Podcast
Questions and Answers
What industry does the micromarketing revolution primarily relate to?
What industry does the micromarketing revolution primarily relate to?
What is the main focus of the Economics of US Farm Support Programs?
What is the main focus of the Economics of US Farm Support Programs?
Trading traveling time for gasoline consumption primarily affects which aspect of driving?
Trading traveling time for gasoline consumption primarily affects which aspect of driving?
What does the least-cost combination of gasoline and driving time aim to achieve?
What does the least-cost combination of gasoline and driving time aim to achieve?
Signup and view all the answers
What significant change did General Motors implement according to the content?
What significant change did General Motors implement according to the content?
Signup and view all the answers
In which year was the micromarketing revolution introduced?
In which year was the micromarketing revolution introduced?
Signup and view all the answers
What primary research area is addressed by the content related to trading traveling time?
What primary research area is addressed by the content related to trading traveling time?
Signup and view all the answers
What is a potential outcome of the least-cost combination analysis?
What is a potential outcome of the least-cost combination analysis?
Signup and view all the answers
What will the course on Managerial Economics primarily focus on?
What will the course on Managerial Economics primarily focus on?
Signup and view all the answers
Which of the following is NOT one of the course objectives?
Which of the following is NOT one of the course objectives?
Signup and view all the answers
What is the weightage of continuous assessment in the evaluation scheme?
What is the weightage of continuous assessment in the evaluation scheme?
Signup and view all the answers
What pedagogical methods will be employed in this course?
What pedagogical methods will be employed in this course?
Signup and view all the answers
Which of the following statements best describes the structure of groups for presentations?
Which of the following statements best describes the structure of groups for presentations?
Signup and view all the answers
What percentage of the final assessment does the project work and presentation account for?
What percentage of the final assessment does the project work and presentation account for?
Signup and view all the answers
Which of the following topics is included in the curriculum of Managerial Economics?
Which of the following topics is included in the curriculum of Managerial Economics?
Signup and view all the answers
For the final exam, what is its contribution to the overall evaluation?
For the final exam, what is its contribution to the overall evaluation?
Signup and view all the answers
What concept does the output elasticity of labor and capital relate to in US and Canadian manufacturing?
What concept does the output elasticity of labor and capital relate to in US and Canadian manufacturing?
Signup and view all the answers
Which of the following describes the focus of the per-unit cost curves in corn production?
Which of the following describes the focus of the per-unit cost curves in corn production?
Signup and view all the answers
In electricity generation, what does the long run average cost curve represent?
In electricity generation, what does the long run average cost curve represent?
Signup and view all the answers
What does the minimum efficient scale indicate in various US food industries?
What does the minimum efficient scale indicate in various US food industries?
Signup and view all the answers
What is the primary focus of marginal analysis in TV advertising?
What is the primary focus of marginal analysis in TV advertising?
Signup and view all the answers
Which aspect of production does output elasticity relate to?
Which aspect of production does output elasticity relate to?
Signup and view all the answers
What factor influences the long run average cost curve in electricity generation?
What factor influences the long run average cost curve in electricity generation?
Signup and view all the answers
How does marginal analysis influence decisions in TV advertising?
How does marginal analysis influence decisions in TV advertising?
Signup and view all the answers
What issue is associated with competition in the New York stock market?
What issue is associated with competition in the New York stock market?
Signup and view all the answers
What is a primary concern mentioned regarding credit cards?
What is a primary concern mentioned regarding credit cards?
Signup and view all the answers
Which factor contributes to monopoly in an industry?
Which factor contributes to monopoly in an industry?
Signup and view all the answers
Which topic discusses the implications of new competition on the internet?
Which topic discusses the implications of new competition on the internet?
Signup and view all the answers
What estimation is discussed regarding monopolies in the US industry?
What estimation is discussed regarding monopolies in the US industry?
Signup and view all the answers
Which aspect does Alcoa's case illustrate?
Which aspect does Alcoa's case illustrate?
Signup and view all the answers
The discussion on new competition in the internet primarily emphasizes which of the following?
The discussion on new competition in the internet primarily emphasizes which of the following?
Signup and view all the answers
What negative consequence may arise from high interest rates on credit cards?
What negative consequence may arise from high interest rates on credit cards?
Signup and view all the answers
Which chapters focus on Consumer Utility Analysis and Theory of Demand?
Which chapters focus on Consumer Utility Analysis and Theory of Demand?
Signup and view all the answers
What topic is addressed in Chapter 11?
What topic is addressed in Chapter 11?
Signup and view all the answers
Which chapters are associated with the Theory of Costs?
Which chapters are associated with the Theory of Costs?
Signup and view all the answers
Which concepts are explored in Chapters 12 and 13?
Which concepts are explored in Chapters 12 and 13?
Signup and view all the answers
What is the primary focus of Chapter 4?
What is the primary focus of Chapter 4?
Signup and view all the answers
Which chapters discuss Elasticity of Demand applications?
Which chapters discuss Elasticity of Demand applications?
Signup and view all the answers
Which chapter includes the application of Economies and Diseconomies of Scale?
Which chapter includes the application of Economies and Diseconomies of Scale?
Signup and view all the answers
What is included in Chapter 14?
What is included in Chapter 14?
Signup and view all the answers
Which chapters cover the concept of Optimization in Theory of Production?
Which chapters cover the concept of Optimization in Theory of Production?
Signup and view all the answers
Which cases are associated with the Theory of Production topics?
Which cases are associated with the Theory of Production topics?
Signup and view all the answers
Study Notes
Course Overview
- This course focuses on applying basic economic concepts to managerial decision-making.
- The course will cover various microeconomics principles, including demand and supply, production costs, market structures, pricing strategies, and the role of government in the marketplace.
- Students will learn to analyze various economic situations and make informed choices in both professional and personal contexts.
- The course utilizes a mixed pedagogy approach, including lectures, discussions, case studies, assignments, quizzes, and a term paper.
Evaluation of the Course
- Evaluation will be based on a combination of continuous assessment (20%), project work and presentation (40%), and a final exam (40%).
- Continuous assessment includes two quizzes worth 10% each.
- The project work and presentation are worth 40% of the final grade, with 25% for the project itself and 15% for the presentation.
- Groups for the project should be formed with 4-5 students, promoting academic and ethnic diversity.
- Individual presentations are also encouraged.
Session Plan
Introduction of Economics and Principles
- This session will introduce the fundamentals of economics and the core principles underlying economic decision-making.
- Students will explore the relationship between consumer utility, demand, and supply.
- They will learn about elasticity of demand and its applications.
- Case studies C1 and C2 will be used to illustrate these concepts.
Consumer Utility Analysis and Theory of Demand
- This session will delve into the theory of consumer utility and the factors influencing demand.
- Students will analyze the demand curve and its determinants.
- Case studies C3, C4, and C5 will be used as examples.
Elasticity of Demand
- This session will cover elasticity of demand in depth, including different types of elasticity and their applications.
- Students will learn about numerical estimations of consumer behavior and the role of time in price elasticity.
- Cases C6, C7, and C8 will be used to illustrate these concepts.
Theory of Production
- This session will cover the theory of production, including both short-run and long-run production functions.
- Students will learn about managerial use of production functions and optimizing production decisions.
- Case studies C12, C13, and C14 will provide real-world examples.
Theory of Costs
- This session will focus on the theory of costs, including concepts like economies and diseconomies of scale.
- Students will analyze the various cost curves and their implications for managerial decisions.
- Case studies C15, C16, C17, C18, and C19 will be used to illustrate the theory of costs.
Market Structures
- This section introduces students to different market structures, specifically perfect competition.
- Students will learn about pricing and output decisions in perfectly competitive markets.
- Case studies C20 and C21 will be used to illustrate these concepts.
Imperfect Competition
- This session covers two types of imperfect competition: monopoly and monopolistic competition.
- Students will learn about pricing strategies and market behavior in these market structures.
- Case Studies C22, C23, and C24 will be used as examples.
Price Discrimination and Dumping
- This session will cover price discrimination and dumping, specifically under monopoly conditions.
- Case studies C25, C26, C27, and C28 will illustrate real-world examples of price discrimination.
Student Presentations
- Students will present their project work during this session.
Case Studies
- The course will use a variety of real-world case studies to illustrate the concepts discussed in each session.
Additional Reading and Cases
- "Microeconomics" by Salvatore, 2014, will be used as the primary textbook for the course.
- Students will be required to read chapters from the textbook and analyze additional cases.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Related Documents
Description
This quiz evaluates your understanding of basic economic concepts relevant to managerial decision-making. It covers key microeconomic principles such as demand and supply, production costs, and market structures. Test your knowledge and apply these concepts to real-world situations.