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Prof. R. Michelfelder, Ph.D. Fall 2016 Outline 1

Prof. R. Michelfelder, Ph.D. Fall 2016 Outline 1. Course Outline. 1. Overview of Managerial Economics 2. Demand, Supply, Price Determination, Sales, Revenues, Estimation of Demand Function and Predicting Revenue

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Prof. R. Michelfelder, Ph.D. Fall 2016 Outline 1

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  1. Prof. R. Michelfelder, Ph.D. Fall 2016 Outline 1

  2. Course Outline 1. Overview of Managerial Economics 2. Demand, Supply, Price Determination, Sales, Revenues, Estimation of Demand Function and Predicting Revenue 3. Regression Analysis: Estimation of Equations Forthcoming From Economic Theory for Business Management 4. Cost Structure of the Firm

  3. Course Outline 5. Market Structures: Perfect and Imperfect Competition, Profit Maximization, and Pricing Strategy 6. Macroeconomic Policy Goals 7. Aggregate Demand, Supply, Inflation, and Business Cycles  8. Monetary Theory and Policy 9. International Trade and Finance (Time Permitting)

  4. 1. Overview of Managerial Economics 1.1 What is Managerial Economics 1.2 Economic Systems 1.3 Economic Theory: Micro- and Macro-Economics 1.4 Applications of Micro- and Macro- Economics

  5. 1.1 What is Managerial Economics Application of Micro and Macro-economics for business management

  6. 1.2 Economic Systems Centrally Planned Economies Resources allocated by central planner (government) Market Economies Resources allocated by price and markets Mixed Economies: Combination

  7. 1.3 Economic Theory: Micro- and Macro-Economics • Microeconomics: deals with allocation of resources with price using demand and supply for the firm or a market • Macroeconomics: deals with economy wide fluctuations in demand, supply, inflation and unemployment • Business cycles due to increase or decrease in aggregate demand and therefore supply (GDP)

  8. 1.4 Applications of Micro- and Macro-Economics Micro: effect of a environmental tax (conservation tax) on electricity Macro: predicting GDP from a change in money supply For example, an electric utility’s sales and revenues are effected by both

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