Tom is currently a Senior Lecturer in the department of Policy Analysis and Management. Prior to Cornell, Tom worked as a Lecturer in the department of economics at the University of Chicago, and held various manufacturing positions in Canada, New York, and South Carolina.
To effectively lead the decision making of an organization, you will need to understand how we can use models of the labor market, the loan market, and currency market to predict changes in prices and quantities.
In this course, you will familiarize yourself with an extension of the model to the labor market, loan market, and currency market. You will investigate relevant concepts that can allow you to make predictions about how prices and quantities will change when market conditions fluctuate, exploring some circumstances in which the market equilibrium is not efficient. You will then develop a model of production using a single variable input. From this model, you will determine how to derive the average and marginal costs curves. Finally, you will complete a graded course project in three parts in which you will apply these relevant course concepts to practical concerns in your firm or industry. This course will leave you prepared to analyze a imperfect market and apply those concepts to the decisions made at your organization.
You are required to have completed the following courses or have equivalent experience before taking this course:
- Examining Scarcity and Opportunity Cost
- Analyzing Price and Equilibrium
Key Course Takeaways
- Examine an extension of the model to the labor market, the loan market, and the currency market
- Investigate relevant effects of changing interest rates, how governments manipulate currencies and externalities, and what happens when suppliers do not pay all of the costs of producing a good
- Apply economic concepts to make predictions
- Develop a model of production using a single variable input
- Apply these concepts to practical concerns in your firm or industry
How It Works
Who Should Enroll
- New, emerging, and experienced leaders
- Individuals seeking to expand their business management skills
- Analysts and researchers