February 2016
Beginner to intermediate
500 pages
33h 40m
English
Content preview from Managerial Economics and Strategy, 2/eBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Definitions
- adverse selection:
when one party to a transaction possesses information about a hidden characteristic that is unknown to other parties and takes economic advantage of this information, causing low-quality items to be over-represented in transactions. (15)
- arc price elasticity:
an elasticity that uses the average price and average quantity as the denominator for percentage calculations. (3)
- asymmetric information:
a situation in which one party to a transaction has relevant information that another party does not have. (15)
- auction:
a sale in which a good or service is sold to the highest bidder. (12)
- average cost (or average total cost) (AC):
the total cost divided by the units of output produced: [&AC|=|C/q.&] (6)
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