Master consumer preference and behaviour using a variety of methods in this free diploma course on managerial economics.

This diploma course introduces you to managerial economics, a specialist branch of economics that deals with the application of economic concepts, theories, tools and methodologies to help solve practical problems in a company. It covers economic analysis, optimization, supply and demand, and consumer preference and behaviour. First, you will learn about the fundamental concepts and assumptions linked to microeconomics, discipline that studies the behavior of individuals and businesses when making decisions about how to allocate scarce resources and the interactions among these entities in the decision-making process. Economic functions and their key variables will be also covered, along with the central techniques used for optimization. You will also learn about the substitution technique and the Lagrange multiplier method.

Next, you will be taught about the law of supply and demand, with its notable exceptions. Market equilibrium, resulting from supply and demand, along with disequilibrium situations will also be studied. The course then highlights consumer preference as described through indifference curves and the marginal rate of substitution. How the consumer reaches ‘equilibrium’ will also be illustrated. Towards the end of this comprehensive course, the elasticity of supply will be addressed, together with the effects of government regulations.

This diploma course covers the fundamental themes in managerial economics, allowing you to significantly improve your knowledge of this sought-after topic. It will be of great interest to any economist or business manager while students of economic or managerial fields will also find the course particularly useful.