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Managerial Economics |
Course Description
Decision processes of fundamental economic actors (individuals and firms), market structure, behavior of firms and performance, management strategies in competitive, monopolistic, monopolistically competitive, and oligopolistic markets, optimal behavior in each market structure, advanced business strategies, the impact of government interventions, and information structure on economic outcomes.
Course Objectives
- To identify the market structure and to predict corresponding optimal management strategies of own and rival firms in game theoretic context.
- To recognize the use of advanced business strategies such as predatory pricing and appreciate that they may not be legal.
Course Outcomes
- To recognize the current market structure and optimize business strategies and respond to rivals,
- To profitably design pricing strategies such as “buy one, get one free” or cash gifts,
- To optimize between spot markets, contractual relationships, and vertical integration based on the analysis of transaction costs,
- To assess which auction method is best under a given set of economic parameters,
- To recognize the role of advanced business strategies in preventing entry or forcing exit, optimal responses to these strategies, and assessing the legality of such strategies.
Course Plan
- Basic Concepts in Managerial Economics
- Demand and Supply
- Quantitative Demand Analysis
- Theory of Consumer
- Theory of Production
- Firm Theory
- Structure-Conduct-Performance Paradigm
- Management in Competitive, Monopolistic, and Monopolistically Competitive Markets
- Introduction to Oligopoly
- Basic Game Theory
- Oligopolistic Pricing Strategies
- Economics of Information
- Advanced Business Strategies
- Governments and Markets
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