Managerial Economics| Analysis and Optimization | Free Course | Alison
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Managerial Economics: Economic Analysis and Optimization

Master complex economic analysis and optimization in this free online certificate course about managerial economics.

Economics
Free Course
Study the basic concepts and fundamental assumptions in economics in this free online course to learn how to do proper economic analysis and harness effective optimisation techniques. You will tackle important topics like using the Lagrange multiplier, the differences between marginal and incremental analysis and how you can maximise revenue as efficiently as possible.
  • Duration

    6-10 Hours
  • Certification

    Yes
  • Mobile Friendly

    Yes
  • Publisher

    NPTEL
  • Accreditation

    CPD

Description

Modules

Outcome

Certification

View course modules

Description

This course covers the broader subject of managerial economics and specializes in economic analysis and optimization. Both are crucial because the goal of optimization is to create a situation where a company’s marginal revenue is equal to its marginal cost, and accurate analysis is needed to assess how to obtain optimization. ‘Marginal analysis’ and ‘incremental analysis’ are some of the leading concepts that will be unravelled. Other concepts addressed include the importance of revenue and cost. The material also covers basic assumptions in economics, notably ‘ceteris paribus’ (‘all other things being equal’ or the idea in economics of the effect one variable has on another, provided all other variables are unchanged) and economic rationality.

You will then learn about economic functions and their variables, along with the slope of a function and differential calculus. The course also highlights the techniques used for optimization: revenue maximization or cost minimization. Two key techniques will be particularly emphasized, namely, the substitution technique and the Lagrange multiplier method. By the end of the course, the regression technique and the least square method will also be unravelled.

Starting with the basic concepts of managerial economics (also known as industrial economics), you will be led through the complexities around sound economic analysis and optimization. This course will be of great interest to people who would like to have a better understanding of economics and how it relates to the actual world, especially business owners, entrepreneurs and sales managers. Students attending schools in the commercial sector or specializing in finance will find the course particularly interesting.

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Learning Outcomes

Upon successful completion of this course, you will be able to:


  • Define 'economics'
  • Explain microeconomics
  • Discuss managerial economics
  • Explain the basic concepts in managerial economics
  • Identify economic systems
  • Contrast the market economy to the command economy
  • Define 'economic functions'
  • Categorize economic functions
  • Explain the use of the slope and the derivative of an economic function
  • Contrast the substitution technique to the Lagrange multiplier
  • Discuss optimization techniques
  • Contrast the regression technique to the least square method

Certification

All Alison courses are free to enrol, study and complete. To successfully complete this Certificate course and become an Alison Graduate, you need to achieve 80% or higher in each course assessment. Once you have completed this Certificate course, you have the option to acquire an official Certificate, which is a great way to share your achievement with the world. Your Alison Certificate is:

Ideal for sharing with potential employers - include it in your CV, professional social media profiles and job applications
An indication of your commitment to continuously learn, upskill and achieve high results
An incentive for you to continue empowering yourself through lifelong learning

Alison offers 3 types of Certificates for completed Certificate courses:

Digital Certificate - a downloadable Certificate in PDF format, immediately available to you when you complete your purchase
Certificate - a physical version of your officially branded and security-marked Certificate, posted to you with FREE shipping
Framed Certificate - a physical version of your officially branded and security-marked Certificate in a stylish frame, posted to you with FREE shipping

All Certificates are available to purchase through the Alison Shop. For more information on purchasing Alison Certificates, please visit our FAQs. If you decide not to purchase your Alison Certificate, you can still demonstrate your achievement by sharing your Learner Record or Learner Achievement Verification, both of which are accessible from your Dashboard. For more details on our Certificate pricing, please visit our Pricing Page.

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