Managerial Economics (3020) - 3:00TTH(BSA-1C)
This course presents concepts and principles from the perspective of managerial economics. Emphasis is placed upon the importance of critical evaluation of different choices in coming up with managerial decisions in business. The course is designed such that students may understand microeconomics in a multidisciplinary manner, taking into consideration the legal, political, and social environments, among others. Learners are expected to grasp the underlying concepts, understand their relationships, analyze their effects on firms and markets, and ultimately be able to apply them in real-world situations. Topics include key measures of a business operation, demand and pricing, production and its related costs, economics of organization, market equilibrium, market structure, and market regulations. This course is concerned about the application of economic principles and methodologies to key management decisions within organizations. It provides principles to foster the goals of the organization, as well as a better understanding of the external business environment in which an organization operates. It also deals with the microeconomic principles and quantitative tools can be used to aid managers in making sound decisions.

This course presents the basic concepts of microeconomics theory with an emphasis on business applications. Its main objective is to develop students’ capacity to analyze the economic environments in which business entities operate and understand how managerial decisions can vary under different constraints that each economic environment places on a manager’s pursuit of his/her goals. Its focus will be on analyzing the functioning of markets, the economic behavior of firms and other economic agents under various market structures, and the economic and social implications of the outcomes. Students will learn to use economic models to isolate the relevant elements of a managerial problem, identify their relationships, and formulate them into a managerial model to which decision making tools can be applied.

This includes topics on supply and demand and the basic forces that determine an equilibrium in a market economy. It also introduces a framework for learning about consumer behavior and analyzing consumer decisions. We then turn our attention to firms and their decisions about optimal production, and the impact of different market structures on firms' behavior. By the end of the course, students will be able to understand introductory microeconomic theory, solve basic microeconomic problems, and use these techniques to think about a number of policy questions relevant to the operation of the real economy. This course focuses on the behavior of the firm in the micro-economic context. This will help the students to understand how the firm maximizes profit and understanding behavior in different type of market structure. With this, students will able to familiarized with different decision making tools such as forecasting, marginalism, and game theory. Furthermore, this course will help the students to appreciate the use of mathematical concepts applied in business decision making.