9781118041581
Contents xix MARKET FAILURE DUE TO EXTERNALITIES 455 Remedying Externalities 458 Promoting Positive Externalities 464 MARKET FAI ...
OPTIMAL SEARCH 559 Optimal Stopping 559 Optimal Sequential Decisions 562 THE VALUE OF ADDITIONAL ALTERNATIVES 563 Simultaneous S ...
Contents xxi CHAPTER 17 Linear Programming 707 LINEAR PROGRAMS 709 Graphing the LP Problem 711 A Minimization Problem 715 SENSIT ...
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Decision making lies at the heart of most important business and government problems. The range of business decisions is vast: S ...
In this chapter, we begin our study of managerial economics by stressing decision-making applications. In the first section, we ...
Seven Examples of Managerial Decisions 3 Multinational Production and Pricing Almost all firms face the problem of pricing their ...
associated with the regulations requiring electric utilities to convert from oil to coal. Petroleum imports can be conserved by ...
Seven Examples of Managerial Decisions 5 Priding itself on 17 straight years of 100 percent oil reserve replacement, BP is an ag ...
to leave. The Letterman negotiations raise a number of questions. How well did Michael Ovitz do in squeezing the most out of CBS ...
Six Steps to Decision Making 7 Decisions do not occur in a vacuum. Many come about as part of the firm’s planning process. Other ...
objective of the firm and the usual barometer of its performance. Thus, among alternative courses of action, the manager will se ...
Six Steps to Decision Making 9 Step 3: Explore the Alternatives What are the alternative courses of action? What are the variabl ...
conciliatory an offer should it make? How much can it expect the other side to concede? Thus, a commonly acknowledged fact about ...
Six Steps to Decision Making 11 assessment of the relative merits of competing R&D methods rests on scientific and biologica ...
extents on marginal analysis, decision trees, game theory, benefit-cost analysis, and linear programming, all of which we take u ...
Private and Public Decisions: An Economic View 13 PRIVATE AND PUBLIC DECISIONS: AN ECONOMIC VIEW Our approach to managerial econ ...
acceptable levels of performance with respect to multiple objectives (prof- itability being only one such objective). A second b ...
Private and Public Decisions: An Economic View 15 value maximization is not the only model of managerial behavior. Nonetheless, ...
government has refused to acknowledge international drug patents.) In return for the companies’ recent price concessions, the Wo ...
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