BUS540 Managerial Economics- Long Term Economic Goals of the Firm

Task

In today’s highly-competitive environment, managers must understand how economic forces affect their business and the factors that should be considered when making both effective and ethical business decisions. Thus in this course, MBA students will study and apply significant micro/macroeconomic principles to real-world case studies and business decisions. Moreover, proven analytical tools will be explored and deployed in the decision making process for the firm and their stakeholders. In short, Managerial Economics is designed to equip MBA students with a thorough and applied knowledge of essential economic concepts, integrated within an ethical framework, for making value added business decisions.

Objectives

Upon satisfactory completion of this course, MBA students will reliably demonstrate the ability to:
1. Discuss how ethics should be integrated in making value added economic decisions.
2. Articulate why the study of managerial economics (from a micro/macroeconomic perspective) is important for business leaders.
3. Evaluate the short-term and long-term economic goals of the firm.
4. Illustrate how market concepts of demand, supply and elasticity are utilized to analyze the market conditions in which management decisions are made.
5. Interpret regression results and evaluate the statistical significance of regression coefficients.
6. Explain the factors that affect the production process and the relationship between a firm’s productivity and its costs.
7. Analyze the characteristics of the four market types utilized in economic analysis, and compare the degree of price competition among the four market types.
8. Demonstrate the marginal rule that helps firms to decide the optimal level of production.
9. Compare and contrast the various pricing strategies utilized by firms.
10. Evaluate fiscal and monetary policies and their impact on the business decision process.

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