ECO 550 Discussion 121721(3) HELP PLEASE Wow! You made it to the end. But it is not over. There is one more task.
We have covered a lot of subjects. We would love to hear what your takeaway is for the following:
· What things do you think you will use the most?
· What did you find most interesting?
· What did you never know before?
Looking back, here is a list of some of the concepts and skills we covered:
· Use the rational-actor paradigm, identify problems, and then fix them.
· Use benefit-cost analysis to evaluate decisions.
· Use marginal analysis to make extent (how much) decisions.
· Make profitable investments and shutdown decisions.
· Set optimal prices and price discrimination.
· Predict industry-level changes using demand and supply analysis.
· Understand the long-run forces that erode profitability.
· Develop long-run strategies to increase firm value.
· Predict how your own actions will influence other people’s actions.
· Bargain effectively.
· Make decisions in uncertain environments.
· Solve the problems caused by moral hazard and adverse selection.
· Motivate employees to work in the firm’s best interests.
· Motivate divisions to work in the best interests of the parent company.
· Manage vertical relationships with upstream suppliers or downstream customers.