Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson7
This lesson gives students an overview of Managerial Economics and how it can be applied to a small business. It focused on examining two managerial economic principles: demand analysis and the production decision. It describes ways that a business can affect its demand curve and how competitive analysis can help a manager make one of the most important decisions: pricing of goods and services. It then moves to the production decision, focusing on the different types of expenses, total cost vs. average total cost vs. marginal cost, and how to find the break-even point for a good or service.
The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.