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Konstantin Kontor

Konstantin Kontor is Director and Professor of Finance and Strategy at the American Institute of Business and Economics in Moscow.

Managerial Economics

Purpose of this Course

The purpose of managerial economics is to introduce and extend microeconomic concepts in order to develop an understanding of the ways in which firms and consumers interact, with particular emphasis on the firm’s perspective. The approach taken in managerial economics to build models which are representations of firms and consumers, and by manipulating these models determine the economic implications of various actions and circumstances, which individuals or firms might encounter. The material may include demand, demand estimation, elasticity, pricing, production, costs, decision tree, risk, supply, markets, rationality, competition, monopoly, imperfect competition, information, game theory, optimal search, competitive bidding, as time allows.

Course Materials

  • William F. Samuelson and Stephen G. Marks. Managerial Economics
  • Notes, handouts, articles, and cases from the course package.

Grading

Grading of this course will be based on examinations and class participation.

Because the course is heavily discussion based attendance is mandatory. Failure to attend 40% of classes leads to immediate failure in the course and loss of credit.

As a general rule, make up exams will not be given. If an exam is missed then a zero will be recorded.

Discussion Groups: Three times per week there will be discussion groups. Each student will be assigned to one of these groups. These groups will be used to discuss the assigned problems or clarify any points on which the student have questions.

The course will be graded in accordance with the following schedule:

Exam I  33%
Exam II  33%
Exam III  34%
Total 100%

Course Topics

  1. Introduction, markets and the theory of consumer choice
  2. Basic economic definitions and concepts (such as opportunity costs and positive vs. normative)
  3. The manner in which producers (or sellers) and consumers (or buyers) interact to determine the price at which a good will be sold and the quantity which will be sold
  4. The development of the model of rational choice which underlies the demand or buyers side of the market
  5. Theory of production and cost
  6. Factors which effect production, and use the theory of production to specify the cost relationships
  7. Costs are central to understanding the behavior of firms and markets, regardless of market structure
  8. Uncertainty and information may also be included
  9. Market structure, oligopoly, and games theory
  10. Analyzes how pricing and production vary under various market structures, with an emphasis on competition and monopoly
  11. Optimal search and competitive bidding

You can download description of the course here.

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Fall Semester, 2018

Fall Semester starts on October 2, 2018.