Course Code & Number:
Level of Course:
Pre-requisites & Co-requisites:
The aim of this course is to introduce students the quantitative and qualitative applications of economic principle to business analysis. Students would explain demand, cost , market structure and pricing.
Managers, Profits, and Markets. Demand, Supply, and Market Equilibrium. Marginal Analysis for Optimal Decisions. Basic Estimation Techniques. Theory of Consumer Behavior. Elasticity and Demand. Demand Estimation and Forecasting. Production and Cost in the Short Run. Production and Cost in the Long Run. Production and Cost Estimation. Managerial Decisions in Competitive Markets. Managerial Decisions for Firms with Market Power.
Upon succesful completion of this course, a student will be able to
1. Apply economic principles and methodologies to business decision problems.
2. Explain and analyse the nature of production and its relationship to costs.
3. Compare and contrast production and cost in the short run and long run.
4. Derive and analyse the relationship between factors influencing demand and quantity demanded.
5. Explain managerial decisions in competitive markets.
6. Select and apply appropriate pricing strategies to imperfect market states.