This course develops the economic tools necessary for profit maximization. Profit maximization has two key elements; a firm's revenue and a firm's costs. Consumers are the source of a firm's revenues. Thus, we will analyze consumer behavior. To understand costs we will first analyze production theory which is the sutdy of resources and their use. Resources require payment; therefore, production theory leads naturally to cost theory. Finally, we will analyze profit maximizing behavior in the following market structures: perfect competition, monopoly, monopolistic competition, and oligopoly.
BUS-551: Managerial Economics
Program