GENERAL NOTE about the problems assigned in Mansfield: all Test Your Understanding problems refer to “exercises” and have answers at the end of the chapter. All odd numbered “End of Chapter” problems have answers at the end of the book. Sometimes I assign some of these problems for homework. The purpose is to provide guided practice in working with the concepts learned in the chapter. At other times, I assign these problems because the WHY part of the problem is missing in the answer. In either case, problems with answers given will not be turned in, although I may ask about the question in class.
Sometimes when assigning even numbered End of Chapter problems they will not be turned in and will be indicated by parenthesis around the number or letter.
The problems that you do turn in need to be typed, although all graphs, tables and equations can be added free-hand.
NOTES on reading Nellis chapter 1: His example an MBA school to illustrate Opportunity cost (page 5-6) is not very good. In fact it may be confusing. You don’t need to know the details of Discounting on page 11, just the concept of what it is ment to accojmplish. Porter’s Five Forces on page 15 can be just looked at for the idea.
PROBLEMS:
Nellis: page 42, # 4