Propose how differences in demand and elasticity lead managers to develop various pricing strategies.

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COURSE DESCRIPTION

This course applies relevant economic theory to develop a framework of analysis and techniques that business managers can use in deciding how to allocate a firm’s scarce resources to achieve its objectives. It uses economic analysis to support business strategy decisions that promote competitiveness in an environment of changing domestic and international market conditions, government regulations, trade policies, and resource availability. The course systematically analyzes how global economic integration affects the production, input sourcing, and pricing decisions of firms operating in different market structures.

INSTRUCTIONAL MATERIALS

Required Resources

Froeb, L. M., McCann, B. T., Shor, M., & Ward, M. R. (2018). Managerial economics: A problem solving approach.

Microsoft Excel (2003 version or newer) [Computer software]. Redmond, Washington.

Supplemental Resources

MBA Primer

Note: The MBA Primer is designed to help students with little or no educational background in business to prepare for the rigors of an MBA program. The MBA Primer is also a useful tool for students who have a business background but might need a refresher. It is a way to help you prepare for the types of activities and concepts that will be covered in an MBA program, so you can feel more comfortable and confident as you progress into higher level courses. Students are emailed an access code for this product when they purchase MBA Primer from the Strayer Bookstore, accessible through iCampus.

Board of Governors of the Federal Reserve System. (2013). General format. Retrieved from http://www.federalreserve.gov

excelcentral.com. Learn Excel 2010 Essential Skills with the Smart Method. (2013). Retrieved from http://www.excelcentral.com/?gclid=CK3zisSC1rkCFcE7OgodLlEA_g

fundamentalfinanace.com. (2013). Excel. Retrieved from http://www.fundamentalfinance.com/excel/

Wall Street Journal (2013). General format. Retrieved from http://online.wsj.com

COURSE LEARNING OUTCOMES

  1. Assess how managerial economics is used in business decision making.

  2. Apply the concepts of supply and demand to determine the impact of changes in market conditions in the short run and long run, and the economic impact on a company’s operations.

  3. Apply business and economic forecasting techniques utilized by managers.

  4. Analyze short-run and long-run production and cost functions.

  5. Evaluate the profit-maximizing price and output level for given operating costs for monopolies and firms in competitive industries.

  6. Propose how differences in demand and elasticity lead managers to develop various pricing strategies.

  7. Use technology and information resources to research issues in managerial economics and globalization.

  8. Write clearly and concisely about managerial economics using proper writing mechanics.

 
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