Managerial Economics Class #01
Managerial Economics Comm 295
Class 1
1. Course Outline 2. Introduction 3. Supply and Demand
THE UNIVERSITY OF BRITISH COLUMBIA
1. Outline
Instructor: James Brander Vista: An outline and old assignments and exams (with answers) are posted. Class notes will be posted before each class. Questions corresponding to the textbook and selected answers will be posted. Course Description: Economic foundations of managerial decision–making. The early topics review and extend material from first year economics. Later topics are new.
THE UNIVERSITY OF BRITISH COLUMBIA
1
Outline cont’d
Textbook: Managerial Economics, Third Custom Edition, University of British Columbia. Last year’s book, the second custom edition, is not sufficient. Clickers: All students will need a clicker by next class. Evaluation: Two Assignments – Midterm on October 26 (evening) – Class Participation (mostly clickers) – Final Exam – Total
THE UNIVERSITY OF BRITISH COLUMBIA
5% each 35% 10% 45% 100%
2. Introduction: Defining Economics
1. Analysis of the allocation of scarce resources, or 2. Study of the economy – consumption (demand), production (supply), investment, employment, finance, etc . Microeconomics focuses on individual economic units: consumers, firms, workers and investors – and the markets in which they interact. Macroeconomics focuses economy-wide aggregates like unemployment, inflation, aggregate economic growth, interest rates. Managerial economics consists mostly of microeconomic topics, especially topics related to decision-making within firms.
THE UNIVERSITY OF BRITISH COLUMBIA
2
Why Study Managerial Economics
Objectives: 1) Learn to think like an economist 2) Learn to improve managerial decision-making Thinking like an economist requires i) a focus on economic incentives ii) marginal reasoning iii) familiarity with major models of economic behaviour including the supply and demand model iv) analytical tools such as diagrams, algebra, and calculus.
Class 1
1. Course Outline 2. Introduction 3. Supply and Demand
THE UNIVERSITY OF BRITISH COLUMBIA
1. Outline
Instructor: James Brander Vista: An outline and old assignments and exams (with answers) are posted. Class notes will be posted before each class. Questions corresponding to the textbook and selected answers will be posted. Course Description: Economic foundations of managerial decision–making. The early topics review and extend material from first year economics. Later topics are new.
THE UNIVERSITY OF BRITISH COLUMBIA
1
Outline cont’d
Textbook: Managerial Economics, Third Custom Edition, University of British Columbia. Last year’s book, the second custom edition, is not sufficient. Clickers: All students will need a clicker by next class. Evaluation: Two Assignments – Midterm on October 26 (evening) – Class Participation (mostly clickers) – Final Exam – Total
THE UNIVERSITY OF BRITISH COLUMBIA
5% each 35% 10% 45% 100%
2. Introduction: Defining Economics
1. Analysis of the allocation of scarce resources, or 2. Study of the economy – consumption (demand), production (supply), investment, employment, finance, etc . Microeconomics focuses on individual economic units: consumers, firms, workers and investors – and the markets in which they interact. Macroeconomics focuses economy-wide aggregates like unemployment, inflation, aggregate economic growth, interest rates. Managerial economics consists mostly of microeconomic topics, especially topics related to decision-making within firms.
THE UNIVERSITY OF BRITISH COLUMBIA
2
Why Study Managerial Economics
Objectives: 1) Learn to think like an economist 2) Learn to improve managerial decision-making Thinking like an economist requires i) a focus on economic incentives ii) marginal reasoning iii) familiarity with major models of economic behaviour including the supply and demand model iv) analytical tools such as diagrams, algebra, and calculus.