Fundamentals of Managerial Economics |
Common terms and phrases
activity level advertising analysis automobile average cost Calculate coefficient coefficient of determination competition concept consider constant constraints consumers cost curve customers decision problems demand curve demand function determine economic profits effect efficient equal equation estimate example expected F-statistic factors Figure firm firm's forecast given important income increase incremental independent variable indifference curve industry input interest rates isocost isoquant labor linear programming long-run managerial decision managerial economics managers marginal cost marginal profit marginal revenue markup mean measures million monopolistically competitive monopoly nomic operating optimal output level percent confidence population price discrimination price elasticity price/output problem profit margin profit-maximizing quantity demanded rate of return regression model result returns to scale risk sales revenue short-run slope standard deviation standard error statistical supply curve t-statistic Table theory tion total cost total profit total revenue typically units of output utility value maximization zero