Wow! You made it to the end. But it is not over. There is one more task.
We have covered a lot of subjects. We would love to hear what your takeaway is for the following:
- What things do you think you will use the most?
- What did you find most interesting?
- What did you never know before?
Looking back, here is a list of some of the concepts and skills we covered:
- Use the rational-actor paradigm, identify problems, and then fix them.
- Use benefit-cost analysis to evaluate decisions.
- Use marginal analysis to make extent (how much) decisions.
- Make profitable investments and shutdown decisions.
- Set optimal prices and price discrimination.
- Predict industry-level changes using demand and supply analysis.
- Understand the long-run forces that erode profitability.
- Develop long-run strategies to increase firm value.
- Predict how your own actions will influence other people’s actions.
- Bargain effectively.
- Make decisions in uncertain environments.
- Solve the problems caused by moral hazard and adverse selection.
- Motivate employees to work in the firm’s best interests.
- Motivate divisions to work in the best interests of the parent company.
- Manage vertical relationships with upstream suppliers or downstream customers
