Managerial Economics

Block 2 - Basic concepts and economic relationships in managerial economics


Keywords

Costs, revenues, income, expenses, profit, break-even quantity, net profit, gross profit, contribution to reimbursement, calculation of full and partial costs, nonlinear dependence of sales, demand function, maximization of profit in the break-even diagram.

You will be able to
  • characterize the basic concepts used in managerial economics
  • describe the difference between full and partial costing
  • explain the use of gross profit in managerial practice
  • apply the basic concepts used in managerial economics to economic problems
You will gain
  • knowledge of concepts from business and managerial economics
  • ability to use contribution to reimbursement in managerial decision-making
  • skills in calculating full and partial costs
  • knowledge of the demand function and maximization of economic profit

Tutorial presentation:


Basic concepts
Cost and cost function
Break even point and profit

Practicing economic problems:


A set of questions to practice the acquired knowledge:

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