This is an advanced course in economic analysis, with emphasis on organizations and their respective operating environments. The primary objective of this course is to help students learn and comprehend business economic concepts and principles and to apply them to a range of economic situations. Topics to be covered in the course are pricing and output decisions as well as cost and profit determination in competitive, imperfectly competitive, and monopolistic markets. Discussions will also encompass macroeconomic dimensions and policies impacting business activity in an open economy.
By the end of this course it is expected that students will be able to:
- Thoroughly discuss and apply supply and demand analyses to specific economic issues;
- Use marginal analysis to businesses under different market conditions;
- Critically analyze causes and impacts of different market structures;
- Harness economic models in examining current economic issues and assess policy options for addressing these issues.