Learn how economic theory becomes reality in an organization.
Every business has finite resources, but seemingly infinite and disparate uses for those resources. How do you balance those needs? How do you analyze and compare their importance? Through Managerial Economics 507, you’ll develop the ability to make what are sometimes hard decisions regarding your company’s expenditures.
Where does this course fall in your Flex curriculum?
ECO 507 is one of three courses offered within the Accounting, Economics, and Finance core.
Effectively allocating your company’s resources can be a daunting task, but with a keen understanding of the topics related to managerial economics, you can make the necessary spending and funding decisions. In this course, you’ll become more familiar with supply and demand, the driving force behind every organization.
You’ll see how elasticity — the change in quantity resulting from the change in price — affects revenue. You’ll also delve into the economic analysis of supply, and the law of diminishing returns.
The concept of cost will come in focus as you explore the concept of economies of scale and discern between the various types of costs related to production function.
- Economic cost
- Accounting cost
- Short-run total cost
- Short-run total variable cost
- Total fixed cost
Explore this and more in ECO 507.
More than a board game, a monopoly is one of four main market types, along with perfect competition, oligopoly, and monopolistic competition. You’ll come to understand the difference in these market structures in terms of product and service differentiation. The role of government in the private economy will be discussed and you’ll also learn the challenges and issues facing multinational corporations.
Sample Course Topics
- The Firm and Its Goals
- Supply and Demand
- Demand Elasticity
- The Theory and Estimation of Production
- The Theory and Estimation of Cost
- Pricing and Output Decisions: Perfect Competition and Monopoly
- Pricing and Output Decisions: Monopolistic Competition and Oligopoly
- The Multinational Corporation and Globalization
What You’ll Learn
In ECO 507, you’ll become familiar with the analytic tools used to formulate and analyze managerial problems from an economic standpoint.
- Be fluent in basic managerial economics terminology in terms of business theories, alternative business policies, and applications to a variety of applied business settings.
- Master the skills needed to analyze fundamental managerial economic issues.
- Use specific techniques to analyze specific tools of managerial economics.
- Improve your research and organizational skills.
See economic theory come to life in ECO 507. For more information about The University of Scranton’s online Master of Business Administration degree, request more information or call us today toll-free at (866) 373-9547.
The content presented on this page is representative information for example purposes and is subject to change as course and student needs change over time.