Managerial Economics

This course is the application of microeconomic theory to management problems. In microeconomic theory, profit maximization is simply assumed as a condition of firm behavior. In managerial economics, profit maximization is studied as a management behavioral objective – and as a goal which may or may not be achieved, despite the attempts of managers. Students will be able to differentiate between a variety of factors that affect a business concern. They will develop informed solutions by analyzing all of the economic factors that affect the production environment. Prerequisite: ECN251 or ECN252