# Class Notes for MGE 302 at University at Buffalo (UB)

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## MGE 302 Lecture Notes - Lecture 12: Marginal Revenue Productivity Theory Of Wages, Network Effect, Average Variable Cost

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Essential concepts: market power is the ability of a firm to raise price without losing all its sales. Any firm that faces a downward sloping demand cu

View Document## MGE 302 Lecture Notes - Lecture 9: Isocost, Isoquant, Marginal Cost

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Essential concepts: in long-run analysis of production, all inputs are variable and isoquants are used to study production decisions. The marginal rate

View Document## MGE 302 Lecture Notes - Lecture 15: Decision Rule, Standard Deviation, Relative Risk

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Essential concepts: conditions of risk occur when a manager must make a decision for which the outcome is not known with certainty. Under conditions of

View Document## MGE 302 Lecture Notes - Lecture 10: Cubic Function, Production Function, Regression Analysis

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## MGE 302 Lecture Notes - Lecture 3: Marginalism, Sunk Costs, Marginal Utility

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Marginal analysis involves changing the value of a choice variable by a small amount to see if the objective function can be further increased (in the

View Document## MGE 302 Lecture Notes - Lecture 1: Risk Premium, Profit Margin, Opportunity Cost

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Managerial economics applies microeconomic theory the study of the behavior of individual economic agents to business problems in order to teach busine

View Document## MGE 302 Lecture Notes - Lecture 14: Price Discrimination, Economic Surplus, Marginal Revenue

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Price discrimination: capturing consumer surplus: uniform pricing occurs when businesses charge the same rice for every unit of the product they sell.

View Document## MGE 302 Lecture Notes - Lecture 6: Price Elasticity Of Demand, Marginal Revenue

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Since p and q are inversely related by the law of demand, the numerator and denominator of e always have opposite algebraic signs, and e is always nega

View Document## MGE 302 Lecture Notes - Lecture 11: Average Variable Cost, Average Cost, Marginal Revenue Productivity Theory Of Wages

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## MGE 302 Lecture Notes - Lecture 13: Strategic Dominance, Decision Games, Oligopoly

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A game is any decision-making situation in which people compete with each other for the purpose of gaining the greatest individual payoff (rather than

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