Isoprofit Study guides, Class notes & Summaries

TRS correct answers-w1/w2 Cost Function correct answersC(w1,w2,y) = w1x1 + w2x2 Output (y) correct answersSub in x1 and x2 into Production Function Isoprofit Slope correct answersw1/p Isoprofit Y-int correct answersy = π/p + w1/p (x1) + w2/p (x2) Profit Function correct answersπ = Py - w1x1 - w2x2 Gov Instituted Tax correct answersCosts Increase Gov Instituted Subsidy correct answersCosts Decrease Isoprofit Line correct answersProduction Function = f(x1,x2) = s.t. one o...

The summary contains all chapters of the course Quantitative Decision making. I paid attention to all lecture slides, the workshops and the book. Received a 7.4 as a grade but I didnt study well and focused more on Operations Management.

Other names for business decision modeling -management science -operations research -quantitative analysis -operations management constrained mathematical model costs of an objective and one or more constraints classification by the model purpose -optimization models -prediction models classification by the degree of certainty of the data in the model -deterministic models -probabilistic models BDM Scientific Process 1. prob definition 2.. mathematical mode...

Linear Programming Presentation is about introduction, allocating resources, examples of successful LP applications, requirements of a linear programming problem, 5 basic assumptions of linear programming, formulating linear programming problems, formulation of LP problem, graphical solution method, slack and surplus variables, Iso-profit line solution, isoprofit lines steps, special cases in LP, the valuation of scarce resources and sensitivity analysis.

Bullet points summarizing the contents of Chapter 7 of "The Economy" by Core.

Summary of the Quantitative Decision Making course in the first year in the fourth block of the study International Business Administration at the Erasmus University in Rotterdam.

1. The set of all values of the changing cells that satisfy all constraints, not including the nonnegativity constraints, is called the feasible region. a. True b. False 2. Linear programming is a subset of a larger class of models called: a. mathematical programming models b. mathematical optimality models c. linear regression models d. linear simplex model 3. In using Excel to solve linear programming problems, the target cell represents the: a. value of the objective function b. constraints...

Consider again the two ways in which we can view the producer’s profit maximization problem. A: Suppose a homothetic production technology involves two inputs, labor and capital, and that its producer choice set is fully convex. (a) Illustrate the production frontier in an isoquant graph with labor on the horizontal axis and capital on the vertical. b) Does this production process have increasing or decreasing returns to scale? How would you be able to see this on an isoquant graph like the o...

Full Summary of the Core Econ Textbook used by many top universities including UCL, Oxford and Exeter. Bullpointed summary divided into each sub-section which breaks down the content into a few pages rather than a whole long chapter. All the relevant information is in the notes and so you can avoid having to read the whole thing.

This chapter covers the price firms are willing to set in order to maximise profits, as well as maximise the surplus they can achieve from the sales. It covers the effects of elasticities, and things which influence market power.