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Dairy Essay

  • Submitted by: SirajRaja1
  • on February 26, 2014
  • Category: English
  • Length: 1,785 words

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Below is an essay on "Dairy" from Anti Essays, your source for research papers, essays, and term paper examples.

Managerial Economics Defined
• The application of economic theory and the tools of decision science to examine how an organization can achieve its aims or objectives most efficiently
– applications of economic theory – quantitative methods – statistical methods – computational methods

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright © 2007 by Oxford University Press, Inc.

Slide 1

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright © 2007 by Oxford University Press, Inc.

Slide 2

Economic Theories for Managers
• Microeconomics
– Study of the economic behavior individual decision-making units – Relevance to Managerial Economics of

• Macroeconomics
– Study of the total or aggregate level of output, income, employment, consumption, investment, and prices for the economy viewed as a whole
PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright © 2007 by Oxford University Press, Inc.

Slide 3

Decision Science Theories
• Mathematical Economics
– Expresses and analyzes economic models (i.e., economic theories) using the tools of mathematics

• Econometrics
– Uses statistical methods to estimate and test economic models using empirical data

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright © 2007 by Oxford University Press, Inc.

Slide 4

Economic Methodology
• Economic Models
– Abstract from details (e.g., demand function from demand theory) – Focus on most important determinants of economic behavior – cause and effect

• Evaluating Economic Models
– A model is accepted if it predicts accurately and if the predictions follow logically from the assumptions
PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright © 2007 by Oxford University Press, Inc.

Slide 5

Decision-Making Process

PowerPoint Slides Prepared by Robert F. Brooker, Ph.D.

Copyright © 2007 by Oxford University Press, Inc.

Slide 6

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