ECON 625 - Managerial Economics

3 Credits
This course is an exploration of microeconomic theory and practices, which explain real-world behavior in a firm and society. A practical, problem-solving approach to decision-making is used to learn how economic concepts serve as the basis for many challenges and decisions that confront today’s managers. Topics to be covered include an overview of supply and demand, forecasting demand, production and cost analysis, statistical analysis of economic relationships, market structure and organization, the role of government in a market economy, pricing a firm’s output, risk analysis, and capital budgeting.

Grade Note(s): A grade of C or better is required on the final assessment in order to earn a passing grade in this course.
Course Learning Outcomes:
1. Formulate sound management decisions based on economic considerations.
2. Analyze the mechanisms through which economic factors influence managerial decision-making and evaluate the impact of those factors on management decisions.
3. Analyze the relationship between the firm’s performance and its external environment using economic models, tools, data, and accepted estimation techniques.
4. Analyze internal factors that affect the firm’s performance using appropriate economic tools, models, data, and accepted estimation techniques.
5. Explain the goals of a firm and the roles of different functional areas in achieving these goals.