posi ans ayer fh$2 Chapter 2 Opal Dens Ug Maga As ws Rt i a6 ssn pte nage pe ‘eon mie Ser te sie od ps ge epee sed be ge ed atc ein nr ‘Sous. Tht pot ext ge hs at we Ines se tne eng, ay ches sted halen ep ne pone ola? ‘his lpr ie asa of manger dcon ming at “a ny ar be ener of eos The hp ete ‘Semin pi Te Easing mmo md (i, dps ‘Ce pte, aig frm The cond a aofuoe ‘magn ea peat el rag lec er ny te seen hip a la nse ‘wan ns hes Ti ape ep mana ast eect sd png deci te singe pee ae er simp demi cox cnn Chap Sand 4 we en aga anh ces ef pie dando ak ‘puede dice In pr Oa ee ‘Se pp ing ate ne cep predic ek tote ad ca costes lip rofacion cen and maple oducs oGpts 10, and 2 eae ee ter fneompeten, olga and owen ihe pa ‘ing em oper Tepe thew po denen the pet owe of mga ea lar ng cpl, Cre ‘uc in tpt mae Bee magia ah oot ‘SC Tond rnd yee henna em SIMPLE MODEL OF THE FI “The den xing elie canbe decid lo 1. Afsmprodue sage pd ara fs sige ‘he obec o maining pie 2 winks ein ermine be gmt of he got prof ‘stand we rp 5. Ini ape mat ve ga by ay he canst Sheree and ct coerce ci oe md gah esi in ey Capen ‘Tage tee te ste ler ret ‘his el nC Semen pce A Spe Mot tte Fn 8 eee smcthioratcnem mest Des iemrecese enter anenal Eioaecanaeerns amare natnee ee eeeteenes nietchtercasanas Aitccamnnnie noes fein saticenaectecss Poeete eeeina a eemeter Eiginintngeecmimemrnarnas Fete eter eta ear gra Recaorpeiemsmmes eee eee eee Sausiivisnes tars See eee aciureemeee amas Eee A Microchip Manufacturer ‘Ae cing empl les ean hat pecs ‘ye desg sei Asi om re malo pun! ee nal poof mesoglea gender flo cea, Mri wd ery St poceg nomen "Fee on ten es ernie equ hp po ect nd fa an i nie fe) nd pe Tee ‘feprton neta xing mages ate ee: ‘Aes ong ety ate tt tate cece eee roman te eteac tems eae x= R= Gee Gok port Toe ow eo ged oo Bees pe a pt den as ane te ose oem avBsut Th nlf ena rc emo bl mpl el toni nna ev fe Th be ‘ae tn ta it wt ee tome tun mater coun “Toei dean ope steal el asi te odin ‘ntsc, meng manda gsc ea hae| M Chepter 2 Opin Des sng Ma Arnis ne je cpt Supe aig Sma hip ies hie de ceed ex eo. 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Tash demand ese Bde et {Target pepe Te dma sept cee he {av emod Ave ego nce que ai Demand carved demand eis ive sieve oes In econ Peg te pt saree of wate ed oun sities. be pct oT higher ol pes en uti {te eta rrament ape bad ming th ‘equ he eof demande Te pepe ef camara ‘ie op of xing dem equi ae inp op (hye Sand pret elon e em ain i lenin eon | Retmesseanndana manna sascig te eames | ‘tof atesn oe pe ae (tes. be ema ce alee a et gen of ‘es ora pice cg Lar once an ep ret of pce and guy The wo el vay bp he re oa at mwah the mathe fein of emd cre As alge epecenane of the demané ce gwen Qasr, an reach a - mec Fours =e 7 Food pin F z F : ' ee Qt gui th demndedper ek and Pens eee etl (in mands ar) son, te dead qa re ‘She uty of cll aye pe ore UP que srg Eganion 21, Qu it Cine ‘Se eg 1 Qe an cen pre fe cars ‘Send tnd mg tof ef al Sern depots comping erp guns eon ‘is gun peers ey te se pkequy pls gue ey 21; woe earn Tea ere ‘ate spores ean te Nate eee36 Cheprer 2 Opn! Dons ng Marge Aas caEok soos Sono gunn 2. For any gem tpt i as oh, Fon #2 bee he pce ended sl cy may ot inane ang Q= 85th ein, edt Pega 0 gl ing 1 Ts pce atonal eed the crv ae? ‘st ec a 2 ~ 125 nse get 2 (oie, Equi 23) coal a he eo salon deem sen eee Howe bee shige Se ren eh we ld ae ele bo pr Pe ‘Sind eaten anes quate ap ee mid Sethe re rt xenon pee. Fw my oe ‘ex ichngcmpeng Sa pol nd pd be peed ‘togethers The ed ein of yeni £1 won eco at bx rs cm odo date oo wed Bs 37g rt gan 21 a ogre x pee a ‘cr dean end Kp sd or eo he deed cuca oer ent une got cocge. (Gapen5 nae een ngage nso nd ‘seg hor en ded) “Td pit hi we dean we ei, ‘hata am en pte ty wlem peed thay Fara gen wh Sgn £1 fies pees gui. Oa ‘ey ore rcs unc Eqn 2 pro ee a Tec pee slag a heyy or indeed vn To nee ren gol 5) ‘ea ei wry Noein hoa ea erenton Sissi w hg te gf ere he gy wo ‘Sp rease wa Tbe contra bene un ‘ike prea egan ete ry sages tobe mah cy ee rer (ely deste onde to eo cpl appa in tec of» rg inch oer meds Sh pone ebay rea pole ‘Seu walé apes dre We one oe edd ey Beye ta) ‘ee on so i ep ee ee aaa eee eeeeeerereee ASope Mad ce Fim et Bg 22 pd he ree nee yen sve ais eo he nencip nc ge 28 ct orton ad roe pgh ol eraae Can ef ‘Ste porn ins germ of pone es gusts agg or Sioa oa be Senet w kel ew guy Qe Siren rl Sar he erly noes Fach ete ceo can se corpndg se tied fom Egan 22. (Bee owed hat tee ‘Soh Qua dspendndy One ne he ober deemed {yee Goat enotd a ch Senand een) Pale nn tine ogre eed yh whee reese de lola R=P-Q Fm te pene sbre at oem ee nen (Serco su su, hen ore ays Ore bt ‘Sey gy ting amo a Q™= 48 os. Nae da ‘bet ote ee ape Eaton 22 rt helio tao pen up) rset he Ie of ead es tot ere danse bomen Pod Qi pee ours 22 Tat Rewns Rosset) amie a Peer (uminy oe Roane es) iby Sf as ‘x oe SB Soh i & 2 x | m 5 ho =e 7 4 Cr uy a)88 Chepter 2 Opin Dens ing Maen Aes Ainge Moe ote 98 cn An eee in ree 2 at in he oe ie age rune 23 ri ee org Open atelier xen a amici pes org qty ty peal i Meat eae bella ‘eal co hosts ts) “ements ee ht ‘ nee imams sir ggeeese necro 7 zee Soe lene 7 ones i RP Q= (1 2Q)Q= 1719 ~ GF co al eet $s precrncasenrenentitod = one serdar mga a ices eta Shree = ea teeing neem i 3 i ‘Gen. Therefore, the graph in Figure 22 snp parabola) ad zB Be : og cs sr tin 0 ne 7 He 08 ope hp eo pe ie She tom ns oo aa no ipods R00 pre natn nt id ‘Sta offi pr ve es heft wheter era pee Set Te ae ea om ene neue seg ‘Se se cg) Tew a of pg er oy fon nye pesca c= 10209, eat ce Cite we eat a eon (oud) ad Qi ‘entero ead exh we Tk pan en cae ot fon tec iste hw tl ae enn gu ‘ning gen qa. we fd heen a Tm tf pndaing Q" Pan Ober una ea [BP 28 ae the ph lve out the pgm ‘these compl te fr lene pre reer ue eased rat ee hee nn ne ROM ro ped ah foe ad et eo ae hog imo ee rane ot ch Se fr che pte dw Thx en ne ed Fine 24 wc te pot cme onpted eect bo (yeh eet a conocer cng Toe ‘son pur gre 2h the ph of poo te eta as ste wth quan oe he ria). For apt ed St yott sc vil potas wel up em osm tele pre tree pp dept al ena ge oupechle tut re om kt ae lr pic te gue In ele, papal a Grae ‘all he emai oop et eon acral ‘Bi ey pla es exe he pil ul pea oe mt 83 Tso 3 mihi) pe ve Hen we we ew gph epoca in Fe 24s pre ‘Tegel on te losing bk one lel he path ed ps = (MQ 2H ~ 100+ 39 = sms ing- ng, Inthe wnt vee id the ight is of eee dc eqn xe pointes ee i eon we4 Chapter 2 Opin Decor ing Mul se emer Inte ee aoe rues Ege fare i i Ei egugene. SSeResRs ‘bl fn he ed ine, ne he cole ems. The npr: pone ‘oat te pot eptsa tpovies 2 names pftn ot rar anges qT die Ot teat res, Engl tt ax for Oa oad ee rot Ser 100 (8/2) (20(0)" 14 mand Se me Flat inte 26 Spun eid een 0 25126 ade nt (Sonate oe et en, [MARGINAL ANALYSIS oni hp gh uate! il xine he Frm’ pd One apni pred eran he ‘helen by umes hi yang he cid th ‘reget ean esig be oe ih he gene ole Eu ‘Simic eso hoe eo era Sap fora fe pce oem om terbaepobe h Da Ths Fue 24 se doy ements to i emt poi umber of ite, Ho te ner cop wep eum (nd sme ess ‘Wt ic etn nal ‘Sie none npr oad apt el “Tesept sara salt ge rel ht res ing al chnge esse ite To hat pi {heim ft conten podang eeu rc cen et {ete S60 aia Fue 24 Cond ee hn To ave thon he rm ce erengproaoe lpy apS1 Je (Oneen eat quilts wat ge Te et eal be (hinge dc’ ste og om) By ing 8 io ce 5, ee ht ev poe $1170 Tae a cee $08 Theme pros changed $10 fer ofalncean 10/1 3100 rec crenm pr isa tc ean: Maal fi be chang rot ele fax alice a mang deo wale Ths thee me po om nal (a eae mpg {ea S0 bi 1020 pr Te age epee sg tes tage a prt Mari pe> Cage ope tease, reg rte Ghee dt (8) nd "hg and dec ‘enero eet nde sine pro Te abies and Del ig ee ge ph See Fas nag ot ono 38 1 40. Te Tle 21 wf aed gin ro vo oe eel ‘Them rat aid hs ges hang amr nd feds Thinceae fom te et vet up Toa he ae ‘ence n upton 28 os N50 ~ 14801 = ‘am, oem kon ar poe anges aps ping torr he inl ee The aoe od ping ‘ni of aspen Cae tite set gn ee od he et ‘att prov no Seen noses pa, ‘re cn ote tp rg Sarin fom edn olf 2S he otip msl Inzane pan tena mia pre ode C90) Duin Aca9 Chepter 2 Opin Deon ing Mar Ae Marg Aas mame 2.4 eves 25 i oe “et en dae ero trp pt ou“ poeta sR ‘Selon moses ‘adores site! sme gor woe a) ‘208 a) ame nr) saan ) ume a) ee we 0 Ps) sm nao sane 1090 rr) 7 uae ose Mag ol condos oe ive 0 83 es Thao [uted laced op adn a pg 3 153s Marabou tentg np er 3810 5 ot Sc te Imaal esciacé vib eo) Sou (FLD, {cin wal desewe pe Hog ocd 83 hm, emo er of ite mapa pie pole No ihe il ou 3A coo ben rhe sarag om "igh os eel sch ln dole smal rl cae oc a deze at pote, eel wing oe abet an vp) cee ro Marginal Analysis and Calealus Te a sing opal unt Ge ct ep leer wich maison po ated) comp agi et ‘aye eo np rr an hes ey pt ck ‘agua pt, magal gen he spe fe ‘ote whe pt raph i opt ee Fe 1 ch ae pel ro gph ete ln ee up of 1 80 3 J ra othe ogee wh ling il coon ‘Ac 81 lhe ne party ding. Oba, mi ra eet lot sal me nr a the get dvd ping He mid lo mpi sles nou at a a) a frente rot ial 83 te eng hon a ‘he ones Sop and mpl poe ae Mau oe ‘inept islet up aed he nd gid rae mes ths pa he pl elf ag Rene Meer pe reid rl cal be ed by prep ey ngeaig or dacesig opt, Owen Mca ae ‘A panne pores brs ted I soe henA Chapter 2 Opin Deco gM Aris Mug Revenue May a eras 7 rite tite hese a sean = eae a = eee aaa ; on see Be Sees er i s rare put elie nerve Merl cab (rs Boh 4 nme ae reemssr a a 2 ke ke = Ae eS cae peer er es nee i the slope of the coerespoovng profit graph i found by ry 740 8000 | ara et se ik = i eave wn | i isan ad aa pa eS mhtierhebet retebeepambarers | Aan nr tn rim gn it cml he rl eet Q= 20 SI md pr (Siete rm is une Teaver ond aa t Foe apne ara lie ue ‘ing Q= AS into Equation 22 P 170 ~ (20)(88) & $104 thousand. What | fom ec peri tengo Tikva fe tmis cpm capt pecs ee I ‘The fm ial up eri 3. ft (10 es ponte can separately compte total revense and total cos. Alereatie, } sugar ison oe. Of cone, we cold pet these result si ‘we can compune pri deecty from Equatce 2 (vith Q= 83). Fither | | ee ng mp re son 7. We ng ctr ‘wears = 1780 Ts compet eva. | ae | eee See Co i fee ten sececeeeee siete ee eee Rea Frise. T he exp ac mii pro Fy ine gh he ml rt ac of sho 2 Per bo Fre pes pap se ha he plod | SSS | Eee rte | Shocieeanetepnmoelprsthoie eect aorty alia | SSPRRDaneaGcnarmiresras | pyar hee rl ae ety ag tera oo ‘om ming te dton ogre pte Ade heMarja Reno nd Mind Cat 0 roe tt poe net tn aa ei ‘Eldon Tidal cn mero bd Stents pe i nce er dee ssn nr npr pt ge Mek pn Secenpnn a eee nee igh yas Carp men mapa Feria, Mere yiceig es 20921 i 85-00, SREB ean er, te 288 ene em ling 21 i a he ree ‘rm wing 20 The gp pho be Menno ibn hep ee mp fi ee pe ‘ereeme pp [Stun mgd eee en eqn ple cout he doe ae sop Seth hee pap 70 ‘See mul ova en we it eente ees ign 25), = 170Q™~ 2, ne he de "he espe gun: on Bay a7, Be ‘We an we hi ora amp maga eee ype ‘le quip Fr eanpl Ge magalreene x Q= SUM = 1D (4) = $80 hand ac a sq al nae ‘Sse ese ate of $0 fad pe AsnqurMNG CT Real de fr meg ty egin 28 ae Pet Not he cae snp even he Mee in Et 280d ‘te i sig pee Puna 22 This iy ae ec,{8 Chapter 2 Opn econ Cing Map Ads ‘Te fling ei le fay gt drm eh ee ona SealteomP=a~0 berths ee bah =e 20 Testor he MR tn a eae nce an ete dope "heim ee gp? ‘Marginal Cost Marjo he sent ee of yg neon nt Fp Then con ten » msg nc Maio Cong ap G6 eo ‘he competion of MC pia fr leh msn ‘arersetincion ntqton 24 Fmt cseqaton, C= 0+ 8 appre hat prt earn Gceaig Qo) saline ct by $8 ood Thoma eos ing $8 TFs yr ot ote at eg of ow elle age Inoue al con eas seas. The ot fin io Ege ‘an 2 hs cnt Lge od tha an hanging pil {he dnt oni he ek by kage ae fe conan Profit Masimiation Revisited Invi oft eta = R= iso be ng ta . naw as notre ua rt sip ile oes ge tne igo “ei Oem pe enh Spo i em p> hc can Peng pong oe trocn Kos tom be nt ta aco 7 Panyu tn ek 1 Mg fe eae ‘etal ants et 98 fin a Dr ewan agin Cat on, Be he ex vee sR ad eee MG 0M = Sa-sic® "Ta we empath mpi ein rca linge ropa eso parte pro sine hen ‘Samad pee. Ug et Sat = MR ME pn ‘Sitantenen HR MC™ fT de eng be ‘es peng olf cs ws afd icon gn ctn eaten trot tOS e ‘Teese par of yp chek eae be MR MCs sno oe Fe 27 proves gape Pet a eos ‘emaedpmanioawerseeaeand xan oa $26) nad gph. Nei ray lel af up he prt s eared he veal dance heen ‘he trata tars The ph of pao ahw ne ws eae ‘el iden Fe 24 Ne te rw seen ap (Sra ts ening te eee md ct ae Ao ap, ‘oe tice © pre Pee plead | guntcrteren hac opti Ofc Sm ie ‘Ete ghey ef rodeo he beeen pete From gee beret poles an wpa = Se ‘age MMC, can ncn at ep et (Qe 88 mains ieee rote bapa Terwenu al cr anes apts ge 37, appa th ak nt th frm pcs ve any =F At i erence ep tan ecor nerd ME WC He, ‘etm ald ince ry poy es nt ep Os ‘he gph he more wait vies rig. The oe spent 2 oped her” qu aha. Fee er ese eel MR ) he mine ov ange nr teem cl pop Feat Ges ce ian, hte es ite dae i ps apa prox eee he Teale nsane be mang dengue thems fy mer a8 spe apron ht ‘an mel happened poe gong (Genres le iil perc) mate ‘ng maa pe’ an ean egies» oes elas, emmy sno bye opr arg lner een cna, ‘rae thc nog ens ein Fe 2) ‘one oes ancy ats ben ap he Ba ‘Won pid co ma pt apa ee ius eS ade Frayne ns pene fr he manger itn demi 2 prt ln tl are rs pe Ths as equa ie Soke arg reed mrp Sect Aas 57 ‘Ye nak at pe ep ae urs kee 20 ont Bags ‘ht sn reg Yoh se OSES Reval ocean see of See es es engin athe (hea fren Satie Or nnn Na AE ‘ie is, ts, nn ttn rob sts ret er oi te ese st ‘mtn ei eo 000 Pb gre Te tetann see-38 ante eos my pe re ‘rng et i 1 wean AN es ete Speman MINAS ea tL, ‘oy @ 3 pct mar 3 pt ae 88 ‘Sot ce, abd dae mee Yo ‘iets es out were aan a am a om ‘ey ote aw Dc ptne Bape Mn cayman ene sper at mae a Sen te potas tio eps ses ma fea Wea dn 8 os of ma oe Sn he a> (fare feet Se he ene eco es ee (ine eens np ac FE 27. oR He Mo ‘oti ary seta of os ar a etgs Re tuew teenage sl at > (Sex fpf ve eg tee Hee ‘emo es case eine meg etn ‘or ve eg an Nw. "hese jr eres sedge foes AR eM ‘be pvt sm erent, eh 0 ee Caen ne rts, Ta, es ws 8 po 9 ere ‘oe i ee nar at ein tes ‘int aapat ep ame on ath et ur HE Pate zr en eis ot a et ME Li, tegen58 Chepter 2 Opin Deis Ug Mal Aas be pet » of Fore 27,9 feo se oc ‘mr coatnaesi else sn Spa W Zg ng aa ptr paces pe he, eee, ‘esgic se, me Iw ain es ne bas et a ores we eed es seem ptt en eee se (oe tars ed pte SUMMARY Decision Making Principles 1. The fens deen pote efter eerie eng pre nd pt fr gord rere ta 2 Thefi’ pot fom ary deco te dence een reac eat Opt lb ne odd i acre pa ai ang mee ‘evens ped il exceed eect eed. Cee he i tng ce the teed exe he rene Ges 0 Wexnoae ois hang the reopen psd see dng eins mg Ns and Bots 1 Theta ing ch ft em ead ap pe rei demand cre lett Th det cae be ‘ted pet) he que of srs pen pots nena he pence gree end of ae, igh pres nd guns sgh dom care ‘robes en tin Thecus em te tal pong enol of op Cong he eae neo cts prs lt precio yt 2 The en np gh i’ pilin deter sgt gd rend gin | Mapa te et ro cared fom ping lng oil at oop, 1 Mga een teeta ona red om ling ado wit opt Mag athe ca of ig onl a ope 1 ein, apa rhe eae even mg reese td aya co Me= MR MC The snd Capes Sn by king eS ‘epee pl reread co too, The Gin pial ouput cnc ye ting conf () Mr= x ery) MR MC Oe pth bee eine ef’ opti pee ond Som he pie opin and pt an bcd Questions and Problems 1. Ams alse tenes hat cup ube expe ‘alos wenger ects eget Doar gy Sates! Bin 2 Amat ogg hem eal maine i ‘peng per me: Doc eigen xp Te xg emf i eich pec i R= TQ MQ Dee he een aged yeu and feria eet wich mr in (Gti di eh er rnc espa la wy 4. Sope mango bared ie ey ip ot te lege Oops Cigna a oe ns ar se te 0 te ma a 4 Wace ett psi el of up? 1 Spree re acta praeaxQ= 0-3 wad ca), Wiis aan po Simm 9© Chapter 2 Opin Deon hag Mgnt Ae 1 teame of tango eos ma, pe Bee as ‘lege edn eines oer he se fre yo wel ap meg pn te deed eve (cles manga aan ok ‘red sboatin clas) (6 Spam tee dena cts ue BC 290d = 1€+ 40 rpc Fhe | pal ung pen poe ig td I arp pot pens nd (2) ying MR eal NC [a pies goghof Rang MC. ‘Spee a qutin C= 14+ QS Dein ‘ME = om Som magn ey wath ew ‘pany podel Fn he opal qui ad pk 1. Spr the rm can ay a cut ee rel pi P= 2 IFC C+ + 5 id he Sr’ pid iy a, 1 Spe ne C= 6 #4, Gh rt rete ox Win icy ara peg ph R= MC 2B eping ef aga en the ‘cle epee 8 Anperaatace epi nine fl le at eure of 30% AC ple en eg ‘oni ews Prem ne ie tle cote Si cnn eo bing eg ls 10 ‘Gauls er we: The peat ss he ft kt ‘inlet 039 pron 2 Goapee pemaets ro om conte fr ech of he ‘mo Fle Whe pee mae potable? 1 One manper gg at he er ded enc (Q= 1700~ 130 ara does eee he Dee hence «¢ Hocdon ipeoun i he pers pe hing opt nd rn 4. Sopa seni pri ncn as ro -10- 894 GE © aga i ptt in at Dee ah eapestn or maga prot Coops mara pot Q=2 and 6 Gon ho aul Gat iy pa nt maid a= 2) 10 Alain nn senting pai eo. ean fave es pel cel pes Soe Awl de he ana ap dg of 10% sor ech ae ‘Slr es phe andi are pee The ‘neni mad rhe ae een (Qa Te Soe Pete prin dQ eer Teves The moe een BP =8~Q/30) Spee era plan ey hee Hey ‘sur oe Fr ch pi? Spee he tines o matin ot omer be ‘aie Who pes hoa tee Hon mace Sl ‘enero whup (Hint Sebo prt els (tenia pple Aan one ith spe nd ex compe Ih em gp he R= NC) ‘1, Sgn roe ema aed et gn ae of he fale sa tind CHF + where hepa bce te irae ep ef be mee Sand ine ote pnts dee er ae od tale, opts App) be MR MC ral eon, ‘hae fin pal oan price es toa = + 2 Pre erations fr the TPQ aged cathe unin non perce 12. rte ede aera oe en atin mas ‘lene umber hgh iv por pr ek nd he ‘eel ne ing ect pring ad il ot Spor hye nd om benim os pe gh tapas. igs (10 pene omg con ce ‘pps ats $3 Feall. te ane eximtel dead SEESFSin iG ute Pott nl Gite ner fpr ‘Mia pang i How my peg Stare om 1 Spine teste dp ve ol ig ling et fo al sem Ts en epg oc ‘Hemel pene Sl wba eight ght ese pig or Sa be leary opt ba ea? pi 1% Sapte mii pide eden od et ean Bheniy Quah nde +599 Cond ek [itm deci ti pr mc = (45 ~ ash) ~ 10+ (885 02) = 850 = son edge62 Chopter 2 Opti Deo Ung Main Annie Deke pad rl Me d/h se i= 0 ot ‘tet opal oe ur rok ol nn Se pd end ne caper 1 Under te tf eee enc agen Baer (jee (69 ened 0 8 pean aft oe eared ‘eh en chins BQ eg en be Sper ge cao te iB per be pei rte Sop Cn, sey a) tex he ie The Emcee (a pe Soper cng ede, tun) | | $90 aprdar tec att ek ond oe Sppen gen 9 P= 800-780, | 1 Hg rand we ks any of Soper, ae quan pice ule Haw ma a 89 er? ‘ats de foci et re | 1, Sip te tanet omer ee pe mde ay ‘Wat prion quill ear et i Remember hate mar ep on $0 a ch ex dale fesse ‘aie How do wal rere he ores npr thal pte pt «¢ Nounggse Qn on drial eer tana eco ch BQ ened ns ae the ces |e roi ing rece he oui heen Band ‘Be tance pra!Under ae are ia ei ad qu ef Sopp (Doe el ef ep ‘He ot nla i} Wit he pre ee 4. Prishg vey pein enn aie ‘Wat se dindnage oe ent singe 1. The deni sin” 138 hice a ‘ioe iso as Quinte 2. Terme ci 1003 | The profit function is #= R- C= ~ 120+ 240Q- SF. 1 Fee 4 pt fain ON A Samer = 10+ un9m —ays9¢= soe, gin rot r= (L0G - 90/1 = 5 SMa pst a= de/4Q= 20-150 Seg rvimples a 2 ~16Q= 0,0 Q= 1 Sig MR = MC at 219 ~ 15108, Tere, (Qri8. Siang Q= 15 othe pe eon imple Po se 59 = 20, Suggested References ‘apa faee ea ene i fore ft i sta mes as a ee BAe jo le Thay ee Nh (dn a tonite ed 5h en ph nbn Se Summary 6A | Calculus and Optimization Techniques ‘Tht magia eso emp a cee 2 ‘nbn crn series Abn Bec jem ay the pe eager hole seo quay ie to path Frit manger cee masini rh Es inpor ote sieges meee pot cnaspces olen cu econ oh epg ere pre Ts ‘pen notvesand eo os nop rd Ear Thoe cn be piel ong ees Leta Arena tningertacncrenge deen By womans tequmiyel pestootucan el tie eda ro ort eet en tc and potion sesh xed ef ‘ ts pf con tbe 210-36, pan ste ro ans of tan Qi quant apt (oof He lel ai ied tbe ger ‘sel eh th son mdr oe Hes ee een mcmum pet. The pot a ows Beep > ‘re the manage ein rae ee. Fr Token ered one tifa) ‘ryan ete a wpe epson | cst ny on gS poe ae ng pe6 Chapter 2 Opin Deion Ug Mal Ais ume 244 oped pot ase (i oagessomit Sfowsoe ee we ingot cater % ty ost ti) congue een ops Chie ad rp he potion (Mh gph po rss ona of pout cat i ‘ender nor bested end ef Ta Q= 138 4 Star tt epi npc) Ng a ‘eo de gah plow eden rie ak omen eee "tenis on De bland eee re ‘pi il) he vere se rom ee ele ae ap we ae ha eye pt geet tie Aste ee Loupe rs eos Poth ad pas Feral igh opt, pecan etal ‘ensnqin The god of wansgen oe redone pole retin rs oan ns re ‘Marginal Anais ‘Te mupint ie of ay ale the ane in a pent chanel aie dees te one ag pr ‘angen pf om neue in spe A ec a eet {Ged prt inde sop te picts alee Appendix (0 Choper? Cu 4 Opinisina higas 7 pu The gi ge 2A so hw ii dine We bgt ngage et of on ny =. Net ee get ie at nce ra gp i opto Fay we de peo get By el seat (ig ate fe "pcr era” og te ie) ve nd dpe ext (he ibe nes ape nk eT te ari potas ‘Siecatted $00 per rl 00 us ant Ft he psig nent sath yo i pt nce Mg pot ents he ere of sp, he yw gu wih inl up he pp gen one oupat ioe Q= 10a Q 1 ALQ™ 15, pata ith nes ‘soap mia ra (ie Spe fe ages) ee: = ‘hate lo in ee ‘ysl asin? These sings ss oj le Be mamap erp np tn at eee {fn at aii Ms ebro. To bender ‘ce pine manager's prfeinsaton pie The ae ni te 2 ae resin prof cnet a = 100 ei “There 540 gente an ey herman pa Ie Noho eb hay oc pro a pie ‘ln ag Q 15 dle goer po The rh gh ‘se 2 prs egret = 1 pn Bae ‘ante ae ethers eh 12 ss wo por Shee ger en ‘Magia sas a esi she opi expt! ec ie eset toe meson of cos Te pace ‘mings a a oD cage [ate eo Eg Dan pee Bees “Tami re marge inc Sid he gee ‘enc pro ra Tos iin gpa ee ck ‘eg an once! at wh aged pate: Cary is tpt ol ec sal neal ie ret Co ‘er erg rte opie aa oon up upd sald “rceed wae ro Is Paw 21, pot enced ‘net the owe fs) ¥ erent pets ere par (domain rn Coq epi maine roe ‘ta he ging prt nee pst eae dai, a (ie ard et ccnp = 1 wre ‘spe eda hat el ‘normal CLCULES To pe maleic me ed ‘inl shad conrad aus Owl be we ‘ocompe reso cnge yeti get dps ya) ee(8 Chapter 2 Opima Dcins ig Magn Ass ay ena ea ane le ey oy ‘hee od up Toe pre of ning a eat dog commonly ed ag i Sra ‘Bop worl re ace eal ey ee dpe ee ee depend ie We ee fine ions Be (mpi) ncn itp Seen esti he oan epee te ase fe ‘incon at ea ofan a ep oe eon at ate lanes Ce dn san ee on te Gee ee [ai a come omen "age a) We te ning Das ike uch There fact y= 7 fog yd Nery = ghd ronal ne ge Ty Sisbra me dape ras of Pk 2 ‘The dere af ean rai singly ean ‘a fyb enh er empl y= 13, dhe de> TS ewe nc y= [ea argh wah pe a ‘uk 5A poner ance haste fa = were aad 9c ‘ut The ae a per ate ovine iy = 4? sopra eet pone ci ae ay ‘ora pr For iu y= eu een Yer tietum y= Vi bcos 7230 Agogo Re 3 ichnineuryfen= t+ 2) Pan ye BN Iie Tae die of nm ft eg ie east ify 19) te y= e+ Te Simp mest we ke he cota Seno yer ere ape fy 2, te dye =O este sophie : 1 Redmeefongestnann Q=S48pttonpe £ Seems ge Nl Belts penta fNGTEieages neh ert ama, hah le el ed ag Ee ee re ‘ote Appendix 1» Chapter Ged snd Opinion Tens ‘5 Suey tcl mo eon» fg. Then we ee je (ae eg paw he (4 The y= (08+ fe) =D (on at an be wien = 18 eer: a (ye Si ing ae) Fae Ii. Sep y agen y=) Ten we ne t,t = a F Lets ea enn e map yt lec by Me) hing ta celeron pr cho se1q-1g-s8 om Ra eon wean oe em yer Fm ale ®t ‘ate of er 2 ng alee ee ef ee (edt 9 rom Bee date of he dm 0 Thx de Mer $5 o2- 000 oie lage aprinh ying pe a ‘ec fd agin rh yee ie opr Forte, at QS ve find ht Mes 2 (2)8)= eat Qe ie Mem and To denne her pilot re we wt = Tn, peagea, ‘Shing thieguio rw a Q= 18 Tc onto te ra ming ld apt 10 nd ws ‘TESCO DATA. tgs oe ms ceil ce a. ‘rane pt sn tas en ound ne peat ap, ‘pop le ew te ve md au, Bt spp he oe xpresin me omg eT 1-0-1 mas% Chapter 2 Opin Deo Ung Main Figure 242 sow he ine pp Nose st ee a 0 (guns she dpe enema be oer ‘Mein leva eden we cond he Ting te Se ‘ae fe pr cn, ne a Prt ran so uty Ron ts Appendix to Chepter 2 Cie sod Opinion Tega 7 sinc omy ta we ie Q=2 Soc ih ie pat em tt tw al sae Tae gh tension su emma epee fio ns ea a Stren mn one epee te Se heather cen eo tn intima fen epee oe pled Sgeviiog eee eS eee ete ‘lchacona te cpa dng oes waco We Ciyatiy etn o tee et ee age Selle teeta, te peso geae nal at ‘Soc de mind imo ee pls aioe ‘ing ba oa) ead td Se be eo _aceiay) eg 85-60 Jann te conde ne at ran ecg eb in fod ae the dee nie AQ 2 we at 09238 S58) =24, Ses is pode, Q=2 een al min A. (Qt fda fd AB 1 = 24 Se ge the Q= iiepeaa bal eats UL BEVEXUE AND MARCNAL COST te en at a ‘um po dined he pit ch nt mga roi ci8Q= OTe seconde cn benedeni ‘ping pinto cmp dened we ‘See ee oem cons Ths te rt Seen an eve 1Q=RQ)-0, ‘edie betes eta cos et, condi at ol pdt gas12 Chepter 2 Opa Deskin Ung Maj Ane Appenéia v0 Chapter 2 Gla nd Opinion Tetigus 3 ‘asiinng Makivariable Functions ee 40" 4 80°90 doe 75. Bt ae ies Nort Pin Sitch e cn eae oumed eto Frege he mimeo eran nl wh wr heeds I Ne it ce sid pa Scars nator inace peat pcm ceed at ‘Spine pt el ef Qe nce! Th i li bly big nce pose be coy ie ot eign dhe ea > Srfmtum c= nha oboe Pde etc pe ha Soe ‘ng bp er He iy ng dt 1 tnd fein pion poe cs wen Got aes meen Mea th peta caren tne, [ibeaaitdedtlesundbe ecpiasre ad vee jr St ef pe ib rape ea ae Tat gis nn dept tet ein em let de yf nd ny ing te {Qin20) wi spe dine mre ens Re el mp hoe nth rn tient se ‘Stn hope ase oA eu ne 24 = Pregl, rote mt ni 7-80; = $03 + (04-02, pe je 6 QQ 8. Suing mara ote af eater ana rant ‘uy ead t= 28 y= Ba ae ed ti Eee; be a (eee wali spel 25) Tae a ‘The pr dente ofp expec P i Ser ut ett necro tho ed th he ‘neg ih el ef poe To anor gas oy wan ‘ere tn optic in eth ae, he magi rn * ‘ihm bps Witte mare pen ht ‘pot ed a te eo say Nig ‘See it whew ke te plete rape we ‘rv Be the mate co nea: er al cy ing tng ars ett Th Shand spa Be ad Pe Coen at doe a nm 2 Sew ca ce Teper op wth ep A {meters soo nga pres leat mae es Ae pind sto, margin ros mast equ Th, ery = ery al yl QQ 2g Sen ‘en i tone 20= = 20s Sohn ga ‘han te quay at else ett = ad 1 Tab the rasp sen Sel ot xen prs pina ‘wo sve Song thee snes we Ed th = and A= Sigs rot mined hee oad. ‘Tm yon oF cuNce MUR, Te atv een . eed yan seat mash he met f Earange a Contiined Opinion ‘Sion tos onde es coy cette agog herr otha ibe vento ee op Inthe ro empl he ds mab ee nad, Ss tr Oe nem oan wins A te age Sar enc ony ws rgb ei hes ‘gina cae (an geo wth ce Coe ea We ao et nf Sor Sn) Bagh ee were Bua n= Qa a nome (Shea ° Deer. Mego etyn mem not ona Soret ett deap toed mpg at ee 8 Ler-@ See Sp pet pt cin 3= 09 Te iin ipeeO) Sg ep aoor, = 09-4 17-9HA Chegter 2 Opal Decne ig Marga Aahs Indi, ne fre Lend te Lagi by king ep ‘alone fn aig oh eng crit (li ya). We hen nt pura de haps eo rae, ands and wt egal ere ayag = 8-2-0 tie TQ Sg ths eunsonsonoy ef tt QT ade = 8. Thereof i amp ve Ure ow i be et aga do Toc nape of he pang mig, = a ‘ovina Tie wl of Se mir eae te maga po (he “I tems opi “asp eet ne mia eal wee LQ; 03 + 0s OA #318 -Qs- Qo, heb sarin + = 28 axa dees ines eg eee pega a, Hag = 8-2-0 Bigs = 1-294 fie = 8-4-0120, Noi at eid nd sl he acs We om ees di te re gens taney Thee ace teh 1 Qe ade 1 Teves ry ad Gren ot ‘Sign eae a it ha st nts ne ioree 9 Qh=WSQy creo, May eer mere lip pes be common aur ef arial et egal ‘om eons). Te al wee of Mineo ale ‘hug Ye mange cool increta ae (se he wold oe roy I prt ot sin ca. Tomo, th we of agange mpi sa pve med allo ot ne ten ah yee ‘namin! "ara ae neo Lge rn ‘Sindee a xd panache ace Appendix to Chapter? Cla wd Opie Tega 18 Questions and Problems 1 i hs ioe pt sohathgogestactormtnrs Rismropee eee Sennen ae Siegen water ce “RoSera least 1 Siflinfomere roar Seat ees mohair SERN charm ey hie Uiensenneees Reopen ta Dif im tires tee Someiciap aga fatace Sep te Sages, Fe eioeerrtee mers Soars oe ae aw ‘Sig Sanches ScRgoncs via ee nt tte Sonomveinne an 5. Afi tl pri gea by #= thes 16)= 97 2 Wha of ol cir Ber? 1 pe prs saening eS ew he cents +y28& Repent pt nig econ #575.Demand Analysis and Optimal Pricing eh wens mam e's at ee oo nts it cr tine ott town one28 Chapter Den aad Oia Ping oe oft on Ms ir ae 5 sat 989 2 th ce 638 27 a tt De {ok inn atm serves atest nema tenant” fap Sib a 24 no ea ot 170 eh ate as downed me ag org fener pang "Me sos deme Ppt ae et gee In Cape we roman Sage lf ft main Te ‘ecmatge bp ded con aan ed eo de tenn Se ous pe np ie gen pot Serer cp el e+e okt end he ‘epi mages en mao “Tt ot desided td he single moe "Cpe Fost, pal om we ae aed te Fle of erndon ge Sor pce We eg hs he Conse mi ders of ed Nex, ne ek ert SEED pen of Sms the es ter ‘ued ea ern of dei ne rei ec ‘Stohr nto dom al on owe ee Sigent ep nig pot Td end Inco epnitn ecaqastoast or nore ome mand (Cuda Oa cee pon make epeaon Sips dain DETERMINANTS OF DEMAND ‘The Demand Fonction “oi ec unan ngnema eth- tre ample te etn rt al Ran a pt ‘mgr seg en sine Opel ee gee raps see dete ane dma tameop roe oe eon Tex sty rn Pe sii oe {ype oo oe oe hal Ser for ment ny pre os ch ok {gic cect entice ot ‘hove eau hres ‘hcp he: om ein pines a eae he ale fans ye aoe ale or on rnd ee Spurious entry mye tpn in dig mg edt Ter Satg is Rarete ec Deen fDaand Inge ch Teed Feces {Sy te Htc te ose ha Een “ee ow an dod oath ae smote (ha ne Otc tang ee ‘Som rel ee es ire cu Ee ‘iradsen nc apertge Be Tone pce cae ‘ogy wong da ng ded San =r, ra ‘Dibepresn ra ‘The saber of ou ste oh wt pee fight (depends (sa eo a) or snc eh camp's (Fm ips en Wf the de ‘pet ho dom inequon oh eitip hme ua Seles oat or err son or re tie. ‘The dem ine thn yt os eth eae te et untae reso tencen Qi Pan ot the ned rae he dem ns para ‘econ oes ni oer ae ape enw a Seinen, i os das dean Qemeser a 3) eth dewalt Cher Ene res guar coronas dag ate aed ey rea eign te ght Wt doth ein se ‘ex se of dean Ose aie ab oe Compe ae ‘dng heme anes 49. Th reat el of ce te ein HS Pang ie aan yi 2 a at 25+ 3105 +180) 200 compari fired horses expice som tsps eq wcroenhepa ee mt te eae ie fact sel peg uth wed cmt el {e801 nage Sac inact tae econ ih, te itn’ car 10/10 = 85 prt ‘Teena gan cn bead fc gen ar ste eps Fo us 2 wre hat ne cnt atnatnntrret tet Sasser Team nrc peered Sao iiaiantananouaname1 Chepter Demand And Opin Pci 1, ech place in eae inde, 8 alia ea el 2 ea 10a etl, fer ea ae Ss Ferenc $10 nee tempt 1 ita ss abel ach th re se fin qn che cg cy he al ter a ah ete ate eg (dened cet san agen th eat as ca beeesnd | sq yar 2a iss) freA gen” To cone cas 5 pg [ns ene piety $5 we Sd SQ 501+ eis) 2-15 = Seam oes alee sad ever ki En 93 1 cma Be ge in 4 a wt et fm “The Demand Curve and Shifting Demand ‘Sip th einai eel name pee ea od he cnr i na $40 Hwee, ur a Ee ent ned ary need ing (heeft ont jt cn le Sobran tea eT nc ine Enon $1 esd fae, we oat ge +3) +104) -27 a 0-2 ike ie inc dean eatin ng he ihren Cap ter ue $s te qa oe god ee ad ee Her, hoes inparta ene tit he dg ‘Beer cr cig end ee cost te aaa tes lank = 20, Of net ample mate pach i em eqn meer (De hone i) A ‘Sethe demand ne wowed pg? eee ne oe lea ear et TREES Matpgsese dnl ei eae Decent Demand 81 Saring on itl rice by ing the ou fe wp cr do, ces mo sg eps op ole demand ow 4 het ect meer Ba tapes hea change a ao ‘ror ns Gat end? Awe oil bow wh cs Ueno on Taste ne at ae Bono ‘expel te caged Vira gw 110 Wa ll Ueda hk he ar here To nme i sion, ah (Sete aoe me, = 11 ange P= 0) yea ae Se aaln Qeea ae 351 Now cone hn so demand guns Ober they a (ese mh oe ey ieee The esi tm a ee emcee age an dhl There eae vee {Sle om esocange' yar fora oul ny per ‘eve cn ee Fg Indes poly phigh {he lad ev dems cares Now ha chen demand are ce ‘ters aaa hh gh over eer ss unt) fe (Sb demo carve Au = Shue deta 109 te gh A Shean ech Smad on ye mom ect es (Goes mene ep ion) Thvgof Pv e rw on ne Some omes srowcare nays Bier amerd re. Sinwaupenees atmo oc ial Sonne8 Ghepter 3 Demand Amys an Opin Peg, er ee he see might ee uenge, denn er ‘om tor speed gow 12, The ain ha er 2 an ga tn demand are io ee ooh ik soa he ee of hee epi i ‘one bw we days he equ oh mater er be e297 (ah as Pasil-Q/t (oe, ‘ha tourer embry itt deo J owe ge cnc ht oe EL (Ge asec een SI 20), Tose Fe 3. he qd rede ighe eof aw demand eae. ‘General Determinans of Demand “example ded i emi te ee ‘eros oie: Oba eed mpl be ‘of neil neh herp ep te) Cae tinned of mete pep ‘Soe of ep ert Aeon al cing ‘Seca ate nee poled vem gad a (corse nr cr cg tea wy srl geo era ey th owe hl Cleton sont de ena can wpe van ope at ‘crema gutanrcue sm uy ane cence one Stearic gos nee Oana ‘peg os is uy tale ome ey oe, ‘enone eda ey he pny en, {ind ne the pu rl go Foal gy ‘Spook (ech nar del meter concn ‘hip png Te we ngs oe Bost eles emery pr espe uy of ‘ened ef eB ops So ‘shia nerd he ad tle i “td to fig ed ane po mn nny de eter Fa, i od pt STE ice pen ate ate eal ed oe ioe ern he nee ch ito ‘Sidon obe edgy ran ep np (danas eas ocd fr ty mag Devcon ond 8 seem ara w pre Nowe ht ae in dem (Sr ou atcy esFer nae, eng ate Seated mt ny angi comping ees yale tadbaniiodatopernng co Toa et onl dee tthe sod of wpa esta ae, ‘i of god cmpementy an ee in demand ene ‘en nan Sena fre eR aa ace thes fen oa es pie eo en es npr re mance ey teen he re {omer anon oe soe Thy how th ee ao ‘esl gr al te lect a nl ees Te ee ‘seoaplmenary dene npc th Sn toa {ovis prof pay ga dnd fo ed ‘ps a eo, Pi et psageand a! ee ‘saan Pie oon een camleneay Tam epee ‘pce wl en eae he demand fc fr ee ‘Sg tee Til ie sof erate mi fi een a esr ois td sere Nera opus groth opie op Conteh fod orien inte end the pao owes he Bs iy om wa lee tee Te ‘mtn dnt fara rhe teri he eos ager br tthe ounce Tt ge up Changes rere and a attra es “ou en oe he ps 8 es epee domed fr se (ie, mst ft) new cet rt (ge, VOR cana ne een series ee, ee nag ‘es Theta 1n oe compen tate (camp) aware (prog tat rs cmp how tay ogee se Sette conpleeas Catan det ier on he Date ey arto elle concen perenne alli pve, mang dna ogeronng cpl ‘Sex Diet At doa de Bare and sre mice None bc ef hee np bese td va he ite ef te Sere = die nse he Sap compet “wy ak et apn pl eo et Fenioc ys ats ee Fete ee ‘SrleortayA Chapter 3 Doma oapiand Opin Png 1. Se hy he oe ing cmpaers are sted piney tng ove plo rene es a perp, Hower: alse dpe os ae en ‘tp oe eat nace, ad sede compet oom an eesti vette alos ep ov are nots oe 1 Goa ese bo mate To mee csames ‘rot ils compe ut ee wn pop re eqns Covey enon kal eins [Etatece porn mur be andes den po Comptes fy ta cnpaiy he omnes ‘nalnevaecoagiemenay ae geyser ‘sen iat The aha fem se een ght ree atv abou he ie Bs rekon ‘chine ofthe 1 6 cmp fee al ‘ir compli sient ae wed he se (geen edt a ron depen ote ‘Spry Te er of NC ong ery Gin cing ‘anonen moved wp more poet TM hing, ‘Besse ws ooo bee ef he dary Gimp areal athe msn coe mat inroads onl di ain Be he cee, tht we nara peo pop se ‘rsa pred prt eon yc. ling npn bold we pide ast, ‘onon mate ee Lathe tors mange cn eth demand fon vo maine roe Contr proce cy hein Ther nde ener th hegre of 500 per Te a cot ie oni» 20000 25) ha, mag oi $20 pee A al ls ote ceil te) ae bt rede yh ead fencien @ her P ithe i'm pe nd te conpetig pe At ue Feiss P =P Gl natal re LD te How he anager i ie ema eatin td seme the ctesng orp ab pc! hep te 3 ‘stg eee egal ml oT ba MR we Ea rage on 37 re add pie pin Pe (64 se) -qramn, apm + tage ssc Not he cer’ iP hasten gen a mae Interest oc te he MR etn ma (+) -Q/1000, (tie equine te inate ad ie jee ert eX gat Te pve stn Qe vended) "Tones MR C= 250d fr Qo nti oP Qe 00 + sae sa) Indien we fe Pease a as er ming ome Qin ee eqn, ‘Wado se execs or Qa Piel Coie he ee of 1s cea nemo pve Fro Egon 7 ve no ‘her ing Eg eu aes hed oe a's pec ‘emia Fw Een 88 we sed hi hl rae es (coat ar) edgy Ferrers em tion 38, ee (ca dom our toe pe nor ee dn ie coneing pie tel ie iam pce Pay, ‘pin gan nd eee sow ha he es ae pe ‘spa Fer = {ef opin dense» 80d = Fg oor = FSP ant = 12H, ELASTICITY OF DEMAND Pree Blaiity Pu dei memset of ud es age epee Ths ac one npr oo eases Fg, we got pce imam Smet ei pt of poe geo at, Sed pore an ule Be ew ed aun icing cons at ith ecm: The ee aif omni ae a fe poate nga qty an Be perp cage Seether acto sig Demand 858 Chapter 3 Demand Ald Opa Ping sm, aange Be PR hf od yt en pread qun rege Fo ee {np coner hse’ denen cae dered Ege SA ‘Athearn fe 1 ached eae cai ee (9 $0 seu vod be denned, Three end 0 ee Insane pe aa 21 percent eee doin) ‘he ea ac gira 10 pee he neato Sere be ie cn (eran a toe Ni he hang get wa dt oe ie cas, The ee o- ‘sit peo cul of socom ante compere) (iat cage (Te eueenet "lobe es el cman ee reedg Sencar «meng ein pr {In weber dele perenne qa che Sora doe mal pe doge (Thess ld) De [sre eae pe Pies ave ln henge hig naj trie opal pea Boo mega ey ‘oan ear hanes ke wh rep an leo ‘ene e mare cay ib rope oan iy el ange os sce ewe sl 200, , 14-98 aw ‘Wee rexrngehs ein we oy an Ia or te ey(ente a pre depend eon A/a ‘he derate oh Sand Scant og el ee ane F 0 “oe dec ses ic Buos 10and 31 ae seed a pt ones bate hk rege tyne cage psu pt fan are Ah no i ad pit ‘Sey mate a ie ny at er chage a pe so (uly Achar ese ape cyt dnd ru hr Girt megs fr 0 guia = (#038 dis thereof ee pc P= #2 een cme Shae any 8 es ie merge pee SS a ee testy ¢-sma) = 48, “Te ul adage oe cy mean at tee od guns pil ht ee Singh eset SOLES Si tpn te Speen ar eb csi se une a ces comptog iy gic ee motte wpe ans ee poet re $5 sd Ltt le Then Ee osc op 00h e So ti ee ce i = 6/0 at ogres en ee {teat eon el elon pe ta ‘rie of ode” sy meu sey fend wk ep pce T9 big ars boa Fe ‘od ol be wiy cnet" tebe peng ‘dagen (ne ent te) hy mah by ee ‘sig esa gency he ee), ep ‘Se dn Ws npr me sie esc mene et and uy ot cc eth tir Sod ea ie E=1SEy ct Them tgs ht dom rc ae ‘gone pr The rc og acy le {Et epee gs ine Hy ed de eo fine mil ang oe cee oat chang ng od le Sem hy eee tnedatgets pee "Teeny adr the ening fin td tide sundae ene ces Pet Fe pens ‘edo careening pce oad, Ep He "aleyacet thy ery ‘inleekgpetiw presen Fee SS pene coord an ee oD #7Tobie ee ‘ewes nda Rests eral Srardacrminr® Accomm —= 0 nes ect t= 10) mate ow igh pe eg ‘Tim rn pce cage. te gating aco wd ele Fee Pit yl Figue St eles open cen ho Il donnd ee se dean peel Ee = = The oto care nit at om el ach out es oe on pls hte crea opt sole elton tee nc, ey eae ets he ‘poe, Nowa atthe rm con ing ihn Tepe) Demand ae per) ce ae eae ay tempi oe tn. cae he worl med cane [Sipe Sid eb at ny al pix Cage ey ge ey cogent epee: Fr bors donde omy chnge boa ie fo any per cane en ane =p cdg ds ecto becomes ie, 2p =~ ACTORS FEC FREE HASNT. Wh tin ve te lead eran people nls? In geal eat ‘eee tes al clei he rt xi, a er cnn Be it npr cer) ‘One inpras faerie dere oi he dwanec a pendent oct the pce ey oda ‘tant wen he per bce oe ee nde ‘cine Intel ae te od sear pest cmap, hore to odin te eo per rene Th ema ds pie Ad npn te allie bse With many abl cement ether Seat pe ne {oem nigh demand eat Wit asi it {Gries sne caked orem errs ‘el a nt an sore ‘sme ite ur co: One Ge odo wt te fo tater od goed oer ida ore Tara ine te ra pin pop ei ple Ta ‘ty denen eae Th ne ple ca i lesmopl et o8 int or pot oe Othe ng g ial he ons ema ese se ie) (Sn be oma ang prs fem ms lis ney pereborrwierrenrernt reine rere Sigthielciectateteertetgemseteate: {able jaa nile hee voor c DasiyetDomnd #9(9 Chepter 3 Dem Anil Opis icing tin tem pte icy he proprio acme ‘ote penton ego. The be be che cto ‘each fesse oo. aes oe lw} “npr bse pies an lpn plea prin merece a god be ose wee sea oan ‘ona ies ter got Tay te ose ke ate. (Onan penny a the podpress pa wal name ese seh be we ee, ‘dlr sexe Tie hg engl Se emo ra. ‘cht ea edb ce ‘ly ine ajc an Inpro inne on diy ‘Wien i fi gate eaten 1 cen ln hae eva oie ps we png. ot "he pop conti oe nk ge ree nee ‘as Ane pase, bee conan meee Sone ‘te ch om smolts as er en ope a {SGasguen were repaed yale or eit a Se ‘wakes med dar hb od we leeds Ind nes ca ti hones Th he St, Joan ‘eprint oe gran ean peared ‘ote ch te dni rope wee a tbe cps oy ‘hg woo. Th betine ase sce Se Tn epetae atv at ean we Ine gu ano esha Other Hass “The lcci pedo angry we at fess Mnf Ose ule peso bts ad ‘plement an changes popula sper sealy Ios As aloe pera ee eng th Soe ‘peing on aderisog and pons) To ase, oie e ar Gy ofdemnd rege oe 0) Thine . y= Seating ange 4200, an" Ina mnoer acl gets he eter pe tyne come ey ns peng geile dren, “Weare nde et MSenet bavecenet-egwicny nn mem te ut ure Fc example, eae iy of end ‘poi m oes iat 5 ht 3 1 pet reef teers on abouts 5 eet nee pending (uA mati oso ces in aa ‘Zige is tsone In nay rest epee hgh fret come ches Te nc ly ri cy pong ‘aioe. si inet nh aes cake a indy frm. pa fear ood of ere the oer sung ae cama We ‘sn arngh dorama pri ed oe ‘rome heme Cam se cone eee pnt ead ‘paling on wile iy of ud and we Cer wen (ef duringa een ero cn cee iy us pes porn rane eo ee fends acing te eno. Fria, y= ye oe ly ep cg nse E> I, nie gal tals ease wince Fraser good sae tats mere be oppose diction of tome ad By <0 HossPCE BLASTICTIS fl, emmy ed cat Tn loge ins oo es ange po sled ond Ce ey ene 90, ten S20, re det the re ee od er, he godin {Paton mien he toc be pa an 1 Syecen ot compe ney Ee pee ce ‘iiss pty we nd = “18/(-88) = 24 The ‘pie a i ries el mae fe a oe to ood or cage fp = safe ode not ned. Osh cheba. ey ech pote neat ert sates Fy fap of pot compleen he co sly agate Aa ea ae nigementy fons a eel es. "he per xi pend oe dred poland sees actin an tema Patron tee peeteetre arian Scam Bossy Demand 918 Chapter 3 Demand ond Opti sing TABLE 3a Price East and Prediction gc an ca tn cing nee re cue Aileen he day lon ‘Geen lo re pee pa Sant am rue, nT 1, te borer fi tee pie aity end ene prey aa at ea ge sale ye nee om $0 $1.2 pean ‘Bp nen) cng pe ng) wea by nly ee 3% 08). Oreo ele aia tad ly a2 A mode § pantie nt ge hr rice ie 108 prs opm la (Ce Egon 2s aa wry sal change bt ot ak apeimtin age eeoge hangs one vl cies 9m) ow dos one ea he ato lm ge 0 ot ore Gs at fet demand? A scape ample Use te eto a Tete pee nineane ees i vssns rare Ee= = an E18 pete ae cg pe ‘eae fey expec te 8 pet at name 8p ‘ee Wat il ee prt her of ea ea ee’ The ames fund by big he prt ells de coh lange emus Asad Opi Pking 98 ay} ws herons 40/2 (3888) + (18)58) =, Stee egesto ewe bat pose DEMAND ANALYSIS AND OPTIMAL PRICING 1 ton, pt damn aa wrk examining rei nage so) he el oe of em an Toso man peng nd) pee Sten Price Hasty, Revenue, and Marginal Revenue Woon esate ean sog an eneig ne tn ci? Pt we mt at pel gd ov te prton Semel re) Komi preg ang te Ire Bain SI we he hat y= (09/0 0). Tae Sipe othe ese eae Pf eta or th oe oh el Th he er nce ey xeon, ova sap theo soe nd comer Seog ecare Theern?/Qeazewa sce mone og oe ‘Ting sh’ oe demu re, ong ier ie and eae pueda et, enn rs ena ‘Atscroce iste of hi pon coer asa rm tas ogi deere te pl pe fr oe of pop lb po ‘Pam Misgenent eae pecs deme are be Q=1e00- a tec capa ews nin dts West ee rece at ah = "4 at Pe 83 ho i ond care ‘tl Oe soi magn rena ae oe fee itt ie demo cave bm pol Q= 80d P= $200 (the pin Aan 8 lng ena cae ao ase “edge deca et The os demand caren dk ied ino tv reps Et eg Ber een “san Toe sre at ir ris an kee ue), ‘km dane eset (tower ean eer gs), emda Foren ce int cn then (he crv BP = $10 and Q> 1308 Hehe pint ay (A/F) = (810/20) = ~ 8 Comey pt ‘nthe ae orc ch w= $8028 Qt) pce fay y= Ca00700 = 30Donan A Opin Png oe er ry ae Sw a ty yee fata Resse oo a or ne Put of ge 83 pcs ew’ al ree cae edie tse diy te ilar ge oe ype To ‘Bimeae incre nun neemey ot ee ak l ir ganda, ene Teh ary te reaonhp ec hoger nee od ree desi Suppo suspen he solre rm oping Poi Aca he emcee ie 83 pe, {ape eae roan. ea SE nadie err Oulte see eeu yc spe pr ee {BL dean ei hae i os Unk si dea, oe waa can ty ee tn he ene spe ‘Tom mesure pol pend gant maniacese Teer ‘ke cge qu ethan ope hein pe Pat Wet om ty trae cas pt Nn fem get quae dws pce). Sarno ay pst sf edema em nen eee ing ee Nov apa eb opting opal ap we esa late I is che es can tee eens alg lupe. eee dead isnt he rena deop et a ‘isin an he preg cee pee MEK pc eg ‘or an gan ils eae nec eae Agi eee ph inp bale gue sry Sting Bs pote frm ‘Boman mere eng un dg i) So longa dena oe woe ne ane det pee. Dy tang pce an eg que Sr sk te Pugh ore gee nee it en ea ea cor ei re can be sae (a pe io xp ‘atom cen sed Mos her eit etl hp ha when aman usin di p= 1.1 te ae cpl be enuemting yin 88 Gest (Ge 3) Th lng wih pce P= Beal "he gett of ania hy pr} ‘rao a ppc on inet odin lps mpl ene ad pes The se pl ean beac mans. ean, MR = G0." PQ 00, The ete ete lee Be spend Cpe ww8 Chepter 3 Dal Amlyis an Open Ping tan, dean co =~, Minos ai Ince ay een nc) nl eet oe aemod ly Ey = 8), ME woe een gu Ahem area cece eb recy 1 MR eer Datact Pg 35 sho dee te enya MR and Ee ‘Me eet on Egaon 314 a ay demand an, satay fr eae oie dem. Maximizing Revenue ‘ao a i he 2 ae ey ia cenit een he goo ‘ining ewan nd mining pe, Cy mining pt ‘Seopa ject cei ear tole at te few os foe inprt ical cs bons Oe gas oma or ae ple This vr he efi os wat me ‘ns clad par slig rer ne gpa fod rece wi ncaring ne cot or arb co al a ‘ity cn egret ee sora ae, ‘hee susie ty ie ped aut ob ‘ath ene poe (em vith ey id os en ep. “he oig rng poles eee empl: + Aor Sim eo ermine opi lig pre ri tdoare 4 Amaunet octet ‘eel scan, A pd pts oe tin et pr fr in ae pe 1 Ansel snp Bs apy aan ay oh. ‘oe gh Inch the ge sie cr ent vey sma Tent fanaa wore cp (abet Noy nc (Si ne ca fan cer hes rena Sen er 8 emo tae The ow en ail oo pc ‘epi ohe gh ee at en wd. A eo, odin csr og eat oes Ty mh Sei mains iy ting pe an ua man ee, i deste om ernie eee mining ee pa Tee eet anne a un Te ters {Sopp ape dane rie MR =H nthe aa pe ‘eng pote maf cn re Th tere cme ME ‘is cay toe wuld ape ses he manage pu sleet re he me tir roe ea Desand Arid Opin Png 97 = 0-andan ier AR pci ee laces patos oenne Rw spe, er od tS ‘amok Ter, he pit of sin rene ned erage nc = Fremibe recedes ve i exbiind a cndg eto Rema and et of ty ee ete eae ee cab ee yang ings ops The neg ropnon mne p te ee fan an op cy i na | [Enos toon actors tat thir ci att pit fy aly cana Theale emcee ss ny ate, ple eran ner te eres ees Se iit uy a when R= sa oe at y= ‘he mga pend rte a 36,0804 ao ‘estos ean fw a ee of 08 tute» seg et ps Pasi ons Q= 60,0 0 srg co een re ay hee, or eae pnd ee ‘HE CONSTANT ELASTICITY DEMAND FUNCTION Aye linea Caper ler ened cies commonly etd pr Seed bv wang of eg rete sae Bat ey {sth on oman fans en ba an od dt ‘ny ming Te oti eae deand equation bo we sted ey TiSeqaton es im | Qe, ss) read amr fic Aa cages eon Q= Iie!“ 10) le kao ec he lr 18a 2 reper tha) Te gph of tee hom Figue 34 ae he emi cues nna png tt ee he gph ce ‘ela Ta ema ae ceoey ph a, En ples ui se As er sage dena ares consas cea ty aay pt ang rag Late hc is Exe gun Ae he appropiate, re ind yah (C2) Tx By = 20/erP/O) = —2CNe/0at = a any and piso te Send ee, iy 2 ative in dierent expe teahepomrgZ 8 Chepler 5 Demnd Anand Opal Pidag Flaure 24 BeSgm pey $200 es ere More gece pe he ead fn inde lip toy ple nna, od abertang Then te pel fro owe fn qe, a ‘oz eas and eae acid wh noe (ad aber rpc. Frise reg 2, hen ‘obec bang ea poe ine nn nl ce 2 83 Peseatncene in es ‘Optimal Markup Pricing np aun apn of be MR = MC ie ay ‘ezrin te opal oe auth pile re Sm ‘dappled teach etn es oe MR = NC {Selene he S's asning fs The Sa al pe erin we Me ee an ‘ie, ced te map alt ‘sf fins meng (ie mga et rouse as pet ine este oe tna ‘Thesulap ab pe (ho a eae eiphad ‘sels poste) Mathes emul ee sr mere ies os ete The ight se ef he mapa be ‘amily do dah opal arp oe Kan a Sr, fe more ec ean eal he map ae mak foc Toe mh re net ppesing dite at coon ote om ep ing re, Noe wo make cong fo nee w aang te rue one mre ate Noe oe ie) ra . (tape - ng isin Topi py Apne trp nen ne a CAUTION The mop, wich dace te ews pia ie ape hee of eds Wht nl ‘ai The sale ts al ef ee retin ada Underneath frm nde ns a Ince eats Bc nie per ‘ato wouldve edn ett dhe ee Th pe tint ti Sa Say geatemeaca Spee eon aa10 Chepter 2 Denso Any sn Opi Png TABLE 32 Fact rnd Mati ae (By) oe me ine esr the frst nee peta te esi: pon clas demand are, incest sng Fe morn teh ee porto he opal mop ree ely ow Sol FRIGGIN PRACTICE. The sao ea fomsexresin de ‘Seen id at rs ol ed eden ont Th ‘rerio be ead ee npc, angen bes aloe er png ples Te moc pie iste on remy Wi arto per Peden an te AC eat eget a mente te mp Bocemageca i es or of opin managerial decane al wat fuk png I gp tw pean Fi fe cg ts serge ante ered ee free cos— sb ‘The ie end mas nal palmate (Gusta 15 prea hw ht op pe sod que don agin os Faed cnt lich aed nA bt atin tes et heer of pina pied gan” Th {eth nent at AC dies om Me eo weed cal 0 tigers ate preg a depen te ety oo ‘ond Tone eee fren ry ie men Su i ea ec ner ni ‘Sone darter ne oe i ie Denar Ana a Opin ing, 10 reg sor wh ore! Coa fe ols ay moe emp ie gee ee epee dal ah {Si cole ve her rape ty foe Sus ahs fee ‘Ses Der dees en wedi desea sh pe aks om lt tes I er, pee ahaa ae ed ce (el tlt uae we Noes leat ‘econ erkpe ay dog pina On em at fea ed tp incre Sey bey ce pri edition cc en fr eae polo wre © (Seow pe int pen fling ae gg ple ‘Berio cana es cir ie hare il swans wee ve og ie ‘nner wen, Fim ese prods unde et ad ee ae eee pe rien fps ees (to const ye, 1) let fr ie cher Manure nso pede high es bee iy opi ee cei hs fence hag mich ihr mbps ei oi on et. Bac er mide en cen dst my footsad eis, ane el Be ne prec igh inthe ei fae nt ede cha Moe i Eta” nen air he es hei be ‘ere aban hens ae po ‘Whe em psn poe dint ies let ices or ieee gen en og cass arg ach ne ee mn dS ele perme aatg eit ictenemtma mimetics (Seteetnectpe alsa dicta ents Guyer ale bee tea ct eee eaWD Chapter 3 Demnd Ana and Opn ig rou ae ene Ths is dininon prey deen ed [reo Sey ho cre cet pre ep ‘erate eae ot iets Fr ese, npn tay een seo ty then mle mod of tae et ‘Seen dept on te Wend a Batted po | et a ner ein pee naa edict dept o te peing mal ee sumed po pint Ths he eas en ped ot ‘geting ee. Oso cargng fee pow die etme mga, ar he rape at to he fc ‘Genin png ely Mae ote pt en cee poh oy of pina ge ni ae te oe sui se, Tw condos ml fr afm pce pe cnn ah fd fin mabe st ej cpm a eva op ke cso Sand Ae to ty he say ging high ee the endl es the mattiegeet) Sed mabe pe ere Swot pes payer een, Toa at uke pets ‘cg highe pst be le wee ve es (iar alors be te trol odor epi high bre) The ons enw cre tien sein prering exp Sein he cee {sequen Bes wen yas pre cat et ‘ements ava maces ie god. Therm gi pa ‘gre ke etre op ric and for eh ak Fecegust Th ste warg oF = (y+ BMC go fo 38) grace ae eget Penal ema ctl lan fa eh nthe me Wa ene Mined ‘note mara ol edie pce caged ech pment daly ncn si oem Fr, one "imide oe martensite pce cairo 3-3 epee Te rw ag ot ong ier poet» $2 These emt ae he Ew opin! pt 20 0s Meee ate epee moe ‘and arte Higher rice Te Sr can are he igs pce les ae es ile age Inge). Are ae Demand Aaa Opin ing 8 as mie rie cate oh wey alee die pind thee) ng en a cet pie Tg, yest pe dant, rm can ane et ee cod st ese a snd pence dace na es ile ees ont a ma ‘an ru ep ah The dene age $e ina nes anesthe tan pre Ha opti i {e009 fe cach me deine yg te extn eee om ‘gana it ak gel cg od (his fst the Smt R= Cn chsh Jn otc a Chapel poe ede pen fngteed shelled Yemen peed ote deome epi done ar Ine Teed press ie emptona oeon OT be men ee rast pon a erent etl nce Kenmpctey Ged ben mundcaen thor ie remand Sortie) obonu ace bets onde ec 1 par er rato sade pc = 4-509 30-1, she en lr pr ed st nd gue sale ‘alti ef etn Se poe age mec iy {1 geet oS er ee HE ea ‘Ease he Mf de aw be na LA Cree epg rh) Vo be op ‘Sequoia cpece “Bln etn hoe ae ner my one assoape The quan ac ere mar ig out is uc d= 0 ya Te 2 serge rd eg ee foe eee oaeees [erin Sar cca Geto a forilinmrnalniae faite te eiptgeom ee Sao Seen104 Chapter 3 Demnd Anahi Opal Peg osnd y= $250in done mend y= 0 sod snd = 20 eg met The ie come ves we ce pre Sn od eg ree ge era ct ef el 2B eg met cent igh an ht Sl al ‘ally he eg ke wy me 1 eet eo ei pe Why probe ecm eo ee ‘dg sea uch oe ice Dasa ome? Te ene ‘Kean omch nee sont a ome Aer, "hemp ng pays pk cae an opin a peng neg [DOUNDRASED PRIGNG te canes we hse ened in ‘the ap rns ce awe ed eth ‘tema if demand ted pong hte cy ed ce ‘Gennaio ough ese led a ame Fr sane, erin Fie dh Cac mth ea Ing high sn (December rh nt peal es The ie ‘cece na vy eel de ev oper cot iri won} Vater ee foes ces ung he Nah Ames te Sy» oe iene, je hoe and ante leg ge re Gx een, enum ps fs mer gi he Hk nis etary ed bed ae apart aed oe ger oa Le gl oes age mh iit tn we ‘iran 0 nen Each ef eels ended ey {ORM OFPRCEDISCRDUNATION Fy tie dist toe frm ef rie enim The pa fda ee: es en malts wih hei ose Hes {a fen eed idee re nnn Ai sd ‘ek ng ae smn Pdr accom eet ge, Fone vin set egnen py te ae pe Nawrappn he om ong amon ent cose, atin met ep Wh te fm tne eh come de ‘and are! Then cul pai pses pe sina, et. eg, xp, pe trina scs whe rm ss 2 See oer eh some a by ng 0 exc te man entire reese Are empl nue 0 See wos age tock fr le nd xe en sis potent be fou er shovrm eh we he poss re model ps ba ‘Nelnos ances non dt eer vasa lt ‘Ssaeuet spots, Eh cer oo hematin pe eaten og pari arnt ie der Sater ge of cy be ngs eg fh bars ‘em Adis an Opin kings sen pe mi henge exe hil ae ornare futon’ smn rice se $6), 9045 $80, nt S00 te peste dng dee nga pe eters. In ay ee vil eo es rue maou pose evaoe A exe les pret ‘acim se prince bt mach me lean pace perce ig qe ern re, oc ee {pha on light pce Ptah mo omen om ‘Slgunsy diane rcs epee map, ete pe ply ae Peat, are Abd ed ropec tani) an ite be repre Tepes, ei nd esl ual cary pare Tver corel apemeny sot adios er ang iether |ganiy dent he merge pie ere 17D" AI po (ince Trop peng lm te to care aoe eet ‘orien eA le pectin ne pra 9) Interdependent Demand Ail nodes easton eae dang air aly ted od hay wth ree model gu and pee ‘nie prams rot mempacscmpuce iy a an pc Agnes er i (Pes {Gee ars Gane ons) reso and gi me sien eg, BY potsesaragel oper pcs ess compe, Mico nd wEKnEswlenie om, Eelmiiane Wh els life os neo ers ps ig sug inthe pce nee denon pric ead (hee erecephatin Thedemam here pre pet td denies pcan ong maine pod eycreed Dnt re en po De ‘Emrninisoalpe xpi ede entre fEehpedes me ante wine ce Company tg rape echt compat cL actin on pens fo peer ae nee capo ‘Stair Tan weg oe rsp rm at Site cna ntl cn nos poc oe, Sede le pid cempccnr nee rn apg prtyateopemottedt et chop Aeenp a eb hosing eng Te ge ap an ‘necpen son elon an 8 aye oe ‘epee: = Rul + RlQe Qa) CO) ~ GQ. ‘Stncps dete poi i ich ent ite ted ada pods ee Sep tx ono sae en kt pg Dem Anand Opin ing fe aaa he ls a ether pect. ing pc A ae Bae pled nee fla pel ‘exB as (ed etee rmna) and ea Ho dos te ‘terme plese? otc pee put te ‘emaene in nlreeae om eligi exw of Ai ees ‘axed wit A ty nae = te, ray = Fe BS oc, = i det $+ Moy Mice MIR ens mpi tee ecu he goto ne in he eon hehe eat fhe ee seed easel rma tem, Bsn and yy are mega (nana dese ‘erpenden dhe as wl bear nd pte war ‘ee srt pr mons) The pe rsa cr rtm ne eon over MTR (ele eh ‘AMTR doean e e)Caseunty eota a eanyo ‘th gud rebel md he pods pre seed rece eee ‘finders: ean (Chek tinge MR pp he et 2nd ig the new ME= NC lg ele gy Ti ‘ks esse The Gem ster np nore os ‘hese pols nates he a ie nn ee ul tom wing ih mv on rd wild coe thee eon area ees, RLOUFLE Sop afm osc pes B kh ie cot apd co 80a ogi Demande oo ren bythe pons y= 280" 4nd P= 19 Oy 3a he ar =~ 404~ 209 100-204 205NS Ckepter 3 Denied Ab an pin Pig Ping Rete setiog ich pret ma een ei is age om ee foo funn a en aon, ue = 4Qy.— 205° 89 me Teo gp tgp Thea Qy =F ol y= 1, Ops ets (ned stn Quad Qe Be oe gunn ae Fused fy se unis nd pts crt te ms ‘oar deco hess cnn there proc A ae go cowie ef and Bd gly nes A ete! fa fei Pot een (8, ~ 2 sil een ay eng isu MC te marge y= 9 ysis Mig ro role reas ig Ty ning sear the alee Ingians eg ‘il at op (om 5109, de pnts ecm Freed of ne od nae eet PE whe), tefl ea Be eee Ten Ge co ‘Sip oem ems ple: Ree we xe depend ‘Tsing the rm th at ow good we abo oF fe pete merce ec a on oh ck eng ee thdoomcmngeae ns mupetne igo er fen. en ge En 34 el or ret a qe evs, 28 en 0c 1 8, ‘Sree eo 8 ‘tect seo ons bn oe ‘nentsma noggin st mpi Deas gps tn be ve oat Go oa om 8 (hl ne age ea te 0 sean 0 oe SDE dso nie a ee Sante pg rll ew “hero curk et rer wn eH tooo ran equ PED" ea Cet feet etna pent a Qo: nan vote aks en on na ‘omc tren tr eo a we Shaina acces tne ran 500 a Sicetsisnne ee 2 Dena Asp ad Opin Png 08 oo. yng. teu Wl ef 824550 8 $3800 to 1 ts se sos aes eg pain > our easy i esate er se ‘ns prose houses tows as ese ‘her Bos wh eco nants Ses essa bet pent Cee eps ona we 58-7 (p= 0 he a es cama ane we ie th a in 34 baie # oh gg a de pf, So Orr Qrn(som rs cat n= s80~ 2 won = acy Eas 34ers motets @ nom one “hy og pln ap eye mag sh tree le este nan oe !S0ngh = eg en et testes us ea gree fsa elo ae ee My atu ante ty a (rms Pr Mi He cs nee em oly Spal et sn ed a aa ne ob rg ne lr oes sro ‘abe tees ee et go 8M pe ‘sot ter a ee Oy y= es a 1s wg Sos ee ets ee sen wore en Fg Ne B0-3yr0-m 11440405 Mo rasrenmse Hoa tes A mee ‘ma tps mn Se pin pm ‘2 ae oer = 1 ee etd pt nea eae ci ai ne ‘ivtnabate mene weap aay 2S Se ‘tend sin been sce Aeon RD Fr ue inanaos De et co eid rae mtd sey Rela siete eee RNS gael ee meee Se mento ce et pe nti nl le oh et teaser! SSIS SENT Tikes eee ae ‘ramet acktes Se Rowe Re Sremcujaic unt ealenthiessa, ennJerre meena pees vex suo + eon = 1106 = 7 te ere a 2a P= 8 Fam ath Oy 0s sos y= 02 ne fe at y= 0 pia eM ah 31 fe) ya ran = aod 08 PR y= 200+ [sn s8a%0 fear tm om sarge 9 ton ns S500. Cpa ee moet doa a ne tra 50 ato pus be Ee a bm ecstacy ge ‘ea et ee, ont mays mo. Serpe bse arrange an et Nt ‘a, ao, ig aaa wa now fo 0 7 ses, ‘nes oe oa pe sas 0 pe. these snean? Mos peu a way {a Neto bores Bo ea en re SUMMARY Decsion Making Principles 1, Opti met ds ep on apa of ems. 2. Inpro il pi tem yh ‘ap aT pte enon argon tan oe ‘Gd deo 5. Whe te pce nt i cannes is rb ng iin Nuts and Bots 1. Thedemnd aso sows in gan fm he esti be wen he ies oso oer od ue oe or Siti 1 Te ced care dec be esti bees qu ad hice A chge pe eroentd by oe sng be end eave Aclng na oer cnet le te demod care. 1s Apel pn arnt fan nen in dem foot ‘Sistas dnd ree pra pre at te pod ree ra te «Aprende compen an ae In ead fe cera nce der fre oh prs [le cat free gd nes ks te ar «aha rma i nae i iene Snowy 11 1 The pie asi fed ct percent cage in flr pes poenage ching he pol pte, a oer fe i cent = (8Q70)/(07, Dens iia aE = “1 Denn atic, <1 Fal dnand teenie “1 ciyco Ree anni he i an ih al rei eo en pr ty ed 4 Toe opin msup dP MG?» ~1 Teen's ial sarin (ae mari cman ree fe) depends te re ey a dota ‘he gun erie Bone ate Se pee ab omni f deed esc) 4 cacti cm en fs he sane od ‘ke wo dicen bear een ps (edo ile pe sii fans, wate een termined corgi re uestons and Problns 1 Daag eer le Sect fp ‘cla ct ono a a eo tk vie ey pce Dt eget ya oprarsping et are Eel 2 Are ere ee enn ein ale ads en 0) 1a, eee ere ‘pee pair in drs, me ond rameeemeatat «atta iorncaieareetmmrtsy nee aes ae ements pena Uren seman eres, ete) rae ie Qn ne +8 ero +e, ere ite mune of eon pra pr we Aisthe leet lal aber xen Eada), Pp dee ‘a opaaon i henna) od Pie nce pe a ‘eal anges Furth pe ete P= $138 A= 100 P= atie Chapter 2 Demnd Amipisaeé Ona! Pig nue ey erie pt Pe Nowra can pe dc ent Wat aber ne «Snel ims co Wy eh? 4. Teemu er tosh ea ic an Mitac bu fects ee ed tate mnie nh mha Oec eee cforms brent coe Ein 5. Rom penment s ten foe Miia re le god ed be ‘lane get iy eres ee Foiaruon eter bac len” os per at he ere re “mente at) (Shp be ea oem eat pee he ‘erg yas fed rman ae te ead EEE nn i pete ain) ew pf pe rox 2 tren ee end ody os nh ete i an Zinc gut apes amin hep aes Ie oo eed om me (Ne Hampi ou ten yeu ots ie sda clei air nme, pea Sse There oping coma eet bene ‘Sher ames Maes are is 2 ‘nw mee pn pret ee can ans pre Go oy econ em apa ay 1: Anime tl ami 0 i et ts x he Cenmig a nd coer pg te, {Pte Saw reper ee eal pen ad esha xia it Mehter mane be pple ees Fo 08 «th seed hae i eet le? 1Cyl npg et pe The frost dem fr nb Magee TelSge cng meng tee Compe tepid pte ge kes Wyn eterno a git id ener 4 oh of ene Be ‘pos Tn a spa ge ein eased oc rom sane nek ps 50 nee ee re Thu onc gnc og, it Soar dave ls a50 spre oe “ln! qu ye tio en es) 8 Ascmonicconrtn tothe dint Sm ina prc mar es yon ae deed ace and up ‘ar orem pact rience Wh se fig pg el ou ge Spon P= 0m MC = 15 Te fi dea car iin, ali etna ey P= 30 69 = hen ‘ol he fm ge ep oni pe Wi le he ‘inten yf dane Hey he re noe ve 5 10 Fabia how cn nee nr ype dicing, oy dbs deme spina yi? Bw des exe ae pc aid e's pg ph 1A em egpedy gs ange of ics fr ens se fooler sehie bea oat eres Fuse lig + tne’ one ine nl ee ars ay ech te ‘pen pg ela Srna ere ‘Spates le gpd pods pal kery ‘jer io poe eis mr pa ded {ingot aga) Ince opi pie at ec ced cox fling cet ce de eae ple oyna apt mnie hw bl air (he Se nt ac tgp 12 inv epee he ling ion rai mle 0 seine eas pce dice 1 hequenerd erentay pane 1 Manabe’ domt copra © Aerts wer per 1. paca pers ened dita matte ens oem pe od ada pie i pce de andar (Q/80) a2 (0/80) le P Ie arg ery ean Qe mbes pared st ‘pce he page we nae cpg test ona ptr bt) rtm ping sey ack eg The cy fe gge ic ad he cox aed ‘ih ling eine page os i) egigle Gen te rw te mer prairie? He ‘cake ene ten enh mee got ely a der hrly e 1 "reset ge epee? Hora yee et gage te We gel? «Menge aig epg» 116 Age pram ce vt get ep ‘eon ran i Day dein ding eves P= (4/0 ahr Qh unter of Ie ras dy he opr ed Duden ce Ue ween Pe = = Sommy 1senc son 1 Age 24+ 1 40= ata ‘wows | Se ME Chapter 3 Demand Ass nd Op ices ft Ar te mat, egy of eae 28 ery eran aon egal ome eile inthe oper ty ching oe ps ag he eka te vse? Elan ri Wha es es bol te oper son wey a ow may esc 1 pe On west? 1 Wien weed pica yet se ead ales cose ‘ipl dng neko Toe pee rence be (nen eh wend pens te ene "ee Son Ho alg fs ae ete openers pe alg? (gue oe il ce} 18. Cnier coe pin he mulated conpy espe Siping ee es 2" W dom an xeon frei’ wl rat ers ainda cone pe a Fa So pestering utin ne pre 1% Cf ati ro tg ge ee ioe ais en itn yet ds opal 2 = (8/9/17) = Y/N P/)-WhdQ/P = ~4, Be laa? = 3 2 Q= 808 = (120/80 = 1 2. Sec a fide te gr a 2 pei he cme We or a’ e009~ ete P= 3) Q/30. Sing be hae = (Qi e-Q- suundaan urn = 0a eae Sv pr gn Ne ac gene ci et ee ‘esi GO To eaten, be eee aE eer wade nl el per SON one 4 Te pevet alco = yn» =. Tae on y= 15nd r= 115 ry = 15, P= {$1 and wal rene 298 apprnny 9 gre ‘hn cate ree (E80). See ea otf eee le So Ts) hs genie pale Nox, he a econo we of margin ree ha hepa of Toe th op ly = 30-805 = 8) ee the ry reece ath en bow hm alo 50s ber eon vole pri, ‘Suggested References ‘eae non ip od aes ga ha ab A A ah a Rs i ee i “We han rs ene Jy HB) UL Fe A SRT Jomrgnengaces pee et Jo han ap ta eo RUS eres ects mm 18 Gn Bp Petit emp cone orate ble nm a nd pnd eno or Sse Henna hm ene a Tapgeveen etme netted Bohs een gh in pe ne a Sommey 15Consumer Preferences and Demand In hs append, we pve el rere athens of Stim eto mtn eB ei ng {sor emoard ping Sand care: eager im Foran ern ear dose pce ac Ae ‘Ealvee an pl Geom, made er be ctemer ge een on» ent ss of eee act mong a ‘The Consumers Problem (hse nnd in mt ec slater pig ee deal olan ees Toe ng ipl si or ‘eon eu of ope X and Thx gods tbe ane ‘ing pedo eo in eran eat pened Ye gates (goer we ent net of pnd ee el pening Th comme ere ute Gen nied Soe cny sed ser ot on a pe et ‘Sane lhe pce? INOMPERENGE GIES. To ame gut, we we gle Eats me vas rpekero ue Braet ts €or Xn 1s or ws ted oo he sooo tie gos erate {peter ng fer ie nage of pe nde ods. Jig th vate fn neato eee gots (erp Te ee etre ee Saree crea erg be peesi oversee e7e twine cay tnt Aste ne gs inlfenae ce combina {he eds aon eh el ee Te se (Sientbees a endo e we cave Use mie frac cave nh figure, ee dat he casa eat be ‘wen bed coing 1a of Yand nis ogi). 1 Sis ean Sant Xp od ui of nd eX Appendix 10 Chepter 3 Connie Pree sed Demi’ 118 (it D- The nes orepning to pin © Ed Pe on ‘ie erence cea we ely rey he nae "We make de erates de comme aoc ye Fine one mos rae quae of a nd one es temper nd ger elec eure The ede ie {attire care Th voters vere ce ae moe ‘les fer he sont int eS ne tt hat ea ‘ieee cre ows og Seth post eae te ‘une dare nn oe ms be camped Wa een ‘ea oman te ae ae! of wel (owl fe “Thin we ne ht he ge of uh care os Es ae ‘gt ng sng Tame te to abe the ped cheges hee quer ange For neanes cn (Sirs movment Goe AA pant Ae a SY (steve tn) ad 2 of By iting op he iin rsp Seis fn a age ion io XT, the Ende ew one. yng mpi B ee Vis al re ‘lau pt the caer ling ge op ote 8 ‘oY gan snl ut ef Now ena eee he ot oe ening the coerce eon The ae [Si benes te ois coon Enh by moses fom C0 D SSE Tem de irene ebm. Th dpe sept pe (elon ho nme rca eset rt to cme tnd at “Tse ef whe gf ing mo yn cele song ent alge eee ave mes ag, fe ae abe of ad ely Xe po pr ortons Wes Xie he cone lng ro an Vira win wi CX AX ever arena ané Ye ‘exc Krell iid Ys we ces ‘THE HUDGET CONSTRAINT. Hoey dace terpenes sat ‘ve denie ecnrme’sskermaes Thea ge at cn deen elie inome ode pps Sone ‘econ ee $9 each wel open we gts Te pe goad Xb per ne depo of ar perineal "yay gate eon (le gates Xd) ng she os tne he ce he end ene 2 era ‘hae a peice ieone meen taeetentee RSs tery189 Chapter 3 Demat has Opal eg sx tsvoan oan) ‘Ti equ’ el ie exes he wa ann coum es nth pte Tighe erie scone cig Dea erpendng Ja ease hee smile came Th ceo (Sd obec Fi A rep ee ‘omic Force, enue col pin Sut ad ‘sina poi 10 sso Vad on pin Sai Xan oni (it ean her onan along he tye Teton Nosh bund goth ht of ee ‘eli hey con oe hh 0 a eri pe COrTMAL CONSUMPTION We we so et 9 wine he cm tue irc ie wih er ec deta het pal ure ganses fe ods SAS ho hte com. ‘pe coon ei ber spo B Sant Xd ‘ne and pi recy Scr so cs’ “igh ate neste cave we sing te det on ts (Chk ht oer nde sng te pe ne ec leifeeceee) ‘hr i oi Be idle ures ete a etl: Thinn nat thet fe toes are ea te dpe of bet oe. Les camer exh doen. ‘heap tebe ne he "ee eran) 2 Ts ge ‘ane ie om epg ec or nd erg ea (encanta form 1-3 Asem VAX "2 Moog. rp we te alg oats neo Dxen ore Ps dente pean te nme ame eran ge eunon, we nd Y=1/F= [AVR Toe fae yb AUX ™ P/F Te soe een God eng, ‘he gee he aa ke ae fhe es pc Sa ef seta fy grag ne em nt Xi nooner (Se pre 8 wi of se AX = ~2 ‘We sro) hve commented oh pe i he cone infer ce ae nee et, nem ae ep aot ra Rate ite oe moe at sng th The ‘rea of ten (BS) sans oa ee od he Cm lig respi ain i ee er od nor ‘ed IS meses se heen etna he oe ‘Reet penn, Tobe pele RS meanest Spe ee ae Aeon hk me et pa ab ‘nesta aie ants ase omy sey a fea cae yb, a, MBS = SYK ge ine ce ve Inthe poet eh MRS apo Nowe se ea oases fer rel ‘acs’ ga craton tes fan en te actin ty a Aor ying hii ha he cone pees deb ‘wen neh cnc eh re del the Bs The iS rons te oc ere ner Dy Pye roAppendix to Chepter 3 Comes Presa Demand 125 Selene eeerceeemrsee Sen gamer ny gouty Bebiecenmpin ‘cary sto ins ele ee ofX ere rene a eat pe (sac tec at pine Dt consume wl ai ae uke of Xs tury now ig ndlleece cave Ios thse rere The of X sha oi ey ‘she commer eld part er The cnn pay us of Xs 6 esr pol Hee MBS ~ Buy 2 No daneln nes coal inne ecomsne vere. Demand Curves “edema ere gape ean teen ost peal be uni dead lage ter nts oa Conse ec ‘ane pre fod Xs ee ed (lige nd te fr of Yeo Wath pce a fom pert per eit {61 pero FS hom he lec the per chgt on te Canty ea ote gt he is whe ade te tear po under ape Nt ihe ple Vonage enim mot Yh ene ex pane Hep e uy of ded era te a ‘scp demand care X has De nal owe dope The co (ie cca tropa cmempin Knope ower ‘ome dice nda he rae sd aig noes Tor fee eas he obs lia eenChapter 3 Dead laps an Opa Ping ent cares Ho dow ae te aetna are (oo ond by dl wenomen pe? The asad Br ‘Sigg dent yen a ene. Cor Sci meng nal oe (Questions and Problems 1. a Came ie cme ho a ack epee Infecc ren ne Spied in SD foph nigh care Wal thse ing eo [Eat nian rod Kem od 1 Ugh ced ee eg A ph "ice nal caso dl Hoe es ie ove compare ith at be eigen mene? 2 Sipe tec cnn nile ed {trea $0. Cph he eget oe a eth See atone carve ppt econ’ ev ei ‘Compt bundle Aceag or gah de oe ns uc me ech od? 1 Sch geo (aan appa indtence car in ith soe ot sie Ta ie see ss See phaeow en o e 5. Sapp tthe pk fon X hn i re cf ood as inva yh be orners ew opal pion ene sn ee bere ae ia a (sae: Gare he utc demande ees Sedan no nda Estimating Demand iets bs pi nt nd pn me pon ayo Sine jam nr et 28 oe, pe sp cag a i ‘eset pon py eet ‘ror ent sie ef eo esha ao ‘ond atin ear aes ng ho ee a ‘fee rao pms oy. i Bebe tee ee ps, meet ae thao ee as. ne ge gy eee ‘chloe osepnn ge jos arse os De ‘Relnqnon te ot sgt enn) Be ‘hin men maa oe eg oe as tran a ogy oe px ches ete. Te cea pce yas se ot. ‘hte en sae fet pes snr cixtuning be ene eur yt hm a faucet pe Sele, Sy ly Be ‘erase th pe fe pore Se ann of a Scien nytt ra ‘yap ho pt omnes ‘ose nd aig mse ua ype es {ramet ate ein a fe, eed (Pare tse ne ura cine hy Praditng15 Chepter # Emagen Inreou chau we made xtc i ded epi via ‘pang ea wee ty eae om Tn fet ek rs ute emi free td ene an ecu ng oy he reed po ie ey forse dale ape Se of om The pal a ‘orth an dain eqn pe eft pte fount anor rete ener oa ce ‘lo magnets ec TM lnpran dean oan expt wg caf as es ects The pat ofthe ening en ht te (fa ie eondp bene he er ‘eon wba at nee nd (9) et ee ote fear “leone ose pin the mid ear tine erage Heute Chg 8 Re at hs as {eimai eal pes are yw, compet. {or py and epson nome Sopp he ae i peso, ‘We eect ole care i oe he a oe od ‘Brent eens scene ee Bo ht ‘lomo E's bse soni sat tht i eng yee thas an expe oa 10 enc ei “i eameal feat he irene eating io bos inpranc tthe manage Ae svn Cp 3 bone fee ye das uot ape eran st esd agent ees Amor cpl de of be mack ‘ela eve eye sine deandenc, oe a, aa vere Q dete ounber fe ld Yininainmne, Pith com eto’ pe nde see's om pte. Thi eon sae ‘here bewe hee fran ie atid (ite 2 ate nse sea fo erat eng ‘Y= ad cant pls P= P= 9 gion fl ess the fret Q 10) Tain te mae ne on 1 el on eof seri fe ne a es ‘The dean ein ach mare ire tn ingle xe cat tertisamplae Nong ised geetae yn ‘bral pedis heegabe mit sande her ones ce Soy fee eden Inte reson apt, eed the ‘hee ena cool be diced ah aay “oul and Oi snp, wat may ot a ee Ba We no ttn el wo tee eo en 08 cas laser bom ices Tou he manag sue ie ase nt of gana Sr fenton 187 1 Wc ste ee Scie a bt ime} fra he nie ns Hor lo gan exp age ae ema i of te {Wat ost egaon mtx? Wat aa bei abet he ‘oe ad mags cat eo Wat te pcm heron? ei hard eighteenth cig we (defi gC an ent son Titers oped solv nh ne eo, we ene nanobio tat pea fe fet The noe ce ‘ies cries doa could mete a ncn ‘et da Tae ving cos eee regen aa (eal ea ely li eran een ‘SOURCES OF INFORMATION Consumer Inervews and Surveys ‘Aiea patina at eau is ak people Pc {oe ty epne dre ml pie einer od me eng rea caren and peepee cate Regs ‘Ss War unity of oe pect Soon pn oy ent Wha (pew candy rend De pe erin ot recon a by horn Wa uy eae eof Pes abe woo Be oo mara be cet aberting ape ete roll he yous ua npg pti? Wan at pes ef hve prada oo Ho ae se ed Yeu tei uetnentyeoe (Guna coat mae eae we aed ‘exes gem ae frat othe In ge a Cap ‘bl au Cpny qusns me 000 cone so fa ‘usb epee mod se ine rte arg Awe) Aigner oa lage eas wld ed epee Uenuniereoumen roe eofpne pahe ‘een ead uy ends res a beso, ie {emcee prep and eqn Fri, ee ‘sale decd nh pens cnn wl at ae tan reds utes shed sont weds ‘tne pn Prin Spi qos wal anes ies, ‘es ceca ay oe eptng tes Orne wl ck dime the pat fea income (be oe (ne) nly Fm pelea aoeas, whe Sone becameUWS Chapter # Esmaing Demané eta by ‘i Acai mpl cone wre met ed We dean os hc, Cd Mei Mai Cap {SS ender eae aera be tg Gd ‘eeu nding nate’) ent eg: na {Pir ign hel ste pete Can ei metog woe A pats evar, econ eed ‘ne cone er aeopahon a Raped pd ‘Seome tot cel bain sconce an eee are Bat ‘iid hs preecsoerg mie br sien ed feotasdmon Raid eroded fom be a emo Sree ened The ree eign eed. ‘Sed ee rogue a anes cng te os ht inal el ent ea pe mee te fo ‘ole hah package ey ecg ter they oped tei pie bee cond eer prod ae Them md iced pence rn fc tain pe Rl cate tee meg Ug ra (etoposide compe laden wh eprctongr conic ‘he hrs eet vn tons Singh ep Sr es ep cn fm vt manent a oe ‘arb De? Miron erga ne oe at act) he oo 198 oa 1 Cg rise serespnet liye ci rp tenn ed tab irs en one" he doe Froterttpoop Srey TALS Wee pei ees of cssmer ee [pst tree ope pl One aj co spe “hematoma be lig gcse he ng pepe In nye dn apg poet api as ner, ‘ane redeem mple oe meee ‘ence cin isond pole repo Forint, dee the a tater inp leat ay ee he psionet tt er (ou product sie od tendo oy ar {Fata pete”) Arte caer mayen once (econ mai, (youre he pie, ete vl ep Bog") Nether rept may ree ery the etal eases treba ‘Sppiersemum Sono ot noreaon 189 Ah pre ope og: Te po ste sin tees en gin iby ee Sarit gee eens Ve quo he ‘fa Poet cm le ha ees ow ey ore "Mn iy oe Dogo Rg ot of pe aa od etme i einige onion ner ‘ey bomen, conan cee nse exo {aly Ate ay cmon dso te cos fing ‘enim marched pane bee or ace, ee ontogeny nn at ‘ecompayietykom dvtoetome edd ‘kn saie cna of cone cases en onl cs es a er ad ‘$Sebsalepstnn desi ey demand cise ed ‘her hoon acne be to nme pas Be hrc epee clo mje ok el con ‘cramp ag tem sont cas tek) he Sse te ess an se of one ‘evel tibcay tue nme oe ne ei ey Be {ant yaa pnt hy a top 2 ‘Gey ream ey nay em eee ie ey (print extent tn yates ald cold inant co tecrpeae Cute peal cma le Tieton ve The onal he erry nd ei ‘ene ca rer end the loving Fest commer reed epee do cl a ‘nnd scr a pl 1, Coca Compaen i ell ange eo oot wel’ eae a dal oan eprom New (Che Tha ed oro neal pan feat hd inggecige emt ete and ot fog nor To Sn Hi ares ecb cman Newede cons oe nt te 85 pnt nd ad pela ‘te tpn ow Pep the 18, compe ead ‘len en cpson Rp Moree Pep ed ee ed (ie eig gh peed ae ‘Wises 20nd ke eae senna an sed in eng wong ‘ing cen eh 10 peop tang J up) Nev Gale a > "mes per ec te rn os me ne Te ae esc fie esate on Sefotdetgckinh toasters >=199 Chapter 4 Eeimag Demi amas Sen ion 18, et eset age eon ho oe 2 a ak Car ‘tn 2's at hte has oso sr nt es Ee a Yooemt Pau Beane Salo ‘hig ge ine ‘nt Laine vnicpe elem eae Our cwped oA etek dpe saacger leat aa — el aeiaincon Se ten Die ‘ep nate Sr vera! nice ep ae Sake Tectemiopt gare ena ES Intonint Sa ‘ice medion wees Gace pga cencareet ete) Ae hnt Onis Qe Nerdy yup assay e a aku ‘iain dar esa Nici, Mice a a "in tn cn er dc ‘tion ame thats dans at Seetmeeieaepe glad ren poate ea geceeae neg) ee elements) clei soe tna ui, 2) eh ‘fog or he eqn eg he bey () ting the anion retin (ening te wy oe eat. ‘Bogs te ao apts con tie ae seme Ondinaey Least Squares Regression ashe cota eal a ger 3a ioe masgmen mae ce eee of deod een peak ete aa me pe {iy eson dang Tin re Lessee gear we een ands ema pun (or gai) 2 fet tse Se i je eat sf ru cece Phe gt wel rt akan se eet se Sos teen pt Te wend cn of Tab 42 hur ee be each | Warm soe ener ‘Tease ng a» @ Sb oe ss & Cd ma mm @ iss s ws Bs & sw va rd e es ra res w ws wa Pr) e rr) e me e wes aw 2 ser16 Chepter# Essig em sc eight ora ‘ie ckere acd ee ion ure by que ae Sa grt sme 17 was we ot wh bin wen na eres jt late lOve he ge pee tae {SA wate merge, “Teen ofthe sample roe a ene fhe cena ny fhe 1 ober Homers ei perm ae fe ae ee deren eae o he ane feel The Sean dpowse he ar ess ded ef, oor Mo oe ce gar gen cr Ts Battmae tans abe en ane ‘iSite eet pe sali gia tt ie arr peer un nd ini spe gett sx op te tr tate nie else ee Sota arpetn coop sean eng bay Shewweesinie histor sewed oman Satu to aone Serie oy doe snot nb Tools qe Sa ye 8 gue sus ide te alias neta gr sir iran cm mS fmm i oe itl age a re, {eure poe ge Tbe ioe td ee iipeeme tanta Ei ie ee eam i re, Seed ee meen mene Bos Semeeche iy hem arciee sempet ‘nde scar nfo ‘Shel hematomas SSeS crac ae ‘Snes dhuntoren et eons ‘an cin ca ng pet ‘Shtlnerescseaecarctngess te ol oe ia rt ur Seymrehent ete at pe ori pean in eg ds a Sete clea pce epee tence ee ited in he hd ham oe 42 Ain ce eo ‘Sheba apparent tt hein gen i ray igh ric lovee pest athe end ea eed ‘pen he elitr a $40 in sect Tg, the gan bees of gusty nd pce ngs dona ‘eng dam reso. 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(i, fa he een a ‘run ey ertjen de gen Seep ol pdt ‘ac ger wou eo and SSF wold boo) The rete fr ‘oat the cr tl Fis, by opariog oe ex Sgne ‘tote ane ay pote come er bela eee ero ore ves ool eel x ng yng eden ner oy Sed, gees aly coed sh ‘ee hn mal ero Sulg eer alae eros" ‘ch mre daria enon SE (He mito wou eb Set tt ep r g e ‘i are) ‘he em gp gue eins tod fo lng cee win at ssn en ef queer UaeVo Chapter ¢Bainsng Demand egeson Als st mea tn ee ge 1,0 oe ee ee arene rere ment ete ERRORS SR aoe eer | sexmamcmoy bmp te ye ng om we fa tana ahr cla eo hte ie week oft een eee Sepie oe per & : Seep en aes Soar re ie nae en re rr Seine ts gc cn hiapeee r sooo wwe Achat somies man a a Fe re aessnsereay rn a ee py we at ey vom ate feasts siege tome eae on gat a ectleget quer Ot eae ed St | paereaRaw acount Rms wooom mw oom om ot Soom om Be owas ome ‘asin ‘eeamentenn eat : os se ad | ctvetiqa men datemaictemicirtencatdiae |” a - ‘parcel m eae que of ean es 4 oS Ev perc ngare ment aed Sine Sec oon 2 » 8 os a= ns- ws & = = ‘e i & = om fs ie At te ee ta ee a ss 3 | Becetclcagmsccsknmmeie |S = mse i “otra erp tn ng pin nt @ 2s = ey Hreeyeicmee censor s Ss = om Ei soealarteeeeaecatencs & om ie Sckieerenmgeccsoes |e Ss =m SE ee eee 8 s > oe & = Sm Piece a = =m Teemass 4 aaa Sawer M8 Chepter 4 Bainsing Demo ha le fr he ej ed ccces a Inn SE. The OLS ean» Qe 210r ne +s wa “Die 5 edn peda ery al wed era tee gato. The ution’ om opel een 2617, Ich nae hs he SSE ay fe peony ened eis, ‘heal tes he ua) erence aay fe con Ahern oT 5 ho at sd ae, et ‘po cee dt su ie es “Tr xp be gees ome fe rr roth The eso ater art oh eed mre i, Te a Yormed — Priad—kd Gor Siig} SIS) gg wa meet Sm se owe © os mas oom ss ome co en ee ee) emer Se ms Ce) ae ee ee) a) stom ont S87 ms « ee woo asset @ mom ‘ “ ® omy mts a mame Tuareg Rape Sud 168 ‘Tnegeson peach bh an cogent nd ats a enol markt es Of ate, nage apes ge Soa io eps ee of ra pring ‘Sota el wereg pier tence ped femed e ‘ote thoutendcig an png) tele ‘Seem sally bale tem hfe Regen a9 ‘lee dope ee png nti a hat $e dad ed te wpa deme ca ogee es go nr te ek, ‘ate tat eee lrg mh nt i wont pe a? INTERPRETING REGRESSION STATISTICS ayn of compe pra ile ary pein ‘ast (nn he eng ene ep deren eres) The rogram cl teu ey oe arn tt regen sen pt da eee ena ‘thls te depen ho eyes Ree, npn te ray beatae oe caer pegs oes tof asin el te OS etc pra ‘Bk A as ede compe np rte tne ge agin Oop ey sonatas sane Sonate ee ge 1A et ger we ber eer Py Dape ce » Oe am ana Sondederecentins 38) ahah esac 4 ake eden po og =WL Chapter # Em Desand ‘pein, The open cee and coat ers eit i be Tideite Carga, weve doe te erie pie (Qeskss nie tase «sr To eae oe vel hoi te da, eno en ner Proton of he herr =e ble QURED Te Ragone i ho ane the io ‘Sevier pore be tn ate denen Be iQiewu camp su nexhined he memo gee So Somes vey at ee ps Da Roe ‘ele ose as Teal sin ne dependent a {Bis compte a 319) at 5 em acu he a to ‘Gueed cles en he re of Qand be men Qo ‘pil of ogre beled 18) fp B17 ‘he Raped ic ome a mi 9) ‘oe an af pdr Sf mb he rain in Qa 2 Crud fc be rapescn egeion. Thy te nea te tinct oxida abe Roe nly eo set to ual renner ange we can xe tht B= {itso anit» Tico te ey Tl 47. We ene Egan 85 wee Ke (Ce Regret es bee roan fe ees ga ‘Spode te per died anata o> SHS hen Sb ipa 1 Cty een ica ons oe ed xan a shod neon epee SE wuld be ‘Slo simping a cure wey a percent Slim pled ye ene path. Aig Ra eal od creion mann of goto ‘nates tin os Te ae of ese ea era ena ils ezine. ig oe ‘bier ore oc ales ihe) Swit ree at agora Tne ts tse rep he main go er ‘Peo sarang unit gh Rage The fon crecny rie Raprdistdvownere sino ei ode ft opron eae hd» pee tbe ce indo nuretog Regen Sis 185 opisn RsgUARED A peice ipo (pure scarng wenn gre of ena ie rei, $e sumber of ies fn he ner beret se ner ef cad ofc le ie epee, de bof Serene 6d he ener of efi ong he cont (ea) # Thre he apes fom ae R= 164 1 ‘Headed Regu gee — Sev ney un ‘he rene ore a he a fr he ep ‘dene er One can how at ae ale a car camp A= Faemor, fe male te mbes of eet ‘teen (V~ hegre e dowd adsense ‘nn Rare fr te fat ing es le ‘Roly rte br pds fed), ute to begs of een, ‘Spe a's eat a oy de rte ft mae let sage xia Eutn 2a Se Pen sarees (rs O13 OH Mt te es ha 0 aly ‘Seer aby ate aa! itd age? THESIS The Rains ne he ed Raul Se hirompad wy T8ie-w 3) og we die explo bye npn ce (0) aerogenes ‘Be petinsf he resin goo te ge te we of. ‘he Fate hc ade tht ara the ‘re tial ite ofthe rein epi, Cone a Foes dl be lieth lame ibn ee Ieglon se arcb = c= d= ft pois wee te te ate ‘he nad be ne eH 200) Mae geen ry ot tee) es of ee he rat ho te en xy pone at wee unl w eae Motes he abate le Fak a pee yea tine, ed moss Book A ate Flee ‘4 epider Tout were resin oun stl spit elk pte eeM6 Chapter 4 Esmang Demand he Esc hk 140 — kent edo, rc ae [ed ecto olf cece 9 td pre cin Jedi, te eqns Fe pean he ‘a le we eet epee a aro cee (a he ped Sele nine) ate equines poe ou ep he Pasi compe (70/8) (2/19 = M ‘Sot rn 2 capes ef fine Fw te Pula he pera (pi vend he 3 an 9 pent cal es oF tbe 8 a 5 rep. Seger hn 5 ve eft pots ono coins ah pore rence Te ean Ba ge ‘enc eam poe S100 UOHS OF THE CORFMCINTS Te compel ‘he pom te OLS nen Inn he er of Be oie hms we we eo ie a ane a cera Ml ae coc compte! wes depended dey Tec bern wich we tare ected allt ve ure fda ve ld eee e eens ad Fees Behe theme mien rr {Gite aarti st of Serle), ee ‘eae ce, (The sez lus woul ei ve bt own cer ny we a aie nner of ober ‘hranitae) Os eng OLS eerste egal ete rae ue OLS etic ins ae mie Aipern snd he peae e onse' preen. ROU Seakg, ‘hea pce choc at he te een en (hd reef he ented fin pm Ter ape ee ‘Sms re poe net P12 sand ever THO ‘ins aod ee Th tre gh eet ce (Saou cont inten 21 i mis 8 tat ‘eben “28a -L6¢ Fes i neat ator age ae wuld atrenenbe dcx: esc edo ol 6 ‘heron Ince N woudl any ere eco ‘sina. uw eg oe be etc cei (a Seca pre mp ed ft Tahoe Ge: emit be fo ‘erp wen yo and et ‘heme fim eeu nie hs SSeS nung Rein Sais 47 ‘BMSTETOTIC The tee ae hee ete ‘Heys sander I eo dete ite id ‘ghd etek expan pope Cae he eal ll ‘satpro compte ay pe ha be eva fi enti (= 0) ‘feu eget sb esd cts be Le de ening) ites ana Bae Te a tt (Hin sand eA h e’e e alymem ‘er wl be reg 5 eet chine ha he ot xe ‘el itn hod aren wr at, Been ad "Tot These cae 105 oe hago tc esa beside din The tas lt he ps or i = L218, i ahh ee et se a oo ‘sana roc any fom wea We an sped thet roo tetsu npn he ee ol iene wh me Jette pote = 0. To hi ne eh he oped eae IhaN=I= 16-412 degesal dom Ung eee of he tie ‘son (able Ain tage ti ape we nt 3 pce ce of he den 2.18 Th ne ae ‘hecsinaedoeBen wal bene este 28a 35 po tea tie, Bane eee at oie en “LIN ao 2 pc.) Th ner ne wb pet Sih tesbrwen 28nd #218 Bee esc we oie 20d see gee net eben Oh rest cde ro Table 7, eer atl of he otis ae a at tye ach eras shite ae Th pty fee thn te. hate tar tao over cle ‘enbeymaaeere tte del ty wo hae met ane fee nd ate cacti nn alt) ret an 2 we al ep he pany wee fm he an at ‘paige he iy, "aly tb agra po th he atti ce ao ‘ether ptr cbot adn? Ferien op se Tint msgs ae coger cra el eco ete aoe ea ep eee nf al aa fein acheter Deeethccetnasiotrn cuneate a dsp pm i te eons snout espe enn Roraback toasanay epee i htt ete ep crite pet ‘Sires. MMA AenestidtenermeWB Chepter 4 Bain Denand prea ny ¢=1. The apie a ing Spates eve Send erie cFe 1 * Soe he sae ser, ha mach amar dei tong spe hp Aghia ec es, 1d tat er net ce heen Egan 4 and ‘oun penn cain, Qe fF = Sei apr on sant tre aetna Og Sangean tm ut teen ‘ANDAND OK OFTEERDGISION Fn he soe ee fe ‘ri ronieran emt of used enc ne epee (Tepe Tr ar eben he rm of ed eas {State woghiaed vain Te mated eer of he en camped NSH, 9) wt on we ete an of gcd ers (Si he eget otu Giue WN) bre aking he ro The ‘sad err xn conscience ral act Fins repent sedan ge als te 8 pres ne Silene ne pd i dependable (Qin a ge) ‘egies fom be enon tin) Poteatl Problems in Regression Regenesis canine he gant oy {aon Geant aie ei te eine! eam el, teen td rei doting he any ove Sed oun of eer of ees. Needle, t's poo ob ‘esr el ned pts ration een speech ‘Weve ee pin -BgoMONSFEGMEAMON Rae dsive mae ee re ie ce fa of resin ein, nour ple ea ned aera, he eng wc a ga exer Repesion Satis 1 el: owes he eo saa ea en do nota ‘seni cr Th i chosing erm we maybe log ‘mere i ect, pod peed equation mean a eis ‘Sera ene ‘When ay een ge a pei ean mh a ema igh do Tt ie es met wb ee a rhc fon ning ner ere peo e eo in Chops he hee ey wma pen [deme eto sth poe "see rm Fre Sine xa wu ae oesririn am, er ph od ae bee Hee gate ‘ct eat of and vt reped eh xa eshes [pet ybexpneat Eaton 410 can be ein gl) = Log + Wig + ig + ag) CT se aig peta. Th pn rm cide ya cre es? Aree yee t oom wate, el it we bp thet ie ean wt oe en pay we ‘ening OL edn produced pet ats ny {Ped king aad es Toe mee soc ea $x sen br onpee pen em tee "oil cin et Cyt cuttin slab on ean Te we tegen ode br ait these nt cio ‘he ber ti abo fen he scent te cd wr ib Th pect 128 en ie i expt mh [onto etter fon de ccna moi ee Cc egies nde mgs LMNCOULRELITY Wien de ang ao mre expy ‘itl illo on mic nes Le eae Ep heer tenss moe ogee Tose ir oem om ‘ie ipl ple Sipps dened oa ra eat ed ‘deen ob isp and bering Hore he ‘Sur oe ingress he rere nk ‘he da de eres ht en the Go eda geste ‘ese mpg aa love he ond ee Se eel gan) a rol Late, es eng dig “tebegemeaech itn 1a in10 Chapter 4 Enatng Demand IntepreingRepesion Sis 181 | | j dee piso cede dpe Te gun dt | ‘hcl ins bea danger wert oo cg | ‘pyres Oana evingotie comb pp 9 ‘ein a stg bapa poe | ‘ae elects Regent docs regi that we bd one the ce ‘sma we ayo ba ep eb ces ey ae "Vat happ ee rere regen a ne duh ind wine pte acd conn ‘gen pop dc ror eng e ighaad ‘Mister oe wy ney er er ' Scripps po na Ones Silvey ioe ean oren ee | ei he at ey ii (Gobet are ean wea nd on Kem it i os tne ce ere pe vce ices a ‘ing tte nnn cee pe ee Ho ‘ert pier ers arg pig fg ita ing pe, he rat nb tery tee i {React fan acy te i daar nee) f sexnamysNOMEATINCAMON Thssogrstsnaderine at ‘let cea pra a he prague mpl sued Oo gant dead i con es 8 po Inge ne oe eT npn gee fs hs pk ‘aloe prc many ep ove, pe emi yo dame tl sp eos ob nil frm, Hee the ‘rm ate preter cine ating Sah Sage le ply mp wo od veil at he a : {an per 0 ar oy he pore pr ut Bt re ed (Genie compete mri cred sly dena Lace he nptninfi wha spl ecm ‘Sipe oh be guy peda the gay Gee pod anyon pe cee done entire Qsrerer tn, ih cea le, Te ele They ean cars ond Te lium wl be ‘rd yh enone he gp sl dean carve Pat ‘figure 42 ows hse ares wah a tye pk tight ese. Now kn sepia pu ac ge 42, ad age lego se dct he ae of ema Fr Ws pr ‘Sr erampi etn” sgpa net beh eh |F {BL Chapter # Eating Demand te fe mp ue he ema cae, ow? The pole i fhe pe nd qty esis use we ck oti ro pole dlr cae of randonnes nin ‘Sin rink at not shtick are expe Tinney ihe ero of pce ga) sa ht he ‘ever apreciated rane) Teme of yd donna ther ena pci Thee a cen demo ie au canon, to aha Ta eos tan Be oe Po pe pt fg €2 fa call hep og may sad le Cm hoe as pole xing, emda ean of eas posible Ve ta end eed, gp nt On comer ca, we ‘ind cut, a pg to he app eb ene A bh and xp ae? te np or dead ee ‘Spend one ey we epee ‘Spe elon ore aetons The igs een th ftp hh or pepe helen one sa [pte saci oon ig ote ad eon eke ‘tc lana emi le Corman ROHLENS Fl impasse dat te epee Sin sproch eens on crn ump banderas Toe li tare gun a8, Qeatwsa saree wa rw a ae he em Tea din erm int thule he dep alee erie he pence sep mes Te iil poe pe ‘one asunpine or naleabathe ate eae Thee ‘snp tt rem 3 eral ed wha mean coc etd fat comply dene ey ng ee sng nse eqns ed Oy ‘ring egal il pe meng Pp ‘Shes Hein oh OS pre mat be made wets “Gc ton hain nin ic nd tg pope. “oman pees concen ado oan bee Fs, Insert of end "8 9 ‘ona oer le As yc dm hs pen Inthe run dtc ou he ees reese sled refed ir Mea xg dee es ‘gem ciedvih ih plsnd ote vih ope, aden eagaced ero reheat ty Alien ieee eee ‘Secon curve Se on angst ht, i de hn td err oe pa pent ome ee Ine Regie Seis 18 upfront ens a [fede ere ted erie Onsen aldose nde unde Ta ei nal ro ‘html onlon (le poste of nee Theta es feo Duin te sae (is mat ra ransom pe) Ava of eae or ut a he ceo ‘Ghloomeson tap dean fom (er pte o np) Great pecioneronaremt nase The epee ora ode ee cel core deoxy. (Choosing a Regression Uquation ‘ema etn iach a a ene, Ti chp pre ‘i mayhem impr mt ehies enya {ble Bathe hq hems now beth Sree {tol dea eqns recs gen pe ingronts ‘Se cn rating dead gan, Thy De emia ‘sited demand an epee he ae nae ‘Seuntqesiom 1 Dewitt eustns) mate conl s? Wht ‘ean enoe cmb ee tiga ely ‘iting hr eet ter Bein Wm fe pie ged by como ince? 2 Artie se and mae of heed es ‘ene! Doth mate eno Sedo an it treo cf he aren, (de te en ve extn ove Havel i ik ‘he pst a What cea mt port neg qanay dense 1 de eqn ances nae he uss ped abo, he a terete coe Gt emi ose ep of on, he ogo OS rt pa ‘eng et een bon eo ety i ag eta pro eo pee ran ann “de srl eto wrt wal or oo et eB roe ere Sr hte Poitevaute alo, le ss en pn eo See ser bey Sttge ne ae daon te ple oe ea) Present1M Chapter ¢ Eamaing Demand ston snd peat ome oe eg pon et een mt ie meee a ng ‘ee sto eet mh sera ow ay ght neon ety (Gdotnetal oe eres ny be pai a ae ‘source beneats) nevurgonratn er srt nateck ese ms nth ov ben se wan oui tt ot i eros naa tats a fe nt Pens fro eer mend sh She oar smn et ce bse fe ‘eet oa ite tr pt ea enter pine pose be per emt ae 8 > ‘Sete: pw of eeome ge osteo me beoe He hen ttn oe ys. ssi, a (eit oy ot on ue Ae ‘en mh ae fa Me sl od ‘apa runnin rss dere tl it fb be 3 ‘Sees pes enon Poets sea eo 0, ce pp oe Seaman yor a Bo fae aro Be a ‘Sin ao some pecs nee by het 19 eT (Set aed a ve eel sen ‘amor as posta lr) hs nr he Leer a a ow st ee Te at onan cet coro ee etn Fr et "nd eaten ene wea’ me a gor ad ‘eo fou ple My esse. "eats ene ow a iat een ‘epor ax npoue ects Be waxy" ot ‘Sarin ates Hat ate a sna ae One pale yar: ee of ods maa Use sas atin ene sere @ Pts 8 Diy ese wen rues ey ee eta ass sgt 102 oon, ag ti eet tr pen ten Ce ah ed, Seamus ate ace se eal 2 in ‘ree wna tre nt ar oo OF Meg oN ‘ooo oti "kee ul fe apg pes hel "pec i ea Nes Waa ae irate een ots Soe ‘Sst ge tice rh pn beans Sa pededenti ey SUMMARY Decision Making Principles 1. Desa mang aarp on ih ibd ee eae rl cand sag ib ing 1 Therma rors Seat pant he reat ic eis fe magica re od veya 1. Inport awn easing ead pain ate: Dem th tinsel quo ke emi Ho wel oe ‘Gregan tak pda? Twat eet eect pat pestle pew he Smee Ns and Hols 1, Feat np he unger wi arma site ping hg eae Secs roel ie the feat, 2) ote fay. (338 ple dio a gun) fe depen reabeip ong dens ed ne gr cin se ius Doane eece om cpa eee ad ‘ine eins re ake den expen, rural met ed ured bas eae 1 epenin aha ia tf te eis tatu he dead fs gen enn rable ne rrr ‘wie Tet ey nero oes el a ie ‘ecsip ure csn oun omar The cn trp ‘ieee aes tl et he an Te wl sin "ed nmin nel vos oa cel lat. 4 Repesin hi oie stale ximtattin ‘sis hee ie ma a be ein, pa es Inde th cps’ Rape ni aie aed re, Abend cosa se re cio Thee adn he ety pn tind ddecqatimat dale ‘Questions and Problems 1. Di an compre he dogs apd dda ey neudied tat msg 2 GexGs Gguy se Now Ce bce oR scout ado Cae Cae Susmary 1S1b Chapter xing Dan Cane fing pees fra: (ed ‘ate en 5 prof les ptr Pet Cale Gk, (cdrom 8 pret ef me pvr tea [Novae ep. Fem toe ap, cas Coes Inompenent onde sna omen Sete (ibe Ce td New Cole 1s Cae he fining ene igo eet peafcamnen, nee Avesy mes) cs) Matpeiond Foil ine Novae Saltaire GirGaie Neve eacpcired NevOate Pept Coe Cie Joie whom, prt ol nae ep A ee tp eae bp fled y Cte Clea New Cae ‘Aeterna ia at ‘een rte ol ee oo nd ee encen oe Cine ad Nev ‘Fm ori prt ate sag woul eames angen? Wit nt ‘Borin scr mms rr hte la? {AS nase tee he elciphemen e ‘er on Fema kt ono ck tera le Se healed ats on he i eae tte kd he ere Sad or eh nde rte tre os ing ie he ha de ingen ein: rg = 9 Ste ig renee peg: ems. The a fi be gecesi mye tbe Ret 1 te ete en pity ent an eu? 1 Tel Reed spent beg le De ean Siena ae est tpmicarege Iw ge «Spr nr in ty ee gn Be at mont Wht expected enc ep od? ‘et eet oa age ih be il ements) 1 Teebs te perme fn ates reson lt ek opie ee aga 1s Haves ei bal ean nga my eof ‘pea edie mean ore react tt, Sonny 17 Ing in si on they ah ait ‘pian des om mi rae Reed «non ot pcr el i cg pst ae hey o> (pre ae eca 5: Sis of smote demand get ht le of ie ‘ae pend pri nthe neg end cose ea lise, re on iol re er er sauercom Momandbsty mr im ish ie Ente pt cay feud hepato pl. Be eta cho be enh aloe Be ee) Ente come day fed Ghee tsi pr duh hangin eso yo tape een 16S a Ha hay sa eee teh Ge eel om Ente oer ded gain te te at “ana epee pan oo my eit ecm) Comment aber on. eda fee? 641064 fcr dnd seine aoing Jephson con Legg) =~ 288 san ~ smog + oa = 2 Can ee) a 8, re @ deat nal pret spon, Ps ee poke get, Vs ecg 2 eng oe ‘Sg arin 204 Wi any ae vee ‘een ae I he Aen Gace Sc arse ‘et uoling Wk ng nce Gnd eer a). “Tenia rach fe ce ho prea ‘Teegarden 1 Whe eth anor ts el elt on pete ‘onmmpien’ Be 1 Win ds th ei Lg repo? gee es ‘reve by 2 pore wh be he en cmungoe «Aponte pan ele oe Bp (Howth nb pny re we es?188. Chapter ¢ inaig Demand 7. Asi bern he eng mont on ‘ete ee cast fleet pc Gow SOS is ise wm i is 2 ea aposin ropa etna» ear demi aon per ety $v mac volo ee ‘eee 1 Fete pot ante eae een eons ‘facet guph Drs cat pa a Uealagleg resin sina doa ae a he ose (Qe He Wha he ye tio dena De ines Bibedubowe ta teleer opal. ‘The eg een wan fr 8 quer bees 1s ad 18 et te oc ate es) ded on ewok (A) awl ms ee Sad (ores se yao SAT= +15 8 mp + LK 4a) Gs N= coed Rayaned= 8 F= 4 ane cree pein "12 Dubin sate = 1 2a eee epson nd eid cnc) ‘ake eco ea 1 Raed on repens we heii alll of ‘heegation | «Aedes "le iene oa? ‘nny ret om 0 pl yy might = 1 bet fr beeen A Sepa de” expected fy 2 prt ad em ues 1 poet (ea recat en), Wit Se prec lye te sg fe? a ie ‘oped 8 pena hs eg? 4 Aetrex vase eer nee ae opm 1 Caran emai a oer arse Ty soe (etka, eatin ernest feo Weatte ire Whe of he ater eal =e ened om ‘Sear othe way per Be wel yeas ere Rend exper ngs ey io mi wer le The i pert ages re ha ey ‘ayer Rays od nel oo ype ea cae even a erp Doe pe 18 Toi se eee deat Peis ener as oedema ono mere nd il oe ak (ete hat SANK EB Sw Ging ee of sia een Wn vice Wis ater wl use em Gaest "he nal iy yr eqn Cn oe cone at ce ater ne dp or et ‘Di i eg rater ey fi nce te oor ‘be te esate doe! Soa itl aed ‘psn our reren eae? Wine, at olde eect on be ccm pn Toten cathe equ, W= a b+ ve Rens ‘aoa Age he ois ped para ahe is ‘qin sey pt oe eu ata? 1 Bah reson et aig wpe et ‘cn te eee ema, Se he on, sees ae be eyo etl sue wept Flan a usbae ‘Seal pamper ony adone aes orto ens Seat i) eal are pt ‘Plion natn, bales oe eb wal he te Toit t de pel pat ocr owe pc ‘Setar ee Tie bs ol ep lc seg ie eo wis tigi Ota he ‘Stee ig ep ante eed ates Ee ‘tae ine wee de mn out eo ‘iow iason fo fe acl wa be me ee an ‘atgane foe ep tbe bem ee gee semmy 18Wo Chapter «Bsa Demat 2. Thema ec wet te pan Qeatir eer at sare dtc que ae Fr ee eat (haf he mead qureretpar 1 Q= 208 PF = Smt = 1 fe gence) adn te unter pl ply noe te ay the Statistical Tables Poe weet oe Og 1 mo 1% MAM seo ss eH 6.90 21s 1m) hs Des 2 ius a) am re 2a oam se sw aw Ince, rane! y een cmp an eo unbeed que = Sh Sc ial ee ae ‘geen 4698, th epee expen poverate5 peet ene el The stl gto st Sawn Seu te M8 SR Hota) am re ny er ee Sou mse ae ea Woop aM 3 anew hme ssa an wie os aN ssa is tse soe aa 2h Saat (ss oR 8k Qe Tura + ar sas, ‘ee rognt td rr 14, 78,78 Aepigat ‘etd tu P Yan gy cet tn oe ‘Sn an eae dete eee ee We ‘ses Be ansehen ems 24 : Suggested References en id co nb oe he 1 Reg Pp ei a a Eaten A ay i Nid, Dee Ag. Poy a Da ee Pe Seer om wm nw Sep ore eo eon SARC earmncrtet ona omens 28 8 Se Oe Aer bek Ga 1 4 4i5 SSO 2am na Linctiemneeer SS mm te to (eifnintetnnnconeen crane 3 i i lee ome eee aaa rs aon eeeAppendix (9 Chapter 4 fining Demand 18 | oro b 4 8 ee es 3 moomoo Pent anit iISBSSSES en ah ant aa aa onl on ee + 6% aT oe tes? ena z ae cd i {ss ow ow wo fos | osc ihcs ciclo oi : 2 2 + ous ue ue cease aah 5 ww Week 7s BBB, 2 ae nie oe ioe cede ew a ne Pooh oes su 2 os oa ow wows aes eS Gas sas sm Ph oe oe SoS . 8 | Pee SG 2g sow : Poel BT kT 2 \n am ‘MOT SST 44 amg 2 ue SA 6h ° es 7m BBS ASR a . i ue 7 2 ww wae ewe Se cece oie so ow eae ; Tee eae ee SA sl fcc eo rp si om ie i a & I Po ooo oe es So