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# Class Notes for Management Science at University of Manitoba

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###### 24HR Notes

The notes and past exams you need. Available 24 hours after each lecture.

##### MSCI 2150 Lecture Notes - Average Variable Cost, Fixed Capital, Marginal Product

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Ceteris Paribus, Demand Curve, Inferior Good

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Cogeneration, Perfect Competition, Economic Equilibrium

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Marginal Revenue, Competitive Equilibrium, Fixed Cost

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Budget Constraint, Indifference Curve, Opportunity Cost

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 ...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Opportunity Cost, Prometheus Books, Forego

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Productive Efficiency, Pareto Efficiency, Allocative 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 efficiency in our discussion of Production Possibili...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Economic Equilibrium, Remittance

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 ...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Price Floor, Economic Equilibrium, Price Ceiling

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...

Management Science
MSCI 2150
Sarrah Vakili
##### lecture 24.doc

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 2150 Lecture Notes - Arc Elasticity, Harvest, Monotonic Function

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...

Management Science
MSCI 2150
Sarrah Vakili
##### MSCI 3400 Lecture Notes - Plywood, Deadweight Loss, Demand Curve

Week 4 – Elasticity, Tax Incidence and Tax Burden A key characteristic of demand and supply curves! – Elasticity Elasticity = sensitivity or reponsiveness Changes in one variable as another variable changes How se...

Management Science
MSCI 3400
Sean Mac Donald
##### chapter 15.doc

Principles of Economics: Monopoly MONOPOLY 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 aver...

Management Science
MSCI 3400
Sean Mac Donald
##### MSCI 3400 Lecture Notes - Ceteris Paribus, Demand Curve, Economic Equilibrium

Problem Set #4: Elasticity Key Concepts Elasticity of Demand = % change in Quantity Demanded % change in Price Income E...

Management Science
MSCI 3400
Sean Mac Donald
##### MSCI 3400 Lecture Notes - Substitute Good, Forego, Microeconomics

Principles of Microeconomics: Production Possibility Frontiers INTRODUCTION Alfred Marshall, the founder of modern Microeconomics in 1890, defined Economics as “the study of mankind in the ordinary business of li...

Management Science
MSCI 3400
Sean Mac Donald
##### Laboratory Basics - Reference Guides

Lab safety is the cornerstone principle in this compelling Guide. All international safety symbols are clearly defined, with all basic lab glassware and equipment depicted by text description and diagrams. The Guide also p...

ANAT - Anatomy
ANAT 14
All Professors
##### Administrative Law - Reference Guides

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...

MGMT 10
All Professors
##### Organizational Behavior - Reference Guides

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 ...

Psychology
PSYC 302
All Professors
##### Introduction to Business Law - Reference Guides

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...

BLAW 464
All Professors
##### Management - Reference Guides

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...

BA 2283
All Professors
##### Corporations - Reference Guides

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 ...

BA 2283
All Professors
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