|This course develops the basic tools of economic analysis that are essential for understanding markets and making managerial decisions. The goal of the course is to provide students with a framework useful to analyze a broad range of problems related to business, and stresses both theory and applications. Topics include consumer behavior, the firm’s pricing and output decisions, government regulation, market failure, pricing strategies, game theory and uncertainty.|
|Textbook and selected readings.|
|Based on problem sets, a midterm and a final exam.|
|Students should have a good understanding of algebra and basic calculus (derivatives).
Description and/or course criteria last updated: 07/2012.
|Sample Exam Questions/Problem Sets:|
|Evaluate the following statement: “In order to reduce the amount of pollution caused by auto and truck emissions, a new law requires that all cars stay off the road one day a week on a rotating basis (e.g. cars with certain license plate numbers could not be driven on a Thursday)”. This law will decrease the amount of pollution caused by automobiles, and the total consumption of gas.|
|Course Conditions and Course Related Items:|