The study of managerial economics develops a student’s ability to apply economic reasoning to decision making in business. In order for firms to successfully achieve objectives, management must understand the market and economic environment within which the firm operates. This course presents economic theories underlying consumer and producer behavior for less than perfectly competitive market structures. Emphasis is placed on analyzing and understanding strategic market interactions and the use of various pricing practices. The course explores ethical dilemmas that people face in firms and markets and offers guidelines to help values-centered leaders make the right choices in business. Prerequisite(s): ECNM 592 Economic Concepts (2) or equivalent.
Student Learning Outcomes
Describe and illustrate how less than competitive markets work and predict implications for businesses entering or competing in these markets
Understand the business and welfare implications of various pricing practices
Explain how business performance and economic performance are related