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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 1
Managerial Economics in a
Global Economy, 5th Editionby
Dominick Salvatore
Chapter 2
Optimization Techniquesand New Management Tools
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 2
0
50
100
150
200
250
300
0 1 2 3 4 5 6 7
Q
TR
Expressing Economic
Relationships
Equations: TR = 100Q - 10Q2
Tables:
Graphs:
Q 0 1 2 3 4 5 6TR 0 90 160 210 240 250 240
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 3
Total, Average, and
Marginal Cost
Q TC AC MC
0 20 - -
1 140 140 120
2 160 80 20
3 180 60 20
4 240 60 60
5 480 96 240
AC = TC/Q
MC =
TC/
Q
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 4
Total, Average, and
Marginal Cost
0
6 0
1 2 0
1 8 0
2 4 0
0 1 2 3 4
Q
TC ($)
0
6 0
1 2 0
0 1 2 3 4 Q
AC, MC ($)AC
MC
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 5
Profit Maximization
Q TR TC Profit
0 0 20 -20
1 90 140 -50
2 160 160 0
3 210 180 30
4 240 240 0
5 250 480 -230
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 6
Profit Maximization
0
60
120
180
240
300
0 1 2 3 4 5
Q
($)
MC
MR
TC
TR
-60
-30
0
30
60
Profit
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 7
Concept of the Derivative
The derivative of Y with respect to X is
equal to the limit of the ratio Y/X as
X approaches zero.
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 8
Rules of Differentiation
Constant Function Rule: The derivative
of a constant, Y = f(X) = a, is zero for all
values of a (the constant).
( )Y f X a
0dY
dX
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 9
Rules of Differentiation
Power Function Rule: The derivative of
a power function, where a and b are
constants, is defined as follows.
( ) bY f X aX
1bdY b aXdX
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 10
Rules of Differentiation
Sum-and-Differences Rule: The derivative
of the sum or difference of two functions
U and V, is defined as follows.
( )U g X ( )V h X
dY dU dV
dX dX dX
Y U V
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 11
Rules of Differentiation
Product Rule: The derivative of the
product of two functions U and V, is
defined as follows.
( )U g X ( )V h X
dY dV dU U V
dX dX dX
Y U V
5/23/2018 Ekonomi Manajerial Materi 2(2)
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 12
Rules of Differentiation
Quotient Rule: The derivative of the
ratio of two functions U and V, is
defined as follows.
( )U g X ( )V h X U
YV
2
dU dV V UdY dX dX
dX V
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 13
Rules of Differentiation
Chain Rule: The derivative of a function
that is a function of X is defined as follows.
( )U g X( )Y f U
dY dY dU
dX dU dX
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 14
Optimization With Calculus
Find X such that dY/dX = 0
Second derivative rules:
If d2Y/dX2> 0, then X is a minimum.
If d2Y/dX2< 0, then X is a maximum.
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 15
New Management Tools
Benchmarking
Total Quality Management
Reengineering
The Learning Organization
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 16
Other Management Tools
Broadbanding
Direct Business Model
Networking
Pricing Power
Small-World Model Virtual Integration
Virtual Management
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Prepared by Robert F. Brooker, Ph.D. Copyright 2004 by South-Western, a division of Thomson Learning. All rights reserved. Slide 17
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