managerial economics

managerial economics chapter three optimization techniques by: teklebirhan a. (asst. prof) e-mail: tbalemnew@gmail.com 1 aau , 2024 2  understand the concept of optimization techniques  solving economic problems using the substitution method and lagrange multiplier method.  understand the concept of differential calculus  compute the partial derivatives.  apply the partial derivatives concepts in solving economic problems chapter objectives 3 many problems in economics involve the determination of “optimal” solutions.  for example, a decision maker might wish to determine the level of output that would result in maximum profit. the process of economic optimization essentially involves three steps: 1) defining the goals and objectives of the firm, 2) identifying the firm’s constrain...

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