ECP 5007 - Economic Analysis for Technologists

Credits: 3

Prerequisites: ECO 2023 ECO 2023 - Principles of Microeconomics,MAC 2311 MAC 2311 - Analytic Geometry and Calculus 1, Introduction to Probability and Statistics, or equivalent courses, or permission of program director.
Course Description: The course applies the tools of economic analysis to develop a systematic approach to critical thinking about problems in science and technology management, particularly under conditions of incomplete or imperfect information. Topics include: time value of money; risk and uncertainty; demand approximation and forecasting; information acquisition, use, and value; real option value; optimal production and pricing under uncertainty; peak load pricing and optimal capacity; decisions in strategic environments, firm structure.