MBA 502 - Managerial Economics

Institution:

Ashland University

Subject:

Description:

Prerequisites: MBA 500C Economics or equivalent and MBA 504 Business Statistics Managerial economics instructs managers on the economic approach to management. This course stresses three areas of management decision making: allocative, controlling behavior, and profit analysis. Central to any organization's functioning is the allocation of resources to competing ends for the purpose of accomplishing a final goal. Managerial economics teaches the logic of this process using the classical optimization vocabulary of resource, constraint, competing ends, accounting prices, economic prices, final goal, and choice. Humans, being a highly social species with a highlevel consciousness, want to describe, explain, control, and predict behavior. Any human organization, if it is to be successful, requires behavioral technologies to deal with its own members and outsiders. Managerial economics teaches the rational actor's approach to describing, explaining, controlling, and predicting behavior. Finally, the sine qua non of a capitalistic business is profit. Yet few managers appreciate the constellation of variables that determine it. Managerial economics employs a profit model that allows managers to see the connections between demand, resource prices, technology, quantities of fixed input, a product's price, a firm'scapacity utilization rate, and profit. Emphasized throughout this course are reasoning and problem solving skills as opposed to memorization.

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.ashland.edu

Phone Number:

(419) 289-4142

Regional Accreditation:

North Central Association of Colleges and Schools

Calendar System:

Semester

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