MTI 711: Advanced Economics and Strategies of Technology Management
(3 Credit Hours)
Market structures and their impact on industry performance; pricing strategies of firms; Use of game theory in interpreting firm behavior (Mini project on interpreting firm behavior); capital budgeting and information imperfections in markets. Demand Forecasting; demand forecasting techniques. Demand Functions; Linear Demand Function, Non-Linear Demand Function, Multi-Variate or Dynamic Demand Function. Economic decision-making framework and their application to a wide range of managerial economic problems; concepts of elasticity and marginal revenue; identify costs that are relevant to decision making and distinguish between cost reductions due to scale, scope and learning effects. Asymmetric information and the application of the basic concepts of game theory to oligopolistic decision making. Market Structure and Pricing Decisions; Price Determination Under Perfect Competition (a) Pricing in Market Period (b) Pricing in the Short-Run (c) Pricing in the Long-Run; Price Determination Under Pure Monopoly (a) Monopoly Pricing and Output Decision in the Short-Run (b) Monopoly Pricing and Output Decision in the Long-Run.
- Teacher: Collins Udanor