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Introduction to Managerial Economics
Decision Making Under Risk and Uncertainty
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assumptions attributes average variable costs behavior bid price breakeven calculate capital cash flows ceteris paribus chapter coefficient Company constant consumer consumer's contract cost and revenue cost curve criterion cross elasticity decision alternatives decision maker decision problem demand curve demand function derived discount factors effect elasticity of demand estimate example expected present value expected value Figure firm firm's firm’s forecasting income income effect increase incremental costs independent variables indicate indifference curve input investment labor line of best machine managerial economics marginal cost marginal revenue markup maximize net present value opportunity cost opportunity discount rate output level overhead particular product percent plant possible outcomes predict price change price elasticity price level probability distribution profit-maximizing profits purchase quantity demanded reduced regression analysis relationship relatively result risk search costs short-run shown situation slope standard error substitution Suppose Table tion total revenue units utility