Upon succesful completion of this course, students are expected to: identify and analyze the macroeconomics and microeconomics condition to respond to business opportunities; apply demand theory and the concept of elasticity of demand to managerial decisions; apply systematic approach and integrative thinking in performing cost-benefit analysis and marginal analysis; apply appropriate managerial economics techniques in performing market analysis; identify and evaluate relevant business ethical related issues and recommend appropriate actions for both local and international context.
This course is designed to provide participants with a basic understanding of microeconomic theory that can be used to understand behavior (in markets and organizations) and to make effective managerial decisions. It is intended to provide students with economic tools and an economic analysis used in the process of managerial decision-making. The course concentrates on microeconomic analysis, which deals with models of economic behavior of the consumer and the firm and will provide a basic understanding of firm and industry behavior that serves as a basis for decision-making.
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