MBA 509 Managerial Economics, 3 credits
The managerial economics course focuses on the application of a limited number of micro economic concepts that are relevant to business decisions. A limited number of economics concepts will be developed based upon their applicability to a range of business decisions. Among the concepts developed and applied are: elasticity, cost minimization, profit maximization, competition, productivity, marginal analysis, game theory, expected valuation, present and future valuations, capital investment modeling, demand measurement, modeling and forecasting, short and long run production planning (optimal plant sizes). Market structure discussion is presented as introduction to and application of Michael Porter's Five Competitive Forces. While some mathematics and statistics are used to have access to some of the more powerful and useful applications of economic concepts, emphasis is on practical application rather than quantitative theory.