The objective of this course is to provide the participants with the essential microeconomic knowledge and skills that are relevant for business success. By the end of this course, the participants will be able to:

• Identify and explain the key concepts and principles of microeconomics, such as opportunity cost, marginal analysis, utility, elasticity, etc.
• Apply the microeconomic way of thinking to analyze the behavior and decisions of consumers, producers, and markets
• Understand the different types of market structures, such as perfect competition, monopoly, oligopoly, etc., and their implications for business
• Recognize the role and impact of market failures, such as externalities, public goods, asymmetric information, etc., on business outcomes and welfare
• Evaluate the benefits and costs of various market interventions, such as taxes, subsidies, regulations, price controls, etc., for business

This course is designed for professionals who want to learn or refresh their knowledge of microeconomics and its relevance to business. It is suitable for anyone who works in or interacts with the business sector, such as managers, entrepreneurs, consultants, analysts, marketers, accountants, lawyers, etc.

Taking this course will help the participants to:

• Develop a solid foundation and understanding of microeconomics and its importance for business
• Enhance their critical thinking and problem-solving skills
• Improve their decision-making and strategic planning abilities
• Increase their awareness and appreciation of the microeconomic environment and its challenges and opportunities for business
• Develop their confidence and competence in applying microeconomic concepts and tools to real-world business situations

Day One:

Introduction to Microeconomics and Consumer Behavior

• What is microeconomics and why is it important for business?
• The microeconomic problem: scarcity, choice, and opportunity cost
• The microeconomic way of thinking: rationality, preferences, and constraints
• The concept of consumer behavior: definition, determinants, and measurement
• The theory of consumer choice: utility, budget constraint, indifference curves, etc.

Day Two:

Producer Behavior and Cost Analysis

• What is producer behavior and how does it affect business decisions?
• The concept of producer behavior: definition, objectives, and features
• The types of producer behavior: profit maximization vs cost minimization vs revenue maximization vs etc.
• The concept of cost analysis: definition, types, and measurement
• The theory of cost analysis: production function, total cost, average cost, marginal cost, etc.

Day Three:

Market Structures: How They Determine Price and Output

• What are market structures and how do they determine price and output?
• The concept of market structures: definition, types, and features
• The types of market structures: perfect competition vs monopoly vs oligopoly vs monopolistic competition vs etc.
• The characteristics and implications of different market structures: number of firms, type of product, barriers to entry, price elasticity, etc.
• The price and output determination under different market structures: marginal revenue, marginal cost, profit maximization, etc.

Day Four:

Market Failures: How They Affect Business Outcomes and Welfare

• What are market failures and how do they affect business outcomes and welfare?
• The concept of market failures: definition, types, and causes
• The types of market failures: externalities vs public goods vs asymmetric information vs etc.
• The effects of market failures on business outcomes: efficiency vs equity vs incentives vs etc.
• The solutions to market failures: private solutions vs public solutions vs mixed solutions vs etc.

Day Five:

Market Interventions: How They Influence Business Decisions

• What are market interventions and how do they influence business decisions?
• The concept of market interventions: definition, objectives, and features
• The types of market interventions: taxes vs subsidies vs regulations vs price controls vs etc.
• The benefits and costs of different types of interventions: revenue effect vs welfare effect vs deadweight loss effect vs etc.
• The evaluation of market interventions: effectiveness vs efficiency vs equity vs ethics

To enhance learning and practical application of concepts, the training course will use a combination of interactive lectures, case studies, group discussions, practical exercises, and real-world examples. Participants will also get the chance to collaborate on group projects and create action plans adapted to the needs of their respective organizations.