Join Stefan Michel for an in-depth discussion in this video What you should know before watching this course, part of Managerial Economics.
- There are no prerequisites for this course, but if you're just getting started in business, I suggest you first watch Eddie Davila's Business Fundamentals course on this site, and then come back for Managerial Economics. This is an intermediate level course designed to cover typical business situations for small and large firms. And what we learn can be applied to both digital and traditional business, and is true for any business, anywhere in the world.
- What are customers buying? (demand theory)
- What should we produce? (production theory)
- Which costs do I need to worry about now? (cost theory)
- What market am I in? (competition theory)
- What should we charge for it? (pricing theory)
To understand what managerial economics looks like in practice, Stefan explains how Google's auction-based advertising system employs the principles of game theory and how understanding this can help decision makers to outmaneuver their competitors.
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- Using economics to solve business problems
- Understanding price elasticity
- Demand curve shifts
- Economics of scale vs. scope
- Break-even and what-if analysis
- Profit maximization
- Economics in action