MGFE ECO 4401
PGE-1: Acquire fundamental skills
The aim of this course is to introduce students to economic way of thinking about common managerial problems. Students will learn basic formal economic models of consumer behaviour, firm’s production decision, competition and market structure.
In the first part of the course we revise the main principles and core concepts of economics: cost-benefit principle, opportunity cost, supply and demand curves, and market equilibrium. We will also build a simple formal model of consumer behaviour and firm’s production decision given market prices for firm’s inputs and output. In the second part of the course we will focus on typical market structures: competitive markets, markets under monopoly and markets dominated by few firms (with a short introduction to the game theory to analyse firms’ strategic behaviour).
Successful completion of classroom and homework exercises is a necessary condition to pass the course tested with 3 classroom quizzes covering Lectures 1 & 2 (test 1), 3 & 4 (test 2), and 5 & 6 (test 3).
• Test quizzes (50%)
• Final exam (50%)
A typical class consists of a lecture, where main concepts are explained, followed by a problem solving session, where students should apply learned theory to qualitative and numerical examples. Homework exercises to be done between the classes intended to help the students to learn better new material and will be discussed at the beginning of the next class.
Programme grande école