GENERAL PROBABILITY RULES. General addition rule P(A or B) = P(A) + P(B) – P(A and B) Addition rule for disjoint events P(one or more of A, B, C) = P(A)
Chapter 2 Theoretical Foundations: Prices, Markets, and Management.
Production and Cost Chapter 5 Productivity => Cost => Profitability.
Optimization Techniques Methods for maximizing or minimizing an objective function Examples –Consumers maximize utility by purchasing an optimal combination.
Chapter 7 Profit Maximization and Competitive Market.
KEY WORDS: Economy of Scale ; cost per unit ; internal ; external Economies of Scale This section is split into 4 sections ; 1. Internal economy of.
