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Class: Microeconomics for Managers

Teacher: Susanna Berkouwer

MGEC 611 FALL 2020 Syllabus.pdf

Zoom Room: https://upenn.zoom.us/j/98762146764?pwd=dnVWT0FQTmhEb2Q5c1VnQzBFZG9SUT09

Table of Contents

Lecture 1 - 9.1.20

<aside> 📌 SUMMARY: Value is the maximum someone would pay for something. Demand is how many people would buy something at different price levels. Consumer surplus is the difference between the total value people ascribe and the price or graphically the difference between the price level and the demand curve. The demand curve must always be downward slopping. It is very difficult to figure out the exact optimal pricing, but relatively easy to get estimates which is what most businesses do. Some technology firms like Amazon are able to run many small experiments to get a better grasp on pricing than traditional businesses.

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