Managerial Economics

analysis assume average cost curve Calculate capital coefficient coefficient of determination competition concept constant constraint consumers cost curve cost function cost-plus pricing demand curve demand function determine dual efficient elasticity of demand equal Equation estimated example Figure firm firm's fixed costs forecast illustrated important income increase independent variables indicates industry input combinations input factors investment isocost isoquant labor linear programming problem long-run average cost managerial decision managerial economics manufacturing marginal cost marginal product marginal revenue market structure maximization monopoly operating optimal output level P₁ percent period plant price discrimination price elasticity price/output production function production system profit contribution profit-maximizing Q₁ Q₂ quantity demanded reduce regression regulation relation returns to scale shadow price short-run slack variables slope solution Table technique tion total cost total profit total revenue units of output utility variable cost zero