Introduction to Managerial Economics
Managerial Economics makes use of economic theory and concepts and helps in formulating logical managerial decisions. – Free Course
What you’ll learn
- Explain What is Managerial Economics
- Describe the Purpose of Managerial Economics
- Explain the Principles of Managerial Economics
- List the Objectives of a Business Firm
- Describe the Role of Environmental Analysis in ME
- Explain Role of Cost Analysis in ME
- Explain the Classification of Market Structures
- Explain What is Demand
- Explain the Law of Demand
- Explain the Why Demand Curve has Negative Slope
- List the Exceptions to Law of Demand
- Explain Price Elasticity of Supply & Supply Curve
- Describe Determinants of Price Elasticity of Supply
- Explain How Managers can Apply ME
- List the Benefits of Managerial Economics
- No prior knowledge is needed.
This is an interesting course for business people especially the retailers who must understand the concept of demand and supply in smooth and successful running of the business. After reading this course, one can get a clear idea about What is Managerial Economics, Principles of Managerial Economics, Classification of Market Structures, Law of Demand, Price Elasticity of Supply & Supply Curve, etc.
The introduction part itself clearly explains the importance of demand and supply in a business with the help of a wonderful example.Tables and graphs are used to explain the various concepts of economics clearly.There is one real life example in the course which explains about the law of diminishing marginal utility.It also explains how the marginal utility diminishes with the consumption of each unit. Each and every concept is very well laid and explained in this course and the practice section at the end of the course is very interesting.
Author(s): Management Study Guide