Managerial Economics: Applied Microeconomics for Decision Making

additional unit advertising allocation analysis APPLICATION average variable cost budget line capital cartel Chapter coefficient commodity competitive firm consumer consumption cost function decision decrease demand curve demand function determine economic elasticity of demand equal equation equilibrium estimated example expected expenditure Figure fixed cost forecast income increase indifference curve industry input prices input usage interest rate internal rate investment less level of output level of usage long-run average cost LRAC manager marginal cost marginal product marginal rate marginal revenue marginal revenue product market demand maximize profit minimum monopolistic competition net present value obtain oligopoly p₁ percent perfectly competitive period plant present value problem production function profit-maximizing purchase quantity demanded rate of interest rate of return regression relation returns to scale sell short-run slope substitution effect supply function Suppose tion total revenue utility variable input wage rate Wall Street Journal zero