MCE 2312 - Mce: Microeconomics

Institution:

Babson College

Subject:

Description:

3.00 credits MCE2312: Microeconomics Intermediate Core (3 credits) Microeconomics is basically the study of "scarcity". Raw materials are not available in infinite quantities; neither is human labor or productive capital. The reality is that managers must deal with real-world constraints in making decisions about what to produce, how to produce it and who to produce it for. The question is then, what rules or principles do we have to help us make allocation decisions To that end, the microeconomics stream of the MCE module looks at the interaction of supply and demand in the determination of prices, the role of government in redressing issues of market failure and other externalities, the responsiveness of consumers to changes in prices and income, the behavior of consumers in the market place and through rational choice theory, costs and efficient methods of production, the structure of product and service markets, and the application of microeconomic principles to important issues such as labor negotiations, wage determination, game theory and firm interdependence, and pricing strategy. This stream of your MCE curriculum introduces you to these important ideas, and gives you analytical frameworks and tools to help you interpret the economic world around you. At the same time we will explore the many key links between economic analysis and marketing, strategy, accounting, finance, operations and organizational behavior. Prerequisites: ACC1300, QTM 1300, QTM1310 and (FME1001 or MIS1000 and MOB1000))

Credits:

3.00

Credit Hours:

Prerequisites:

Corequisites:

Exclusions:

Level:

Instructional Type:

Lecture

Notes:

Additional Information:

Historical Version(s):

Institution Website:

www.babson.edu

Phone Number:

(781) 235-1200

Regional Accreditation:

New England Association of Schools and Colleges

Calendar System:

Semester

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