Managerial Economics is an intermediate microeconomics course with a focus on applications of Economics to decisions made by managers of a firm, including the concepts of demand analysis and forecasting, production and cost analysis, and pricing and output decisions. Prerequisite: EC 202; or instructor’s permission.

Course Objectives: The goal of this course is to develop students’ critical thinking skills in the areas of managerial decision making. These skills will be demonstrated in students’ understanding of economic theory and its application to various business settings, and in students’ ability to analyze case studies in individual and group settings.

Measurable Learning Outcomes: Upon completion of this course, students should be able to demonstrate understanding of the following

• The modern theory of market forces including the roles of incentives and profit
• Quantitative analysis of demand
• Economic tools such as cost-benefit analysis, and Internal Rate of Return calculations
• Why principal-agent problems arise in organizations
• Pricing and cost strategies for different market structures
• How constraints impact business decisions
• The role of government in the marketplace
• Integration of economic concepts including demand, cost, pricing and output strategies and effects of global competitive forces in analyses of current business events