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Production and Cost Analysis
- Analyze the effect of changes in marginal revenues and costs on a firm’s profit-making potential.
- Describe the relationship between the number of inputs and the law of diminishing marginal productivity.
- Analyze the relationship between productivity and the cost of production.
- Analyze the effect of changes in the supply of and demand for factors of production on the price of inputs.
- Compare various market structures and their characteristics.
- Determine profit-maximizing strategies based on market structure analysis.
- Evaluate the effectiveness of competitive strategies within market structures.
Public Policy in Economics
- Analyze the effect of externalities on market outcomes.
- Differentiate among horizontal, vertical, and conglomerate mergers.
- Analyze the effect of government interventions, taxation, and regulations on economic behavior.
- Determine the effect of global competition on an organization’s strategies for maximizing profits.
- Analyze the effect of global competition on the relationship between management and labor.
Fundamentals of Microeconomics
- Differentiate between macroeconomics and microeconomics.
- Analyze the effect of changes in supply and demand on the equilibrium price and quantity.
- Determine how elasticities affect pricing and purchasing decisions.
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