Assignment:
Description
This course applies relevant economic theory to develop a framework of analysis and techniques that business managers can use in deciding how to allocate a firm's scarce resources to achieve its objectives. It uses economic analysis to support business strategy decisions that promote competitiveness in an environment of changing domestic and international market conditions, government regulations, trade policies, and resource availability. The course systematically analyzes how global economic integration affects the production, input sourcing, and pricing decisions of firms operating in different market structures.
COURSE LEARNING OUTCOMES
1. Assess how managerial economics is used in business decision making.
2. Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run, and the economic impact on a company's operations.
3. Apply business and economic forecasting techniques utilized by managers.
4. Analyze short-run and long-run production and cost functions.
5. Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries.
6. Propose how differences in demand and elasticity lead managers to develop various pricing strategies.
7. Use technology and information resources to research issues in managerial economics and globalization.
8. Write clearly and concisely about managerial economics using proper writing mechanics.
Required Resources
Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2018).Managerial economics: A problem solving approach.
Microsoft Excel (2003 version or newer) [Computer software]. Redmond, Washington.