Class 1 - Managerial Economics Comm 295 and FRE 295 Class 1...

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1 THE UNIVERSITY OF BRITISH COLUMBIA Managerial Economics Comm 295 and FRE 295 Class 1 1. Course Outline 2. Introduction 3. Supply and Demand THE UNIVERSITY OF BRITISH COLUMBIA 1. Outline Instructor: James Brander Time: Tues-Thurs: 3:30 – 5:00 pm (start on time and finish on time -- by 4:50). Office Hours: After class and Wed: 1:30 – 3:00 Phone Number: 604.822.8483 The best way to contact me is using e-mail through Vista.
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2 THE UNIVERSITY OF BRITISH COLUMBIA Outline cont’d Vista : Class notes, other course content, e-mail, discussion groups. A detailed course outline is currently posted. From now on, class notes will be posted before class. Course Description : Economic foundations of managerial decision–making. Some topics were introduced in Principles of Economics and will be extended to more advanced applications here. Some topics will be new. Textbook : Managerial Economics , Second Custom Edition, University of British Columbia . Last year’s book, the first custom edition, will NOT be sufficient. THE UNIVERSITY OF BRITISH COLUMBIA Outline cont’d Clickers : All students will need a clicker. Please make sure you have an operational clicker by next class. Evaluation : Two Assignments – 5% each Midterm on October 27 (evening) – 35% Class Participation – 5% Final Exam – 50% Total 100%
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3 THE UNIVERSITY OF BRITISH COLUMBIA 2. Introduction: Defining Economics 1. Analysis of the allocation of scarce resources, or 2. Study of the “economy” – consumption (demand), production (supply), investment, employment, finance, etc . Managerial economics consists mostly of microeconomic topics, especially topics related to decision-making within firms. Macroeconomics focuses economy-wide aggregates like unemployment, inflation, aggregate economic growth, interest rates. Microeconomics focuses on individual economic units: consumers, firms, workers and investors – and the markets in which they interact. THE UNIVERSITY OF BRITISH COLUMBIA Introduction cont’d Why Study Managerial Economics Objectives: 1) Learn to “think like an economist” 2) Learn to improve managerial decision-making “Thinking like an economist” requires i) a focus on economic incentives ii) marginal reasoning iii) familiarity with major “models” of economic behaviour including the “supply and demand” model iv) analytical tools such as diagrams, algebra, and calculus.
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4 THE UNIVERSITY OF BRITISH COLUMBIA
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This note was uploaded on 01/19/2011 for the course COMMERCE 290 taught by Professor Brianogram during the Spring '09 term at The University of British Columbia.

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Class 1 - Managerial Economics Comm 295 and FRE 295 Class 1...

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