MBA 506 - Managerial Economics

3 credit hours

Develops a coherent economic framework for effective managerial decision-making. Introduces fundamental economic concepts, and discusses the goals of the firm. Surveys market forces of supply and demand, examines the role of elasticity, and studies the theory of consumer behavior on which demand is based. Presents production, cost and revenue concepts, and analyzes input demand and output supply decisions in perfectly competitive markets. Discusses alternative market structures, and studies pricing practices for firms with market power. Prerequisites: math proficiency.