Principles of Microeconomics (ECON105)

This course provides students with an introduction to economic analysis and institutions. The course starts with developing simple graphical and mathematical models of decision making by individual economic agents: consumers, workers and businesses. Students are directed to analyze interactions between the agents in product and factor markets using the concepts of demand, supply, and equilibrium. It also introduces students to various market structures from perfect competition to monopoly, and describes the roles of government in market economy that include the pricing system in resource allocation and income distribution.

Credit Hours : 3

Course Learning Outcomes

1. Compare And Contrast Monopoly And Perfect Competition As Different Market Structures And Assess Their Efficiency And Welfare Implications
2. Construct Input-Output And Input-Cost Graphs And Explain The Underlying Relationships
3. Describe Economics As A Study Of Individuals Interacting With Each Other And The Business Sector
4. Evaluate Elasticities Or, In Other Words, The Responsiveness Of Buyers And Sellers To Changes In Circumstances
5. Evaluate The Effect Of Government Policies And Argue About How Those Relate To Price Setting
6. Show The Outcomes Of The Interaction Between Buyers And Sellers In The Market

Principles of Economics (ECON110)

This course studies basic economic concepts and theories of both microeconomics and macroeconomics. It covers such topics as supply and demand, the firm and its cost structure, the public sector, national income accounts, inflation, unemployment, the business cycle, economic policies, the monetary and banking systems, international trade and finance, and economic growth. This course does not replace nor is it equivalent to ECON 105 or to ECON 125. (Not offered to students in the program)

Credit Hours : 3

Course Learning Outcomes

1. Assess The Role Of Monetary Policy In The Economy
2. Communicate Economic Reasoning Orally And In Writing
3. Describe What Causes Business Cycle And Its Interaction With Inflation And Unemployment
4. Distiguish Various Economic Concepts Such As: Scarcity, Opportunity Cost, And Efficiency, National Accounting, Unemplyment Rate, Nominal And Real Aggregate Variables.
5. Explain The Economic Rational In Business Decision Making
6. Identify The Role Of Government In The Economy

Principles of Macroeconomics (ECON125)

This course introduces students to macroeconomic analysis and its applications. It starts with an understanding of how composition, size, and distribution of national income are determined, and continues with exploring the problems of inflation and unemployment in a modern economy. Students are expected to understand government roles in macroeconomics through the effectiveness of fiscal and monetary policies. Attention is also given to the sources and consequences of economic growth and to the nature of international linkages faced by an economy through goods and capital markets.

Credit Hours : 3

Prerequisites

• ECON105 with a minimum grade D or ECON110 with a minimum grade D or AGRB200 with a minimum grade D

Course Learning Outcomes

1. Analyze The Standard Of Living And The Cost Of Living For Different Countries Using The Concepts Of Real Gdp And The Different Price Levels
2. Assess The Effects Of Fiscal And Monetary Policy In The Short And The Long Run Using Aggregate Demand And Supply Analysis
3. Examine The Causes And The Effects Of Inflation And Unemployment
4. Explore How Productivity Affects A Country’S Growth
5. Interpret Reliable Economic Data To Conduct Basic Economic Analysis For Uae And Other Countries
6. Investigate What Causes Business Cycle And Its Interplay With Inflation And Unemployment

Theory of Microeconomics (ECON211)

This course further develops student understanding of the economic behavior of individuals and firms—how they respond to changes in opportunities and constraints and how they interact in markets. Topics include consumer theory, theory of the firm, competition, and factor markets. Moreover, the course looks at market failures such as imperfect competition (monopoly and oligopoly) and externalities, as well as their consequences on welfare. Throughout the course students will get a sense of the conditions under which market economies are efficient, as well as the way governments can make the economy less or more efficient.

Credit Hours : 3

Prerequisites

• ECON105 with a minimum grade D
• MATH115 with a minimum grade D

Course Learning Outcomes

1. Analyze The Process Through Which Firms Convert Inputs Into Outputs.
2. Apply Basic Microeconomic Principles Of Analysis To Explain How Markets Function.
3. Appraise How Government Intervention Affects Efficiency And Welfare As Well As Differentiate Between Its Positive And Normative Implications.
4. Distinguish Between Short And Long Run Horizons And Assess Their Consequences.
5. Distinguish Different Market Structures And Explain How Each Of Them Work.
6. Explain How Consumers Make Choices That Maximize Their Utility Given Their Limited Income.

Theory of Macroeconomics (ECON212)

This course introduces students to basic macroeconomic theories, with emphasis on macroeconomic policies in an open economy. The course focuses on the determination of national income, money and inflation, unemployment, aggregate demand and aggregate supply, short-run fluctuations, and the determinants of productivity and long-run economic growth. Fiscal and monetary policies, and associated automatic stabilizers, will be discussed. Considering that macroeconomics consists of different, sometimes conflicting, interpretations of how the economy operates, students will be exposed to different schools of macroeconomics—Austrian and Post-Keynesian schools, New Classics, Monetarists, and New Keynesians—and how they interpret and recommend policies with regards to current events.

Credit Hours : 3

Prerequisites

• ECON125
• MATH115 with a minimum grade D

Course Learning Outcomes

1. Demonstrate An Understanding Of Major Macroeconomic Issues, Such As Growth, Unemployment, Inflation And Macroeconomic Policies Through Oral And Written Communication.
2. Differentiate Between The Classical And Keynesian Perspectives In Understanding The Macro Economy.
3. Explain The Conduct, And The Relative Efficacy, Of Fiscal And Monetary Policy In Influencing Macroeconomic Growth.
4. Explain The Trade-Off Between Inflation And Unemployment Through The Philips Curve.
5. Identify The Features And Characteristics Of Short Run Growth And Business Cycles As Well As The Factors That Determine The Long Run Growth Of An Economy, Such As Productivity, Savings And Investment.
6. Use The Is-Lm/Ad-As Model As A General Framework For Macroeconomic Analysis.

Money and Banking (ECON215)

This course focuses on understanding the links among money, banking, financial markets, and central banks. The main goal of this course is to explain how the interest rate is determined in the economy. This requires to introduce students to the bond market. The course expands the analysis and shows that the interest rate is also determined in the money market. Thus, it explores how the money supply is determined in the economy via the interactions among banks, central banks, and households. This interaction is explained via introducing the balance sheet of the commercial bank and the central bank. Further, this course explains how the interest rate influences the foreign exchange market and demand for money.

Credit Hours : 3

Prerequisites

• ECON125 with a minimum grade D

Course Learning Outcomes

1. Demonstrate Ethical Awareness In Monetary Policy
2. Demonstrate Proficiency In Computer Applications Relevant To Economic Analysis And Problem Solving.
3. Identify The Determinants Of Interest Rate In The Economy.
4. Produce Professional Quality Reports On Money And Banking Issues
5. Recognize The Role Of The Financial System From Both A Global And Local Perspectives

Econometrics (ECON231)

This course introduces students to regression analysis in order to be able to create a good model that can capture the relationship between the underlying variables. The necessary assumptions for a good model, such as a correct functional form, no autocorrelation, constant variance and normality, will be tested one by one. Potential remedies will be sought in case any assumption is not fulfilled. Other topics that will be covered include hypothesis testing, forecasting and distinguishing between causality and correlation. All estimations will be performed via econometric software, EVIEWS or GRETL (which is a free version of EVIEWS).

Credit Hours : 3

Prerequisites

• STAT130 with a minimum grade DECON125 with a minimum grade D

Course Learning Outcomes

1. Apply Econometric Techniques To Investigate Economic Or Financial Relationships And Processes.
2. Formulate Models And Estimate Them Within A Regression Framework.
3. Identify And Contrast The Econometric Methods That Are Utilized In The Majority Of Relevant Books And Articles.
4. Identify And Select The Appropriate Econometric Methods To Be Used In Order To Analyze Different Types Of Data, Mainly Cross-Sectional And Time Series.
5. Summarize Their Work As A Group Addressing A Research Question Both In Writing And Via A Class Presentation.

Project Economics (ECON236)

This course introduces students to the basic techniques of project appraisal. The course is applied in nature but starts with the theoretical rationale of project appraisal, resource allocation and efficiency, and the Kaldor-Hicks compensation criterion. It evolves to explore different investment criteria and focuses on cost-benefit analysis (CBA) as a major technique widely used in assessing public investment opportunities. Students will examine real CBA case studies and try to apply the concepts they have learned. The course also considers other alternative techniques such the cost-effectiveness analysis (CEA), multi-criteria analysis (MCA), and the qualitative (non-economic) techniques of project assessment.

Credit Hours : 3

Prerequisites

• ECON105 with a minimum grade D

Course Learning Outcomes

1. Analyze Projects, Utilizing The Concept Of Shadow Pricing In A Simple Social Benefit-Cost Analysis Framework.
2. Apply The Concept Of Discounting
3. Justify Why Certain Projects Are Accepted And Others Rejected And Write Appraisal Conclusion
4. Perform A Simple Cost-Effectiveness Analysis
5. Relate The Concept Of Pareto Efficiency To Project Appraisal
6. Write Simple Qualitative Environmental And Distributional Project Impacts Reports

Environmental and Energy Economics (ECON237)

This course introduces timely topics related to the Environment-Energy-Economy relation. Topics include the economics of pollution, the greenhouse effect and global warming. We use data for the UAE and GCC region to analyze the relationship between different patterns in energy production and consumption, economic diversification, and emissions growth. We also study market-based policy solutions to reduce carbon footprint, such as carbon trading and carbon taxes, in light of the world’s environmental obligations. The second part of the course focuses on energy and the essential transition to renewable resources. We study the economics of oil and the behavior of oil prices and the OPEC, new trends in the production of natural gas, and the prospects for renewable energy with special focus on Abu Dhabi’s MASDAR city initiative and other environmental policies.

Credit Hours : 3

Prerequisites

• ECON105 with a minimum grade D

Course Learning Outcomes

1. Analyze And Explain, Using The Concept Of Externalities, Environmental And Energy Dilemmas And Identify Alternative Solutions
2. Critically Examine Oil Price Movements And Identify Their Causes In Light Of Existing International Oil Market Fundamentals And Political Economy Forces.
3. Describe And Discuss The New Trends In Renewable Energy Technologies
4. Distinguish Between The Various Concepts And Perceptions Of The “Energy Crisis”, And Identify The Differences In Policy Implications.
5. Relate The Predictions Of The Theory Of The Mine To The Practices And Outcomes Of The Energy Markets Today And Explain The Gap.

Competition and Business Strategy (ECON239)

This course provides students with economic foundations for strategic analysis and helps them understand the basic theoretical and policy implications of concepts related to the different types of market structures. Students will get familiar with the behavior of firms and their strategic interrelations. Among the topics covered are basic game theory; agency problems and incentives; boundaries of the firm and product diversification; competition and evolution of industry structure; firm strategic positioning and sustaining of competitive advantage; and the origins of competitive advantage innovation. The coverage of these topics will be illustrated with applications related to current events and policies. The course will cultivate the students’ analytical thinking and, among other things, develop their ability to comprehend different firm and industrial issues from the firm, industry and social desirability perspective.

Credit Hours : 3

Prerequisites

• ECON105 with a minimum grade D

Course Learning Outcomes

1. Identify and contrast different costs concepts as well as apply them to specific firms/industries scenarios.
2. Design and assess alternative plans of action as well as predict their consequences.
3. Assess situations in which firms have to decide on making or buying an input as well as firms have to handle agency problems.
4. Identify important firm/industry characteristics and appraise their implications for short as well as potential long run profitability.
5. Design the best price strategies under different scenarios.

Economic Development and Institutions (ECON333)

This course introduces students to the field of economic development. It examines a number of definitions and measures of development and highlights the structural diversity and common characteristics of Less Developed countries LDCs. In addition, the course reviews different theories of development and underdevelopment. The role of globalization and international trade in development is discussed. Major issues in economic development of the Arab world are also addressed.

Credit Hours : 3

Prerequisites

• PHIL120

Course Learning Outcomes

1. Apply Economic Development Principles To Real World Events
2. Describe The Economic Theory Addresses World Events, In Particular Related To Development
3. Effectively Operate In Groups And Summarize Their Findings
4. Identify Social Dilemmas Embedded In The Economic Development Theory
5. Use Their Critical And Analytical Skills When Addressing World And Uae Development Issues

International Economics and Globalization (ECON338)

This course introduces students to the concepts of international economics and international business, focusing on two main themes: international trade and globalization. The course covers Ricardo’s comparative advantage theory and the allocation of trade based on specialization and opportunity costs, the Heckscher-Ohlin model of resource abundance and factor intensity as the main source of comparative advantage and direction of international trade in the modern world, the role of different market structures, such as monopoly, oligopoly, and monopolistic competition, in international trade from the business perspective, and the welfare implications of barriers to trade, such as tariffs, quotas, and regulations. Last, the process, trends, historical facts, and effects of globalization will be discussed in conjunction with international trade.

Credit Hours : 3

Prerequisites

• ECON212 with a minimum grade D

Course Learning Outcomes

1. Analyze The Different Theories Of International Trade And Apply Them To Study Real World Issues
2. Assess The Costs And Benefits Of Different Trade Policies
3. Collect And Interpret Reliable Economic Data To Analyze The International Trade Position Of A Country And Suggest Policy Recommendations
4. Evaluate The Impacts Of Regional Integration, Multilateral Arrangements And International Organizations
5. Explain How Exchange Rate Is Determined In The Short And Long Run And How It Interacts With The Macroeconomics Of A Country
6. Identify And Assess The Different Determinants And Effects Of Globalization From The Perspectives Of Both Developed And Developing Countries

Public Economics (ECON344)

The aim of this course is to develop an understanding of the role of the government and the public sector in mixed economies in theory and practice. The course discusses the ideal situation of perfectly competitive markets and how market structure relates to economic efficiency. Under perfectly competitive markets, externalities result in inefficiency. Inefficiency is also the result of monopoly. Government has a role to play in market failure to improve efficiency, but it also plays a role in the redistribution of resources in the society. Government expenditures to improve efficiency and how revenues finance these expenditures are discussed. Topics covered include market efficiency, market failure, externalities, equity, public goods, public expenditure, taxation, and fiscal federalism. The applied nature of these topics will also be considered.

Credit Hours : 3

Prerequisites

• ECON125 with a minimum grade D
• ECON211 with a minimum grade D

Course Learning Outcomes

1. Describe Alternative Means Of Financing Government Activities And Compare The Economic Impacts Of A Different Tax Structures
2. Describe The Taxonomy Of Public Goods And Explain How They Can Be Produced And Financed Through Oral Or Written Presentation
3. Explain How A System Of Perfectly Competitive Markets Can Achieve Efficient Outcomes
4. Explain The Differences Between Criteria Used To Evaluate Different Methods Of Government Finance
5. Explain The Impact Of Government Taxes On Income, Consumption And Wealth On Private Agents’ Behaviors
6. Explain Why And How Positive And Negative Externalities Constitute A Failure Of The Market System

Research Methods in Economics (ECON432)

The aim of this course is to supply students with an understanding of the issues and problems of conducting research in economics and the tools available to them. The course will enable students to develop skills necessary to conduct applied research in economics or an allied field. During the course students will develop original research question/s and hypotheses, conduct a literature review and use bibliographic software to manage their citations and references, analyze the problem/s using appropriate research methods (quantitative/qualitative) according to ethical standards, test their analysis or model of the problem, interpret their results, and write up the findings using appropriate academic language.

Credit Hours : 3

Prerequisites

• ECON211 with a minimum grade D
• ECON212 with a minimum grade D
• ECON231 with a minimum grade D

Course Learning Outcomes

1. Analyze, Criticize And Research Contemporary Economic Issues In Relation To The Uae'S Economic Development
2. Communicate Their Research Results Effectively In A Written Format Understandable To An Expert And Layperson Using Appropriate Academic Writing Skills
3. Develop A Well-Articulated Research Question/S And Abstract, Based On A Comprehensive Review Of The Existing Academic Literature
4. Present Their Research Findings To A Technically Minded Audience
5. Understand Different Research Methodologies And Carry Out Primary And/Or Secondary Research
6. Understand The Ethical Implications Of Research Including How To Avoid Plagiarism And Demonstrate Use Of Technical Software For Referencing And Citation Purposes

Applied Economics of the Middle East (ECON433)

This course aims to provide students with an understanding of the socio-economic and structural characteristics of the Middle East and North African economies. The course analyses the contemporary opportunities and challenges facing these economies, with a specific focus on the Gulf region. Learning methods require students to analyze academic articles on the region and utilize econometric techniques. Among the topics covered are developments in the oil and gas sector, labor markets and migration, the implications of changing demographics such as declining birth rates, the role of inter-regional and international trade, capital flows, the role of government policy, economic reforms and diversification, and finally the significance of banks and financial markets in the region’s economic development.

Credit Hours : 3

Prerequisites

• ECON105 with a minimum grade D
• ECON212 with a minimum grade D
• ECON231 with a minimum grade D

Course Learning Outcomes

1. Assess The Applicability Of Development Theories To The Economies In The Middle East
2. Discuss The Economic Teachings Of Islam
3. Evaluate The Role Of International And Intra-National Trade In The Economic Development Of The Middle East
4. Explain Structural Transformation And Growth In The Middle East
5. Express The Role Of Oil And Gas Production In Development Of The Middle East
6. Identify Demographic Changes In The Middle East And Their Economic Consequences

Labor and HR Economics (ECON441)

This course exposes students to the key aspects of labor economics and human resource development theory: demand and supply; market equilibrium; productivity; and incentive structures. It also highlights the synergies between these two fields. It introduces the main tools used to analyze, evaluate and understand labor market dynamics. In addition, it concentrates on the labor markets of the UAE and the Arab Gulf. It introduces UAE specific case studies and labor market data for empirical applications. Topics covered include: national unemployment; labor nationalisation; investments in human capital; and the strategic goal of transitioning to a more knowledge-based economy.

Credit Hours : 3

Prerequisites

• ECON211 with a minimum grade D
• ECON212 with a minimum grade D
• ECON231 with a minimum grade D

Course Learning Outcomes

1. Compute The Net Present Value And Internal Rate Of Return On Investment In Human Capital.
2. Contrast The Demand For Labor By A Perfectly And Imperfectly Competitive Seller.
3. Contrast Wage And Employment Determination At The Market And Firm Levels In A Perfectly Competitive Market And In A Monopoly.
4. Explain How Alternative Pay Schemes Enhance Labor Efficiency.
5. Explain The Individual Labor Supply Curve Using The Labor-Leisure Choice Model.
6. Identify The Nature Of The Gcc Labor Markets.

Selected Topics In Economics (ECON455)

This course introduces students to the art of applying different economic theories and concepts to specific “real world” topics in economics. The course topics may vary to reflect changing interests and state of the art topics. Depending on faculty interest and availability, the course may cover a wide range of special topics in economics with an applied orientation. For instance, it may cover topics that belong to Health Economics, Public Economics or Sustainable Development Economics. The present course topics are related to sustainable development. This course is aimed at giving an introduction to the basic concepts of “sustainable development” and how these concepts have been implemented through “sustainable development policies” at the micro and macro level. The theoretical contents of the course is based on the concepts of environmental and resource economics and macroeconomics. Theoretical issues are illustrated by case studies with a special emphasize on the UAE and/or GCC cases. It covers topics such as: definitions and intellectual backgrounds of sustainable development, measurement of sustainable development, sustainable urban management, sustainable management of resources, sustainable development and firms environmental strategies.

Credit Hours : 3

Prerequisites

• ECON211 with a minimum grade D
• ECON212 with a minimum grade D

Course Learning Outcomes

1. Apply The Appropriate Technique Of Economic Evaluation To Resource Allocation Decisions
2. Apply The Fundamental Principles Of Health Economics To Decision Making In Health Care
3. Critically Appraise A Health Economics Article
4. Describe And Critically Appraise And Compare The Role Of The Government And The Private Market As Health Insurance Providers
5. Describe The Different Methods That Can Be Used To Assist Health Care Priority Setting Development.
6. Describe The Fundamental Principles Of Health Economics
7. Discuss Different Methods For Eliciting Preferences And The Strengths And Weaknesses Of Each Method
8. Discuss The Different Methods For Measuring Costs And Benefits In Economic Evaluation
9. Discuss The Role Of Institutions And Health Care Systems
10. Discuss The Role Of Markets And Incentives In The Demand And Supply Of Health Care
11. Interpret Basic Regression Coefficients From A Dce

Economics for Policy Analysis (ECON541)

The course will focus on the principles and techniques of economics important for analyzing economic aspects of public policy. First, the course will focus on the working on the aggregate economy highlighting topics like employment, productivity, trade and fiscal deficits, inflation, interest rate and exchange rates and their impacts on public policy. Then the course will focus on micro issues like the models of economic behavior, the price system, market failure and interventions, and related policy instruments. The course will examine Islamic principles and theories of the above topics, as appropriate

Credit Hours : 3

Course Learning Outcomes

1. Explain how a system of perfectly competitive markets can achieve efficient outcomes.
2. Explain why and how positive and negative externalities constitute a failure of the market system.
3. Describe the taxonomy of public goods and explain how they can be produced and financed.
4. Describe alternative means of financing government activities and compare the economic impacts of a different tax structures.
5. Explain the differences between criteria used to evaluate different methods of government finance and the impact of government taxes on private agents’ income, consumption and wealth.
6. Explain how cost/benefit analysis can be used to assess public policies.

Financial Management and Public Budgeting (ECON544)

This course will examine the major aspects of financial planning and public budgeting focusing on topics like the philosophy of public finance, financial analysis and planning techniques, theories of budgeting and budget as a mechanism for planning and control, accounting and auditing in the public sector, government responsibility for capital facilities planning, etc. The course will also look at the contemporary issues in public budgeting and financial management, and how they interface with public management drawing on comparative regional and international experiences, as available and appropriate.

Credit Hours : 3

Course Learning Outcomes

1. Understand the principles of public finance and budgeting.
2. Compare different theories and approaches of budgeting in the public sector.
3. Recognize the ethical dimensions of public finance and budget issues.
4. Evaluate the theoretical and practical implications of the government's budgeting in a fast changing world.

UAE in the Global Business Environment (ECON605)

Deeper global economic integration is a key strategic goal for the UAE and is seen as a catalyst for the UAE’s sustainable economic development. This course will provide students with an in depth understanding of how international business issues affect the UAE and how the UAE is positioning itself in the global economy. The course will provide a clear framework for understanding the process of globalisation, international transactions, financial issues, global economic trends and their significance for UAE organisations, as well as how government policy is facilitating the UAE’s deeper integration into the global economy.

Credit Hours : 3

Course Learning Outcomes

1. Analyse International Business And Economic Trends And Events In Relation To The Uae And Its Organisations.
2. Describe The Processes Of Economic Integration Through Examining International Trade, Investment, Financial Market Integration And Foreign Exchange Markets, In Both Individual And Team Work Settings.
3. Explain, And Give Examples Of, The Role Of Government Policies In Influencing The Uae’S Global And Regional Economic Integration And Interpret The Uae’S Economic Goals As Laid Out In Their Strategic Plans.
4. Identify And Analyse Key Strategic Sectors Of The Uae Economy Which Are Driving The Uae’S Global Integration.
5. Identify, And Give Examples Of, The Forces Driving A Nation’S Competitiveness And Recognize International Benchmarks Of Competitiveness.
6. Recognize The Importance Of Globalization And Regional Integration, And Evaluate Its Potential Impact On The Uae And Its Organisations Using Business Analytical Frameworks In Both Oral And Written Communication.

HR & Personnel Economics (ECON610)

This course applies economic analysis to the study of human resource management issues. In particular, it focuses on the economic rationale for formulating specific personnel strategies and policies such as those related to incentive systems to enhance performance and stimulate innovation within organizations. The course covers the key topics of personnel economics within five aspects of employment relationships: incentives, matching firms with workers, compensation, skill development, and the organization of work. In each of these aspects, the course aims at bringing valuable cutting-edge economics research findings and case studies to managers which can help them develop a deeper understanding of human resource issues and tradeoffs in the complex business environment of today. The course starts by studying firms’ hiring decisions and how the job offer can be structured to improve the effectiveness of recruiting under imperfect information and the presence of search costs. So, we study the latest research on matching firms with workers under asymmetric information and the firm’s decision to investment in workers’ skills and human capital. We then study issues related to job design and the economics of teamwork. The course then moves to a central issue in personnel economics: incentives and encouraging employees’ efforts. In this we critically analyze the trade-off between risk and incentives, performance evaluation, rewarding performance and compensation models. Lastly, the course considers benefit design issues.

Credit Hours : 3

Course Learning Outcomes

1. Critically Analyze The Effects Of Pay-For-Performance And Compensation Models On Productivity.
2. Design Effective Hiring Strategy In The Presence Of Search Costs And Employer-Worker Asymmetric Information.
3. Identify And Evaluate The Rationale For Teamwork And Its Impact On Productivity For Effective Job Design.
4. Identify The Tradeoffs Between Effort And Risks In Designing Incentive Systems.
5. Propose Effective Performance Incentives When Part Of The Effort Is Not Contractible.

Managerial Economics (ECON651)

This course covers the essential principles and tools of Managerial Economics. The course examines the principles of microeconomics, and illustrates how they apply to managerial decision-making. Students who master this material will be better prepared for leadership positions in business, not-for-profit, and government entities. The first part of the course discusses basic economic concepts such as supply, demand and costs. We move from these basic concepts to studying how firms behave when they have market power. Topics include differences between perfectly and imperfectly competitive markets, optimal pricing for firms with monopoly power, and the use of advanced pricing such as bundling and versioning to capture value. The final section of the course focuses on advanced topics in market analysis. These include the role of externalities and imperfect or asymmetric information.

Credit Hours : 3

Course Learning Outcomes

1. Use graphical tools to analyze economic interactions and outcomes.
2. Apply mathematical skills to provide solutions and recommendations to managerial economic problems.
3. Demonstrate managerial economics knowledge in the areas of consumer and firm behavior analysis, competitive market structure, and macroeconomic activity.
4. Analyze management related ethical issues through case studies.
5. Demonstrate presentation skills using case study analysis.
6. Construct policy recommendations at the microeconomic and the macroeconomic level.