MG-GY 6083 Economics

3 Credits

The course examines the fundamentals of microeconomics needed by managers. Topics: Demand theory (theory of the consumer) including models of demand, demand elasticities and demand forecasting. Supply theory (theory of the firm) including diminishing returns, profit-maximizing production levels, labor/capital tradeoffs, and long-run vs. short-run issues. Market structures and how they affect optimal production and profit levels. Positive and negative externalities and government intervention including regulation, tariffs and subsidies. Selected applied topics. All topics are presented with examples that emphasize managerial applications.

Weekly Lecture Hours: 3 | Weekly Lab Hours: 0 | Weekly Recitation Hours: 0