This course is designed to provide a solid foundation of economic understanding for use in managerial decision-making. The overall goal of this course is to guide students on the use of managerial economics tools and techniques in specific business settings. The course will offer a comprehensive treatment of economic theory and analysis, using both qualitative and quantitative tools and techniques (e.g. forecasting and estimation techniques) associated with the theory. Examples and problems discussed in the class will illustrate the application of economic thinking to a wide variety of practical situations. Students are recommended to actively participate in class discussions.
- apply market principles to analyze demand, supply and market outcomes of your products;
- apply optimization principles to arrive at the best solution to a managerial problem;
- apply estimation & forecasting techniques to find out what your consumers want; estimate and predict demand of your products;
- apply production and cost estimation techniques to determine optimal courses of actions for managers.