Instruction: Define each of the following components of the 3 (three) areas of Managerial Economics and give an example of situation that applies each component.

Management Decision Problems . Product selection, output, and pricing . Internet strategy Organization design . Product development and promotion strategy . Worker hiring and training Investment and financing Economic Concepts Quantitative Methods . Marginal, analysis . Numerical analysis . Theory of consumer demand statistical estimation . Theory of the firm . Forecasting procedures . Industrial organization and firm . Game - theory concepts . Optimization techniques behavior . Public choice theory . Information systems