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.
In this course you will examine the model of perfect competition and how it can be used to make business decisions. You will utilize this model of perfect competition to analyze both the short-run and long-run equilibriums and the impacts they can have on your organization. You will explore how firms have access to a multitude of specialized input that are limited and how those can be exploited for the benefit of your organization. Lastly, you will analyze two significant questions: Who in particular will reap the rewards when there are profits? And how large will the profits be? Finally, you will complete a graded project in which you draw relevant conclusions related to perfect competition and your firm.
These courses are required to be completed prior to starting this course:
- Examining Scarcity and Opportunity Cost
- Analyzing Price and Equilibrium
- Conducting Market Analysis and Predicting Price
Key Course Takeaways
- Examine the model of perfect competition
- Analyze economies of scale and the benefits and risks of specialization
- Use the model of perfect competition to analyze both the short-run and long-run equilibriums
- Analyze the inputs, costs, profits, and competition model of your own firm against the industry
How It Works
Who Should Enroll
- New, emerging, and experienced leaders
- Individuals seeking to expand their business management skills
- Analysts and researchers