Managerial Economics: Theory and Practice

WSGPR 7/7/03 4:33 PM Page i

Managerial Economics: Theory and Practice

WSGPR 7/7/03 4:33 PM Page ii

WSGPR 7/7/03 4:33 PM Page iii

Managerial Economics: Theory and Practice
Edited by

Thomas J. Webster
Department of Finance & Economics Lubin School of Business Pace University

Study Guide

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WSGPR 7/7/03 4:33 PM Page iv

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Table of Contents

Preface to the Student

xi

1
Introduction
Overview 1 Multiple choice questions 3 Shorter problems 9 Longer problems 10 Answers to multiple choice questions 11 Solutions to shorter problems 12 Solutions to longer problems 12

2
Introduction to Mathematical Economics
Overview 15 Multiple choice questions 16 Shorter problems 22 Longer problems 23 Answers to multiple choice questions 24 Solutions to shorter problems 25 Solutions to longer problems 27 v

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vi

Table of Contents

3
The Essentials of Demand and Supply
Overview 31 Multiple choice questions 33 Shorter problems 40 Longer problems 41 Answers to multiple choice questions Solutions to shorter problems 43 Solutions to longer problems 44

43

4
Additional Topics in Demand Theory
Overview 47 Multiple choice questions 48 Shorter problems 55 Longer problems 56 Answers to multiple choice questions Solutions to shorter problems 59 Solutions to longer problems 60

58

5
Production
Overview 63 Multiple choice questions 65 Shorter problems 72 Longer problems 73 Answers to multiple choice questions Solutions to shorter problems 74 Solutions to longer problems 76

74

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Table of Contents

vii

6
Cost
Overview 79 Multiple choice questions 80 Shorter problems 87 Longer problems 89 Answers to multiple choice questions 90 Solutions to shorter problems 91 Solutions to longer problems 93

7
Profit and Revenue Maximization