The Firm and its Goals Chapter 2 Managerial Economics

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The Firm and its Goals - Chapter 2 | Managerial Economics. • Subscribe this channel to get more knowledge,Lectures,Presentations etc. • Youtube: • http://www.youtube.com/c/GetKnowledge... • Facebook: • / g8knowledge • Twitter: • / g8knowledge • Instragram: • / knowledgeget • Course Description: This course will t each students how to make decisions regarding price, production, investments and various other economic parameters by using different mathematical tools. The course is consisting of theory of consumer behavior, theory of firm, investment, capital formation and input-out model. A study of the various ways in which microeconomic principles and quantitative tools can be used to a id managers in making sound decisions. Topics include forecasting consumer demand, production and cost analysis, optimal pricing and production decisions, optimal hiring and investment decisions, and capital budgeting. • Course Objective: The main objective of this course is to teach students how to use some advance mathematical technique for economic analysis. Students will learn how to apply an appropriate mathematical procedure/tool to solve an economic problem and how to perform proper mathematical analysis. They will be taught how, in terms of economics, business firms make decisions on price, output, investment and related matters and some of the consequences of such decisions. The course provides a unifying theme of managerial decision making around the theory of the firm. It examines the process whereby a firm can r each optimal managerial decisions in the face of constraints in today’s dynamic market. It covers a variety of topics such as demand Analysis, Estimation and forecasting, market structure, production and cost analysis, pricing practices, economic optimization and risk analysis. • Learning Outcomes: At the end of this course it is expected that the student should be able to: • 1. Understand the key role of managers in decision making. • 2. Understand a broad range of economic concepts and theories f or managerial decisions. • 3. Explain economic goals and optimal decision making. • 4. Understand the importance of elasticity concept to a producer as they depend on consumer’s demand. • 5. Analyze the effect of different types of elasticity on producer’s total revenue. • 6. Analyze the nature and operation of different markets, and explain the implications of different market structures • 7. Critically assess the rationale f or government involvement in the growth of different sectors. • 8. Discuss the concept of efficiency and equity in an economy. • 9. Analyze firm’s decision making process. • 10. Examine how a firm achieves its aims and objectives most efficiently by using derivatives. • 11. Optimization of cost, revenue and profit with the help of theory of cost and production. • 12. Illustrate how economic changes affect a firm’s ability to earn an acceptable return and meet the challenges of the risk of businesses. • 13. Formulate p rice strategies in different markets by u sing elasticity and optimization techniques. • 14. Become confident in making managerial decisions using linear programming. • Topic to be Covered: • The firm • Economic goal of the firm • Goals other than profit • Do companies maximize profits? • Maximizing the wealth of stockholders • Economic profit • Economic Value Added Market Value Added

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