Fundamentals of Microeconomics

Given the complexities of management decision-making in the economic environment the course is structured to provide the student with a broad appreciation of howscarce resources are allocated in a properly functioning economy. The course leads the students through analysis of issues such as demand dynamics, price determination, the cost function, industry output and business strategies. Other topics include how management operates in competitive markets, how firms make their output decisions and how these two directions interact to determine the price level and quantity of output produced. Students are lead in discussions of pros and cons of government intervention, and industrial organizations such as monopolies and oligopolies.