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This course examines basic static decision models which are used to analyze optimal decision-making processes in economics. Topics included in this course are: basic assumptions and decision analysis; linear programming and duality; risk aversion and risk bearing; Bayesian inference, and Markov Decision problems.
Learning Outcomes: - Summarize fundamentals of managerial economic theory.
- Solve the problems of supply and demand using qualitative analysis.
- Evaluate demand analysis using quantitative forecasting methods.
- Identify, design and interpret consumer indifference curve applications.
- Create productivity models to evaluate various cost parameters.
- Determine the optimal manner of procuring different types of inputs.
- Describe vertical, horizontal and conglomerate mergers and basis.
- Evaluate monopolistic power and illustrate elastic demand and supply.
- Identify different oligopoly structures for optimal pricing, and profits.
- Distinguish among various strategies for best game theory results.
- Implement pricing strategies for maximum profitability.
- Identify strategies to maximize risk, uncertainty, and diversification.
- Assess governmental actions to alleviate social welfare and dead loss.
- Recommend an all encompassing economic series of optimal strategies.
- Explain predatory pricing, rival costs strategies, and network systems.
- Introduce self and explain course expectations.
- Integrate the course concepts through interaction with other Learners and your Mentor.
- Access information efficiently and effectively.
- Evaluate information critically and competently.
- Practices ethical behavior in regard to information and information technology.
- Evaluate course learning as it relates to best business practice.
- Identify and explain your rationale for a given thought or opinion.
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