Economics
Approved course information last updated: 2 years, 3 months ago
Pre-requisites: ISOM 220 ECON 320 ELU 126
Requisite To: None
Lab Session:
Managerial economics is a branch of economics that applies microeconomic analysis to business decision making. to effectively manage a company, the manager needs to have a thorough understanding of market mechanisms, consumer behavior, production decisions, costs, competition strategies and internal organization. These economic concepts will be gradually developed throughout the course, to show how they can be applied to managerial decisions. The analysis and principles that we learn in this course will serve as building blocks for the understanding of other subjects such as accounting, marketing, corporate finance, and human resource management.
- 1. identify and apply the main principles of effective managerial decision making.
- 2. apply various elasticities of demand as a quantitative tool to forecast changes in revenues, prices, and/or units sold.
- 3. discuss critically economic theories of consumer behavior.
- 4. explain the output and pricing decisions of the firm under different competitive conditions.
- 5. identify the oligopolistic model that best describes the behavior of an oligopolistic industry.