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1、CHAPTERONE1IntroductionarrenE.Buffett,thecelebratedchairmanandchiefexecutiveofficerWofOmaha,Nebraska–basedBerkshireHathaway,Inc.,startedaninvestmentpartnershipwith$100in1956andhasgoneontoaccumulateapersonalnetworthinexcessof$30billion.Asbothamanagerandaninvestor,Buffettisrenownedforfocusingontheecon
2、omicsofbusinesses.Berkshire’scollectionofoperatingbusinesses,includingtheGEICOInsuranceCompany,InternationalDairyQueen,Inc.,theNebraskaFurnitureMart,andSee’sCandies,commonlyearn30percentto50percentperyearoninvestedcapital.Thisisastonishinglygoodperformanceinlightofthe10percentto12percentreturntypica
3、lofindustryingeneral.AsecondandequallyimportantcontributortoBerkshire’soutstandingperformanceisahandfulofsubstantialholdingsinpubliclytradedcommonstocks,suchasTheAmericanExpressCompany,TheCoca-ColaCompany,andTheWashingtonPostCompany,amongothers.Asbothmanagerandinvestor,Buffettlooksfor“wonderfulbusin
4、esses”withoutstandingeconomiccharac-teristics:highratesofreturnoninvestedcapital,substantialprofitmarginsonsales,andconsistentearningsgrowth.Complicatedbusinessesthatface1fiercecompetitionorrequirelargecapitalinvestmentareshunned.Buffett’ssuccessispowerfultestimonytothepracticalusefulnessofman-ageri
5、aleconomics.Managerialeconomicsanswersfundamentalquestions.Whenisthemarketforaproductsoattractivethatentryorexpansionbecomesappealing?Whenisexitpreferabletocontinuedoperation?Whydosomeprofessionspaywell,whileothersofferonlymeagerpay?Successfulmanagersmakegooddecisions,andoneoftheirmostusefultoolsist
6、hemethodologyofmanagerialeconomics.1InformationaboutWarrenBuffett'sinvestmentphilosophyandBerkshireHathaway,Inc.,2canbefoundontheInternet(http://www.berkshirehathaway.com).12IntroductionChapterOneIntroduction3HOWISMANAGERIALECONOMICSUSEFUL?managerialManagerialeconomicsapplieseconomictheoryandmethods
7、tobusinessandadministrativeeconomicsdecisionmaking.Managerialeconomicsprescribesrulesforimprovingmanagerialdecisions.ApplieseconomictoolsManagerialeconomicsalsohelpsmanagersrecognizehoweconomicforcesa
