This course is designed to use economic analysis to enhance business decision-making within private businesses, not-for-profit institutions, and public agencies. Economic concepts covered include demand analysis, production and cost analysis, linear programming applications, pricing policies and regulation.
LO-1. Demonstrate the purpose of managerial economics.
LO-2. Analyze decision-making strategies using the six-step model.
LO-3. Compute a firm’s profit-maximizing level of output using marginal analysis.
LO-4. Construct a decision-making process taking into account every step of the 6-step model.
LO-5. Appraise the effectiveness of situations of price discrimination.
LO-6. Analyze the determinants of price discrimination.
LO-7. Differentiate between short-run and long-run profit-maximization strategies.
LO-8. Examine the influence of marginal input costs on production decisions.
LO-9. Examine the difference between economies of scale and economies of scope.
LO-10. Apply optimization concepts to cost minimization and optimal decision making.
LO-11. Differentiate between the factors that create movements along demand and supply curves, and those that shift these curves.
LO-12. Analyze complex business decisions using marginal analysis.
LO-13. Assess competitive and monopolistic outcomes.
LO-14. Synthesize the pricing strategies of the four dominant market structures.
LO-15. Assess a specific industry in terms of its market structure and its pricing behavior.
LO-16. Evaluate the demand and pricing of information goods.
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