Berkeley MBA 201A - Lecture - Final review (4 pages)

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Lecture - Final review



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Lecture - Final review

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Pages:
4
School:
University of California, Berkeley
Course:
Mba 201a - Economics for Business Decision Making

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MBA 201a Fall 2009 Prof Wolfram MBA201a Topics Covered in the Course This handout outlines the broad topics that we have covered in the course The final exam is cumulative so you re responsible for the material summarized in this memo This list is not intended to be exhaustive in the sense that I reserve the right to ask you something that is not explicitly listed here but it is meant to give you a thorough guideline 1 Market analysis 2 What is the role of prices in markets How do prices help make markets efficient What would happen if the prices of identical commodities in two different cities differed by more than the cost of transportation Be able to graph a linear demand and or supply curve labeling the axes correctly Be able to calculate equilibrium price and quantity given equations for the supply and demand curve What does shortage excess demand and surplus excess supply mean Why is the market equilibrium rightly called an equilibrium Be able to show the effect on the market equilibrium price and quantity of a change in the supply and or demand curve What are the assumptions underlying the perfectly competitive market equilibrium What is the difference between demand supply and quantity demanded supplied What shifts the supply curve How about the demand curve Decision analysis Be able to construct a decision tree given a verbal description of a decision process Put decisions in chronological order left to right Remember to distinguish between choice and chance nodes and to make sure that the probabilities along a chance node sum to 1 Be able to solve a decision tree for the correct decision Be able to calculate expected values Understand how to use decision trees to check the robustness of a decision i e what if payoffs were different what if probabilities were different etc Know how to assess the value of information Understand how getting information before making a decision can be valuable but only if the information affects your decision 1 MBA 201a 3



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