Micro Economics For Professionals

Micro Economics for Managers Course Description and Learning Outcomes for Microeconomics for Managers

The key objective of this course is to introduce and familiarize students with the main ideas, concepts, tools and techniques of microeconomics so that they can identify, understand and evaluate the dynamics of domestic and global market forces which, in interaction with government policy, affect business operations and consumer welfare. Particular emphasis is given to such areas of inquiry as consumer behavior and market demand, production, cost and technology, market structure and business strategy, market failure and government policy. Topics relevant to real-world issues and problems provide the focus for in-class discussion. Upon completion, students are expected to be familiar with the fundamental concepts, tools and techniques of microeconomics and to be able to apply them in analyzing real-world business problems.

Upon successful completion of this course, students will be able to:

1. Think critically and formulate independent and well-considered conclusions about economic issues and policies and their potential impact on the business environment.
2. Make rational decisions based on rudimentary marginal analysis.
3. Understand market structures and market power.
4. Understand how competition impacts firm profitability.
5. Use market structure models to explain and to predict business firm behavior.