15.024 Applied Economics for Managers

Summer 2004

Graph of supply and demand curves.
Supply and demand determine a product's equilibrium price and quantity. (Graph courtesy of Prof. Daniel Richards. Background image courtesy of Ken Hammond, U.S. Department of Agriculture.)

Course Highlights

The complete set of lecture notes provide detailed outlines of the material covered in each session. A sample version of the final exam is also available, with solutions.

Course Description

The fact of scarcity forces individuals, firms, and societies to choose among alternative uses – or allocations – of its limited resources. Accordingly, the first part of this summer course seeks to understand how economists model the choice process of individual consumers and firms, and how markets work to coordinate these choices. It also examines how well markets perform this function using the economist's criterion of market efficiency.

Overall, this course focuses on microeconomics, with some topics from macroeconomics and international trade. It emphasizes the integration of theory, data, and judgment in the analysis of corporate decisions and public policy, and in the assessment of changing U.S. and international business environments.

*Some translations represent previous versions of courses.

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Prof. Daniel Richards

Course Meeting Times

Four sessions / week
1.5 hours / session

One session / week
1 hour / session