Managerial Economics | Production and Cost
Master demand forecasting, production outputs, costing and economies of scale to improve a company’s key financial performance with this free diploma course.
Grappling with production and costs is a major part of managerial economics. This well-rounded online diploma course will teach you how to forecast demand using both subjective and quantitative methods. You will also analyze the law of diminishing returns and how a rational producer – someone who aims to maximize profit – can operate successfully. The algebra of the break-even analysis and the economies of scale will be highlighted.
What You Will Learn In This Free Course
Demand Forecasting
This module is about Demand Forecasting and allows you to learn about the subjective methods of Demand Forecasting. Quantitative methods of Demand Forecasting are also covered. Econometric methods will be specifically addressed, with some emphasis upon regression analysis. The problems with regression analysis will be highlighted and solved.
Theory of Production
This module is about the Theory of Production and covers the factors of production and the production function. You will learn about the law of diminishing returns and how the rational producer can operate. You will also learn about the equilibrium conditions of the producer and the effects of changes in input prices.
First Course Assessment
a; Module
Theory of Costs
This module is about the Theory of Cost and allows you to learn about various categories of the production costs. You will also learn about the short run and the long-run analyses of production. The algebra of the break-even analysis will be provided. By the end of the module, Economies of Scale will be addressed.
Second Course Assessment
a; Module
Course assessment
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