An application of microeconomics tools to decision-making by managers. The course includes the study of the internal and external economic environments of firms for managerial decision-making. Topics include supply and demand, quantitative demand, analysis, production and costs, market structures, game theory, pricing strategies, organization of firms, and social perspectives on managerial decision making.
Prerequisite Courses
Prerequisites
(LIBR 150 may be taken concurrently).
Course Outcomes
After successfully completing the course, the learner will be able to:
- Analyze mainstream microeconomic theory – particularly demand, cost, and production
- theory – and apply it to the decision-making process of the modern business firm.
- Apply the tools of higher mathematics to the solving of optimization problems.
- Apply the tools of economic statistics to the estimation and forecasting of demand, cost, and production theory.
- Evaluate the impact of time and uncertainty on economic decision-making.
- Analyze specific microeconomic/macroeconomic issues and/or policies.
- Analyze the microeconomic/macroeconomic news items in the media and evaluate them in light of the theories and relationships learned in class