Course Overview
The primary objective of the course is to train students to think in economic terms, to identify the relevant economic issue in a given situation, to separate the relevant from the irrelevant, and to analyze the implications of alternative actions. Another objective is to provide an increased understanding of markets. The course presents the basic analytical tools of microeconomics, particularly as those skills are relevant to managers. Important economic concepts used in subsequent courses, such as opportunity costs and a Nash Equilibrium, are covered. Applications of marginal analysis are stressed
Key Takeaways:
By the end of the course, you should be able to apply fundamental microeconomic concepts, such as marginal revenue, marginal cost, and market power, to analyze basic business issues and discuss the implications of such analysis using clear and simple arguments.