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Managerial Economics - VU Video Lectures

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Introduction To Managerial Economics, Relationship To Economic Theory, Relationship To The Decision Sciences, Scope Of Managerial Economics, Theory Of The Firm, Expected Value Maximization, Constraints And The Theory Of The Firm, Limitations Of The Theory Of The Firm, Theories Of Profit, Risk-Bearing Theories of Profit, Frictional Theory of Profit, Monopoly Theory of Profit, Innovation Theory of Profit, Managerial Efficiency Theory of Profit.
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Economic Optimization Process, Maximizing The Value Of The Firm, Expressing Economic Relationships, Revenue Relations, Profit Relations, Profit Maximization, Cost Relations, Geometric Relationships.
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Economic Optimization With Calculus, Marginal Analysis In Decision Making, Tangents As Limits Of Secant Lines, The Derivative, Rules Of Differentiation, Derivative Of A Derivative, Optimization Of Multivariate Functions, Role Of Constraints, Lagrangian Method, Interpretation Of The Lagrangian Multiplier?.
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Demand Analysis, Derived Demand, Law Of Demand, Components Of Demand, Demand Curve Determination, Role Of Non-Price Variables, Demand Function.
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Law Of Supply, Industry Supply Versus Firm Supply, Supply Curve And Supply Function, Movement Along The Supply Curve, Market Equilibrium, Market Disequilibrium, Comparative Statics, Short-Run Analysis, Long Run Analysis.
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Demand Sensitivity Analysis, Point Elasticity And Arc Elasticity, Optimal Price Formula, Elasticity Varies Along A Linear Demand Curve, Varying Elasticity At Different Points On A Demand Curve, Constant Price Elasticity Of Demand, Factors Affecting The Price Elasticity Of Demand, Cross-Price Elasticity Of Demand, Income Elasticity Of Demand, Normal Versus Inferior Goods, Using Elasticities In Managerial Decision Making.
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Simple Demand Curve Estimation, The Identification Problem, Marketing Research Approach To Demand Estimation, Consumer Interviews, Consumer Clinics, Market Experiments, Regression Analysis.
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Demand Estimation, Regression Analysis, The Modern Interpretation Of Regression, Steps In Regression Analysis, Functional Form Specifications, Ordinary Least Squares (Ols) Model, Simple Regression Analysis, Tests Of Significance.
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Assumptions Of Regression Analysis, Specifying The Regression Model, Test Of Goodness Of Fit And Correlation, Total Variation In Y = Nst=1(Yt - Y’)2, Coefficient Of Correlation, The Multiple Regression Model, Adjusted Coefficient Of Determination, The F Statistic, Problems In Regression Analysis, Durbin-Watson Statistic.
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Demand Forecasting, Macroeconomic Applications, Microeconomic Applications, Forecasting Techniques, Qualitative Analysis, Expert Opinion Or Opinion Poll, Survey Techniques, Time Series Analysis, Components Of A Time Series, Trend Analysis And Projection, Growth Trend Analysis.
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212 Views
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Time-Series Analysis, Trend Projection, Microsoft Comparison, Seasonal Variations, Ratio To Trend Method.
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Simplest Method Is Extrapolation, Smoothing Techniques, Moving Average, Exponential Smoothing, Barometric Methods, Leading Indicators, Coincident Indicators, Lagging Indicators, Composite Indexes.
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Econometric Methods, Single-Equation Models, Interpreting The Regression Results, Multiple-Equation Systems, Reduced-Form Equations, Judging Forecast Reliability, Sample Mean Forecast Error Analysis, Choosing The Best Forecast Technique.
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Production Analysis And Estimation, The Organization Of Production, The Production Function, The Three Stages Of Production In The Short Run, Optimal Use Of The Variable Input.
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Production With Two Variable Inputs, Production Isoquants, Marginal Rate Of Technical Substitution, Rational Limits Of Input Substitution, Optimal Combination Of Inputs, Isocost Lines, Expansion Path.
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218 Views
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Returns To Scale, Output Elasticity And Returns To Scale, Cubic Production Functions, Power Production Functions, Cobb-Douglas Production Function.
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Profit Maximization Vs Cost Minimization, Production Analysis With Calculus, Constrained Cost Minimization, Economic Interpretation Of ?.
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Cost Analysis And Estimation, Explicit And Implicit Costs, Opportunity Cost Concept, Historical Versus Current Costs, Replacement Cost, Marginal Cost Versus Incremental Cost, Sunk Costs, Short Run And Long Run Costs, Fixed And Variable Costs, Short-Run Cost Curves, Short-Run Cost Categories, Short-Run Cost Relations, Marginal Cost, Relationship Between Ac And Mc Curves.
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Long-Run Total Cost Curves, Long-Run Average And Marginal Cost Curves, Relationship Between Production And Cost, Minimum Efficient Scale, Competitive Implications Of Minimum Efficient Scale, Economies Of Scale, Cost Elasticities And Economies Of Scale, Multi-Plant Economies And Diseconomies Of Scale, Economies Of Multi Plant Operation, Economies Of Scope, Exploiting Scope Economies.
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Cost-Volume-Profit Analysis, Cost-Volume-Profit Charts, Degree Of Operating Leverage, Learning Curves, Strategic Implications Of The Learning Curve Concept.
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Empirical Estimation Of Cost Functions, The Estimation Of Short-Run Cost Functions, Empirical Estimation Data Collection Issues, The Functional Form Of Short-Run Cost Functions, Cubic Tvc Function, Short-Run Cost Function, The Shapes Of Short- Run Cost Function, Empirical Estimation Long-Run Cost Curves, Estimating Long-Run Cost Functions With Cross-Sectional Data.
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Linear Programming, Production Processes Isoquants In Linear Programming, Production Isoquants, Least-Cost Input Combinations, Optimal Input Combinations With Limited Resources, Historical Perspective Of Linear Programming, Introduction To Linear Programming, Compact Form Maximization, Compact Form Minimization, Inequality Constraints, Linearity Assumption, Production Planning For A Multiple Products, Objective Function Specification, Constraint Equation Specification, Non Negativity Requirement, Analytic Expression.
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Analytic Expression, Graphing The Feasible Space, Graphing The Objective Function, Graphic Solution Of A Maximization Problem, Algebraic Solution Of The Profit Maximization, Corner Point Property, A Minimization Model, Multiple Optimal Solutions, An Infeasible Problem, An Unbounded Problem.
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Dual In Linear Programming (Lp), The Meaning Of Dual And Shadow Prices, Rules Of Transforming Primal To Obtain The Dual, Duality Theorems, Advantages Of The Dual, The Dual Of Profit Maximization, Using The Dual Solution To Solve The Primal, Duality Properties.
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Competitive Markets, Potential Entrant, Effect Of Product Characteristics On Market Structure, Effect Of Entry And Exit Conditions On Competition, Effect Of Product Differentiation On Competition, Market Structure And Degree Of Competition, Perfect Competition, Monopoly, Characteristics Of Perfectly Competitive Markets, Price Determination Under Perfect Competition, Role Of Marginal Analysis, Normal Profit Equilibrium, Profit Maximization With Calculus, Short-Run Analysis Of A Perfectly Competitive Firm.
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Short-Run Supply Curve Of The Competitive Firm, Short-Run Firm Supply Curve, Long-Run Analysis Of A Perfectly Competitive Firm, Marginal Cost And Firm Supply, Perfect Competition And Efficiency, Deadweight Loss Problem, Monopoly.
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Characteristics Of Monopoly Markets, Sources Of Monopoly, Monopoly Price/Output Decisions, Monopoly Output Rule, Monopoly Pricing Rule, Short-Run Price And Output Determination Under Monopoly, Long-Run Price And Output Determination Under Monopoly, Social Costs Of Monopoly, Deadweight Loss From Monopoly.
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Social Cost Of Monopoly, Social Benefits Of Monopoly, Dilemma Of Natural Monopoly, Monopolistic Competition, Monopolistic Competition Characteristics, Meaning And Importance Of Monopolist Competition, Relation Between Product Differentiation And Elasticity Of Demand, Monopolist Competition Price/Output Decisions, Monopolistic Competition Process, Short-Run Monopoly Equilibrium, Long-Run High-Price/Low-Output Equilibrium, Long-Run Low-Price/High-Output Equilibrium.
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Oligopoly, Sources Of Oligopoly, Role Of Strategic Interdependence, Profit Maximization In Four Oligopoly Settings, Oligopoly Output-Setting Models, Oligopoly Price-Setting Models, Bertrand Oligopoly, Bertrand Equilibrium, The Contestable Market Model.
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144 Views
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Oligopoly Models, Stackelberg Oligopoly, Price Leader (Barometric Firm), Kinked Demand Curve Model, Key Feature Of Sweezy Model, Sweezy Oligopoly, Cartels And Collusions.
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174 Views
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Game Theoretic Approach, Game Theory Basics, Role Of Interdependence, Strategic Behavior, Prisoners’ Dilemma, Payoff Matrix, Price Competition And The Prisoners' Dilemma, Non-Price Competition, Cartel Cheating, And The Prisoners' Dilemma, Nash Equilibrium.
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Game Theoretic Approach, Infinitely Repeated Games, Cooperative Vs Non Cooperative Games, Nash Bargaining, Repeated Games, Finitely Repeated Games, Repeated Games And Tit-For-Tat Strategy, Entry Deterrence.
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Pricing Practices, Price Discrimination, Three Conditions To Practice Price Discrimination, Degrees Of Price Discrimination, (First-Degree, Second-Degree And Third-Degree Price Discrimination), Price Discrimination Example.
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Pricing Practices, Pricing Of Multiple Products, Demand Interrelations, Production Interrelations, Joint Products, Joint Products In Variable Proportions, Joint Products In Fixed Proportions, Joint Or Common Costs, Joint Product Pricing Rules, Joint Products Without Excess By-Product, Joint Production With Excess By-Product, Plant Capacity Utilization, Joint Products Produced In Variable Proportions, Joint Products Produced In Fixed Proportions, Joint Product Pricing Example.
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Pricing Practices, Transfer Pricing, Effects Of Transfer Prices, Transfer Pricing Problem, Products Without External Markets, Products With Competitive External Markets, Products With Imperfectly Competitive External Markets, Transfer Pricing For Products Without External Markets, Transfer Pricing With Perfectly Competitive External Markets, Transfer Pricing With Imperfectly Competitive External Markets, Pricing Rules-Of-Thumb, Markup Pricing And Profit Maximization, Markup And Demand Elasticity.
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Alternative Theories Of The Firm, A Critique Of The Neoclassical Theory Of The Firm, The Basic Assumptions Of The Neoclassical Theory, Managerial Criticisms Of The Profit-Maximising Model, Sales Maximization Model, Baumol's Static Models, A Static Model, Without Advertising, Baumol Sales Maximization Model.
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Sales Maximization Model, Added Assumption Of The Advertising Model, Criticism Of Baumol’s Model, Marris's Model Of Maximization Of Growth Rate, Equilibrium Of The Firm, Policy Variables In The Marris Model, The Rate Of Growth Of Demand, The Rate Of Growth Of Capital Supply, Marris Model Contributions, Criticism Of Marris Model.
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The General Model Of Managerial Discretion, Implications Of The Marris Model, Criticism Of Williamson’s Managerial Utility Maximizatio Model.
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Behavioral School Theories, Carnegie Mellon University, The Satisficing Model, The Behavioral Model Of Cyert And March, Means For The Resolution Of The Conflict, Side Payments- Policy Commitments, Uncertainty And The Environment Of The Firm, A Comparison With The Traditional Theory, Behavioraltheory.
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Risk Analysis, Risk And Uncertainty In Managerial Decision Making, Risk And Uncertainty In Managerial Decision Making, Absolute Risk Measurement, The Coefficient Of Variation, Measuring Probabilities With The Normal Distribution, Standardized Variables.
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126 Views
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Utility Theory And Risk Analysis, Possible Risk Attitudes, Relation Between Money And Its Utility, Adjusting The Valuation Model For Risk, Basic Valuation Model, Risk-Adjusted Discount Rate, Certainty-Equivalent Approach.
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124 Views
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Decision Trees And Computer Simulation, Decision Trees, Simulation, Computer Simulation Example, Maximin Decision Rule, Minimax Regret Decision Rule, Asymmetric Information And The Market For Used Cars, The Problem Of Moral Hazard.
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Capital Budgeting, Categories Of Investment, The Capital Budgeting Process, The Capital Budgeting Process, Projecting Cash Flows, Methods Of Capital Project Evaluation, Non-Discounted Payback Models, Payback Period, Net Present-Value Analysis (Npv), Capital Rationing, Profitability Index (Pi) Or The Benefit/Cost Ratio, Pi & Npv Accept/Reject Decision Criteria, Internal Rate Of Return Analysis, Capital Budgeting In Practice.
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166 Views
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Project Selection, Conflicting Rankings Occurs, Ranking Reversal Problem, The Cost Of Debt, The Cost Of Equity Capital, The Risk – Free Rate Plus Premium, The Dividend Valuation Model, The Capital Asset Pricing Model (Capm), The Weighted Cost Of Capital, Optimal Capital Budget, Investment Opportunity Schedule (Ios).
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Government In The Market Economy, Government Intervention, Market Failure, Market Power, Natural Monopolies, Externalities, Solving Externalities, Public Goods, Asymmetric Information.