ECON723 - Managerial Economics

Description:
This course surveys the fundamental concepts and methods of economic analysis for managers. Real-world decision making is emphasized. Application of key economic concepts such as market demand, market supply, market equilibrium, marginal analysis, production, costs, revenue, profit, and market structure constitute the core material of the course.

Outcomes:

• Discuss the underlying principles of the economic way of thinking
• Apply the concepts of supply & demand and elasticity in real-business situations
• Discuss the concepts of profits, losses, and cost and their implications for business decisions
• Discuss how cost-benefit analysis is used for decision making
• Weigh risks when making decisions
• Discuss how the presence of externalities affect cost-benefit analysis results
• Value the impact from observed behavior on cost-benefit analysis
• Discuss how economic agents use cost-benefit analysis to meet their goals
• Analyze the impact of business strategies on the local, national, and global economies

Required Text(s):

• Baye, M. R., & Prince, J. (2022). Managerial Economics and Business Strategy. McGraw-Hill Irwin, 2022 Connect Smartbook edition.