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P ENN S TATE G REAT V ALLEY M ASTER O F B USINESS A DMINISTRATION Prices and Markets: BUSAD 523.301 Instructor: John M. Mason, Ph. D. Spring II 2007, Section 301 Telephone: 610.648.3325 Class Hours: Fax: 610.889.1334 Monday and Wednesday 6:00 – 9:00 PM E-Mail: jmm27@psu.edu Office Hours: Management Division Office: 610.648.3229 M-W 5:00 – 6:00 or by appointment Course Overview/Description: This is a course in managerial economics. The emphasis will be on Microeconomics although some Macroeconomic topics will be discussed, particularly on how those concepts relate to management of the firm. The course will concentrate on the economic behavior of individuals and on profit maximizing firms in order to gain insight into how markets function and how the price system operates. There will be some discussion of how government can affect markets. Course Learning Objectives: After the completion of this course, students should be better able to understand how markets operate and how prices are determined so as to help them in their decision making. This will include understanding: 1. How consumers allocate income and determine the portion of income devoted to consumption; 2. How firms make input, output, and pricing decisions in both the short run and the long run; 3. How each of the four types of markets behave; 4. How government regulation, social welfare and market allocation lead to differing conclusions based somewhat on social philosophy; 5. How to build economic models and test these models to determine their validity by using
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This note was uploaded on 03/24/2008 for the course BUSAD 551 taught by Professor Oz,effy during the Spring '07 term at Pennsylvania State University, University Park.

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