ECON 251x. F11.R1 TONTZ Syllabus

ECON 251x. F11.R1 TONTZ Syllabus - University of Southern...

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University of Southern California Marshall School of Business Department of Finance and Business Economics Fall 2011 ECON 251x: Microeconomics for Business Professor: Richard Tontz Office: Accounting: 232A Office Hours: Monday, Wednesday: 11:00-12:00; Tuesday, Thursday: 1:00-2:00 by appointment E-mail: [email protected] Website : ABOUT THIS COURSE Microeconomic analysis is a cornerstone of fundamental decision making in virtually all areas of business. For example, the economics of consumer choice underlies much of modern marketing strategy, including pricing, segmentation, and advertising. The theory of the firm contributes to a sound understanding of cost accounting as well as production and location decisions. The goal of this course is to provide the student with an understanding of the operation of a system of prices and markets in determining an allocation of resources in a market economy. We will discuss the properties of such an allocation and the circumstances under which a market system cannot provide an efficient allocation. In our description of the market economy, various sectors or decision making units will be modeled. For example, we will describe the derivation of market demand through a theory of consumer behavior and choice. We will describe the production technology and cost structure of the firm in an effort to characterize the market supply schedule. We will discuss market supply under different market organizations, pricing strategy and the economics of competitive strategy. Finally, we will provide a complete discussion of decision making, demand and supply in input or resource markets. We will also discuss asymmetric information and public goods. Economic analysis of intertemporal decisions and behavior in a risky environment form the foundation of financial practice. Finally, the study of social goods, market failures and industrial structure is necessary
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This note was uploaded on 02/11/2012 for the course ECON 251 at USC.

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ECON 251x. F11.R1 TONTZ Syllabus - University of Southern...

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