Textbook Notes (368,098)
Canada (161,641)
BUS 207 (14)
Chapter 1

Chapter 1 Vocab and Notes

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Department
Business Administration
Course
BUS 207
Professor
Karen Ruckman
Semester
Winter

Description
Managerial EconomicsChapter 1 Introduction to Economic Decision Making Managerial Economics The analysis of major management decisions using the tools of economicsIt applies many concepts from economics demand and cost monopoly and competition allocation of resources and economic tradeoffs to aid managers in making better decisionsSeven Examples of Managerial DecisionsFirst Example A US multinational carmaker produces and sells its output in two geographic regions The markets for vehicles at home and abroad differ with respect to demand and the production facilities have different costs and capacitiesHow can the company determine a profitmaximizing pricing and production plan for the coming yearSecond Example In 1987 Michael Eisner the head of Walt Disney Co signed the final contract with the French government to build and operate a 2 billion theme park outside of Paris Based on its long record of success Disneys management team confidently embarked on a monumental investment However since opening in April 1992 Euro Disneys performance has been dismal marked by lowerthanexpected revenues and elevated costsWhat factors are to blame for the parks poor operating results Armed with more realistic forecasts what might Disney have done differentlyThird Example BarnesNoble and Borders Group have been engaged in a cutthroat retail battle In major city after major city the rivals have opened superstores often within sight of each other How does either chain asses the profitability of new marketsOn w
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