Upon successful completion of this course, students should be able to:

Course Specific Skills:

1. Develop skills in economic optimization by making use of basic calculus concepts

2. Understand the concepts and determinants of demand, supply and market equilibrium

3. Understand how utility theory is applicable in analyzing demand

4. Understand the concept of elasticity and its applications in economics

5. Develop skills in using regression analysis for identifying the determinants of demand

6. Understand the production and cost concepts and their significance in profit maximization

7. Understand the need for analyzing the nature of a firm's competitive environment

8. Understand the different market mechanisms at play in competitive markets

9. Understand how goods and services are priced under different competitive structures

Discipline Specific Skills:

10. Recognize how managerial economics is useful in making the best managerial decisions

11. Understand the concepts of scarce resources and constrained optimization

12. Identify the interaction between microeconomics concepts and the core business functions

Personal and Key Skills:

13. Develop problem solving skills

14. Develop writing and discussion skills

15. Learn to apply the abstract concepts learned in the classroom to everyday decisions made by people and organizations