Essay on Lecture 1

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Manager: A person who Makes decisions and follows plans to make their company efficient
Economics: the science of making decisions due to scarcity Scarce resources of company, important company resources
Managerial Economics: study of how to allocate scarce resources efficiently to achieve a managerial goal. Maximize revenue, minimize cost
Decision making involves well-defined and achievable goals to gain profit and reduce costs even with the constraints we face such as limited labour, resources, etc.
Accounting Profits: total revenue – cost of goods sold/produced
Economic Profits: total revenue – total opportunity cost
OPORTUNITY COST
Accounting cost: explicit costs of the resources needed to produce G&S
Opportunity cost: explicit and implicit costs of the resources forgone when a decision is made
Economic profits: Total revenue – opportunity cost
Profits signal to resource holder where resources are highly valued Resources will flow INTO industries that are highly values by society Profitable industries will attract new entrants which will increase competition leading to lower prices and higher innovation to attract and maintain customers
TRUE OR FALSE
The higher the wage a manager pays their employees the harder they will work FALSE: incentives are better than a pay increase
The higher the price a manager pays for a product the better the quality FALSE: quality doesn’t depend upon money; it depends on the inputs and their overall production quality TRUE: some places this does become true, mostly you have to monitor and have your own standard that the product must achieve
Incentives play

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