In this course students will examine the application of microeconomic theory to the manager's responsibilities and decision making within the organization. Topics include the theory of consumer behavior, the theory of the firm within the framework of profit maximization, demand, supply and the concept of elasticity. Furthermore, this course explores different forms of markets: perfect competition, imperfect competitive markets such as monopoly, monopolistically competitive and oligopoly. The course will also explore the concept of externalities, and circumstances in which markets can fail and need to be corrected by government policies.