Managerial Economics by D.J. Reyniers PDF

By D.J. Reyniers

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Oil companies will only operate wells where they can extract oil and produce gasoline at a cost that is less than the market price of gasoline: $3/gallon. 3. The buyers of gasoline will only use it for activities that are worth at least $3/gallon—like driving to their best friend’s wedding—and they won’t use it for activities that are worth less than $3/gallon—like visiting their least favorite relatives. When gas prices go up, who in the family can’t make it for Thanksgiving? In equilibrium, both the sellers and the buyers of gasoline are optimizing, given the market price of gasoline.

Suppose that you can do only one of two activities with your free time: work at a part-time job or surf the Web. Suppose that you have 5 free hours in a day (once we take away necessities like sleeping, eating, bathing, attending classes, doing problem sets, and studying for exams). Think of these 5 free hours as your budget of free time. Then your budget constraint would be: 5 hours = Hours surfing the Web + Hours working at part-time job. This budget constraint equation implies that you face a trade-off.

Occasionally, however, economic reasoning can help people make better choices. 44 Question Answer Data Caveat Is Facebook free? No. The opportunity cost of Facebook was $450 billion dollars in 2013. Facebook usage statistics provided by Facebook. We can only crudely ­estimate opportunity cost for Facebook’s 1 billion worldwide users. 4 The Second Principle of Economics: Equilibrium In equilibrium In equilibrium, everyone is ­simultaneously optimizing, so nobody would benefit by ­changing his or her own behavior.

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Managerial Economics by D.J. Reyniers

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