Essay about Chapter 1 Lecture Notes

Submitted By amdsiam
Words: 527
Pages: 3
Open Document
Chapter 1 Lecture Notes

1. Introductions
a. Name
b. Affiliation
c. Life Goal: Why are you pursuing an MBA

2. Basics
a. Economics: Show how resource scarcity is related to choice and cost
b. Economic Profit: Motivates entry, redirects the nation’s resources, created by entrepreneurs or by sudden events
c. Market Interactions
i. Many mistakenly think of competition as buyer vs seller
1. Trade is mutually beneficial
2. There is a surplus to split
3. Buyer-seller competition determines split of buyer seller trade surplus
a. Effect of Unions ii. Real competition is buyer vs buyer and seller vs seller
1. This is important for economic efficiency and for promoting technical change
d. Marginal Decision Making (Getting the intuition is the valuable thing)
i. Cost-Benefit Analysis
1.
2. Total Benefit: , depends upon the quantity of some input
a. Marginal Benefit: , inputs are productive
b. Declining Marginal Benefit: , law of diminishing returns
3. Total Cost: C, depends upon the quantity of some input
a. Marginal Cost: , inputs are costly
b. Declining Marginal Benefit: , law of increasing costs
4. Net Benefit
a. Net benefit of inactivity:
b. Marginal Net Benefit
c. Useless Activity:
d. Typical useful activity: , which implies
e. Optimal Level of Activity: , which implies
5. Show Cost-Benefit Analysis Diagrammatically

ii. Hiring Decision Example
1. Constant wage
2. Constant price for product
3. Marginal Product
4. Comparing Marginal Revenue Product with Wage
5. Law of Diminishing Returns iii. Other examples
1. How much to study?
2. How much to work out?
3. How much time to spend cleaning your house?
4. How much money to spend cleaning Lake Tahoe?
5. Can we be too safe?
6. Lesson: Virtue lies between extremes---Aristotle
e. Time Value of Money
i. Show where the comes from ii. Cost of Waiting: FV-PV iii. iv.
v. : Discount rate i that makes the present value equal zero. vi. Chapter 1 Problems

CH1 Problem 1: (a) Identify a personal decision that involves “how much to spend” or “how
Show More

Related Documents: Essay about Chapter 1 Lecture Notes

Essay on Observational Atomic Structure Notes

PG 1 of 2 Observational Atomic Structure [KEY] Analytical Chemistry Department of Science, Honors Chemistry | Spring Chapter 4 Section 2 Review Essential Questions & Answers: [ ] 1. Who suggested the ideology of atoms? 4th century B.C Greek Democritus of Abdera [ ] 2. What was the conclusion, in reference to the concept of atoms, Democritus proposed? Atoms were indivisible, indestructible, fundamental units of matter. [ ] 3. What did Democritus’ proposals lack in explanatory reasoning? Why? They…

Words 756 - Pages 4

2014 15 Tm4001 Handbook Essays

develop an appreciation and understanding of the discipline of marketing. Aims 1. To familiarise students with the fundamental concepts, principles and theories of marketing. 2. To enable students to appreciate the underlying principles of marketing. 3. To introduce students to marketing techniques and applications. 4. To enable students to relate these principles to a range of organisational contexts. Learning outcomes 1. Examine the growth and development of marketing and discuss the theoretical…

Words 1913 - Pages 8

Essay on I love You

Fall 2013 1 Introduction to Biological Science - 71840 - BIOL 1014 - 003 Introduction to Biological Science1 - 71841 - BIOL 1014 - 004 Lecture: 9:00-9:50 MWF (McE 152) Lab: 003: 1:00-2:50 T (McE 133); 004: 3:00-4:50 T (McE 133) Instructor: G. P. Johnson, Ph.D.; Botany (Plant Systematics), North Carolina State University, Raleigh (Dr. James W. Hardin) Office: McE 10; see also McE 9A & 9B Office Hours: see schedule beside office door; please schedule an appointment email: gjohnson@atu.edu…

Words 1235 - Pages 5

20246 Learning Guide Essay

examined on comes from the following sources: 1. The textbook 2. Lecture Slides 3. Weekly Readings (weeks 11 & 12) What to expect: You may find some weeks more challenging than others – however, the content is roughly evenly distributed. Just because there are more lecture slides in a given week doesn’t mean that there…

Words 937 - Pages 4

Essay about Marketing: Assessment Task

AFF2631 Financial management Unit Guide Semester 1, 2012 The information contained in this unit guide is correct at time of publication. The University has the right to change any of the elements contained in this document at any time. Last updated: 23 Jan 2012 Table of Contents AFF2631 Financial management - Semester 1, 2012.............................................................................1 Mode of Delivery..............................................................…

Words 3456 - Pages 14

Essay on biol 2010

Collab site, under Schedule Required text: How Life Works, preliminary edition, Morris et al. Meeting times and locations: Lectures: MWF, 11-11:50am in Chemistry 402 or 1-1:50pm in Gilmer 130 Semester exams: 9/21, 10/19, and 11/9, 3-5pm, Chemistry 402 or Clark 108 as assigned Final exam: **NOTE: FINAL EXAM DATE AND TIME DEPEND ON YOUR SECTION! If registered in section 1 (schedule # 11977, 11am class): Sat, Dec 15, 9am-noon, Chem 402 If registered in section 2 (schedule # 10372, 1pm class): Mon…

Words 673 - Pages 3

Notes On Personality Psychology

assanand@psych.ubc.ca Phone: 604.822.2851 Office Hour: Friday, 11:30AM-1:30PM Teaching Assistants Doan Le (“Doe-Anne Lay”) TA for students with last names A-K Office: Room 1912, Kenny Building E-mail: dtle@psych.ubc.ca Phone: N/A Office Hour: Tuesday 2:00-3:00PM Aaron Weidman (“Weed-man”) TA for students with last names L-Z Office: Room 1355, Kenny Building E-mail: acweidman@psych.ubc.ca Phone: N/A Office Hour: Thursday, 1:00-2:00PM Course Description: This course…

Words 3841 - Pages 16

Sociology and Class Essays

INTRODUCTION TO SOCIOLOGY Spring 2015 Instructor: Wan-Ning Bao Sociology R100 Office: CA 303H Section 11090 Office Hours: T/R 1:30 - 2:30 PM Tuesday 12:00 - 1:15 PM Telephone: (317) 274-2665 Thursday 12:00 - 1:15 PM E-mail: wbao@iupui.edu Location: CA 225…

Words 1903 - Pages 8

Essay about Course Outline Fall 2014

affecting how individuals cooperate with, conflict with, and influence others in organizations. REQUIRED TEXT McShane, Steven L. & Sandra L. Steen. Canadian Organizational Behaviour, 8th. Ed., McGraw-Hill Ryerson Ltd., 2012. *** Please read Chapter 1 of the text before the first class. *** COURSE ASSESSMENT Course Coverage: Individual Behaviour and Performance Work Motivation Theories and Practices Perception, Emotions, and Attitudes Team Dynamics and Effectiveness Power and Politics in Organizations…

Words 1934 - Pages 8

Essay about Investment and Case Study Class

following course materials on a continual basis throughout the entire semester: (1) Textbook: Investment Analysis and Portfolio Management 10e by F. Reilly and K. Brown (Cengage South-Western, 2012) (2) Supplementary Readings: As detailed in the Course Outline, in addition to formal assignments from the textbook there will also be a significant amount of supplementary reading in the form of journal articles and other lecture notes. All of these supplementary readings can be downloaded from the course website…

Words 5860 - Pages 24