Details the principles of microeconomic theory such as market supply and demand, production, cost function, industry infrastructure, and product and resource pricing. Delves into understanding of the application of microeconomic concepts to managerial decision making. Students are expected to learn the principles of economic management and understand how to become key decision makers. This is a required course for the MBA degree.
- Perform optimization procedures (e.g., to maximize profits, minimize costs) using basic mathematical tools
- Perform supply and demand analysis to analyze the impact of economic events on markets and firms
- Perform demand estimation procedures using ordinary least squares regression analysis
- Interpret and explain results from applied statistical analyses
- Perform long-term investment analysis to provide necessary tools for assessment of optimal investment strategies
- Perform business and economic forecasting techniques using time series analysis
- Describe the optimal production decision making process for firms
- Explain the relevant cost issues related to firm level decision making
- Determine the optimal pricing strategy for a given set of cost and market conditions
- Discuss the implications of different market structures on pricing and optimal output decision making of firms
Contact hours: 45
Lecture hours: 40
Lab hours: 5
Faculty office hours: faculty is available outside class hours by appointment, via email, and at scheduled times.
Advising: faculty and career counselors are available to assist students with their career directions and questions.