Managerial Economics focuses on microeconomic analysis and its application to business decision making. Managerial Economics is the study of how to direct scarce resources in the way that most efficiently achieves managerial goals. The course develops the tools of intermediate microeconomics and business & policy analysis. Specific topics include demand and supply, basic econometrics, individual behavior, production costs, theory of the firm, the nature of industries, market models, value of information, and public policy toward business. The basic analytical techniques of managerial economics are identifying problems and opportunities, analyzing alternatives, and making optimal choices. These techniques are powerful tools for managers who make decisions in the functional areas of finance, marketing, production, and accounting.