Titlebook: Managerial Economics; The Analysis of Busi Stephen Hill Textbook 1989Latest edition Stephen Hill 1989 economics.Investment.linear optimizat

Petechiae

,Uncertainty — managing the future,nd conditional outcomes could be predicted with complete confidence, then decision-making would be the simple mechanical exercise of calculating the optimal action according to some predetermined criteria. In practice, of course, the decision environment is characterised by uncertainty — or the abse

immunity

Demand theory and estimation, customers are prepared to pay. A knowledge of the firm’s demand conditions is then essential decision information, controlling the decisions of what and how much to produce, as well as the more obvious marketing decisions such as price and advertising. New investment decisions, whether to replace e

殺蟲劑

Production,ly benefits of any action, usually expressed in terms of revenue. The other side of the decision equation is evaluation of the . of an action, to which the benefits can be compared. It is to the costs that we now turn, using as a starting point the economic analysis of . The primary activity of any

Euphonious

牛馬之尿

The competitive environment,ment in which the firm operates. An understanding of this competitive environment will enable cost and demand analysis to be put together to determine an economic theory of the firm, which can offer significant insights into the decision-making process. Each and every business decision must be made

西瓜

Pricing decisions,e major focus of economic theory in the analysis of resource allocation, but its position in managerial economics is more limited. In the analysis of business decision-making, pricing is just one element in a comprehensive competitive strategy. Moreover, the pricing decision is a . to an end, and no

FRET

鴿子

Inventory decisions,entories appear on the company balance sheet as a current asset, and may form a substantial proportion of the value of the firm. From a managerial perspective, large stock-holdings may prove to be more of a liability than an asset, with the high costs of carrying stock being a primary reason for man

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