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September 5th and 10th.docx

2 Pages

Management Core
Course Code
MGCR 293
Tariq Nizami

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September 5 & 10 Ch 1: Intro to Managerial Economics Economic forces of supply & demand determine: 1. Demand for products 2. Prices of resources & cost of production 3. Number of rival firms 4. Nature of pricing strategies 5. Profitability of business investments What is Managerial Econ? - Extracts from microeconomic theory the concepts & techniques that enable managers to select strategic direction to allocate efficiently the resources available and to respond effectively to tactical issues What does Managerial Econ provide? - Provides a systematic and logical way of analysing business decisions which focus on economic forces that shape both day to day decision-making as well as long run planning and decision making - ME focuses on the application of microeconomic theory to business problems o Microeconomics – the study & analysis of individual segments of the economy 1. Individual consumers 2. Workers & owners of resources 3. Individual firms, industries, and markets for goods/services o Focus of microecon is at firm/market level o Focus in ME is on managerial behaviour, which provides powerful tools & frameworks to guide managers to better decisions o Objective is to maximize value of firm - ME draws on this - Demand, supply, cost, profit, competition, pricing strategy, entry strategy, market protection strategy, etc. o Theorists managers - Micro & macro are descriptive, ME is prescriptive (rules & techniques to fulfill specified goals) o How things “should” happen o Impact of alternative courses of action? o Using optimization techniques includ
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