A Word to Students
One of the primary objectives in teaching managerial economics in this course is to provide you, the student, with a text book that enhances your learning experience in managerial economics. However, the degree of success you achieve in your managerial economics course will depend, in large measure, upon the effectiveness of your study. I would like to offer you this one tip on studying: Emphasize active study methods rather than relying primarily on passive study routines. “Passive” study methods are those that do not require you to think for yourself. Reading the text, reviewing class notes, and listening to lectures are “passive” in nature because the authors of your textbook or your instructor are providing all the analytical guidance — or reasoning— for you. You are simply following someone else’s reasoning process, working your mind only hard enough to agree with what your read or hear in class.
In contrast, “active” study techniques require you to think and reason for yourself. For example, when you close your book and put aside your lecture notes and then try to explain a concept by yourself — perhaps sketching on a notepad the graph or mathematical demonstration of a result — only then are you creating the path of logical analysis for yourself. The better you can explain the “how” and “why” of key concepts, the more thorough will be your understanding. Of course, some passive study effort is certainly necessary to become familiar with the material, but genuine understanding and ability to use the decision-making skills of managerial economics require emphasis on active, rather than passive, study techniques. Enjoy your journey!