1. Managers often have a wide variety of responsibilities. Many of these problems and challenges were outlined in the first chapter to show you what we will be learning about in this class. Which problem stuck out for you? Why?
2. Economic profit differs from accounting profit in that it factors in the opportunity costs of a decision. With this in mind, how would you explain the possibility of some venture having a negative economic profit but a positive accounting profit?
3. Economists often talk about thinking "on the margin" or "marginally" when considering decisions rationally. Explain what this means.
4. Chapter 2 should be a review of previous economics classes you have taken. What do we expect to happen to market equilibium price and quantity when demand increases? What about when supply decreases? (In other words, make sure you are familiar with the basic supply and demand model. You may want to play with the graphs on your own)
5. What do you hope to learn from this class?
6. What topics did you find the most challenging from chapters 1 and 2?

The text reference is: Managerial Economics: Applications, Strategy, and Tactics by McGuigan, Moyer, and Harris, 13th or 14th edition