MANAGERIAL ECONOMICS

Managerial Economics focuses on the application of economic theory to managerial decision-making. It applies statistical and quantitative tools and the methodological approaches commonly used by economists to business decisions such as demand estimation, product pricing, profit maximizing level of output, resource management in the short and long run, market analysis, risk analysis and strategic competition. In this course, topics will be presented through the use of case studies that establish a situation in which managers must make key decisions about a firm and its products. Microeconomic principles such as supply and demand, elasticity, short-run and long-run shifts in resource allocation, diminishing returns, economies of scale, and pricing are applied in the analysis. Junior or Senior Standing