Class Notes for Management at McGill University

How to Save Capitalism Rhetorical Strategies Hyperbole Ex. The title: How to Save Capitalism strategic exaggeration Introducing historical frames Ex. If the nancial debacles of the last decade.. Rhetorical questions Ex. ...

This lecture examines the basic Demand/Supply model that is central to microeconomics. We do so by defining the relationship between Price and Quantity in Demand and Supply without analyzing the cause of those relations...

Recall that all factors, particularly capital, are variable in the long-run. There are two ways (plus combinations of the two ways) that Capital can change in the long-run. 1. Change in the size of individual firms th...

BUDGET CONTRAINTS: - Suppose that the consumer (household) consumes only two goods (X and Y). Given the Prices of the two goods (P X P Y and the consumer’s income (m), the possible quantities purchasable ...

We can analyze Demand and Supply and Market equilibrium with linear equations. These are equations of the form Y = a + bX where a is the Y-intercept, i.e., the value of Y when X is zero, and b is the slope (rise/run = Δ...

PROFIT MAXIMIZATION Profit = Total Revenue (P*Q) – Total Costs Accountants calculate Profit as operating Profit = Total Revenue – Operating Costs = Total Revenue – Variable Costs (in economic terminolog...

Definition: Productive Efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of productive efficiency in our discussion of Production Possibili...

A monopoly (‘single sellers’) is the sole producer in an industry. This means that Demand for the industry is Demand for the Monopoly and that the marginal cost and average cost functions of the monopoly are the margina...

Alfred Marshall, the founder of modern Microeconomics in 1890, defined Economics as “the study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely con...

Our understanding of elasticity will help us analyze the impact of sales taxes or subsidies on equilibrium price and quantity. 1. Per Unit Tax The simplest sales tax is a fixed tax per unit sold, regardless of ...

Economists measure Elasticity as the ratio of percentages changes because a ratio of absolute change does not indicate the relative importance of a change (e.g., a $1 increase in the price of a car would hardly affect c...

We first examine the cost of firms in the period when capital is fixed to understand the importance of marginal cost in the determination of profit maximizing output. We do this by deriving cost functions from productio...

Principles of Microeconomics: Elasticity ELASTICITY Elasticity Definition: Elasticity measures the responsiveness of a change in a variable to the change in another variable => ε = %ΔQ/%ΔP Economists me...

Principles of Economics: Efficiency EFFICIENCY Definition: Productive Efficiency is optimal output from given resources or minimal cost for a given output. We have already seen the concept of productive eff...

Preference Theory and Derivation of Demand CONSUMER CHOICE THEORY (DEMAND) BUDGET CONTRAINTS: - Suppose that the consumer (household) consumes only two goods (X and Y). Given the Prices of the two goods (PX...

Administrative law directly influences the life of every American citizen. All local, state and federal agencies operate pursuant to general Administrative law principles. An understanding of all administrative law functio...

The systematic study of individual and group behavior within organizational structures is outlined in this coordinated Guide. Theories of leadership and individual behavior are related to the foundations of group behavior ...

Business law, sometimes referred to as corporate-commercial law, is a system of governance and regulations in connection with the creation, existence and dissolution of businesses. Today, Canadian businesses are governed b...

The complex aspects of Management are made clearer in this Guide. This powerful Guide provides comprehensive assistance to anyone who desires a deeper appreciation of basic Management principles. The fundamentals of organi...

Corporations are explained with clarity and precision in this informative Guide! This guide helps to remove some of the confusion that popularly exists concerning the purpose, the extent, and the legal effect of different ...