This course covers the fundamentals of microeconomics needed by managers. Topics include demand theory (theory of the consumer) including models of demand, demand elasticity and demand forecasting; supply theory (theory of the firm) including diminishing returns, profit maximizing production levels, labor/capital tradeoffs and long-run vs. short-run issues; market structures and how they affect opIMal production and profit levels. Other topics include positive and negative externalities and government intervention, including regulation, tariffs and subsidies. All topics emphasize managerial application.
Prerequisite(s): Graduate Standing