ECP 4044 - Economic Analysis for Technologists

Credits: 3

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, and market structure. When appropriate, emphasis will be placed on applications in the areas of science, engineering and technology.
Prerequisites: ECO 2023 - Principles of Microeconomics and MAC 2311 - Analytic Geometry and Calculus 1 and (STA 2023 - Statistics 1 or equivalent)