MBA 6053, Economics for Managers
Course Syllabus

Course Description
Review of managerial economics and problems encountered in firm management. Examines changing economic environment, business trends and fluctuations, and introduces forecasting techniques.

Prerequisites
None

Course Textbook
Keat, P., & Young, P. (2009). Managerial economics (6th ed.). Upper Saddle River, NJ: Prentice Hall.

Course Learning Objectives
Upon completion of this course, students should be able to: 1. Discuss managerial economics and its relationship to microeconomics and other related fields of study such as finance, marketing, and statistics. 2. Decide economic goals for the firm and develop optimal decisions that will bring the firm closest to those goals. 3. Define supply, demand, and equilibrium price. 4. Apply the concepts of price elasticity, cross-elasticity, and income elasticity. 5. Specify the components of a regression model that can be used to estimate a demand equation. 6. Define production function, and explain the difference between a short-run and a long-run production function. 7. Distinguish between economic cost and accounting cost. 8. Describe the key characteristics of the four basic market types used in economic analysis. 9. Cite the main differences between monopolistic competition and oligopoly. 10. Analyze the practice of cartel pricing. 11. Illustrate game theory, and explain how it helps better understand mutually interdependent management decisions. 12. Define the cost of capital, and demonstrate how it is calculated.

Credits
Upon completion of this course, the students will earn three (3) hours of college credit.

Course Structure
1. Unit Learning Objectives: Each unit contains Unit Learning Objectives that specify the measurable skills and knowledge students should gain upon completion of the unit. 2. Unit Lesson: Each unit contains a