McGuigan, J. R., Moyer, R.C., & Harris, F.H. (2011). Managerial economics: Applications, strategy, and tactics, (12th Ed.). Mason, Ohio: South-Western Cengage Learning.
Supply and demand are the determinants of the market equilibrium price in a market. Marginal analysis is used when seeking to optimize an objective, such as maximizing cost savings. Net present value helps managers determine how to value projects from the future. Finally, risk analysis involves quantifying the trade-offs when considering new projects with an uncertain outcome. In the following exercise, you will examine how these concepts are utilized.
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