Economic analysis is applied to all decisions made in every area of management. Principles of cost, present values and interdependent systems are studied, with extensive use of cases from industry.
This course stresses decision making: resource allocation and profit analysis. It introduces quantitative techniques that managers need to utilize in order to facilitate decision making and problem solving. It presents a practical introduction to the important economic principles behind the operation of modern business.
Topics covered include demand and supply analysis, production functions, market structures, production and cost theory, estimation of production and cost functions and the impact of monetary and fiscal policies on aggregate output and inflation, and the Federal Reserve Bank’s conduct of monetary policy. These principles are applied to both domestic and multinational organizations.
Students learn how to work with exponents and logarithms, graph linear equations and solve a system of simultaneous linear equations. The course develops skills in graphing functions and ability to understand graphical arguments and solving word problems with an emphasis on applications to management, decision-making and economics.